Home > 107th Congressional Bills > S. 207 (is) To amend the Internal Revenue Code of 1986 to provide incentives to introduce new technologies to reduce energy consumption in buildings. [Introduced in Senate] ...

S. 207 (is) To amend the Internal Revenue Code of 1986 to provide incentives to introduce new technologies to reduce energy consumption in buildings. [Introduced in Senate] ...


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                                                        Calendar No. 36
107th CONGRESS
  1st Session
                                 S. 206

                          [Report No. 107-15]

To repeal the Public Utility Holding Company Act of 1935, to enact the 
  Public Utility Holding Company Act of 2001, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 30, 2001

 Mr. Shelby (for himself, Mr. Murkowski, Mr. Sarbanes, Mr. Gramm, Mr. 
 Dodd, Mr. Lott, Mr. Craig, Mr. Crapo, Mr. Brownback, Mr. Cochran, Mr. 
 Graham, Mr. Bunning, and Mr. Nickles) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

                              May 9, 2001

                Reported by Mr. Gramm, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
To repeal the Public Utility Holding Company Act of 1935, to enact the 
  Public Utility Holding Company Act of 2001, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Public Utility Holding 
Company Act of 2001''.</DELETED>

<DELETED>SEC. 2. FINDINGS AND PURPOSES.</DELETED>

<DELETED>    (a) Findings.--Congress finds that--</DELETED>
        <DELETED>    (1) the Public Utility Holding Company Act of 1935 
        was intended to facilitate the work of Federal and State 
        regulators by placing certain constraints on the activities of 
        holding company systems;</DELETED>
        <DELETED>    (2) developments since 1935, including changes in 
        other regulation and in the electric and gas industries, have 
        called into question the continued relevance of the model of 
        regulation established by that Act;</DELETED>
        <DELETED>    (3) there is a continuing need for State 
        regulation in order to ensure the rate protection of utility 
        customers; and</DELETED>
        <DELETED>    (4) limited Federal regulation is necessary to 
        supplement the work of State commissions for the continued rate 
        protection of electric and gas utility customers.</DELETED>
<DELETED>    (b) Purposes.--The purposes of this Act are--</DELETED>
        <DELETED>    (1) to eliminate unnecessary regulation, yet 
        continue to provide for consumer protection by facilitating 
        existing rate regulatory authority through improved Federal and 
        State commission access to books and records of all companies 
        in a holding company system, to the extent that such 
        information is relevant to rates paid by utility customers, 
        while affording companies the flexibility required to compete 
        in the energy markets; and</DELETED>
        <DELETED>    (2) to address protection of electric and gas 
        utility customers by providing for Federal and State access to 
        books and records of all companies in a holding company system 
        that are relevant to utility rates.</DELETED>

<DELETED>SEC. 3. DEFINITIONS.</DELETED>

<DELETED>    For purposes of this Act--</DELETED>
        <DELETED>    (1) the term ``affiliate'' of a company means any 
        company, 5 percent or more of the outstanding voting securities 
        of which are owned, controlled, or held with power to vote, 
        directly or indirectly, by such company;</DELETED>
        <DELETED>    (2) the term ``associate company'' of a company 
        means any company in the same holding company system with such 
        company;</DELETED>
        <DELETED>    (3) the term ``Commission'' means the Federal 
        Energy Regulatory Commission;</DELETED>
        <DELETED>    (4) the term ``company'' means a corporation, 
        partnership, association, joint stock company, business trust, 
        or any organized group of persons, whether incorporated or not, 
        or a receiver, trustee, or other liquidating agent of any of 
        the foregoing;</DELETED>
        <DELETED>    (5) the term ``electric utility company'' means 
        any company that owns or operates facilities used for the 
        generation, transmission, or distribution of electric energy 
        for sale;</DELETED>
        <DELETED>    (6) the terms ``exempt wholesale generator'' and 
        ``foreign utility company'' have the same meanings as in 
        sections 32 and 33, respectively, of the Public Utility Holding 
        Company Act of 1935 (15 U.S.C. 79z-5a, 79z-5b), as those 
        sections existed on the day before the effective date of this 
        Act;</DELETED>
        <DELETED>    (7) the term ``gas utility company'' means any 
        company that owns or operates facilities used for distribution 
        at retail (other than the distribution only in enclosed 
        portable containers or distribution to tenants or employees of 
        the company operating such facilities for their own use and not 
        for resale) of natural or manufactured gas for heat, light, or 
        power;</DELETED>
        <DELETED>    (8) the term ``holding company'' means--</DELETED>
                <DELETED>    (A) any company that directly or 
                indirectly owns, controls, or holds, with power to 
                vote, 10 percent or more of the outstanding voting 
                securities of a public utility company or of a holding 
                company of any public utility company; and</DELETED>
                <DELETED>    (B) any person, determined by the 
                Commission, after notice and opportunity for hearing, 
                to exercise directly or indirectly (either alone or 
pursuant to an arrangement or understanding with one or more persons) 
such a controlling influence over the management or policies of any 
public utility company or holding company as to make it necessary or 
appropriate for the rate protection of utility customers with respect 
to rates that such person be subject to the obligations, duties, and 
liabilities imposed by this Act upon holding companies;</DELETED>
        <DELETED>    (9) the term ``holding company system'' means a 
        holding company, together with its subsidiary 
        companies;</DELETED>
        <DELETED>    (10) the term ``jurisdictional rates'' means rates 
        established by the Commission for the transmission of electric 
        energy in interstate commerce, the sale of electric energy at 
        wholesale in interstate commerce, the transportation of natural 
        gas in interstate commerce, and the sale in interstate commerce 
        of natural gas for resale for ultimate public consumption for 
        domestic, commercial, industrial, or any other use;</DELETED>
        <DELETED>    (11) the term ``natural gas company'' means a 
        person engaged in the transportation of natural gas in 
        interstate commerce or the sale of such gas in interstate 
        commerce for resale;</DELETED>
        <DELETED>    (12) the term ``person'' means an individual or 
        company;</DELETED>
        <DELETED>    (13) the term ``public utility'' means any person 
        who owns or operates facilities used for transmission of 
        electric energy in interstate commerce or sales of electric 
        energy at wholesale in interstate commerce;</DELETED>
        <DELETED>    (14) the term ``public utility company'' means an 
        electric utility company or a gas utility company;</DELETED>
        <DELETED>    (15) the term ``State commission'' means any 
        commission, board, agency, or officer, by whatever name 
        designated, of a State, municipality, or other political 
        subdivision of a State that, under the laws of such State, has 
        jurisdiction to regulate public utility companies;</DELETED>
        <DELETED>    (16) the term ``subsidiary company'' of a holding 
        company means--</DELETED>
                <DELETED>    (A) any company, 10 percent or more of the 
                outstanding voting securities of which are directly or 
                indirectly owned, controlled, or held with power to 
                vote, by such holding company; and</DELETED>
                <DELETED>    (B) any person, the management or policies 
                of which the Commission, after notice and opportunity 
                for hearing, determines to be subject to a controlling 
                influence, directly or indirectly, by such holding 
                company (either alone or pursuant to an arrangement or 
                understanding with one or more other persons) so as to 
                make it necessary for the rate protection of utility 
                customers with respect to rates that such person be 
                subject to the obligations, duties, and liabilities 
                imposed by this Act upon subsidiary companies of 
                holding companies; and</DELETED>
        <DELETED>    (17) the term ``voting security'' means any 
        security presently entitling the owner or holder thereof to 
        vote in the direction or management of the affairs of a 
        company.</DELETED>

<DELETED>SEC. 4. REPEAL OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 
              1935.</DELETED>

<DELETED>    The Public Utility Holding Company Act of 1935 (15 U.S.C. 
79 et seq.) is repealed.</DELETED>

<DELETED>SEC. 5. FEDERAL ACCESS TO BOOKS AND RECORDS.</DELETED>

<DELETED>    (a) In General.--Each holding company and each associate 
company thereof shall maintain, and shall make available to the 
Commission, such books, accounts, memoranda, and other records as the 
Commission deems to be relevant to costs incurred by a public utility 
or natural gas company that is an associate company of such holding 
company and necessary or appropriate for the protection of utility 
customers with respect to jurisdictional rates.</DELETED>
<DELETED>    (b) Affiliate Companies.--Each affiliate of a holding 
company or of any subsidiary company of a holding company shall 
maintain, and shall make available to the Commission, such books, 
accounts, memoranda, and other records with respect to any transaction 
with another affiliate, as the Commission deems to be relevant to costs 
incurred by a public utility or natural gas company that is an 
associate company of such holding company and necessary or appropriate 
for the protection of utility customers with respect to jurisdictional 
rates.</DELETED>
<DELETED>    (c) Holding Company Systems.--The Commission may examine 
the books, accounts, memoranda, and other records of any company in a 
holding company system, or any affiliate thereof, as the Commission 
deems to be relevant to costs incurred by a public utility or natural 
gas company within such holding company system and necessary or 
appropriate for the protection of utility customers with respect to 
jurisdictional rates.</DELETED>
<DELETED>    (d) Confidentiality.--No member, officer, or employee of 
the Commission shall divulge any fact or information that may come to 
his or her knowledge during the course of examination of books, 
accounts, memoranda, or other records as provided in this section, 
except as may be directed by the Commission or by a court of competent 
jurisdiction.</DELETED>

<DELETED>SEC. 6. STATE ACCESS TO BOOKS AND RECORDS.</DELETED>

<DELETED>    (a) In General.--Upon the written request of a State 
commission having jurisdiction to regulate a public utility company in 
a holding company system, the holding company or any associate company 
or affiliate thereof, other than such public utility company, wherever 
located, shall produce for inspection books, accounts, memoranda, and 
other records that--</DELETED>
        <DELETED>    (1) have been identified in reasonable detail in a 
        proceeding before the State commission;</DELETED>
        <DELETED>    (2) the State commission deems are relevant to 
        costs incurred by such public utility company; and</DELETED>
        <DELETED>    (3) are necessary for the effective discharge of 
        the responsibilities of the State commission with respect to 
        such proceeding.</DELETED>
<DELETED>    (b) Limitation.--Subsection (a) does not apply to any 
person that is a holding company solely by reason of ownership of one 
or more qualifying facilities under the Public Utility Regulatory 
Policies Act of 1978.</DELETED>
<DELETED>    (c) Confidentiality of Information.--The production of 
books, accounts, memoranda, and other records under subsection (a) 
shall be subject to such terms and conditions as may be necessary and 
appropriate to safeguard against unwarranted disclosure to the public 
of any trade secrets or sensitive commercial information.</DELETED>
<DELETED>    (d) Effect on State Law.--Nothing in this section shall 
preempt applicable State law concerning the provision of books, 
records, or any other information, or in any way limit the rights of 
any State to obtain books, records, or any other information under any 
other Federal law, contract, or otherwise.</DELETED>
<DELETED>    (e) Court Jurisdiction.--Any United States district court 
located in the State in which the State commission referred to in 
subsection (a) is located shall have jurisdiction to enforce compliance 
with this section.</DELETED>

<DELETED>SEC. 7. EXEMPTION AUTHORITY.</DELETED>

<DELETED>    (a) Rulemaking.--Not later than 90 days after the 
effective date of this Act, the Commission shall promulgate a final 
rule to exempt from the requirements of section 5 any person that is a 
holding company, solely with respect to one or more--</DELETED>
        <DELETED>    (1) qualifying facilities under the Public Utility 
        Regulatory Policies Act of 1978;</DELETED>
        <DELETED>    (2) exempt wholesale generators; or</DELETED>
        <DELETED>    (3) foreign utility companies.</DELETED>
<DELETED>    (b) Other Authority.--The Commission shall exempt a person 
or transaction from the requirements of section 5, if, upon application 
or upon the motion of the Commission--</DELETED>
        <DELETED>    (1) the Commission finds that the books, records, 
        accounts, memoranda, and other records of any person are not 
        relevant to the jurisdictional rates of a public utility or 
        natural gas company; or</DELETED>
        <DELETED>    (2) the Commission finds that any class of 
        transactions is not relevant to the jurisdictional rates of a 
        public utility or natural gas company.</DELETED>

<DELETED>SEC. 8. AFFILIATE TRANSACTIONS.</DELETED>

<DELETED>    Nothing in this Act shall preclude the Commission or a 
State commission from exercising its jurisdiction under otherwise 
applicable law to determine whether a public utility company, public 
utility, or natural gas company may recover in rates any costs of an 
activity performed by an associate company, or any costs of goods or 
services acquired by such public utility company from an associate 
company.</DELETED>

<DELETED>SEC. 9. APPLICABILITY.</DELETED>

<DELETED>    No provision of this Act shall apply to, or be deemed to 
include--</DELETED>
        <DELETED>    (1) the United States;</DELETED>
        <DELETED>    (2) a State or any political subdivision of a 
        State;</DELETED>
        <DELETED>    (3) any foreign governmental authority not 
        operating in the United States;</DELETED>
        <DELETED>    (4) any agency, authority, or instrumentality of 
        any entity referred to in paragraph (1), (2), or (3); 
        or</DELETED>
        <DELETED>    (5) any officer, agent, or employee of any entity 
        referred to in paragraph (1), (2), or (3) acting as such in the 
        course of his or her official duty.</DELETED>

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