Since 1925, Florida Power and Light Company (FPL) had been part of American Power and Light, a utility holding company. In 1950, abiding by a Congressional act limiting utility holding companies, American Power made Florida Power and Light Company (FPL) an independent public corporation, listed on the New York Stock Exchange. Two years later, FPL began a $435 million, ten-year expansion to respond to postwar growth. As Florida grew from the 20th most populous state in 1950 to the tenth largest state in 1960, FPL grew along with it.