Waxman-Markey American Clean Energy and Security Act Passes House
07/02/2009On June 26, 2009, the U.S. House of Representatives passed the American Clean Energy and Security Act (ACES), also known as the Waxman-Markey Bill, by a vote of 219 to 212, sending it to the U.S. Senate for action. ACES would create a comprehensive, economy-wide cap-and-trade program to reduce greenhouse gas (GHG) emissions, along with significant new programs to encourage renewable energy production and use together with a new federal market for renewable energy certificate trading. ACES provides for new authorizations to regulators in order to regulate these activities, and also includes a last-minute addition to reshape regulation of trading over-the-counter (OTC) commodities, particularly energy derivatives. All of these ambitious proposals must now be considered by the Senate, where significant changes can and likely will be made.
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