A bill to clarify the exemptive authority of the Securities and Exchange Commission.

Exempts a holding company with only one subsidiary that is solely a gas utility from compliance with the Public Utility Holding Company Act of 1935, with the exception of certain securities acquisition restrictions, if: (1) neither the holding company nor any other subsidiary is a public utility; (2) the operations of such subsidiary gas utility company do not extend beyond the State in which it is organized; (3) the subsidiary was incorporated on June 20, 1980, for the express purpose of operating as a gas utility company; and (4) all of the voting securities of such gas utility company are owned by the holding company.