'It is highly concerning to see a large Wall Street bank enter a market known for its lack of consumer protection.'
Federal regulators should not allow Goldman Sachs to become the first Wall Street bank to sell retail electricity contracts to U.S. households, a campaigner with Public Citizen argued Wednesday.'Competitive retail electricity suppliers solicit households to sign contracts to provide electricity, often door-to-door,' said Tyson Slocum, director of the consumer watchdog's energy program, in a statement.
Goldman Sachs is attempting to enter this troubling industry through a private equity firm that last month sought permission from FERC to make sales on behalf of Rhythm Energy—which, according to the application, is 'a retail electric provider currently operating in Texas that is seeking to expand its business.'Slocum stressed Wednesday that 'lawmakers have attempted to build a firewall between banks owning and controlling nonbank businesses.
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