from a fact sheet supporting S.1400. Introduced by Sen. Mary Landrieu (D-LA), in July 2011 the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act of 2011 (RESTORE Act) is described below:
CRS Summary
Senate Report
What the RESTORE Act Does
Under current law, BP and others responsible
for last year’s oil spill will pay a Clean Water
Act (CWA) penalty for each barrel of oil spilled
into the Gulf.
Without action from Congress, those penalties
will go to unrelated federal spending, instead
of repairing the area damaged by the spill.
BP’s fines belong in the Gulf, where the
damage was done.
Two official reports on the spill – one
conducted by Navy Secretary and former
Mississippi Governor Ray Mabus, the other
from the bipartisan National Commission on
the Deepwater Horizon Oil Spill and Offshore
Drilling – recommended that CWA penalties
be dedicated to Gulf Coast restoration.
The RESTORE Act creates an essential
framework to manage and finance the
Gulf Coast recovery. Using 80% of the CWA
penalties from the Gulf oil disaster, the
RESTORE Act establishes a trust account to
restore both the economic and environmental
health of the Gulf Coast.
'via Blog this'
CRS Summary
Senate Report
What the RESTORE Act Does
Under current law, BP and others responsible
for last year’s oil spill will pay a Clean Water
Act (CWA) penalty for each barrel of oil spilled
into the Gulf.
Without action from Congress, those penalties
will go to unrelated federal spending, instead
of repairing the area damaged by the spill.
BP’s fines belong in the Gulf, where the
damage was done.
Two official reports on the spill – one
conducted by Navy Secretary and former
Mississippi Governor Ray Mabus, the other
from the bipartisan National Commission on
the Deepwater Horizon Oil Spill and Offshore
Drilling – recommended that CWA penalties
be dedicated to Gulf Coast restoration.
The RESTORE Act creates an essential
framework to manage and finance the
Gulf Coast recovery. Using 80% of the CWA
penalties from the Gulf oil disaster, the
RESTORE Act establishes a trust account to
restore both the economic and environmental
health of the Gulf Coast.
'via Blog this'
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