The Senate banking committee has approved legislation to repeal the New Deal-era Public Utility Holding Company Act and shift oversight of utility companies from the Securities and Exchange Commission to the Federal Energy Regulatory Commission and state public service commissions. The panel's vote on April 24 was 19-1.
Sen. Richard Shelby (R-Ala.), the bill's sponsor, says, "Unnecessary regulations are preventing billions of dollars from being invested in critical energy projects throughout the united States."