From Sen. Bingaman's press release:
The measure, which is cosponsored by Senators Arlen Specter (R-PA), Tom Harkin (D-IA), Ted Stevens (R-AK), Daniel Akaka (D-HI) and Lisa Murkowski (R-AK), is an economy-wide mandatory cap-and-trade program...
...At the beginning of the program, a majority of allowances for emitting carbon would be given out for free to the private sector. This amount is gradually reduced each year after the first five years of the program.
... The bill also would require exports to the United States to be subject to rigorous low-carbon standards. Source
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