The Federal Power Commission (FPC) was an independent commission of the United States government, originally organized on June 23, 1930, with five members nominated by the president and confirmed by the Senate. The FPC was originally created in 1920 by the Federal Water Power Act, which provided for the licensing by the FPC of hydroelectric projects on the land or navigable water owned by the federal government. The FPC has since been replaced by the Federal Energy Regulatory Commission.

The FPC also regulated interstate electric utilities and the natural gas industry.

In June 1939, President Roosevelt appointed Leland Olds to the FPC, who served as chairman from January 1940 until 1949. Under Olds’ leadership, the FPC successfully pressured electric utilities to extend power into neglected rural areas and to lower electricity rates to increase use.

Olds' insistence on enforcing the Natural Gas Act of 1938 raised the ire of the oil industry in Texas and led to the end of his tenure at the FPC. Robert Caro's book Master of the Senate describes how Lyndon B. Johnson defeated Olds' re-appointment by orchestrating a smear campaign. The tactics involved having the staff of the House Un-American Activities Committee dig up old writings, which were then taken out of context to create a false image of Olds as a communist. The subcommittee in charge of reappointment was stacked against Leland and coached by Johnson.

James G. Watt was another prominent FPC commissioner, who conducted prayer meetings prior to the FPC sessions.