Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Public Utility Holding Company Act
of 1996''.

TITLE I--REPEAL OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935

SEC. 101. PURPOSE.

(a) The Public Utility Holding Company Act of 1935 was intended to
facilitate the work of State and Federal regulators by placing certain
constraints on the activities of holding company systems. Developments
since 1935, including changes in other regulation and in the industry
itself, have called into question the continued relevance of the model
of regulation established by the statute.
(b) There is, however, a continuing need for limited Federal
regulation in this area to ensure the rate protection of utility
consumers. The Public Utility Holding Company Act of 1996 is intended
to eliminate unnecessary regulation, yet still provide for consumer
protection by providing for State commission access to books and
records of all companies in a holding company system, and for Federal
audit authority and oversight of affiliate transactions, to the extent
that such activities affect rates, while, at the same time, affording
companies the flexibility required to compete in today's energy
markets.

SEC. 102. REPEAL OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935.

The Public Utility Holding Company Act of 1935, as amended, is
hereby repealed, effective one year from the date of enactment of this
Act.

TITLE II--ENACTMENT OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1996

SEC. 201. PURPOSE.

Limited Federal regulation is necessary to supplement the work of
State commissions for the continued rate protection of electric and gas
utility consumers. This Act is intended to address these concerns by
providing for Federal and State access to books and records of all
companies in a holding company system and for federal oversight of
affiliate transactions, to the extent that such activities affect
rates.

SEC. 202. DEFINITIONS.

(a) When used in this title:
(1) ''Person'' means an individual or company.
(2) ''Company'' means a corporation, joint stock company,
partnership, association, business trust, organized group of
persons, whether incorporated or not, or a receiver or
receivers, trustee or trustees of any of the foregoing.
(3) ''Electric utility company'' means any company that
owns or operates facilities used for the generation,
transmission, or distribution of electric energy for sale.
(4) ''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) of
natural or manufactured gas for heat, light or power.
(5) ''Public utility company'' means an electric utility
company or gas utility company but does not mean a qualifying
facility as defined in the Public Utility Regulatory Policies
Act of 1992, or an exempt wholesale generator or a foreign
utility company defined by the Energy Policy Act of 1992.
(6) ''Holding company'' means (A) 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 (B) 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 persons) such a
controlling influence over the management or policies of any public
utility or holding company as to make it necessary or appropriate for
the protection of consumers with respect to rates that such person be
subject to the obligations, duties, and liabilities imposed in this
title upon holding companies.
(7) ''Subsidiary company'' of a holding company means (A)
any company 10 percent or more of the outstanding voting
securities of which are directly or indirectly owned,
controlled, or held with power to vote, by such holding
company; and (B) any person the management or policies of which
the Commission, after notice and opportunity for hearing,
determines to be subject to a controlling influence, directly
or indirectly, by such holding company (either alone or
pursuant to an arrangement or understanding with one or more
other persons) so as to make it necessary for the protection of
consumers with respect to rates that such person be subject to
the obligations, duties, and liabilities imposed in this title
upon subsidiary companies of holding companies.
(8) ''Holding company system'' means a holding company
together with its subsidiary companies.
(9) ''Associate company'' of a company means any company in
the same holding company system with such company.
(10) ''Affiliate'' of a company means any company 5 percent
or more of whose outstanding voting securities are owned,
controlled, or held with power to vote, directly or indirectly,
by such company.
(11) ''Voting security'' means any security presently
entitling the owner or holder thereof to vote in the direction
or management of the affairs of a company.
(12) ''Commission'' means the Federal Energy Regulatory
Commission.
(13) ''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 law of such State has jurisdiction to regulate public
utility companies.
(b) No provision in this Act shall apply to, or be deemed to
include: (1) the United States, (2) a State or any political
subdivision of a State, (3) any foreign governmental authority not
operating in the United States, (4) any agency, authority, or
instrumentality of any of the foregoing, or (5) any officer, agent, or
employee of any of the foregoing acting as such in the course of his
official duty.

SEC. 203. EXEMPTIONS.

(a) The provisions of this Act shall not apply to any person
previously exempted, by rule or order, from regulation under the Public
Utility Holding Company Act of 1935 and such person shall continue to
be exempted from the provisions of this Act: Provided, That the
Commission may institute proceedings to terminate such exemption if the
termination of such exemption would be necessary for regulating the
rates of a public utility company and necessary for the protection of
consumers.
(b) The Commission, by rules and regulations, or by order upon
application, may conditionally or unconditionally exempt any person or
transaction, or any class or classes of persons or transactions, from
any provision or provisions of this title or of any rule or regulation
thereunder, if the Commission finds that regulation of such person or
transaction is not relevant to the rates of a public utility company;
in considering whether to grant such an exemption, the Commission shall
consult with the affected State commissions.

SEC. 204. FEDERAL ACCESS TO BOOKS AND RECORDS.

(a) Every holding company and subsidiary company thereof shall
maintain, and make available to the Commission, such books, records,
accounts, and other documents as the Commission deems relevant to costs
incurred by a public utility company that is an associate company
of such holding company and necessary or appropriate for the protection
of consumers with respect to rates.
(b) Every affiliate of a holding company or of any subsidiary
company thereof shall maintain, and make available to the Commission,
such books, records, accounts, and other documents with respect to any
transaction with another affiliate, as the Commission deems relevant to
costs incurred by a public utility company that is an associate company
of such holding company and necessary or appropriate for the protection
of consumers with respect to rates.
(c) The Commission may examine the books and records of any company
in a holding company system, or any affiliate thereof, as the
Commission deems relevant to costs incurred by a public utility company
within such holding company system and necessary or appropriate for the
protection of consumers with respect to rates.
(d) No member, officer, or employee of the Commission shall divulge
any fact or information that may come to his knowledge during the
course of examination of books, accounts, or other information as
hereinbefore provided, except insofar as he may be directed by the
Commission or by a court.

SEC. 205. STATE ACCESS TO BOOKS AND RECORDS.

(a) Upon the written request of a State commission having
jurisdiction to regulate a public utility company in a holding company
system, and subject to such terms and conditions as may be necessary
and appropriate to safeguard against unwarranted disclosure to the
public of any trade secrets or sensitive commercial information, a
holding company or its associate company or affiliate thereof, wherever
located, shall produce for inspection such books and records as have
been identified in reasonable detail in a proceeding before the State
commission, are relevant to costs incurred by such public utility
company and are necessary for the effective discharge of the State
commission's responsibilities with respect to such proceeding.
(b) Nothing in this section shall preempt applicable State law
concerning the provision of records and other information, or in any
way limit a State's rights to obtain books and records and other
information under Federal law, contract, or otherwise.

SEC. 206. AFFILIATE TRANSACTIONS.

Nothing in this Act shall preclude the Commission or a State
commission from exercising its jurisdiction under otherwise applicable
law to determine whether a public utility company may recover in rates
any costs of an activity performed by an associate company, or any
costs of goods or services acquired by such public utility company from
an associate company.

SEC. 207. EFFECT ON OTHER REGULATION.

Nothing in this Act shall preclude a State commission from
exercising its jurisdiction under otherwise applicable law to protect
utility consumers.

SEC. 208. ENFORCEMENT.

The Commission shall have the same powers as set forth in Sections
306 through 317 of the Federal Power Act (16 U.S.C. 825d-825p) to
enforce the provisions of this Act.

SEC. 209. SAVINGS PROVISION.

Nothing in this Act prohibits a person from engaging in activities
in which it is legally engaged or authorized to engage on the effective
date of the Public Utility Holding Company Act of 1996, provided that
it continues to comply with the terms of any authorization, whether by
rule or by order.

SEC. 210. IMPLEMENTATION.

The Commission shall promulgate regulations necessary or
appropriate to implement this Act not later than one year after the
date of the enactment of this title.

SEC. 211. RESOURCES.

All books and records that relate primarily to the function hereby
vested in the Commission shall be transferred from the Securities and
Exchange Commission to the Commission. It is the sense of the Congress
that, subject to the approval of the Director of the Office of
Management and Budget and the Chairman of the Securities and Exchange
Commission all personnel of the Office of Public Utility Regulation of
the Securities and Exchange Commission as of the date of enactment of
this title should be transferred to the Commission.

SEC. 212. EFFECTIVE DATE.

This Act shall take effect one year after the date of enactment.

SEC. 213. SEVERABILITY.

If any provision of this Act, or the application of such provision
to any person or circumstance, shall be held invalid, the remainder of
the Act, and the application of such provision to persons or
circumstances other than those as to which it is held invalid, shall
not be affected thereby.

TITLE III--CONFORMING CHANGES TO OTHER STATUTES

SEC. 301. FEDERAL POWER ACT.

Section 318 of the Federal Power Act (16 U.S.C. 285g) if hereby
repealed.
Solution:
TABLE OF CONTENTS:
Title I: Repeal of the Public Utility Holding Company Act of
1935
Title II: Enactment of the Public Utility Holding Company
Act of 1996
Title III: Conforming Changes to Other Statutes
Public Utility Holding Company Act of 1996 -
Title I: Repeal of the Public Utility Holding Act of 1935
- Repeals the Public Utility Holding Company Act of 1935 (PUHCA).
Title II: Enactment of the Public Utility Holding Company Act of 1996
- Declares that this Act does not apply to persons previously exempted from regulations under the PUHCA. Authorizes the Federal Energy Regulatory Commission (FERC) to institute proceedings to terminate any such exemption if termination would be necessary for regulating the rates of a public utility company and for protecting consumers.
Empowers FERC to exempt any person or transaction from this title if it finds that regulation of such person or transaction is irrelevant to the rates of a public utility company.
Prescribes procedural guidelines for both FERC and State access to holding company records (including subsidiaries and affiliates).
Retains the jurisdiction of FERC and State commissions to determine whether a public utility company may recover in rates any costs of affiliate transactions. Grants FERC certain Federal Power Act enforcement powers.
Transfers from the Securities and Exchange Commission (SEC) to FERC all resources that relate primarily to the functions vested in FERC by this Act.
Expresses the sense of the Congress that all personnel of the Office of Public Utility Regulation of the SEC should be transferred to FERC.
Title III: Conforming Changes to Other Statutes
- Amends the Federal Power Act to repeal its conflict of jurisdiction guidelines.