- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Transportation and InfrastructureCoast Guard and Maritime TransportationWater Resources and EnvironmentIntroducedMay 5th, 2010
- house Committees
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Big Oil Bailout Prevention Act of 2010
To require oil polluters to pay the full cost of oil spills, and for other purposes.
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.