Salt Lake Telegram | 1932-07-18 | Page 6 | Federal Board Favors Public Power Control

FEDERAL BOARD FAVORS PUBLIC POWER CONTROL Regulation of ot Holding ComI Com Corn 1 I p pani nies Held Absolutely Essential D Br United Unite Pr Irus M WASHINGTON July 18 Public IS-Public I regul regulation tion 0 of ver po power c companies am and their operating subsidiaries is ab essential In the public In in- tet cst the federal power commis ion alan declared toda today The m conclusion was contained in a summary of the commissions commission's report of or a years year's investigation of hydroelectric hydroelectric hydro hydro- electric interests licensed under the federal water p power act The report report re port itself Is to be published soon The commission recommended ad additional additional ad ad- legislation placing holding companies in in the power utility field under rigid government control with provision for supervision of sec securities ri ties tics issued to the general public Of the 19 companies making returns returns returns re re- re turns In the investigatIonS investigation the 10 top companies control 48 46 projects under license to public utilities serving 12 12 communities communities' with a population of more than the summary showed the 4 The commission commiss on pointed out ramifications of control o of the holdIng hold hold- Ing companies showing how different groups had overlapping director director- ships chips The federal power commission commission from this study and its administrative tive experience is convinced that public control of holding companies In the power utility field is Js absolutely essential l In the public interests the summary said In its judgment such control to tobe tobe tobe be adequate would include in its scope the service organizations of the holding companies with supervision super vision of all contracts between holdIng holdIng hold- hold Ing ng companies and their operating companies and would include regulation regu lation of accounts with requirements providing specifically for the filing of financial and other reports on or pres prescribed forms with full lull publicity