Jeff Bingaman: “I will speak briefly in response to some of the comments made, and then I will move to table the amendment. We have had…”

“I will speak briefly in response to some of the comments made, and then I will move to table the amendment. We have had a good debate about it. I will speak about three aspects: First, the argument, the allegation, that we are, in the underlying bill before the Senate, agreed to on a bipartisan basis, lowering the legal standard. That is one of the arguments that has been made. It is simply wrong. We are not lowering the legal standard. The legal standard is, and always has been, that determinations be consistent with the public interest; that acquisitions, mergers, consolidations, be consistent with the public interest. What we are doing is saying that, for mergers, we have enhanced the authority and responsibility of the Federal Energy Regulatory Commission by saying that not only must they determine it is consistent with the public interest, which has been the standard in the past, we are requiring them to determine that consumers will not be harmed--that is, consumers, ratepayers of existing utilities, will not be harmed. We are requiring them to make a determination that regulation, either Federal or State regulation, will not in any way be impaired. And we are requiring FERC to make a determination that there will be no cross-subsidy to any other company than the company being acquired or merged. What we are doing is increasing the responsibilities we are imposing on FERC.”