the Administrator, shall submit a report to Congress making recommendations concerning the program established under this subtitle for years after 2040, including the quantity of carbon permits to be established and any reductions that may be necessary to ensure a healthy climate. (B) Averting catastrophic climatic impact The Secretary shall report to Congress if the Secretary, after consultation with the Administrator, determines the emissions reductions targets under this subsection should be revised in order to avert catastrophic climate impacts. Such report shall include recommended revisions to the existing emissions reduction schedule and the basis for those recommendations. (c) Identification numbers The Secretary shall assign to each carbon permit established under subsection (a) a unique identification number that includes the vintage year for that carbon permit. (d) Legal status of carbon permits (1) In general A carbon permit does not constitute a property right. (2) Termination or limitation Nothing in this subtitle or any other provision of law shall be construed to limit or alter the authority of the United States, including the Secretary acting pursuant to statutory authority, to terminate or limit a carbon permit. (3) Other provisions unaffected Nothing in this subtitle relating to carbon permits issued under this section shall affect the application of any other provision of law to a covered entity (including the Clean Air Act), or the responsibility for a covered entity to comply with any such provision of law. Regional and State greenhouse gas initiatives are not preempted by this subtitle. (e) Regulations Not later than December 31, 2020, the Secretary shall promulgate regulations to carry out the provisions of this subtitle. 9903. Auctions (a) Periodic auctions The Secretary shall conduct periodic public auctions of carbon permits established under section 9902(a). The Secretary shall conduct at least 4 such auctions in each year for which carbon permits are established. (b) Auction rules