New York Power Authority CFO and Executive Vice President Donald Russak testified Wednesday, July 17, before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry on the adverse effect that CFTC regulations have had on the Authority’s ability to hedge against price risks. He asked the committee to consider taking up H.R. 1038, the Public Power Risk Management Act, to address these concerns. The Act passed the House 423-0 in June. During questioning of Mr. Russak, Senate Agriculture Committee member Senator Joe Donnelly (D-IN) said he intends to work “as fast as we can” to get companion legislation introduced in the Senate, which will protect our consumers from price spikes in the markets.
Russak testified on behalf of NYPA, the State of New York and the American Public Power Association (APPA). Testimony.
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