Yesterday, Congress approved the “Cash for Clunkers” program, H.R. 2346. All that remains is for President Obama to sign the bill into law, which he is expected to do. With this bill, according to Reuters, people who drive cars with poor fuel economy have the chance to trade them in for vouchers of $3,500 to $4,500, depending on the gas mileage they get.

The one slight catch: the money can’t be used for just anything. It must be used to buy a new, more fuel-efficient car at a participating dealer, which will have the dual effect of reducing auto emissions across the country and stimulating the struggling car companies. You might call it a win-win, for both the economy and the environment.

The program is expected to start in early August, implemented by the Department of Transportation. Not everyone agrees with the Cash for Clunkers idea, but as the Sacramento Scoop notes, whether you agree or disagree with the bill, Congress is spending a billion dollars on it in an effort to help families, car companies and the planet with one stroke. With any luck, the motivation to trade in old cars for fuel-efficient models will be helpful to those struggling with the rising cost of gas. As the National Automobile Dealers Association noted here, “With more fuel-efficient vehicles on the road, it will also help reduce the nation’s dependence on foreign oil. A spike in new car and truck sales will also help communities that rely on the revenue from vehicle sales taxes and other fees to fill their budget shortfalls.”

Specifics about the Cash for Clunkers program, including a list of qualifying dealers and a chart describing the requirements for trade-in vehicles, can be found at cashforclunkersfacts.com.

And if doing something for the environment appeals to you (but you don’t have an old clunker to trade in), think about signing up for the Privacy Council’s list removal service! You’ll get less junk mail and fewer telemarketing calls, which means less paper in landfills and less stress for you. Sign up today!