On the recordApril 10, 2003
Mr. Chairman, let me first applaud the intent of my friend, the gentleman from Michigan (Mr. Dingell), in terms of trying to benefit consumers and prevent market manipulation. But if that is the intent, then I am afraid his amendment goes exactly the wrong direction. Here is why: The issue is not whether FERC currently has the authority to deal with fraud, manipulation, and deception, or whether FERC is even using that authority. Clearly, the FERC has the authority and is using it now aggressively to crack down on market abuses. The Federal Power Act requires FERC to ensure that all rates, terms, and conditions for wholesale power sales and for transmission services are in fact 'just and reasonable and not unduly discriminatory.' This empowers the FERC to prohibit fraud, manipulation, deception, other anticompetitive conduct that distorts the market or harms consumers.
Source
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