Midwestern governors work together to address climate change

Nine Midwestern governors and one Canadian premier have signed the Midwestern Regional Greenhouse Gas Reduction Accord. The agreement will set up targets for greenhouse gas emission reductions, create a market-based cap-and-trade system, and establish a system to track and manage emissions. The governors of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin all signed the agreement but Indiana, Ohio, and South Dakota are joining as observers. North Dakota and Nebraska will join the other states to develop the region’s use of renewable energy and energy efficiency programs. Governors in the Western states, Northeastern, and Southwestern states have signed similar regional agreements. For more information, see CPA’s Global Warming policy brief and model legislation. [Minneapolis Star Tribune]

Utah Governor Signs Law Against “Naked Short Selling” of Stocks

Utah Governor Jon Huntsman signed SB 3004, sponsored by Sen. Curtis Bramble, which cracks down on a stock speculation strategy called “naked short selling.”  Short sellers borrow stock hoping the share price declines so they can return it to brokers and pocket the difference. Naked short selling is where brokers send IOUs they can’t honor through a stock clearinghouse when they run out of shares to lend for short selling. Wall Street firms strongly oppose the new law and have vowed to sue.