I object. Does the Senator want to offer a second-degree amendment to the electricity amendment? I did not know that. I did not understand that. Well, they have all been currently set aside for amendments to the electricity amendment,…
I object.
Does the Senator want to offer a second-degree amendment to the electricity amendment?
I did not know that. I did not understand that.
Well, they have all been currently set aside for amendments to the electricity amendment, Madam President. That is why I wondered, what is the need for the unanimous consent request?
I have no objection to the request.
Madam President, if somebody is discussing an amendment, and there is business on the floor of the Senate, we will not recess; we will work.
Madam President, before I start, I ask the distinguished sponsor of the amendment how much additional time does he think he needs on his amendment. I am not pressing the Senator.
Since it looks as if we will not be very long, does the Senator from New Mexico know if there is another amendment ready on his side since we are close to completing the debate on this amendment?
I thank the Senator very much.
Madam President, I say to the author of the legislation, I very much appreciate the fact that during these difficult times when we are trying very hard to get so much done in a short period of time the Senator came to the floor, put an amendment down, and, in his typical manner, got to the point, and in short order is going to let the Senate vote.
Frankly, what he is asking us to do is exactly the wrong thing for the situation that exists today in the energy markets. There is an article that was quoted from which is on all our desks:
Energy Monoliths Could Return.
It was quoted from, excepting on the second page there is an absolutely succinct paragraph that this Senator believes is totally, unequivocally correct. I quote three-quarters of the way down the paragraph starting with the word ``repeal'':
Repeal could restore confidence in energy companies shunned
by shareholders after the Enron scandal and encourage badly
needed expansion of power transmission networks.
From the financial market standpoint, repeal--
And let me add ``of PUHCA,'' repeal of PUHCA--
would be the single most important part of the energy bill.
It certainly is what investors are looking for.
The problem with the amendment is that it probably will take the intent in that paragraph, the indication of what most probably will happen when PUHCA is repealed, and it will probably destroy it, wilt it, make it very vulnerable, and we will not get the result. The result is the need for huge injections of capital into the energy companies because of what has happened to them in the past 18 months.
That is why it is good news that PUHCA is being repealed. That is why it is bad news when an amendment comes along and says: This is just a little 'ole amendment to make sure the electric companies keep their money where it ought to be, that they ought not invest it anyplace else, and that their boards of directors be governed by this statute, the kinds of issues that tie up the potential of a company that is involved in the utility business.
We have already given FERC in this carefully balanced bill the enforcement power to make sure that the companies are properly invested, to make sure they are taking care of their business and of the stockholders' money and of the electrical business.
We have actually said that is a power FERC has. This title already includes enhanced books and records authority for both State and Federal regulators to ensure that ratemaking bodies have all the information necessary they need for retail ratemaking, to ensure there is no cross-subsidization or improper commingling of utility and affiliate assets. That is what the authors of the amendment are worried about, that if PUHCA is not there--and remember, everybody has said so far, including my friend Senator Bingaman, we ought to get rid of PUHCA. It is an unfair holding down of these companies by an old law. Everyone wants to get rid of it except these two Senators want to say now if we do, let's go back and put some more handcuffs on these companies because we are scared, we are frightened, that they will do wrong.
We are saying, if that is done, the very pluses, the positives, that come from the repeal are going to be negated because what is being done is not needed, and investment is going to be scared off.
The Domenici underlying bill says that when we get rid of PUHCA we better put in something, although this job is principally the job of States. When Senator Bingaman read about the two cases, in both cases State commissions were involved in cleaning up the matter, but nonetheless, we have put in here the Federal Government, FERC, is given this authority in this particular area, because of PUHCA going away, to make sure there is no improper commingling of utility and affiliate assets.
There is more. In fact, the underlying amendment also says, with reference to merger, acquisitions and dispositions, leasing, or other transactions:
Will not impair the ability of the Commission or the
ability of the State commission having jurisdiction . . . to
protect the interests of consumers or the public.
And:
Will not impair the financial integrity of any public
utility that is a party to the transaction or an associate
company of any party to the transaction.
So it even says when PUHCA is gone, we have all of these entities that will be worried about mergers and the like, but we put new language in that I just read, which says, nonetheless, if we are talking about merger, acquisition, or disposition, there are these additional powers.
Frankly, I understand that an amendment which is, in fact, a bill-- that is the Domenici amendment--it is that big. I understand Senators and their staff could read it and they could say, well, yes, we get rid of PUHCA, and then somebody back home might tell them if you are getting rid of PUHCA you better be sure you do so and so, and this amendment could be given birth.
If one looks at this carefully, they will find it did not come to the floor without the staff which worked on it helping the Senator make sure we know, when we get rid of PUHCA, we have to do something to be sure we have taken care of some problem children that might arise along the way.
I want to repeat, this is not a little proposition. If it was, I would accept it because these are very good Senators. But I know if I took it, I would be sending the wrong signal to all of those companies across this land that have reviewed this bill very closely, some small, some large, some of them municipal, some of them co-ops. They have looked at it carefully and they know we are through with PUHCA. I do
not want them to say, well, we got rid of one and they turn right around and make it difficult for us to do what we ought to do, what we can do, what we should do, to make sure we got all the assets invested in our companies in these faltering days in terms of resources.
So I say to the two Senators, I wish that were not the case so I could thank them and accept it, but I honestly do not believe those who analyzed it did a careful job. No aspersions.
A better way might be that we looked at it carefully, we watched out, and we were certain we protected the public and the consumers, those who will take electricity, and indeed the stockholders, so the kinds of things they are worried about will not happen.
I do not know what it means, but the horror cases they are speaking of occurred while PUHCA existed. That is interesting, just as an observation.
I yield the floor.
Madam President, I was informed a while ago by my good friend, the whip, Senator Reid, that as soon as we finish this amendment--and I think we are finished; I am not quite sure whether the proponents have finished--Senator Byrd wanted to speak. I ask Senator Byrd, since he is here, if that is the case. And then I ask if I could speak following Senator Byrd, if he has no objection. I ask that after the distinguished Senator Byrd completes his remarks, the Senator from New Mexico be recognized.
Madam President, if we could reduce the debate time before each amendment. We don't need 10 minutes; 5 minutes would do.
Let's prepare the unanimous consent request on all three, with 5 minutes each, 10 minutes equally divided.
Madam President, I say thank you very much, Senator Byrd. I greatly appreciate your remarks. It is always my pleasure to be serving with you.
Thank you.
Madam President, the Senator has no right to decide who speaks. They have to seek recognition.
The Senator cannot dole out the time. He has no right to dole the time out to other Senators, Madam President.
Madam President----
Madam President, how much time do I have?
Madam President, I wish to make a point in case there are people observing the Senate. Senator Nelson from Florida indicated he had been waiting a long time--maybe all day--to be heard. There are a lot of Senators all day long who would like to come to the floor and be heard. The Senate is not the place where we just come down to the floor and automatically, if we come here, we ought to be heard. We have business, and we have rules. I am glad the Senator found time and we allowed 5 minutes and we allowed Senator Byrd 30 minutes, but we are engaged in a bill we are trying to pass.
I had a lengthy discussion with my friend from Nevada, and I have no doubt he wants to get this bill finished. I thank him for his willingness to move along. We will have another amendment ready pretty soon.
My objection to the Bingaman amendment is very simple. He alludes to last year and what happened with amendments such as his last year. There was no alternative last year. There is an alternative this year. It is the underlying electricity bill, which clearly protects the citizens, the users, and all of those concerns about mergers.
The merger review in our section is supported by groups such as the National Rural Co-ops, the rural power people, and many others. If, in fact, we did not have protection in this area with reference to gobbling by merger, obviously they would not be for this underlying bill. So I oppose this amendment because we do not have to expand FERC's merger authority. They have merger authority.
Under current law, electric merger departments are heavily regulated. FERC, the Department of Justice, and the Federal Trade Commission must review proposed mergers for their impact on competition. States also review proposed mergers. Expanding FERC's authority to cover the acquisition of generation facilities is unnecessary. We have plenty of merger authority if that is what we are worried about. We are getting rid of undue regulation. There is no need to impose more.
Further, changing FERC's review standards will impede efficient transactions, and we do not need that today, either.
So while I have great respect and admiration for my friend, I believe the electricity bill that is pending before us, which has been carefully put together, has broad support all based on the fact that it fits all the pieces together properly. It should be left alone. We do not have to add more merger review layers.
I yield back the remainder of my time.
Mr. President, one of the most difficult negotiations in this bill was getting the language that prohibited the finalization of SMDs until July 1, 2005. The occupant of the chair knows that. That is what we have been talking about. Other Senators wanted a longer time. Some wanted a shorter time. Well, Senator Bingaman changes the language surrounding that July 2005 agreement. Frankly, I would be letting down all of those different groups that worked together to negotiate the language that said the finalization of SMDs will be delayed until July 1, 2005; by changing the words around it, all kinds of groups will be saying we have let them down; we changed what we agreed to.
In other words, I regret to say that the exact words surrounding this 2005 letter expansion are binding. Senator Bingaman wants to clarify it one way. There will be a whole group of people who worked on it saying, well, I did not want it clarified that way. I wanted it clarified another way.
The point is, it will work like it is. It might work like he wants it to work but the problem is we agreed to these words. Believe me, I am not agreeing to words just for words. They will work. It is just that the distinguished Senator would like to be more precise, more specific, his way. In doing that, he puts this Senator, who has worked this out with all of these other people, in a bind that if I say, yes, let's change it, then we are going to have telephone calls besieging Senators all over saying vote no; the senior Senator from New Mexico is not doing what he told us he would do.
Now, I regret that but that is just the result of the way we do things. I am very proud of the words, the date, and the negotiation. I do not lose a lot of Senators on that language and that date. Maybe six or eight wanted more time but we got a pretty good deal for almost everybody. So I just cannot take the risk. I am sorry.
With that, I do not need any more time. I yield back any time I have remaining.
Vote on Amendment No. 1413
I move to table the first Bingaman amendment, which is the pending subject matter, and ask for the yeas and nays.
Mr. President, parliamentary inquiry. Is there any time to speak on this amendment?
I move to table the Feingold amendment and ask for the yeas and nays.
I move to reconsider the vote.
Madam President, I wonder if the minority whip will advise me--we are on the electricity title--are we ready to vote on passage of the electricity title or do you have additional amendments?
Does Senator Kennedy have an amendment?
Madam President, I say to the distinguished Senator from Massachusetts, I will speak to the majority leader, as soon as an amendment is laid down, with reference to the issue Senator Kennedy just raised. I understand if we proceed on an amendment, we will have an hour or so, at which time I will talk with the majority leader and tell him of your desire and others to speak, and see what his wishes are in that regard.
Without losing my right to the floor.
I will mention the Senator's name.
Yes.
Madam President, I cannot do anything more than that, and I think the distinguished Senator from Massachusetts accepts my statement as an honest statement.
I will leave the floor. I will find the leader, and I will tell him what is going to happen. I will seek his advice and give him my advice. I very much appreciate the Senator from Massachusetts letting me know. We have a number of amendments left. We have important legislation before us. It is absolutely impossible to do the people's business if, in fact, during the next 12 hours we have 6 or 8 hours taken up by speeches with reference to a judge. We will get it done, but we will be here Sunday, which is all right with this Senator. I do not think I want to let that happen under my watch as manager, but I guarantee my colleagues, for those who insist they are going to speak, I can assure them we are going to be here.
Sooner or later the speeches will run out, and we will be here, and we will take up the pending amendments on this bill. I have been told that by the leader unequivocally. I assume that is true if only 60 Senators stick around. So long as we do not lose a quorum, I presume we are going to be here on Friday, on Saturday, and on Monday to finish this bill. Senators have their rights, but we have an obligation to do this work.
I say to the distinguished whip, if he will call up the next amendment, I will leave the floor and find out what the leader will do about this, and perhaps we can come up with some accommodation with reference to this issue. I thank Senator Kennedy for his willingness to let me do that.
Will the Senator yield?
How long does the Senator intend to speak?
Does the Senator from New Mexico have the floor or the Senator from Massachusetts?
Will the Senator yield? I will get right back to him.
Madam President, let me repeat----
I ask for a couple of minutes, and it will not take any longer.
I thank the Senator. First, I say judges are important, and speaking on behalf of or against judges is very important. I say that not only to the Senators but to our majority leader. It is also very important that we pass an Energy bill. We have been waiting for weeks and weeks. This committee was asked to put a bill together. The Senator from New Mexico wants to get the Energy bill finished. Clearly, I find nothing in the rules that says the Senator from Massachusetts is not entitled to make his speech of 30 minutes or up to an hour. I do believe it is important, nonetheless, that somewhere along the line there be some accommodation and that we proceed to get the Energy bill finished. I understand there are four or five amendments. I wish I could see them sooner or later so I will know what they are about but nobody owes me that, either. We will take it as it comes.
I will ask the distinguished majority leader to be accommodating so we can get this bill finished, but I am doing that with great trepidation, not as to Senator Kennedy but as to whether there is a willingness to pursue this bill with vigor if that accommodation is made. I am not sure about that based on some things that have been happening but I hope it is. It is with that in mind that I will talk to the leader, hoping it does mean that if accommodation is made, we will proceed with dispatch on the Energy bill.
I thank the Senator for yielding to me.