Thank you, Mr. Chair.
It's a very interesting session today. By getting the U.S. perspective on this issue, I think it helps us in our study of this bill and our understanding of the Canadian situation relative to our biggest neighbour.
My question is addressed to Dr. Peace.
How long do you think it would take to create a cap-and-trade system that would be functioning, that would be up and running, in the most optimistic legislative scenario in the United States? Are we talking about one year from today, two years from today, three years from today? Assuming that everything goes smoothly, the two bills in the Senate are reconciled and they're adopted and in the mid-term elections the American people send representatives to the House and to the Senate who are keen on doing something about climate change, how long would it take to get this cap-and-trade system up and running?