Energy Competition Act

Summary

Energy Competition Act - Prohibits persons engaged in the production of petroleum or petroleum products from acquiring or retaining any interest in coal, uranium, or geothermal power assets. Directs the Attorney General to enforce the provisions of this Act by requiring submission of plans for divestiture of prohibited assets. Requires persons subject to the provisions of this Act to file information and reports on regulated assets with the Attorney General. Imposes criminal penalties for knowing violations of this Act of (1) in the case of an individual, fines not to exceed $500,000 and/or imprisonment of up to five years; and (2) in the case of corporations, fines not to exceed $5,000,000 and/or suspension of the right to do business in interstate commerce of up to ten years. Stipulates that corporate representatives shall also be subject to criminal sanctions as individuals. Imposes civil penalties for violation of orders lawfully issued under this Act of up to $100,000 for each violation. Stipulates that, in the case of a continuing violation, each day shall be deemed a separate offense.

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1 official file

• Introduced in House

  summary · EN · 7 February 1977

  Open at official source

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