A bill to amend the Natural Gas Policy Act of 1978 to prevent any acquisition of or merger with an interstate pipeline company unless the Federal Energy Regulatory Commission determines that such acquisition or merger is in the public interest.

Amends the Natural Gas Policy Act of 1978 to prohibit any person, without first having secured authorization from the Federal Energy Regulatory Commission, from: (1) purchasing any equity security of an interstate pipeline, if after such purchase such person will have acquired, either directly or indirectly, beneficial ownership of more than five percent of a class of registered securities; or (2) merging with an interstate pipeline. Directs the Commission to authorize such purchase or merger if, after notice and opportunity for a hearing, the Commission determines that it is consistent with the public interest.