Congresswoman Suzanne Kosmas among co-signers of bill that would hold oil companies accountable for spills

WASHINGTON D.C.-- Congresswoman Suzanne Kosmas, D-New Smyrna (FL-24), joined her House colleagues Wednesday in introducing legislation that would ensure oil companies are held accountable for paying economic damages resulting from spills.

The Big Oil Bailout Prevention Act would increase the cap on oil company liability to $10 billion from $75 million, ensuring that taxpayers are protected from paying oil spill damages.

The legislation was introduced by U.S. Rep. Rush Holt (NJ-12) with Reps. Kosmas, Allen Boyd (FL-02), Paul Hodes (NH-02), Kendrick Meek (FL-17), Artur Davis AL-07), and Jay Inslee (WA-01) signing on as original co-sponsors.

"The Deepwater Horizon disaster is likely to cause significant economic damage, and we must make sure that taxpayer dollars are protected as we assist affected businesses and communities," Kosmas said. "Our bill will hold oil companies accountable and make sure that those responsible for causing these disasters are the ones responsible for paying for the damage, not Florida taxpayers."

While the responsible party in an oil spill currently must pay for all costs related to clean up, there is a $75 million cap on its liability for economic damages, including lost business revenues from fishing and tourism, natural resources damages, or lost local tax revenues.

This legislation would raise that liability cap from $75 million to $10 billion and could be made retroactive, ensuring that BP is held accountable for the economic damages resulting from the Gulf Coast spill.

The legislation would also eliminate the $500 million cap on natural resources damages.

The bill is a companion to legislation introduced earlier this week in the Senate by U.S. Senators Bill Nelson (D-FL), Robert Menendez (D-NJ), and Frank Lautenberg (D-NJ).