Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Commodity Futures Trading Commission relating to "Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts".
Blocking New Rules for Carbon Credit Trading
This bill is currently in the early stages of the legislative process and is being reviewed by a subcommittee of the House Committee on Agriculture. No further actions are scheduled at this time, and the bill is not moving forward quickly. There is no companion bill listed for this proposal.
Legislative Progress
This is a common tool used by the opposition party to challenge agency rules. While it may pass the House, it faces a difficult path in the Senate and would likely be blocked by a veto.
Key Points
- This resolution aims to cancel a rule created by the Commodity Futures Trading Commission. The rule provides instructions for financial exchanges on how to list and trade contracts based on voluntary carbon credits.
- Carbon credits are used by companies to offset their greenhouse gas emissions. The original rule was designed to help ensure these credits are high quality and to prevent fraud in the carbon market.
- If this resolution passes, the government guidance would be completely void. This would affect financial exchanges and companies that buy or sell carbon offsets to meet environmental goals.
- The proposal uses a specific law called the Congressional Review Act. This law allows Congress to look at and potentially overturn rules made by federal agencies within a certain timeframe.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Referred to the House Committee on Agriculture.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Commodity Futures Trading Commission relating to "Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts".
Data Sources
Sponsor
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