I 111th CONGRESS 2d Session H. R. 5214 IN THE HOUSE OF REPRESENTATIVES May 5, 2010 Mr. Holt (for himself, Mr. Pallone, Ms. Kosmas, Mr. Boyd, Mr. Meek of Florida, Mr. Hodes, Mr. Davis of Alabama, Mr. Inslee, Mrs. Capps, and Mr. Braley of Iowa) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure A BILL To require oil polluters to pay the full cost of oil spills, and for other purposes.
1.
Short title
This Act may be cited as the Big Oil Bailout Prevention Act of 2010.
2.
Limits on liability for offshore facilities
Section 1004(a)(3) of the Oil Pollution Act of 1990 (33 U.S.C. 2704(a)(3)) is amended by striking $75,000,000 and inserting $10,000,000,000.
3.
Advance payments
Section 1012 of the Oil Pollution Act of 1990 (33 U.S.C. 2712) is amended by adding at the end the following: (l)
Advance payments
The President shall promulgate regulations that allow advance payments to be made from the Fund to States and political subdivisions of States for actions taken to prepare for and mitigate substantial threats from the discharge of oil. .
4.
Oil Spill Liability Trust Fund
(a)
Limitations on expenditures
Section 9509(c) of the Internal Revenue Code of 1986 (relating to expenditures from the Oil Spill Liability Trust Fund) is amended— (1)by striking paragraph (2); (2)by striking Expenditures and all that follows through Amounts in and inserting Expenditures.—Amounts in; and (3)by redesignating subparagraphs (A) through (F) as paragraphs (1) through (6), respectively, and indenting appropriately. (b)
Authority To borrow
Section 9509(d) of the Internal Revenue Code of 1986 (relating to authority to borrow for the Oil Spill Liability Trust Fund) is amended— (1)by striking paragraph (2); (2)by redesignating paragraph (3) as paragraph (2); and (3)in paragraph (2) (as so redesignated)— (A)by striking subparagraph (B); and (B)by redesignating subparagraph (C) as subparagraph (B).
5.
Effective date
This Act and the amendments made by this Act take effect on April 15, 2010.