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.
Short title
This Act may be cited as the
Big Oil Bailout Prevention Act of
2010
.
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
.
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:
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.
.
Oil Spill Liability Trust Fund
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—
by striking paragraph (2);
by striking
Expenditures
and all that follows through
Amounts in
and inserting Expenditures.—Amounts
in
; and
by redesignating subparagraphs (A) through (F) as paragraphs (1) through (6), respectively, and indenting appropriately.
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—
by striking paragraph (2);
by redesignating paragraph (3) as paragraph (2); and
in paragraph (2) (as so redesignated)—
by striking subparagraph (B); and
by redesignating subparagraph (C) as subparagraph (B).
Effective date
This Act and the amendments made by this Act take effect on April 15, 2010.