On Tuesday, March 31st, 2009, Chairman Henry Waxman of the Energy and Commerce Committee and Chairman Edward Markey of the Energy and Commerce Committee, Subcommittee on Energy and Environment, released their proposed bill, the "American Clean Energy and Security Act of 2009." The draft bill addresses national levels of greenhouse gas emissions, the national renewable electric generation portfolio and transmission infrastructure, energy efficiency standards and "green" job creation, among other things.

Title I promotes renewable sources of energy, carbon capture and sequestration technologies, low-carbon transportation fuels, clean electric vehicles, and the smart grid and electricity transmission. Title II aims to increase energy efficiency across all sectors of the economy, including buildings, appliances, transportation, and industry. Title III places limits on the emissions of greenhouse gases. Title IV seeks to protect U.S. consumers and industry and promotes green jobs during the transition to a clean energy economy.

Further information and the draft bill can be found here.

The draft bill does not establish an allocation mechanism for emissions allowances generated as a result of the proposed cap and trade program. Allocation will be addressed through upcoming discussions among Committee members.

The Energy and Commerce Committee has stated its goal of completing consideration of the American Clean Energy and Security Act by Memorial Day with Subcommittee and Committee markups scheduled to begin on April 20, 2009.