Political Quotes

“I thank the gentleman from California for his leadership on this issue and for the opportunity to allow me to speak in support of H.R. 1038, the Public Power Risk Management Act of 2013. This is a good, bipartisan piece of legislation that would simply allow producers, utility companies, and other nonfinancial entities to continue entering into energy swaps with government-owned utilities, also known as utility special entities, without requiring them to register with the CFTC as a swap dealer solely because of their dealings with government-owned utilities. As a group, public power utilities deliver electricity to one in seven of every electric customers in the United States, over 47 million people--certainly some in major metropolitan areas such as Los Angeles, San Antonio, Seattle, and Orlando--but the vast majority of public power companies serve communities with populations of 10,000 people or less. H.R. 1038 will place utility special entities on a level-playing field with everyone else in the marketplace, allowing many of them to keep the same swap counterparties they have used to manage risk for years. Utility special entities should be allowed to keep using swaps to help manage their risk related to the generation of electricity or production of natural gas.…”