[Congressional Record Volume 141, Number 158 (Thursday, October 12, 1995)]
[Senate]
[Page S15138]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ADDITIONAL STATEMENTS

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               PUBLIC UTILITY HOLDING COMPANY ACT OF 1995

 Mr. SHELBY. Mr. President, I am very pleased to see that a 
bill has been introduced to repeal the Public Utility Holding Company 
Act of 1935 [PUHCA]. PUHCA has long since outlived its usefulness. It 
has become duplicative with other regulation, both at the Federal and 
State levels. The utility industry, both gas and electric, has changed 
dramatically since PUHCA was first enacted, and particularly the new 
competitive pressures and State regulation that now exists, makes PUHCA 
unnecessary. I thank Chairman D'Amato and my colleagues on the Banking 
Committee, and the Securities and Exchanges Commission [SEC], which has 
recommended repeal, for their diligence in bringing this legislation 
before us.
  While the utility industry is changing, there are some who argue that 
any action on the repeal of PUHCA must be tied to broader changes in 
the structure of the electric utility industry. I do not accept or 
support that position, but rather believe that PUHCA can and should be 
repealed while the debate on the other broader issues matures. The SEC 
first recommended repeal of PUHCA in 1982, and have more recently, in 
June, called again for the antiquated law's repeal. We should act 
accordingly.

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