"The bill’s backbone is a poorly regulated carbon trading scheme that entrusts the Wall Street bankers who brought us the current economic crisis with the responsibility to solve global warming. The bill showers polluting corporations with billions of dollars, but doesn’t require them to reduce pollution fast enough to avoid devastating climate change impacts. And it contains massive carbon offset loopholes that would allow U.S. polluters to keep polluting by paying for often-non-existent pollution reductions overseas. Other loopholes, such as excluding pollution from bioenergy, also undermine the bill’s intent."