Energy Industry Competition and Performance Act

Summary

Energy Industry Competition and Performance Act - Makes it unlawful for any major petroleum producer to acquire or retain any interest or control over any coal or uranium asset. Defines control as a direct or indirect legal or beneficial interest in, or direct or indirect legal power or influence over, another person, arising through direct, indirect, or interlocking ownership of capital stock, interlocking directorates or officers, or contractual relations which substantially impair the independent business behavior of another person. Requires each major petroleum producer who owns or controls any interest in any coal or uranium asset to file a report with the Federal Trade Commission listing its interest in such assets. Sets forth the procedure to be followed by each major petroleum producer for the divestment of its interest in such assets. Grants primary oversight jurisdiction to the Federal Trade Commission and specified enforcement powers to the Securities and Exchange Commission and the Department of Justice. Prescribes civil penalties for violations of this Act. Directs the Federal Trade Commission to report to the Congress on the extent to which the control of solar energy technology by major petroleum producers may be retarding the production of solar energy.

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1 official file

• Introduced in Senate

  summary · EN · 26 July 1977

  Open at official source

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