Dianne Feinstein: “the evidence of fraud and abuse submitted is really quite extraordinary. Yet this energy bill doesn't prevent the type…”

“the evidence of fraud and abuse submitted is really quite extraordinary. Yet this energy bill doesn't prevent the type of gaming that went on during the energy crisis. The bill only bans one type of specific manipulation--wash trades in the electricity market--but it does not address the natural gas market, nor does it prevent other forms of fraud and manipulation that took place in California and were detailed in memos released by Enron--``Fat Boy,'' ``Ricochet,'' ``Death Star,'' and ``Get Shorty.'' Furthermore, I am concerned that at this time of great crisis in the energy industry, this energy legislation rolls back the Public Utility Holding Company Act--PUCHA--without giving FERC the ability to review mergers and acquisitions in the energy sector. I will support an amendment to be offered by Senator Bingaman on this issue to ensure the consumer protections granted by PUCHA are not repealed. I am also disappointed that this bill does not increased automobile fuel efficiency to reduce our consumption of oil. The single most effective way to reduce our dependence on foreign oil is to equalize the fuel economy of SUVs and light trucks with that of passenger cars.”