U.S. Senators Thad Cochran (R-Miss.) and Roger Wicker (R-Miss.) are hopeful that Congress will approve legislation to direct a significant portion of federal fines paid by BP for the Deepwater Horizon oil spill to Mississippi and other Gulf states.
The Restore the Gulf Coast Act of (S.1400) would establish the Gulf Coast Restoration Fund to be made up of 80 percent of all civil penalties paid by BP and other parties held responsible for the April 2010 Deepwater Horizon explosion and oil spill. The fund would be distributed to Mississippi, Louisiana, Alabama, Florida and Texas. The remaining 20 percent of the fines assessed for Clean Water Act violations would revert to the U.S. Treasury.
“The Deepwater Horizon tragedy will continue to affect Gulf Coast states for some time. This carefully negotiated measure is intended to ensure that Mississippi and the other states have resources to overcome those ecological and economic challenges,” said Cochran.
The bill follows the recommendations of Gulf Coast restoration groups following the April 2010 Deepwater Horizon tragedy.
Topics Mississippi
Was this article valuable?
Here are more articles you may enjoy.
Progressive’s $950M in Florida Regurgitation to Mostly Be Credits in Renewals 
Chubb Group Vice Chair Lupica to Retire at 2025 End 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
Zurich Invests Heavily in Underwriting Talent to Boost Mid-Market, Specialty Growth From This Issue
