Summary:
- The article discusses the EPA's Acid Rain Program, which was implemented in the 1990s to reduce sulfur dioxide and nitrogen oxide emissions from power plants.
- The program used a cap-and-trade system, where the government set a limit on emissions and allowed companies to buy and sell pollution allowances.
- The article suggests that the complexity of the program's design and the focus on market-based mechanisms may have led to less effective enforcement and monitoring, resulting in some companies finding ways to circumvent the rules.