I think there's a possibility of a bottom-up approach, whereby you have many of the states and regions, not just in the northeast but also, as I said in my testimony, in the west and in the mid-west, including Canada, that could talk to each other and link trading programs. And then through the ICAP initiative, which I also mentioned, they could link with the EU, Norway, New Zealand, and other places that have trading programs. But that would be at the subnational level. Our preference would be to see a federal policy that is consistent and comprehensive at the federal level.
The Chicago Climate Exchange has been a very good pilot for the private sector, which wants to get its feet wet, so to speak, wants to get a little bit of experience with emissions trading. But it's based on voluntary targets they have taken on that may or may not be deep enough to actually deal with the problem of climate change. Rather than extending those kinds of voluntary targets, we really think you need more ambitious national targets.
Possibly some of the infrastructure that has been set up is something we should take a hard look at when we create an emissions trading program at the federal level here.