Lieberman-Warner Climate Security Act of 2007

[AI summary unavailable — showing source text] America's Climate Security Act of 2007 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish: (1) a greenhouse gas (GHG) registry; and (2) a GHG emission allowance transfer system for covered facilities, including specified facilities within the electric power and industrial sectors and facilities that produce or entities that import petroleum- or coal- based transportation fuel or chemicals. Sets forth emission allowances for 2012-2050, with a declining cap on GHGs. Provides for selling, exchanging, transferring, submitting, retiring, or borrowing emission allowances. Establishes: (1) a domestic offset program to sequester GHGs in agriculture and forests; and (2) the Bonus Allowance Account. Establishes the Carbon Market Efficiency Board, which shall observe and report on the national GHG emission market and provide cost relief measures if it determines that the market poses significant harm to the U.S. economy. Provides for the distribution of emission allowances, including initially giving allowances to: (1) specified owners and operators of covered facilities; (2) states; (3) load-serving entities that deliver electricity to retail consumers; (4…