The Lincoln Plawg - the blog with footnotes
Thursday, July 14, 2005
Energy bill knocks away pillar of New Deal
I've mentioned before (September 4 2004) the story of Samuel Insull and the law that dealt with his particular abuses: Public Utility Holding Company Act of 1935 - or PUHCA.
Now, it seems (I'd not realised) that both Senate and House versions of HR 6 repeal PUHCA. The versions differ in that
The Senate version couples repeal with some additional oversight authority on utility mergers granted to FERC, the Federal Energy Regulatory Commission.
This may turn out to be something of a fig-leaf, given that FERA is headed by Joseph Kelliher, who apparently
was Dick Cheney's point man in organizing the secret energy task force that drafted much of the energy bill.
My guess is that, for the porkmeisters that are (most of) the Senate Dems, a fig-leaf will do them fine.
But - remember all that fuss there was about Bush dismantling the legacy of FDR's New Deal with his social security privatization proposals?
Well, PUHCA was part of the New Deal: why aren't lefties hot under the collar about its being junked?
Not the old obstructionism kick, surely?
(There are a couple of Cato pieces (here and here) that are anti-PUHCA - natch - but supply narrative and searchables.)
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