Senators seek to ban banks from speculating on pollution credits

08/14/2009 | Bloomberg

Some Democratic lawmakers want to bar big Wall Street investment banks from trading credits under a proposed cap-and-trade system for carbon emissions. "The volatility that has existed in the oil market is exactly what we don't want to happen in carbon markets," says Sen. Maria Cantwell, D-Wash. "The banks contributed to that, and the banks continue to contribute to it." Some analysts, however, worry that the move to ban banks will cost support in the Senate, where 60 votes are needed to pass the landmark climate bill.

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