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July 10, 1955,

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BaneJoseph P,Kennedy, S e c u r i t i e s m d m e h n g e Comission, TJaskington,B,C,

Dear W e Eemedgr

X h v s rsad with interest, even aanazement, y e w letter t o SenaLor 'meefer w i L h reference to the p u b l i c utility bill ~ hchf Eke yesterday read .to the Senate, as s b ~ mon ?age 11293 of yest e r d a y ? ~C o ~ r e s s i o a a Becord, l It i s very mident t h t you d i d not read the &use draft of t h e bill w&ch you mdsrtsak to eritieise. With respect t o Section ILL of the &use bilk you say that n t k pbrase "publfc i n t e r e s t $ i s not defined in t h e %use bill, t h u s t h i s b i l l . f u r n i s h e s no effective standard La guide the Cona i s s i o n i n tlm momentous d e c i s f o n s It must maken e t c , As a result, you state t h t you c ot be @Loo veheaent Iln wging upon you q feeling thad this section as now dram is ~ o s tunPorLmaLstT.

1% may be t h t a better bill cczn be dram than the House bill, It Bay be L h t a better definition of public i n t e r e s t can be

It say be t h a t b e t t e r and Dore earpkicit standards t o guide a h i n i s trative discretean c a be dram, but; when you say t h t the p h a s e npublic i n t e r e s t n 2s not defined and t h e bill rusnishes no effective standard, you are entirely i n a c c w a t e , 1 call your attention to Section E af the %use draft of t b bfP1. EiLhouL setting It forth ad length Section 1 can be s as follows:

Section l ( a ) s t a t e s t h a t p u b l i c utility b l d i n g companies and t b i s subsidiaries are affected by the n a t i o n a l p u b l i c int e r e s t , with five s p e c i f i e d reasons, 'C

Ssetion ~ ( b )s t a t e s t h a t upon the basis of f a c t s d i s c l o s e d

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by t h e r e p o r t s of the Federal Trade Ccpmlssion and the i n v e s t l @tion conducted by the &use c o r n i t l e e on I n t e r s t a l e and Fo~sim Comsrccs, 2 t is s t a t e d that WIt i s hereby declared t h a k the nnatfonal p u b l i c h t e r e s t " and d t h i n t e r e s t of investors and con-

Aw-FOURTW -- ~ O N ~ R ~ S %/ &IM WWURN, TSX., a E B M M A. WLVER;RPl;rr, rr. $ WWO-NDEN, PA. wclwcs, MASS. W W W MFRRITF, E30NN. m f f -

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WtUJCM P, W1.K JR., MD, SAMUISL S. P m N O L k L * 1-1 (COWARD A. ILL.

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s.C A R W U sasce. 'rsam.

dAbtfS W. WAo-WQWH,

f-ilOUSE OF REPRBENTATEVES C O M M f n E ON !Me-RSIATE AND FORElGN COMBEWE

JR., W. Y .

WASHINGTON~ D,6,

s m e r s a r e o r m y bs adversely affected,"for reasons s e t f o r t h in f i v e sub-paragrap&,

Subseation 6 s t a t e s with r e f e r e ~ c et o the abuses above enmerate& t k t fqt i s hereby declared Lo be the policy o f se e f f e c t upon %bep u b l i c

The above s l m d a r d s and d e f i n i t i o n s o f p u b l i e i n t e r e s t were worked o u t a f t e r days of discussion by &,Beeena~and &, P e r l e y of tlre legislative drafting service, L e t ae again say t h e if b e t t e r definitions of t h e p u b l i o i n t e r e s t c a n be d r a m and b e t t e r s l m d a r d s c a n be defined, I would welcome them,

T h i s letter is written only La make p l a i n t b d t h e state-

ment in your l e t t e ~to Senator Piheeler that+%dhep k a s e @public i n t e r e s t @i s not clefin& in Lhs Wouse bill'-3 a misstatemeat of fact,'irvUa;rh upon your a6ten"toan being called La it, 1 would assme you would be glad to make e f f o r t s t o correct.

Very truly yoars,

Samuel ~ . ~ e t t e n ~ i l l , ~ . ~ 1 /