H.R.5214 - Big Oil Bailout Prevention Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Holt, Rush [D-NJ-12] (Introduced 05/05/2010)|
|Committees:||House - Transportation and Infrastructure|
|Latest Action:||House - 05/06/2010 Referred to the Subcommittee on Water Resources and Environment. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5214 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (05/05/2010)
Big Oil Bailout Prevention Act of 2010 - Amends the Oil Pollution Act of 1990 to: (1) increase the liability of the party responsible for an offshore facility, except a deepwater port, from which oil is discharged into or upon navigable waters or adjoining shorelines to the total of all discharge removal costs plus $10 billion (currently, $75 million) for each incident; and (2) direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.
Amends the Internal Revenue Code to eliminate: (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills: and (2) restrictions on the borrowing authority of such Trust Fund.
Makes this Act effective on April 15, 2010.