Chief Deputy Republican Whip Kevin McCarthy (R-CA) and Rep. Steve Scalise (LA) of the Energy and Commerce Committee held a bloggers’ call just now.
My question on cap and trade was who would have oversight of this under the legistation. The answer was that it’s not clear. The legislation does not specify, and cap and trade would probably be turned over to the Chicago Mercantile Exchange. This, in turn, means that the Congressional Budget Office wouldn’t show the real costs in their accounting.
