To preserve the authority of the Federal Energy Regulatory Commission to ensure just and reasonable electric and natural gas rates and to protect the public interest.

SA 3892. Mr. BINGAMAN (for himself, Ms. Murkowski, Mr. Reid, Mr.
Brownback, Ms. Cantwell, Mr. Cornyn, Mr. Wyden, and Mr. Corker)
submitted an amendment intended to be proposed to amendment SA 3739
proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to
the bill S. 3217, to promote the financial stability of the United
States by improving accountability and transparency in the financial
system, to end ``too big to fail'', to protect the American taxpayer by
ending bailouts, to protect consumers from abusive financial services
practices, and for other purposes; which was ordered to lie on the
table; as follows:

On page 565, between lines 2 and 3, insert the following:
(e) Just and Reasonable Rates.--Section 2(a)(1)(C) of the
Commodity Exchange Act (7 U.S.C. 2(a)(1)(C)) (as amended by
section 717(a)) is amended by adding at the end the
following:
``(vi) Notwithstanding the exclusive jurisdiction of the
Commission with respect to accounts, agreements, and
transactions involving swaps or contracts of sale of a
commodity for future delivery under this Act, no provision of
this Act shall be construed--

``(I) to supersede or limit the authority of the Federal
Energy Regulatory Commission under the Federal Power Act (16
U.S.C. 791a et seq.) or the Natural Gas Act (15 U.S.C. 717 et
seq.); or
``(II) to restrict the Federal Energy Regulatory Commission
from carrying out the duties and responsibilities of the
Federal Energy Regulatory Commission to ensure just and
reasonable rates and protect the public interest under the
Acts described in subclause (I).''.

(f) Public Interest Waiver.--Section 4(c) of the Commodity
Exchange Act (7 U.S.C. 6(c)) (as amended by section 721(d))
is amended by adding at the end the following:
``(6) If the Commission determines that the exemption would
be consistent with the public interest and the purposes of
this Act, the Commission shall, in accordance with paragraphs
(1) and (2), exempt from the requirements of this Act an
agreement, contract, or transaction that is entered into
pursuant to--
``(A) a tariff or rate schedule approved or permitted to
take effect by the Federal Energy Regulatory Commission; or
``(B) a tariff or rate schedule establishing rates or
charges for the sale of electric energy approved or permitted
to take effect by the regulatory body of the State or
municipality having jurisdiction to regulate rates and
charges for the sale of electric energy to consumers within
the State or municipality.''.
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