Washington—Senator Dianne Feinstein (D-Calif.), chairman of the Senate Appropriations Subcommittee on Energy and Water Development, today released the following statement on President Obama’s nomination of Norman C. Bay to be the next chairman of the Federal Energy Regulatory Commission. Bay is the current director of FERC’s Office of Enforcement, which performs market oversight.
“During the Western energy crisis in 2000 and 2001, Californians learned the hard way what happens when energy markets have inadequate oversight and lax regulation.
“Norman Bay’s market oversight unit at FERC has taken significant actions to crack down on the type of Wall Street energy speculation and market abuse that led to the energy crisis and allowed traders to rob American consumers and darken cities. He has used authority that I worked to pass in 2005—prohibiting fraud and manipulation in electricity and natural gas markets—in order to catch major financial institutions manipulating California’s electricity markets.
“Norman Bay is an excellent choice to be the next chairman of FERC. He has proven to be a champion for America’s energy ratepayers, and I urge the Senate to swiftly confirm him.”