​In August 2011, the Emmett Center examined California's proposed cap-and-trade program. In this two-page recap, we review the program as adopted and find our conclusions still​ apply: the California Air Resources Board has designed a cap-and-trade program that should avoid gaming and market manipulation problems sometimes seen in other programs. Here​, we highlight our report's top conclusions in light of developments in the trading program. You can find our original report here. ​​