HR 5487
Keep the Lights Local Act
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Bill overview
This bill, the Keep the Lights Local Act, aims to prevent foreign companies or governments from owning public utility holding companies. It modifies existing law to specifically prohibit such ownership, ensuring that these essential services are controlled by domestic entities. The goal is to maintain local control and investment in public utilities. The bill takes effect 180 days after it is enacted.
Key provisions
- Prohibits foreign corporations and foreign governments from being public utility holding companies.
- Amends the Public Utility Holding Company Act of 1935.
- Establishes a prohibition on foreign ownership of public utility holding companies.
- Sets an effective date for the prohibition 180 days after the bill’s enactment.
Who is affected
- Public utility holding companies
- Foreign corporations
- Foreign governments
- Investors in public utilities
- Consumers of public utilities
Notable changes
- Adds a specific prohibition against foreign ownership of public utility holding companies.
- Reinforces existing regulations regarding public utility ownership.
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119th CONGRESS — 1st Session
H. R. 5487
IN THE HOUSE OF REPRESENTATIVES
A BILL
To prohibit foreign ownership of public utilities, and for other purposes.
This Act may be cited as the Keep the Lights Local Act
.
42 U.S. Code Chapter 149 Subchapter XII Part D—Repeal of Public Utility Holding Company Act of 1935 is amended by inserting at the end the following:
No foreign corporation or foreign government shall be a public utility holding company.
The prohibition provided in subsection (a) shall be effective on the date that is 180 days after the effective date of this Act.