Dianne Feinstein: “there is also a consumer organization, one that I am familiar with because while I was Mayor of San Francisco I had…”

“there is also a consumer organization, one that I am familiar with because while I was Mayor of San Francisco I had occasion to work with them. This group is The Utility Reform Network. In their letter they state: We are afraid this kind of legislation will harmfully impact whatever negotiations are happening at the State level to strike a balance that would cause all players to make some sort of sacrifice so we can all move forward. I have offered the testimony of the Governor of the State of California, who states that, yes, Senator Wyden's amendment would interfere with the negotiations that are going on today. The letter goes on to say: Let the bankruptcy laws remain status quo ante, in order to allow the settlement of all claims going forward. The Senate should not modify laws that were in place during this period, in order to choose winners or losers in California's energy debacle. Either there will be a settlement at the State level or the utilities will be forced to bankruptcy. That is certainly correct. If bankruptcy is the eventual solution, let the Federal bankruptcy judge, applying the laws that were in place during the crisis, resolve the equities. I could not agree more, Mr. President. I mentioned that right now the State of California is working diligently to ensure the utilities can make their payments. The State is negotiating to purchase the transmission assets of both of the investor-owned utilities in the State.…”