A Florida Senate committee on Wednesday approved a proposal to expand the state’s Public Service Commission from five to seven members and impose new financial oversight measures on utilities.

The Senate Regulated Industries Committee voted 5-2 to approve the bill (SB 354), sponsored by Sen. Don Gaetz. The legislation would add two seats to the five-member commission and require that one commissioner be a certified public accountant and another be a chartered financial analyst.

The measure also seeks to change how the commission determines the return on equity—the amount of profit investor-owned utilities are allowed to earn. Under the bill, the commission would be required to keep return on equity as close as possible to the “risk-free” rate, typically associated with U.S. Treasury bonds, unless a utility can justify a higher rate. The change follows concerns that commission-approved returns in recent years have been set too high, contributing to increased electricity bills for consumers.

In addition to restructuring the commission and adjusting how profits are calculated, SB 354 would require the commission to develop a set schedule for when utilities can request rate changes, limiting the current system where utilities can petition for increases at any time.

The bill also mandates expanded annual reporting requirements, including an assessment of long-term economic impacts of utility rate adjustments and an analysis of executive compensation for utilities operating in Florida.

The bill must clear two more Senate committees before it can reach the full chamber.