Cap & Trade

On May 13, 2009, Chairman Henry A. Waxman, Subcommittee Chairman Edward J. Markey, and Chairman Emeritus John D. Dingell released the details of an agreement on allocation of allowances to the automobile industry under the proposed terms of the American Clean Energy and Security Act. Under the agreement, the automobile industries will be provided incentives to make electric and advanced technology vehicles. As contemplated, the industry would receive 3% of allowances from 2012 through 2017, and after that will receive 1% of allowances through 2025.