Effluent allowance trading is increasingly being proposed as one means to improve management of effluent discharge into the waters of the United States. Despite the growing enthusiasm, this paper argues that the current statutory and regulatory framework of the Clean Water Act will limit the...

Last year, the Environmental Protection Agency finalized a Total Maximum Daily Load (TMDL) rule that would require states to establish water quality standards for American waterways. The new rule, which is currently under congressional scrutiny, would place emphasis on the rightful goal of water...