[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1255 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 1255

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2003

  Mr. Walden of Oregon (for himself, Mr. DeFazio, Mr. Radanovich, 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 fradulent 
     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 2003''.

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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