• FERC Enforcement Director Calls for Legislative Fix to Address Hunter Decision
  • January 31, 2014
  • Law Firm: Cadwalader Wickersham Taft LLP - New York Office
  • On January 15, 2014, Mr. Norman Bay, Director of the Office of Enforcement at the Federal Energy Regulatory Commission (FERC), testified at a Senate Banking Subcommittee on Financial Institutions and Consumer Protection hearing entitled “Regulating Financial Holding Companies and Physical Commodities.” Mr. Bay’s testimony focused on FERC’s anti-fraud and manipulation oversight with respect to financial institutions trading in FERC-jurisdictional electric and natural gas markets. Mr. Bay’s prepared remarks and testimony provide an interesting insight into FERC’s enforcement regime. Notably, Mr. Bay called for a legislative fix to address FERC’s enforcement authority in light of the recent Hunter v. FERC decision.