During his presidential campaign, Franklin D. Roosevelt said that private utilities had "selfish purposes" and said, "Never shall the federal government part with its sovereignty or with its control of its power resources while I'm president of the United States." The private sector practice of forming utility holding companies had resulted in their controlling 94 percent of generation by 1921, and they were essentially unregulated. In an effort to change this, Congress and Roosevelt enacted the Public Utility Holding Company Act of 1935 (P.U.H.C.A.).