|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs - 202-224-4524
|Friday, September 13, 2002||
Craig Davis - 202-224-7391
Senator Paul S. Sarbanes (D-MD), Chairman of the Banking, Housing, and Urban Affairs Committee, announced that the full Committee will meet to discuss the issue of financial disclosure by the Tennessee Valley Authority.
The Tennessee Valley Authority is owned by the U.S. Government and has no public shareholders. Its annual revenues are approximately $7 billion. TVA uses debt financing and has approximately $25 billion of debt outstanding. Debt is held by approximately 200,000 individuals and institutions. TVA is not required by federal law to make certain disclosures or to comply with the Securities Act of 1933 and the Securities Exchange Act of 1934. TVA voluntarily publishes press releases, annual and quarterly reports and offering circulars for the benefit of investors, including financial statements certified by PriceWaterhouseCoopers.
At the Senate Banking Committee mark-up of S. 2673 on June 18 (the Public Company Accounting Reform and Investor Protection Act of 2002), Senator Jim Bunning (R-KY) spoke about an amendment he had filed to subject the TVA to the Securities Exchange Act of 1934. Sarbanes indicated he would hold a hearing on the subject matter so that the Committee could explore the pros and cons of the matter.
The hearing will be held:
TUESDAY, SEPTEMBER 17, 2002
538 DIRKSEN SENATE OFFICE BUILDING
Scheduled to testify are: