madam chairman , i thank the gentleman from michigan ( mr. dingell ) xz4001100 for yielding me this time , and i want to commend the gentleman for bringing this very important substitute for the electricity title in the bill before the house this afternoon . 
i strongly support the substitute for the electricity provisions in the bill put forward by the gentleman from michigan ( mr. dingell ) xz4001100 . 
the dingell amendment would improve current law in a number of ways . 
it would enhance the ferc 's ability to deter and punish parties that engage in fraudulent activities that harm consumers . 
it would create reporting requirements based on the record-keeping requirements under the federal securities laws for all wholesale energy transactions . 
it would increase civil and criminal penalties under the federal power act modeled on the penalties established in the sarbanes-oxley law . 
it would direct the ferc to review approved market-based rates on an annual basis to remain sure that they are fair and reasonable as circumstances change . 
unfortunately , one of the things that we have learned during the last few years is that the energy markets are ripe for manipulation . 
the dingell substitute would modernize our laws to give the ferc the necessary tools to prevent and , if necessary , punish the entities that engage in fraudulent conduct . 
in addition to the strong consumer protection and antifraud provisions , the dingell amendment also retains the less controversial and very useful parts of the electricity title , including the much-needed reliability provisions for transmission lines , the net metering and smart metering provisions and ferc lite , to name other provisions . 
the dingell substitute would be a positive addition to the federal law , ensuring that wholesale electricity markets operate in an efficient and equitable manner . 
i strongly support the dingell substitute and urge its approval by the house . 
