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Senate Proceeding on May 7th, 2010 :: 2:47:05 to 2:54:35
Total video length: 3 hours 33 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Bingaman

2:47:01 to 2:47:21( Edit History Discussion )

Jeff Bingaman: would yield the floor and -- excuse me. i see the senator from new mexico, senator bingaman. ex i yield the for. the pr senator from new mr. bingaman: thank you, mr. president. i thank my colleague for yielding. mr. president, i understand that today is set aside just for

Jeff Bingaman

2:47:05 to 2:54:35( Edit History Discussion )
Speech By: Jeff Bingaman

Jeff Bingaman

2:47:22 to 2:47:42( Edit History Discussion )

Jeff Bingaman: debate on amendments and on the bill, and i certainly understand that and i accordingly will not call up my amendment today, but i do want to talk about an amendment that i have filed. it's an amendment numbered 3892 so that i can put my colleagues on notice about this amendment

Jeff Bingaman

2:47:43 to 2:48:04( Edit History Discussion )

Jeff Bingaman: and t importance of it. this amendment has a straightforward goal. it's to protect the existing legal structures that ensure that electricity and natural gas rates that consumers pay will continue to be just and reasonable and free from manipulation. i'm joined in this amendment by

Jeff Bingaman

2:48:05 to 2:48:27( Edit History Discussion )

Jeff Bingaman: a strong bipartisan group of cosponsors, senators who, like me, have worked hard over the years to strengthen consumer protections in this area of electricity and natural gas, who -- who have worked cooperatively with me and others in the energy policy act of 2005

Jeff Bingaman

2:48:28 to 2:48:48( Edit History Discussion )

Jeff Bingaman: to close the so-called enron loophole. i want to particularly express appreciation of senator murkowski who is ranking member on the energy committee that i am privileged to chair, senator reid of nevada who is cosponsoring the amendment, senator brownback, senator

Jeff Bingaman

2:48:49 to 2:49:10( Edit History Discussion )

Jeff Bingaman: cantwell, senator cornyn, senator wyden and senator corker. all of these senators have cosponsored the amendment that we filed last night. i'm grateful for their support and the hard work of their staffs in developing the amendment. the bill currently before the senate has several important objectives. it improves accountability in the financial system.

Jeff Bingaman

2:49:11 to 2:49:31( Edit History Discussion )

Jeff Bingaman: it provides much-needed protections for american consumers of financial services. it also expands the scope of the commodity futures trading commission's authority with respect to regulating commodity markets. i support all of these objectives. i'm very glad to see them

Jeff Bingaman

2:49:32 to 2:49:53( Edit History Discussion )

Jeff Bingaman: included in this bill. however, i belie a small but vital addition to the bill is needed to ensure that america's consumers of energy products are adequately protected, and that's the issue that the amendment that i'm discussing addresses. we need to be sure that both

Jeff Bingaman

2:49:54 to 2:50:14( Edit History Discussion )

Jeff Bingaman: under existing law and under the expanded authority being given to the commodity futures trading commission in this bill, there is no compromise of the role that the federal energy regulatory commission is expected to perform and the role that our state public utility commissions are expected to

Jeff Bingaman

2:50:15 to 2:50:36( Edit History Discussion )

Jeff Bingaman: perform to regulate rates and terms with respect to electricity and natural gas markets. without this amendment, the bill before us could inadvertently prevent those agencies from exercising their authority and their responsibility to ensure just and reasonable rates for electricity and natural gas

Jeff Bingaman

2:50:37 to 2:50:57( Edit History Discussion )

Jeff Bingaman: consumers. without this amendment, the federal regulatory commission's ability to exercise its antimanipulation authority could be called into question. these are enforcement tools to protect consumers, and congress granted them to the federal energy regulatory commission in 2005 as a direct response to

Jeff Bingaman

2:50:58 to 2:51:19( Edit History Discussion )

Jeff Bingaman: enron's manipulation of markets in california and the west. the amendment offers a solution i believe is consistent with philosophy of csumer protection that underlies other parts of the bill. the effect is simple, the amendment preserves the authority of both ferc and the

Jeff Bingaman

2:51:20 to 2:51:41( Edit History Discussion )

Jeff Bingaman: states to ensure that electricity and natural gas rates are just and reasonable. direct examination of prices is central to each of those agency's missions, and in ferc's case, this authority is long-standing. it was established over 70 years ago. without this amendment, a critical check on energy prices

Jeff Bingaman

2:51:42 to 2:52:02( Edit History Discussion )

Jeff Bingaman: may be lost, and that's true for two connected reasons. first, the commodity futures trading commission's so-called exclusive jurisdiction, which is in the commodity exchange act, could be interpreted to operate prevent ferc and state public

Jeff Bingaman

2:52:03 to 2:52:24( Edit History Discussion )

Jeff Bingaman: utility commissions from acting where their jurisdictions intersect the commodity futures trading commission's jurisdiction. second, the commodity futures trading commission's regulatory mission differs significantly from that of the federal energy regulatory commission and from that of state public utility commissions.

Jeff Bingaman

2:52:25 to 2:52:46( Edit History Discussion )

Jeff Bingaman: one of the future commission's trading commission's mission is to protect participants and to promote fair and orderly trading on those markets. it does not directly examine commodity prices in these markets. it does not consider the reasonableness of rates charged to consumers. while properly functioning futures markets are important,

Jeff Bingaman

2:52:47 to 2:53:07( Edit History Discussion )

Jeff Bingaman: the commodity futures trading commission cannot and does not have authority or responsibility to provide protections that are provided by the federal energy regulatory commission and the state public utility commissions under their respective authorities. as i have said, i support the bill generally.

Jeff Bingaman

2:53:08 to 2:53:28( Edit History Discussion )

Jeff Bingaman: i believe it is essential to ensuring that consumers are protected. however, both i and my cosponsors on this amendment strongly believe it's necessary to preserve existing consumer protections that may otherwise be lost. it's a simple, straightforward, tailored amendment that does not create loopholes in

Jeff Bingaman

2:53:29 to 2:53:49( Edit History Discussion )

Jeff Bingaman: jurisdiction. it does nothing toiminish the ability of the commodity futures trading commission to rulate commodity exchanges such as nimex or to require public disclosure of swaps or other authity that they have to regulate the mechanics of commodity markets, including those that trade in energy commodities.

Jeff Bingaman

2:53:50 to 2:54:10( Edit History Discussion )

Jeff Bingaman: once again, i thank my cosponsors for their work on developing this amendment, and i urge my colleagues to support the amendment. at an appropriate time, i will -- i will seek to call that amendment up and have it voted on by the senate. mr. president, seeing no other senator seeking recognition, i

Jeff Bingaman

2:54:11 to 2:54:20( Edit History Discussion )

Jeff Bingaman: suggest the a the presiding officer: the clerk will call the roll.

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