To amend the Securities Exchange Act of 1934 to improve the clearance and settlement of transactions in securities and related instruments, and for other purposes.
Gas Related Activities Act of 1990 - Declares that the acquisition by a registered public utility holding company of any interest in a natural gas company (or a company engaged in specified natural gas-related activities including gas supply-related activities) shall be deemed to be reasonably incidental and economically necessary, for purposes of the Public Utility Holding Company Act of 1935, to the operation of the gas utility companies whose voting securities the holding company owns. (This makes any gas-related activities functionally related to the gas distribution business, thus meeting the requirements of such Act, regardless of whether the local distribution company involved is affiliated or unaffiliated with the holding company.)
Requires, where the company whose interest is acquired is organized for gas-supply related activities, that: (1) the company proposing the acquisition must prove that it is in the interest of gas consumers; (2) the Securities and Exchange Commission must determine that such acquisition will not be detrimental to gas consumers; and (3) such determination shall be made on a case-by-case basis and shall not be based on any preset criteria.
Referred to the Subcommittee on Immigration, Refugees, and International Law.
Motion to reconsider laid on the table Agreed to without objection.
For Further Action See H.R.3656.
Measure laid before Senate by unanimous consent.
Amendment SP 3206 proposed by Senator Thurmond for Senator D'Amato.
Amendment SP 3206 agreed to in Senate by Voice Vote.
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Message on Senate action sent to the House.
Mr. Markey moved that the House suspend the rules and agree to the Senate amendments.
Mr. Moorhead demanded a second on the motion to suspend the rules. Without objection a second was ordered.
DEBATE - The House proceeded with forty minutes of debate.
The previous question was ordered without objection.
Resolving differences -- House actions: On motion that the House agree to the Senate amendments Agreed to by voice vote.
On motion that the House agree to the Senate amendments Agreed to by voice vote.
Enacted as Public Law 101-572
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Motion to reconsider laid on the table Agreed to without objection.
Measure Signed in Senate.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 101-572.
Became Public Law No: 101-572.