This bill creates a nationwide system to reduce greenhouse gas emissions from major polluters. Starting in 2027, large power plants, oil refineries, chemical manufacturers, and other industrial facilities must cut their emissions year after year. The government will issue tradeable permits (called emission allowances) that represent the right to emit one ton of carbon dioxide or its equivalent. Companies that emit less than their allowance can sell extra permits to other companies that need them, creating a market-based system. The bill sets specific targets: emissions from covered entities must be 5% lower by 2027 compared to 2023-2025 levels, drop to 50% of 2005 levels by 2030, and continue declining to just 10% of 2005 levels by 2050. Companies that fail to meet their emission targets face steep financial penalties—three times the price of allowances at auction for each ton they exceed their limit. The bill also requires detailed tracking of all greenhouse gas emissions through a federal registry, establishes quarterly auctions where companies can buy and sell permits, and includes provisions to ensure workers on climate-related projects earn prevailing wages. Revenue from selling permits can fund community investments and emissions reduction projects.