Action

Without ever once mentioning the financial collapse or scandal that has pervaded Enron Corp., President Bush last Thursday called on federal regulators to mete out stiffer punishments to corporate officers who abuse their positions and provide “grossly inaccurate” information to investors. Bush also said he favored the creation of an independent board to oversee the accounting profession.

Sen. Barbara Boxer (D-CA) has called on federal regulators to take legal action against Enron corporate officers for allegedly engaging in insider trading of company stock, and to freeze all proceeds arising from illegal stock sales pending the outcome of the litigation.

Without ever once mentioning the financial collapse or scandal that has pervaded Enron Corp., President Bush Thursday called on federal regulators to mete out stiffer punishments to corporate officers who abuse their positions and provide “grossly inaccurate” information to investors. Bush also urged regulators to create an independent board to oversee the accounting profession.

Sen. Barbara Boxer (D-CA) has called on federal regulators to take legal action against Enron corporate officers for allegedly engaging in insider trading of company stock, and to freeze all proceeds arising from illegal stock sales pending the outcome of the litigation.

President Bush has called on the U.S. Senate to take “quick action” on a comprehensive energy bill when lawmakers begin debate on the measure this week.

The first of several proposals was introduced last Tuesday in the California Assembly to reform the increasingly crowded group of agencies dealing with energy. The bill would make the state regulatory commission “more responsive to public need” by putting time limits on how long the panel can put off making decisions on key issues that arise in not only energy, but also water, transportation and telecommunications. Decisions would be required within 90 days of a proposed decision being issued.

Without giving any reasons, California regulators again last Wednesday postponed action on Southern California Gas Co.’s proposal to free up 14 Bcf of previous cushion gas at two of its underground storage fields and sell the supplies on the open market. It was originally proposed in the days of shorter supplies and higher wholesale prices. A vote Wednesday had been expected, according to one of the California Public Utilities Commissioners, Geoffrey Brown.

Senate Majority Leader Tom Daschle (D-SD) said Tuesday that Senate action on energy legislation is not going to happen this year, but Sen. Frank Murkowski (R-AK) remains undeterred.

The California senate rules committee Friday dropped contempt action against Enron Corp. after reaching agreement with the company on confidentiality protections for commercial documents the lawmakers are demanding. The agreement is identical to one signed with Reliant Energy earlier in the month, according to an Enron spokesperson.