Comments on Oliver Marc Hartwich “Cap and trade our way out of red-tape pollution”, 19/05/2010, http://www.theaustralian.com.au/news/opinion/cap-and-trade-our-way-out-of-red-tape-pollution/story-e6frg6zo-1225868389302
An excellent idea!
I would make two additional points:
1. Any accounting and future audit should be conducted by independent agencies/institutions with highest transparency possible to ensure their reliability.
2. Specify personal penalties for the chief person in charge of a bureaucratic agency any breach of that cap. The first chief must bear the penalties to ensure the accountability. Penalties should include severe monetary losses, demotion or sacking.
A side but related issue is that some kind of similar accountability should be imposed on elected politicians as well for their effects on regulations, and for serious public policy failures.