I appreciate all the work you and members of the Committee on Energy and Natural Resources have done. Notwithstanding your previous efforts, I believe this legislation is past due and I urge the markup of this bill as quickly as possible.

The Public Utility Holding Company Act of 1997 is basically the same bill we reported out of committee last year after working closely with the Securities and Exchange Commission, the Federal Energy Regulatory Commission and the State's Public Service Commissions. Based on their recommendations and the changes we made last year, I believe we have a bill that can and should be signed into law.

The current application of a 1935 law to 20 percent of the market causes an unfair competitive advantage to those companies that are exempt from the Act. In the interest of competition, and thus the consumer, we need to repeal the antiquated PUHCA Act. The freedom and flexibility incorporated in the PUHCA Act of 1997 are necessary for the industry to remain competitive in the ever changing market environment. Indeed, PUHCA repeal will allow utilities to provide better services to consumers at lower prices.

Mr. Chairman, I support your efforts, and again thank you for your work on this issue.

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