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S.5080 - Big Oil Bailout Prevention Trust Fund Act of 2020116th Congress (2019-2020)

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Sponsor: Sen. Menendez, Robert [D-NJ] (Introduced 12/21/2020)
Committees: Senate - Finance
Latest Action: Senate - 12/21/2020 Read twice and referred to the Committee on Finance.  (All Actions)

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Summary: S.5080 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.5080. Bill summaries are authored by CRS.

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Introduced in Senate (12/21/2020)

Big Oil Bailout Prevention Trust Fund Act of 2020

This bill eliminates (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills, (2) the $500 million per incident limitation on expenditures from the trust fund for natural resource damage assessments and claims in connection with oil spills, and (3) the limitation on the borrowing authority of the trust fund.

The bill also directs 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.