Federal Register / Vol. 65, No. 195 / Friday, October 6, 2000 / Notices 59833

1 James R. Lientz, Jr., 84 FERC ¶ 62,143 (1998)

(August 13 Letter Order).

2 16 U.S.C. 825d(b) (1994).

3 84 FERC at 64,226.

4See id. at 64,226 & n.3.

5 Id. at 64,226 (footnotes omitted).

6Request for Rehearing at 2.

DEPARTMENT OF ENERGY

Office of Energy Efficiency and

Renewable Energy

Federal Energy Management Advisory

Committee; Open Meeting

AGENCY: Department of Energy.

ACTION: Notice of open meeting.

SUMMARY: This notice announces an

open meeting of the Federal Energy

Management Advisory Committee. The

Federal Advisory Committee Act (Public

Law 92–463, 86 Stat. 770), requires that

agencies publish these notices in the

Federal Register to allow for public

participation. This notice announces the

first meeting of the Federal Energy

Management Advisory Committee

(FEMAC) under Executive Order

13123—‘‘Greening the Government

through Efficient Energy Management.’’

DATES: Monday, October 23, 2000; 1:30

p.m. to 5:00 p.m.; Tuesday, October 24,

2000; 9:00 a.m. to 4:00 p.m.

ADDRESS: Loews L’Enfant Plaza Hotel,

480 L’Enfant Plaza, SW., Washington,

DC 20024.

FOR FURTHER INFORMATION CONTACT:

Steven Huff, Designated Federal Officer

for the Committee, Office of Federal

Energy Management Programs, U.S.

Department of Energy, 1000

Independence Avenue, SW.,

Washington, DC 20585; (202) 586–3507.

SUPPLEMENTARY INFORMATION:

Purpose of Meeting: To provide

advice and guidance on the Federal

Energy Management.

Tentative Agenda: Agenda will

include discussions on the following:

Monday, October 23, 2000 and Tuesday

October 24, 2000

• Energy-Savings Performance

Contracts

• Utility energy-efficiency service

contracts

• Procurement of ENERGY STAR

(Registered Trademark) and other

energy efficient products

• Building design

• Process energy use

• Applications of efficient and

renewable energy technologies

(including clean energy technologies) at

Federal Facilities

• Public Comment

Public Participation: In keeping with

procedures, members of the public are

welcome to observe the business of the

Federal Energy Management Advisory

Committee. If you would like to file a

written statement with the Committee,

you may do so either before or after the

meeting. If you would like to make oral

statements regarding any of these items

on the agenda, you should contact

Steven Huff at (202) 586–3507 or

Steven.Huff@ee.doe.gov (e-mail). You

must make your request for an oral

statement at least 5 business days before

the meeting. Members of the public will

be heard in the order in which they sign

up at the beginning of the meeting.

Reasonable provision will be made to

include the scheduled oral statements

on the agenda. The Chair of the

Committee will make every effort to

hear the views of all interested parties.

The Chair will conduct the meeting to

facilitate the orderly conduct of

business.

Minutes: The minutes of the meeting

will be available for public review and

copying within 30 days at the Freedom

of Information Public Reading Room;

Room 1E–190; Forrestal Building; 1000

Independence Avenue, SW.,

Washington, DC, between 9:00 a.m. and

4:00 p.m., Monday through Friday,

except Federal holidays.

Issued at Washington, DC on October 3,

2000.

Rachel M. Samuel,

Deputy Advisory Committee Management

Officer.

[FR Doc. 00–25768 Filed 10–5–00; 8:45 am]

BILLING CODE 6450–01–P

DEPARTMENT OF ENERGY

Federal Energy Regulatory

Commission

[Docket No. ID–2932–001]

James R. Lientz, Jr; Order Granting

Interventions, Dismissing Rehearing

As Moot, and Directing Notification of

Change in Status

Issued October 2, 2000.

Before Commissioners: James J. Hoecker,

Chairman; William L. Massey, Linda

Breathitt, and Curt He ́bert, Jr.

In this order, the Commission

dismisses as moot a request for

rehearing, in light of subsequent and

superseding Congressional action, of a

letter order issued in this proceeding on

August 13, 1998, that concluded that

James R. Lientz, Jr. could only

conditionally hold interlocking

positions as Director of Georgia Power

Company (Georgia Power) and President

and Director of NationsBank of Georgia,

N.A. (NationsBank Georgia).1

In addition, the Commission directs

other individuals who have been

granted authorization to hold an

interlock and who believe they are

affected by the above Congressional

action to provide notice to us.

Background

On January 3, 1996, Mr. Lientz filed

an application pursuant to section

305(b) of the Federal Power Act (FPA) 2

for Commission authorization to hold

interlocking positions as Director of

Georgia Power and President and

Director of NationsBank Georgia. As

explained in the August 13 Order,

Georgia Power is a public utility for the

purpose of section 305(b).3 While

neither NationsBank Georgia nor its

parent may directly underwrite or

participate in the marketing of the

securities of a public utility, two

affiliates of NationsBank Georgia may

underwrite or participate in the

marketing of the securities of public

utilities. The Commission has found

that these securities underwriting and

marketing authorizations are attributed

to NationsBank Georgia, and as a

consequence, the proposed interlocking

positions were found to be jurisdictional

pursuant to section 305(b).4

In the August 13 Letter Order, the

Director, Division of Opinions and

Corporate Applications, Office of

Electric Power Regulation, pursuant to

delegated authority, explained.

[T]he Commission has observed that a

senior executive or corporate officer has the

ability to substantially influence company

policies in such a manner as to jeopardize the

best interests of the utility, its investors, and

the consuming public. Accordingly, the

Commission has held that this type of

interlock requires the imposition of certain

safeguards to prevent ‘‘opportunities for

undue influence, failures in arms length

bargaining, or other potential improprieties.’’

After consideration, it is concluded that

the conditioned holding of the positions

identified will not adversely affect public or

private interests. Authorization to hold them

is hereby granted subject to the condition

that NationsBank Georgia (and its

subsidiaries and affiliates) refrain from

underwriting or participating in the

marketing of securities (other than dealing in

the secondary securities market) of Georgia

Power (and its subsidiaries and affiliates)

during the period Mr. Lientz holds any of the

authorized interlocking positions.5

On rehearing, Mr. Lientz requests that

the Commission no longer impose the

underwriting ban as a condition of his

interlock authorization. Mr. Lientz

asserts that the underwriting ban ‘‘is no

longer justified or necessary to protect

the public interest,’’ 6 and that changed

circumstances warrant the Commission

59834 Federal Register / Vol. 65, No. 195 / Friday, October 6, 2000 / Notices

7 Id. at 43.

8Pub. L. 106–102, 113 Stat. 1338 (1999).

9 16 U.S.C.A. 825d(b)(2) (West Supp. 2000).

10 18 CFR 385.214(d)(2000).

11 16 U.S.C.A. 825d(b)(2)(B) (West Supp. 2000).

12We use the phrase ‘‘underwriting firm’’ as a

short-hand description of the longer, statutory

‘‘bank, trust company, banking association, or

firm.’’

13See 16 U.S.C.A. 825d(b)(2)(B)(i) (West Supp.

2000).

14Request for Rehearing at 43. 15 18 CFR 45.5(b) (2000).

ceasing to impose the underwriting ban

as a condition of approving the type of

interlock at issue in this proceeding.

Mr. Lientz also requests that, in lieu

of the underwriting ban, the

Commission consider the use of two

alternative, and less onerous, conditions

when approving an interlock between a

public utility and an underwriting firm.

Specifically, that:

(i) the applicant would refrain from

participating, directly, or indirectly, as

director or officer of the public utility or the

affected underwriting firm (or such

underwriting firm’s parent), in any decisions

regarding the financing of the public utility

(or its affiliate(s)) by such underwriting firm;

or

(ii) the applicant would prove, to the

satisfaction of a majority of the disinterested

directors of the public utility and the affected

underwriting firm, respectively, that the

proposed transactions(s) between the public

utility and the underwriting firm are fair and

reasonable to the utility’s shareholders and

ratepayers, such proof to be evidenced by a

vote of the disinterested directors of the

public utility and the affected underwriting

firm.7

On September 14, 1998, Georgia

Power filed an untimely motion to

intervene and a brief in support of Mr.

Lientz’s request for rehearing. On April

20, 1999, first Union Corporation (First

Union) filed an untimely motion to

intervene and an amicus brief in

support of granting rehearing to

reconsider whether the Commission’s

current policy on interlocks between

banks and public utilities should be

continued.

Subsequent and Superseding

Congressional Action

On November 12, 1999, the President

signed into law the Gramm-Leach-Bliley

Financial Modernization Act (Financial

Modernization Act).8 Among other

things, this legislation amends section

305(b) to include four conditions, and if

any one of these were met, they would

remove from our jurisdiction a person

seeking to hold an interlocking

directorate.9 On November 18, 1999,

First Union filed a motion to lodge the

Financial Modernization Act.

Discussion

Pursuant to Rule 214(d) of the

Commission’s Rules of Practice and

Procedure, we will grant the untimely

motions to intervene of Georgia Power

and First Union, given the unique

circumstances present here, their

interest in the outcome of this

proceeding, and the absence of any

prejudice or delay.10

We will dismiss as moot the request

for rehearing. As noted above,

subsequent to the August 13 Letter

Order and Mr. Lientz’s request for

rehearing, Congress amended section

305(b). Section 305(b)(2)(B) now

provides, in relevant part, that the

section 305(b) ban on holding

interlocking directorates, absent

Commission authorization, does not

apply if the person holding the

interlock:

(i) does not participate in any deliberations

or decisions of the public utility regarding

the selection of a bank, trust company,

banking association, or firm to underwrite or

participate in the marketing of securities of

the public utility, if the person serves as an

officer or director of a bank, trust company,

banking association, or firm that is under

consideration in the deliberation process;

(ii) the bank, trust company, banking

association, or firm of which the person is an

officer or director does not engage in the

underwriting of, or participate in the

marketing of, securities of the public utility

of which the person holds the position of

officer or director;

(iii) the public utility for which the person

serves or proposes to serve as an officer or

director selects underwriters by competitive

procedures; or

(iv) the issuance of securities of the public

utility for which the person serves or

proposes to serve as an officer or director has

been approved by all Federal and State

regulatory agencies having jurisdiction over

the issuance.11

Thus, in amending section 305(b)(2),

Congress has eliminated, in certain

circumstances, the need for the holder

of the interlocks to obtain Commission

authorization for such interlocks. These

circumstances include, as relevant here,

where the underwriting firm12 involved

in an interlock is under consideration to

underwrite the securities of the public

utility involved in the interlock and

where persons who would hold the

interlocks do not themselves participate

in the public utility’s selection of the

underwriting firm.13

As noted above, in his request for

rehearing, Mr. Lientz proposed that as a

condition for Commission approval of

an interlock, ‘‘the applicant would

refrain from participating, directly, or

indirectly, as director or officer of the

public utility or the affected

underwriting firm (or such underwriting

firm’s parent), in any decisions affecting

the financing of the public utility (or its

affiliate(s)) by such underwriting

firm.’’ 14 We interpret Mr. Lientz’

proposed condition as effectively

agreeing to the first condition of section

305(b)(2)(B), and we direct Mr. Lientz to

notify the Commission within 30 days if

he believes that further Commission

action is required.

In light of the new legislation

pertaining to section 305(b)(2)(B)(i) and

our understanding that Mr. Lientz meets

at least one of the conditions of section

305(b)(2)(B), he no longer needs

Commission authorization to hold the

interlocking directorate. Thus, we will

dismiss as moot Mr. Lientz’s request for

rehearing.

We also take this opportunity to state

that if there are other individuals who

have been granted authorization to hold

interlocking directorates, but believe

that they now do not need such

Commission authorization because of

section 305(b)(2)(B), they should notify

the Commission of this within 30 days

of the date of publication in the Federal

Register, pursuant to section 45.5(b) of

the Commission’s regulations.15

The Commission orders:

(A) Georgia Power’s and First Union’s

untimely motions to intervene are

hereby granted.

(B) Mr. Lientz’s request for rehearing

of the August 13 Order is hereby

dismissed as moot, as discussed in the

body of this order.

(C) Any individual who has been

granted authorization to hold an

interlock who believes he is affected by

the Financial Modernization Act is

hereby directed to so notify the

Commission, within thirty (30) days of

the date of publication of this order in

the Federal Register, as discussed in the

body of this order.

(D) The Secretary is hereby directed to

publish this order in the Federal

Register.

By the Commission.

David P. Boergers,

Secretary.

[FR Doc. 00–25664 Filed 10–5–00; 8:45 am]

BILLING CODE 6712–01–M

ENVIRONMENTAL PROTECTION

AGENCY

[ER–FRL–6611–5]

Environmental Impact Statements;

Notice of Availability

Responsible Agency: Office of Federal

Activities, General Information (202)

564–7167 or www.epa.gov/oeca/ofa