U.S. Congress is currently developing major energy legislation aimed a reducing greenhouse gas emissions though a Cap & Trade regime for the first time in history. In the summer of 2009, the House of Representatives passed the American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill. Action now has move to the Senate. If enacted, this sweeping energy reform could significantly affect both the cost and sources of energy that fuel the U.S. economy as well as the international competitiveness of U.S. industry. This session will address some of the key issues currently being debated in the Senate concerning the design of a clean energy and climate bill, such as the potential role of low- and no-carbon technologies, the use of domestic and international offsets, and other cost containment measures. The potential economic impacts of climate change policy on the future of the U.S. economy will also be discussed.