“As always, the public is beginning to understand the need for reform after that same public has been fleeced.
[Pg 150] The new deal for the American people can be applied very definitely to the relationship between the electric utilities on the one side and the consumer and investor on the other. True regulation is for the equal benefit of the consumer and the investor, and the only man who will suffer from true regulation is the speculator or the unscrupulous promoter who levies tribute equally from the man who buys the service and from the man who invests his savings in this great industry.
I seek to protect both the consumer and the investor. To that end I propose, as I have in the past, the following remedies on the part of the government for the regulation and control of public utilities engaged in the power business and corporations and companies relating thereto:”