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NR&E Spring 2010 7 Emissions rights trading programs, once the exclusive domaai of economists and regulators, are in the public eye like never before. Bumper stickers take positions on cap and trade, and mainstream news reports discuss offsets and allowances. Much of this attention stems from congressionna consideration of bills that use cap and trade as a mechanism to reduce U.S. emissions of greenhouse gases (GHGs). Passage of H.R. 2454 in the House was indeed a major milestone for emissions...