MERGER REVIEW REFORM.

SEC. 1289. MERGER REVIEW REFORM. (a) In General.—Section 203(a) of the Federal Power Act (16 U.S.C. 824b(a)) is amended to read as follows: “(a)(1) No public utility shall, without first having secured an order of the Commission authorizing it to do so— “(A) sell, lease, or otherwise dispose of the whole of its facilities subject to the jurisdiction of the Commission, or any part thereof of a value in excess of $10,000,000; “(B) merge or consolidate, directly or indirectly, such facilities or any part thereof with those of any other person, by any means whatsoever; “(C) purchase, acquire, or take any security with a value in excess of $10,000,000 of any other public utility; or “(D) purchase, lease, or otherwise acquire an existing generation facility— “(i) that has a value in excess of $10,000,000; and “(ii) that is used for interstate wholesale sales and over which the Commission has jurisdiction for ratemaking purposes. “(2) No holding company in a holding company system that includes a transmitting utility or an electric utility shall purchase, acquire, or take any security with a value in excess of $10,000,000 of, or, by any described in subsection (a) in which there is not a final, nonappealable order by the Commission or any other jurisdiction determining the respective rights of the seller.”