A bill to amend the Public Utility Holding Company Act of 1935 to permit public utility holding companies to invest in or to acquire an interest in any business other than the business of a public utility provided such investments or interests constitute 15 percent or less of the consolidated assets of the holding company system, and for other purposes.
Public Utility Holding Company Modernization Act of 1988 - Amends the Public Utility Holding Company Act of 1935 regarding unlawful transactions by registered public utility holding companies to permit a subsidiary company which is neither a holding company or a public utility company to issue and sell securities solely for the purpose of financing its business. Directs the Securities and Exchange Commission to exempt a subsidiary of a registered holding company from the proscription against the issuance or selling of its own securities (including the alteration of stockholder rights to such securities) if such transactions are solely for its business and have been expressly authorized by the pertinent State regulatory authority.
Permits a registered holding company to acquire: (1) business interests of a non-public utility nature whose book value aggregates 15 percent of its total consolidated assets; and (2) additional business interests which the Commission finds consistent with the public interest or the protection of investors or consumers.
Introduced in House
Introduced in House
Referred to House Committee on Energy and Commerce.
Referred to Subcommittee on Telecommunications and Finance.
Referred to Subcommittee on Energy and Power.
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