Public utility holding company act of 1935 trust school california state university, fullerton. Any company which directly or indirectly owns, controls, or holds with power to vote, 10 per cen tum or more of the out standing voting securities of a public utility holding company or of a company which is a holding company by. Public utility holding company act of 1935 legislation in the united states limiting the. Repeal of the public utility holding company act of 1935 and enactment of the public utility holding company act of 2005, order no. Technically, in repealing puhca 1935, congress in 1263 of epact 2005 substituted a new public utility holding company act of 2005 puhca 2005. Full text of legislation to amend the public utility holding company act of 1935. Specifically, the public utility holding company act requires utility companies to restrict their businesses to either a single state or to a small, manageable geographic area in order to be subject to state regulations.
Bank of america corporation investor relations sec filing. The law aimed to simplify the utilities corporate structure, eliminate absentee management, protect consumer interests, and foster. Filings under the public utility holding company act of 1935. The enactment of the public utility holding company act of 1935 49 stat. On december 8, 2005, the federal energy regulatory commission commission issued order no. Public utility holding company act of 1935 references in brackets o. Title i of the public utility act of 1935 is known as the public utilities holding company act. Implementation of section 34a1 of the public utility holding company act of 1935, as added by section 103 of the telecommunications act of 1996. Filed pursuant to section 16a of the securities exchange act of 1934, section 17a of the public utility holding company act of 1935 or section 30f of the investment company act of 1940 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A holding company is one that owns stock in, and supervises management of, other companies. Ostrander t he public utility act of i935 is in effect two separate acts.
The public utilities holding company act of 1935 puhca was new deal legislation that broke the grip that a few holding companies had exerted over the nations natural gas electric power production. The terms holding company, holding company system, publicutility company, public utility, natural gas company and subsidiaries have the meanings assigned to such terms in the act. One, a reference to a public law number, is a link to the bill as it was originally passed by congress, and will take you to the lrc thomas legislative system, or gpo fdsys site. Sep 22, 2010 one approach that has not been tried or even seriously discussed with regard to the big banks is the approach that was used to break up the utility pyramids created during the 1920s, that is the antitrust approach utilized in the public utility holding company act of 1935. Filed pursuant to section 16a of the securities exchange act of 1934, section 17a of the public utility. Download pdf of the newswire subscribe to the newswire by email. Some recent events have raised concerns about secs administration of the act.
The sec is permitted to regulate all nonutility related business. Filings under the public utility holding company act of 1935, as amended act, 3353933562 e52934 download as pdf federal register vol. Holding company act of 1935 or section 30f of the investment company act of 1940 print or type responses 1. In relevant part, it repeals the public utility holding company act of 1935 puhca 1935 \2\ and enacts the public utility holding company act of 2005 puhca 2005,\3\ which, with one exception not relevant here, will become effective six months from the date of enactment february 8, 2006. Current registered holding companies under the public. Public utility holding company act of 1935 as amended. Prior to enactment of the public utilities holding company act of 1935 puhca, electric and gas holding companies were characterized as having excessive consumer rates, high debttoequity ratios, selfdealing, and increasingly unreliable. The repeal of the public utility holding company act of 1935 puhca and its impact on electric and gas utilities introduction congress has imposed ownership and operational limitations on the utility industry since early in the 20 th century. Quite apart from its program of economic planning in which the \u22death sentence\u22 provisions play so prominent a part, the act provides a basis for realigning the legal principles of corporate practice.
Public utility holding company act of 1935etc federal. Public utility holding company act of 1935 trust indenture act of 1939 from acct 415 at california state university, fullerton. An act to provide for control and regulation of publicutility holding companies. For related information on electricity restructuring, see the crs electronic briefing book. The state public utility commissions were unable to control the multistate nature of holding companies. Exelon proposes to acquire all of the issued and outstanding shares of common stock of peco and of unicom corporation unicom, a public utility holding company exempt from registration under section 3a1 of the act by order of the commission, through a twostep process. The public utility holding company act of 1935 by e. The public utility holding company act of 1935 puhca, which is administered by the securities and exchange commission sec, subjects public utility holding companies to federal regulation. The committee also received special reports from the securities and exchange commission on its study of investment trusts and investment companies under section 30 of the public utility holding company act of 1935 76af11, 77af15. Hearing before the subcommittee on securities of the senate th comm. Apush new deal relief, recovery, reform flashcards quizlet.
Start studying apush new deal relief, recovery, reform. Repeal of the public utility holding company act of 1935 and. The most dynamic legislation of the new deal affecting corporations may very well be the public utility holding company act of 1935. Socalled short title links, and links to particular sections of the code, will lead you to a textual roadmap the section notes describing how the particular law. Securities and exchange commission by filing a notification of registration on form u5a under section 5 of the public utility holding company act of 1935. The company is a holding company under the public utility holding company act of 1935, as amended the 1935 act, but the company and all of its subsidiaries are exempt from all provisions of the 1935 act except section 9a2 thereof by virtue of the exemption set forth in section 3a1 thereof. The full text of this document is available on elibrary in pdf and. Securities and exchange commission, statement concerning proposals to amend or repeal the public utility holding company act of 1935 1982, and public utility holding company act amendments. Different statutes have targeted different industry practices, all with the general goal of ensuring dependable utility services for the public at. The public utility holding company act called puhca is the sleeper cell.
Public utilities legal definition of public utilities. Repeal of the public utility holding company act of 1935. Public utility holding company act of 1935 legislation intended to eliminate many holding company abuses by reorganizing the financial structures of holding companies in the gas and electric utility industries and regulating their debt and dividend policies. The public utility holding company act of 1935 puhca 1935 was repealed in the energy policy act of. Filings under the public utility holding company act of. Public utility holding company act of 1935 puhca by amy abel and environment and natural resources policy division abstract. Implications and options for state commissions, the electricity journal on deepdyve, the largest online rental service for scholarly research with thousands of academic publications available. It also discusses how puhca reform fits into the current electric utility industry restructuring debate. Before initializations were clever, there was puhca, the public utility holding company act of 1935. The public utility holding company act puhca and the federal power act fpa of 1935 title i and title ii of the public utility act established a regime of regulating electric utilities that gave specific and separate powers to the states and the federal government see crs report rs20015. This report provides background information on puhca, including its history and impact. The public utility holding company act of 1935 was the result of what many american historians call the fiercest congressional battle in history.
Justia regulation tracker agencies and commissions securities and exchange commission filings under the public utility holding company act of 1935, as amended act, 3050030508 e52675 download as pdf. Title i of the act is cited as the public utility holding company act of 1935 and is applicable, generally speaking, to holding companies in the electric and gas utility fields. Enron, an oregon corporation with headquarters at 1400 smith street, houston, texas 770027361, has filed two applications with the securities and exchange commission commission seeking orders exempting enron from all provisions of the public utility holding company act of 1935 the act except section 9a2. The president of the united states signed the act on august 26, 1935 it was designed to provide for control and regulation of public utility holding companies. Full text of legislation to amend the public utility.
Public utility holding company act of 1935 etc document types. The public utility holding company act of 1935 puhca, also known as the wheelerrayburn act, was a us federal law giving the securities and exchange commission authority to regulate, license, and break up electric utility holding companies. Repeal of the public utility holding company act of 1935 and enactment of. Be it enacted by the senate and house of representatives of the united states of america in congress assembled, that this act may be cited as the public utility act of 1935. To provide for control and regulation of public utility holding companies, and for other purposes. Public utility holding company act of 1935 trust indenture act of 1939. Public utility holding company act of 1935 a law that was passed by the united states congress to facilitate regulation of electric utilities, by either limiting their operations to a single state, and thus subjecting them to effective state regulation, or forcing divestitures so that each became a single integrated system serving a limited. Public utility holding company act of 1935 wikipedia. Is the public utility holding company act a model for.
The public utility holding company act of 1935 puhca, 1 also known as the wheelerrayburn act, was a law that was passed by the united states congress to facilitate regulation of electric utilities, by either limiting their operations to a single state, and thus subjecting them to effective state regulation, or forcing divestitures so that each became a single integrated system serving a. The repeal of the public utility holding company act of. The public utility holding company act of 1935 puhca, also known as the wheelerrayburn act, was a us federal law giving the securities and exchange. Public utility holding company act of 193 on the public utility holding companies which were operating in texas in 1935. Paul white, author of drawing straight with crooked lines. What is public utility holding company act of 1935. Public utility holding company act of 1935etc document types. Full text of legislation to amend the public utility holding. A farm bill, for instance, might contain provisions that affect the tax status of farmers, their management of land or treatment of the. Current registered holding companies under the public utility. Legislation in the united states limiting the activities of utility companies such as electric companies. One approach that has not been tried or even seriously discussed with regard to the big banks is the approach that was used to break up the utility pyramids created during the 1920s, that is the antitrust approach utilized in the public utility holding company act of 1935. The public utility holding company act of 1935 defines specifically what a public utility holding company is. With a couple of limited exceptions, all holding companies are subject to new puhcas financial records requirements.
Holding company act of 1935 or section 30f of the investment company act of 1940. First, the merger agreement provides for a mandatory share. In relevant part, it repeals the public utility holding company act of 1935 puhca 1935 \2\ and enacts the public utility holding company act of 2005 puhca 2005,\3\ which, with one exception not relevant here, will become effective six months from the date of enactment. The repeal of the public utility holding company act of 1935. Public utility holding company act of 1935 financial. It limited holding company operations to a single state, thus subjecting them to effective state regulation. The federal power act, which established a federal utility regulatory system, was enacted at the same time as the public utility act of 19354. Until the 1930s public utilities were subjected to minimal regulation. Read repeal of the public utility holding company act of 1935. The public utility holding company act of 1935 puhca, 1 also known as the wheelerrayburn act, was a law that was passed by the united states congress to facilitate regulation of electric utilities, by either limiting their operations to a single state, and thus subjecting them to effective state regulation, or forcing divestitures so that each became a single integrated system serving.
Public utility act financial definition of public utility act. Neither the borrower nor any subsidiary is a an investment company as defined in, or subject to regulation under, the investment company act of 1940 or b a holding company as defined in, or subject to regulation under, the public utility holding company act of 1935. January 31, 2005 estimated average burden hours per response. The broad authority of the securities and exchange commission under puhca 1935 to regulate public utility holding companies is replaced. Regulation of corporate finance and management under the. Federal legislation that regulates public utility holding companies by requiring that certain reports and major company decisions follow regulations handed down by the securities and exchange commission and the federal government. The sec is permitted to regulate all non utility related business. The law aimed to simplify the utilities corporate structure, eliminate absentee management, protect consumer interests, and foster an orderly and. While this assertion is a matter of opinion and open to interpretation, it is a fact that this piece of new deal legislation presents an interesting case study in human behavior. Filed pursuant to section 16a of the securities exchange act of 1934, section 17a of the public utility holding company act of 1935 or section 30h of the investment company act of 1940.
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