Energy Accounting Investigations Act

Energy Accounting Investigations Act - Declares that the Congress reiterates the continuing commitment of the United States to the goal of a free enterprise economy which functions fairly and efficiently with a minimum of Government interference. Defines the terms used in this Act. Defines the term "energy industries" as meaning the following lines of commerce: (1) production of mineral fuels; (2) refining or otherwise processing mineral fuels for use as a source of energy; (3) transportation of mineral fuels by rail, motor vehicle, water, pipeline, or otherwise; (4) electrical power generation and transmission; or (5) wholesale or retail distribution or sale of mineral fuels or electrical energy. Defines the term "production" as meaning the development of oil lands or oil shale lands within any State, the extraction of crude petroleum or oil shale, and the storage of crude petroleum on or in such lands. Requires the Federal Trade Commission to determine: (1) the extent to which competition among persons engaged in the provision of accounting services is abridged with relation to the provision of such services to the major oil companies; (2) the nature of the practices of persons engaged in the provision of accounting services to the major oil companies and the extent to which such practices work to the disadvantage of the general or investing public; (3) the extent to which those persons engaged in the provision of accounting services to the major oil companies fulfill their primary duty of "presenting fairly" the conditions of the firms they audit, as defined by the United States Court of Appeals; and (4) the nature and extent to which persons engaged in the provision of accounting services to the major oil companies serve as information conduits between persons involved in the energy industries. Requires that, no later than nine months after the date of enactment of this Act, the Federal Trade Commission shall prepare and submit to Congress and the President a report containing all information gathered under this Act, and such report shall be available for public inspection and for copying purposes. Declares that beginning one year after the date of enactment of this Act, the Federal Trade Commission shall take such steps as shall be necessary to: (1) remove anticompetitive barriers existing in the fields of auditing, tax servicing, and consulting with and for the major oil companies; and (2) promote fair and ethical standards in the relationships between persons engaged in the provision of the accounting services and their clients in the energy industries. Requires all integrated major oil companies, beginning one year after enactment of this Act, to file on an annual basis with the Federal Trade Commission economic and financial reports for each of the levels of operation with which they may be involved. Provides for the enforcement of this Act. Directs the Federal Trade Commission and the Attorney General of the United States or his designee to examine the activities of those persons engaged in the provision of accounting services as those services relate to the business of major oil companies. Provides that the Federal Trade Commission and the Attorney General of the United States or his designee, together or independently, shall institute suits in the district courts of the United States requesting the issuance of such relief as is appropriate under this Act to insure compliance with this Act. Provides for penalties for violations of the provisions of this Act. States that a violation by a corporation shall also be deemed to be a violation by the individual directors, officers, receivers, trustees, or agents of such corporation who shall have authorized, ordered, or done any of the act constituting the violation in whole or part, or who shall have omitted to authorize, order, or do any acts which would terminate, prevent, or correct conduct violative of this Act.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on March 6, 1974. It describes the bill, it is not the legal text.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.