Well, let's separate the two. I think that the President is intent on doing as much as he can with the current authorities that he has. That will, as we say, not be ideal. If we don't get legislation, it will be a piecemeal approach. It will be more complicated for industry to comply. We would have presumably three regional trading systems, perhaps more. I think that the administration will do the best it can under those circumstances. I don't have an estimate on what the emission reductions would be under that scenario.
Personally, my institution is also party to what was U.S. CAP, as Janet was alluding to. There was a very complicated process with industry. It is not what all the environmentalists would want to have in that bill, nor is it what all the industrial companies would want to have. So there was a great deal of compromise that went into the position of U.S. CAP and ultimately found its way into the ACESA bill. It's not perfect.