[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4827 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4827

To amend the Securities Exchange Act of 1934 to prohibit the fraudulent 
     recording of revenue from round trip sales of electric power.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2002

    Mr. Walden (for himself, Mr. John, Mr. DeFazio, and Mrs. Bono) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to prohibit the fraudulent 
     recording of revenue from round trip sales of electric power.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Electricity Revenue 
Reporting Act of 2002''.

SEC. 2. FRAUDULENT REPORTING OF ROUND TRIP ELECTRIC POWER SALES.

    Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. 78r) 
is amended by adding at the end the following new subsection:
    ``(d) Fraudulent Reporting of Round Trip Electric Power Sales.--For 
the purposes of subsection (a), any financial statement or report of an 
issuer that treats as revenue, but does not treat as an equal expense, 
any contract or other arrangement directly or indirectly to purchase 
from any person or other entity and subsequently sell to such person or 
entity, or directly or indirectly to sell to any person or other entity 
and subsequently purchase from such person or entity, within any 7-day 
period the same quantity of electric power at wholesale at the same 
price, shall be treated as false and misleading with respect to a 
material fact without regard to the amount of such contract.''.
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