H.R. 5214House111th Congress (2009-2011)In Committee

Big Oil Bailout Prevention Act of 2010

Sponsored by Rush HoltRep. Rush Holt (D-NJ)
Introduced May 5, 2010

Legislative Activity

Stay on top of the latest movement without scrolling through every action

3 earlier actions
HouseCommittee Latest Action

Referred to the Subcommittee on Water Resources and Environment.

May 6, 2010

View full timeline
HouseIntro Referral

Introduced in House

May 5, 2010

HouseIntro Referral

Referred to the House Committee on Transportation and Infrastructure.

May 5, 2010

HouseCommittee

Referred to the Subcommittee on Coast Guard and Maritime Transportation.

May 6, 2010

HouseCommittee

Referred to the Subcommittee on Water Resources and Environment.

May 6, 2010

Floor Debate

4 members

What members said about H.R. 5214 on the floor

4 Democrats
Gerald E. Connolly
Rep. Gerald E. ConnollyD-VA-11 · Jun 10, 2010

Mr. Speaker, in the United States right now we are experiencing an environmental catastrophe. We are experiencing with the BP oil rig the largest single oil spill in American history. It's a little…

Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · Jun 10, 2010

I appreciate the gentleman's courtesy, as I appreciate his leadership, and I think it is important for people to understand the genesis of the problem that we are facing here now. We've heard some of…

Rush Holt
Rep. Rush HoltD-NJ-12 · Jun 10, 2010

I thank my good friend from Virginia. I, too, want to pay tribute to the work that our colleague from Oregon has done under the umbrella of liveability, having to do with transportation, housing, I…

Jared Polis
Rep. Jared PolisD-CO-2 · Jun 10, 2010

I thank the gentleman from Virginia. This disaster of great proportion is indicative of the culture of deregulation and the influence of the special interests in the oil industry and the prevalence…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in HouseIssued May 5, 2010

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.