On October 17, the Edison Electric Institute (EEI), the national trade association representing investor-owned utilities, sent a letter to the Chairman of the Environment and Public Works Committee, Barbara Boxer (D-CA), regarding climate legislation. The utilities asked that any global warming bill include an economic "safety valve" in order "to address potential price shocks and volatility and protect our economy." The group wrote that it agrees with the Chairman's commitment to enacting effective legislation, but went on to say it is "critically important" for Congress to include an economic "safety valve" to reduce potential price volatility that could result from the enactment of a comprehensive cap and trade regime. This type of transition mechanism, they say, "will help provide the stable economic environment and price signals needed to support planning and investment while transitioning to a lower carbon environment."