Cost Estimate for S. 2191, America’s Climate Security Act of 2007
"S. 2191 would set an annual limit or cap on the volume of certain greenhouse gases (GHGs)emitted from electricity-generating facilities and from other activities involving industrial production and transportation. Under this legislation, the Environmental Protection Agency.

(EPA) would establish two separate regulatory initiatives known as cap-and-trade
programs—one covering most types of GHGs and one covering hydrofluorocarbons (HFCs).
EPA would distribute allowances to emit specific quantities of those gases. Some of the allowances would be allocated to the Climate Change Credit Corporation (the Corporation), an entity created by this bill. The Corporation would auction those allowances and use the proceeds to finance various initiatives, such as developing renewable technologies, assisting in the education and training of workers, and providing energy assistance for low-income households. EPA would distribute the remaining allowances at no charge, to states and other recipients, which could then sell, retire, use, or give them away. Over the 40 years that the proposed cap-and-trade programs would be in effect, the number of allowances and emissions of the relevant gases would be reduced each year."