U.S. Senators introduced the Low-Carbon Economy Act of 2007 July 11. The legislation aims to create a nationwide cap-and-trade program, as well as decrease greenhouse gas emissions to 1990 levels by 2030. While the authors--Senator Jeff Bingaman (D-NM), chair of the Senate Energy & Natural Resources Committee, and Senator Arlen Specter (R-PA), ranking member of Committee on Judiciary--have their own clout, the bill will be in the Senate Environment & Public Works Committee. The latter committee is chaired by Senator Barbara Boxer (D-CA). The legislation regulates carbon dioxide from natural gas and petroleum production upstream--at the production level. It regulates CO2 from coal at the downstream level--at the point of consumption. A majority of the credits for trading will be given away by the government. However, 24 percent will be auctioned off with the proceeds used for low- and no-carbon research and development. Eight percent of the allowances will be set aside every year for carbon capture and storage technology. The bill is backed by industry and labor.