Carbon Regulation

There was a huge story in the NYTimes last week, and it was not about the Oscars, or the auto bailout, or the Stimulus.
It is about the EPA, and carbon emissions. "The Environmental Protection Agency is expected to act for the first time to regulate carbon dioxide and other greenhouse gases that scientists blame for the warming of the planet."
This is a big deal, and many have been trying to see this happen for years, but despite the clamor from scientists and the Supreme Court, it was as unlikely during the Bush Administration as the Academy giving Best Picture to Wall-E (even though it probably deserved it).
From an environmental stand point, regulating carbon is only a positive thing. There is not, as far as I am concerned, a caveat. There will be other concerns, but if we take the threats of climate change seriously, this will be inevitable, and necessary.
The question then remains, in this article and for the gov't: should carbon be regulated under the antiquated and complicated Clean Air Act, or should new regulatory controls be created for carbon? If so, by who?