Electricity deregulation in Texas, approved by Texas Senate Bill 7 on January 1, 2002, called for the creation of the Electric Utility Restructuring Legislative Oversight Committee to oversee implementation of the bill. According to the law, deregulation would be phased in over several years. However, the report concluded that re-regulating the market would not solve the issue. TCAP instead offered a series of reforms designed to increase market efficiency.