At the time of Berkshire initial investment in midAmeican buffet explained that acquisition in the electric utility industry were complicated by a variety of reg ulation, including the public utility holding company act of 1935 PUHCA, which was intended to prevent conglomerates from owning utilities and to impede the for nation of massive national utilities that regulators could not control. Thus regulations made it necessary for Berkshire to structure its investment in MidAmerican such that it would not have voting control. Buffet had said he was eager to have PUHCA scaled back, and that if it were repealed he would invest $10 billion to $15 billion in the electric utility industry.