(DEM) Senate Effort to Further Regulate Energy Markets Defeated

[papau]

http://ap.tbo.com/ap/breaking/MGASU5FTNMD.html

Nov 5, 2003
Senate Effort to Further Regulate Energy Markets Defeated
By Jim Abrams Associated Press Writer

WASHINGTON (AP) - The Senate on Wednesday rejected a proposal, growing out of the Enron scandal, to strengthen federal controls over energy trading and crack down on market fraud and manipulation.
Sen. Dianne Feinstein, D-Calif., argued that the nation was vulnerable to the kind of market manipulation that led to a crippling increase in electricity prices in her state several years ago.

But the Senate, in a 56-41 vote defeating her amendment to an agriculture spending bill, sided with the administration view that federal regulations over the industry are already adequate.
Current cases against Enron and other energy companies accused of manipulating markets make clear, said Agriculture Committee Chairman Sen. Thad Cochran, R-Miss., that the government has the enforcement powers it needs to punish those defrauding consumers.

Feinstein, who said California's electricity bill jumped from $7 billion in 2000 to $28 billion in 2001, has tried twice previously, on larger energy bills, to advance her proposal for stricter oversight of energy markets, both times without success.

Her proposal would have closed the "Enron loophole" that allowed the energy trader to buy and sell energy holdings largely in secret without government regulation. It would have improved price transparency in wholesale electricity markets, prohibited manipulation in electricity markets and provided the Commodity Futures Trading Commission more tools to monitor over-the-counter energy markets. <snip>

[LittleApple81]

1. Why did democrats vote against it? or were they not there?

and if so, why weren't they there?

[papau]

2. 56 GOP votes locked - point of recording another Dem vote against?

At least that covers 2 pres wantabes votes - one vote seems missing in action.