S. 2423, The Emission Allowance Market Transparency Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2423 would facilitate price transparency in markets for the sale of emission allowances.

Detailed Summary

Emission Allowance Market Transparency Act of 2007 - Directs the Administrator of the Environmental Protection Agency (EPA) to promulgate regulations to facilitate price transparency in markets for the sale of emission allowances (any allowance, credit, or other permit issued for use in offsetting the emissions of any pollutant by an individual or entity), including regulations to provide for the timely dissemination of information regarding the availability and prices of emission allowances with respect to the Administrator, state regulatory authorities, buyers and sellers of emission allowances, and the public. Directs the Administrator to use information and services provided by publishers and providers of trade processing services to the maximum extent practicable.

Prohibits: (1) knowingly providing to the Administrator false information relating to the price or quantity of emission allowances sold, purchased, transferred, banked, or borrowed with the intent to fraudulently affect the data; (2) using, in connection with the purchase or sale of an emission allowance, any manipulative or deceptive device or contrivance in contravention of regulations prescribed to protect the public interest or consumers; or (3) cheating or defrauding another market participant, client, or customer. Directs the Administrator to monitor trading to prevent false reporting, manipulation, and fraud.

Requires the Administrator, to prevent excessive speculation, to adopt limitations on: (1) the quantity of trading transactions allowed and the positions that may be held in any emission allowance market; and (2) emission allowance auctions. Sets penalties for violations.

Status of the Legislation

Latest Major Action: 12/6/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Environment and Public Works.

Points in Favor

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Points Against

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