EPA's Office of Water (OW) fosters WQT through policy development, guidance, and financial and technical support to watershed-based trading efforts. EPA has been undertaking these activities at the headquarters and regional level for over a decade. Despite the theoretical promise of water quality trading and EPA's efforts, however, WQT to date has met with limited practical success. Only 100 facilities have participated in trading, and 80 percent of trades have occurred within a single trading program. The purpose of this evaluation is to assess the effectiveness of EPA activities to support , and to better understand why more water quality trading activity has not occurred. In consultation with OW, IEc developed 14 detailed evaluation questions to guide the evaluation, which include questions about local/state water quality trading ES-2 programs, the broader context for water quality trading, and the direction of future EPA activities.