H. R. 6—378
associations of state regulatory agencies. All such agreements 
and procedures shall be just and reasonable, and not unduly 
discriminatory or preferential.’’. 
(b) COMPLIANCE.— 
(1) TIME LIMITATIONS.—Section 112(b) of the Public Utility 
Regulatory Policies Act of 1978 (16 U.S.C. 2622(b)) is amended 
by adding at the end the following: 
‘‘(5)(A) Not later than 1 year after the enactment of this 
paragraph, each State regulatory authority (with respect to 
each electric utility for which it has ratemaking authority) 
and each nonregulated utility shall commence the consideration 
referred to in section 111, or set a hearing date for consider-
ation, with respect to the standard established by paragraph 
(15) of section 111(d). 
‘‘(B) Not later than two years after the date of the enact-
ment of the this paragraph, each State regulatory authority 
(with respect to each electric utility for which it has ratemaking 
authority), and each nonregulated electric utility, shall complete 
the consideration, and shall make the determination, referred 
to in section 111 with respect to each standard established 
by paragraph (15) of section 111(d).’’. 
(2) FAILURE
TO
COMPLY.—Section 112(d) of the Public 
Utility Regulatory Policies Act of 1978 (16 U.S.C. 2622(c)) is 
amended by adding at the end the following: ‘‘In the case 
of the standard established by paragraph (15), the reference 
contained in this subsection to the date of enactment of this 
Act shall be deemed to be a reference to the date of enactment 
of paragraph (15).’’. 
(3) PRIOR STATE ACTIONS.— 
(A) IN
GENERAL.—Section 112 of the Public Utility 
Regulatory Policies Act of 1978 (16 U.S.C. 2622) is amended 
by adding at the end the following: 
‘‘(f) PRIOR STATE ACTIONS.—Subsections (b) and (c) of this sec-
tion shall not apply to the standard established by paragraph 
(15) of section 111(d) in the case of any electric utility in a State 
if, before the enactment of this subsection— 
‘‘(1) the State has implemented for such utility the standard 
concerned (or a comparable standard); 
‘‘(2) the State regulatory authority for such State or rel-
evant nonregulated electric utility has conducted a proceeding 
to consider implementation of the standard concerned (or a 
comparable standard) for such utility; or 
‘‘(3) the State legislature has voted on the implementation 
of such standard (or a comparable standard) for such utility.’’. 
(B) CROSS REFERENCE.—Section 124 of such Act (16 
U.S.C. 2634) is amended by adding the following at the 
end thereof: ‘‘In the case of each standard established by 
paragraph (15) of section 111(d), the reference contained 
in this subsection to the date of enactment of the Act 
shall be deemed to be a reference to the date of enactment 
of paragraph (15).’’.
H. R. 6—379
Subtitle F—Repeal of PUHCA 
SEC. 1261. SHORT TITLE. 
This subtitle may be cited as the ‘‘Public Utility Holding Com-
pany Act of 2005’’. 
SEC. 1262. DEFINITIONS. 
For purposes of this subtitle: 
(1) AFFILIATE.—The term ‘‘affiliate’’ of a company means 
any company, 5 percent or more of the outstanding voting 
securities of which are owned, controlled, or held with power 
to vote, directly or indirectly, by such company. 
(2) ASSOCIATE COMPANY.—The term ‘‘associate company’’ 
of a company means any company in the same holding company 
system with such company. 
(3) COMMISSION.—The term ‘‘Commission’’ means the Fed-
eral Energy Regulatory Commission. 
(4) COMPANY.—The term ‘‘company’’ means a corporation, 
partnership, association, joint stock company, business trust, 
or any organized group of persons, whether incorporated or 
not, or a receiver, trustee, or other liquidating agent of any 
of the foregoing. 
(5) ELECTRIC UTILITY COMPANY.—The term ‘‘electric utility 
company’’ means any company that owns or operates facilities 
used for the generation, transmission, or distribution of electric 
energy for sale. 
(6) EXEMPT WHOLESALE GENERATOR AND FOREIGN UTILITY 
COMPANY.—The terms ‘‘exempt wholesale generator’’ and ‘‘for-
eign utility company’’ have the same meanings as in sections 
32 and 33, respectively, of the Public Utility Holding Company 
Act of 1935 (15 U.S.C. 79z–5a, 79z–5b), as those sections existed 
on the day before the effective date of this subtitle. 
(7) GAS UTILITY COMPANY.—The term ‘‘gas utility company’’ 
means any company that owns or operates facilities used for 
distribution at retail (other than the distribution only in 
enclosed portable containers or distribution to tenants or 
employees of the company operating such facilities for their 
own use and not for resale) of natural or manufactured gas 
for heat, light, or power. 
(8) HOLDING COMPANY.— 
(A) 
IN
GENERAL.—The 
term 
‘‘holding 
company’’ 
means— 
(i) any company that directly or indirectly owns, 
controls, or holds, with power to vote, 10 percent or 
more of the outstanding voting securities of a public-
utility company or of a holding company of any public-
utility company; and 
(ii) any person, determined by the Commission, 
after notice and opportunity for hearing, to exercise 
directly or indirectly (either alone or pursuant to an 
arrangement or understanding with one or more per-
sons) such a controlling influence over the management 
or policies of any public-utility company or holding 
company as to make it necessary or appropriate for 
the rate protection of utility customers with respect 
to rates that such person be subject to the obligations,
H. R. 6—380
duties, and liabilities imposed by this subtitle upon 
holding companies. 
(B) EXCLUSIONS.—The term ‘‘holding company’’ shall 
not include— 
(i) a bank, savings association, or trust company, 
or their operating subsidiaries that own, control, or 
hold, with the power to vote, public utility or public 
utility holding company securities so long as the securi-
ties are— 
(I) held as collateral for a loan; 
(II) held in the ordinary course of business 
as a fiduciary; or 
(III) acquired solely for purposes of liquidation 
and in connection with a loan previously contracted 
for and owned beneficially for a period of not more 
than two years; or 
(ii) a broker or dealer that owns, controls, or holds 
with the power to vote public utility or public utility 
holding company securities so long as the securities 
are— 
(I) not beneficially owned by the broker or 
dealer and are subject to any voting instructions 
which may be given by customers or their assigns; 
or 
(II) acquired within 12 months in the ordinary 
course of business as a broker, dealer, or under-
writer with the bona fide intention of effecting 
distribution of the specific securities so acquired. 
(9) HOLDING COMPANY SYSTEM.—The term ‘‘holding com-
pany system’’ means a holding company, together with its sub-
sidiary companies. 
(10) JURISDICTIONAL
RATES.—The term ‘‘jurisdictional 
rates’’ means rates accepted or established by the Commission 
for the transmission of electric energy in interstate commerce, 
the sale of electric energy at wholesale in interstate commerce, 
the transportation of natural gas in interstate commerce, and 
the sale in interstate commerce of natural gas for resale for 
ultimate public consumption for domestic, commercial, indus-
trial, or any other use. 
(11) NATURAL GAS COMPANY.—The term ‘‘natural gas com-
pany’’ means a person engaged in the transportation of natural 
gas in interstate commerce or the sale of such gas in interstate 
commerce for resale. 
(12) PERSON.—The term ‘‘person’’ means an individual or 
company. 
(13) PUBLIC UTILITY.—The term ‘‘public utility’’ means any 
person who owns or operates facilities used for transmission 
of electric energy in interstate commerce or sales of electric 
energy at wholesale in interstate commerce. 
(14) PUBLIC-UTILITY
COMPANY.—The term ‘‘public-utility 
company’’ means an electric utility company or a gas utility 
company. 
(15) STATE
COMMISSION.—The term ‘‘State commission’’ 
means any commission, board, agency, or officer, by whatever 
name designated, of a State, municipality, or other political 
subdivision of a State that, under the laws of such State, 
has jurisdiction to regulate public utility companies.