Audit The BP Fund Act Of 2010
Floor Speech
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I yield myself such time as I may consume.
Mr. Speaker, H.R. 6016 requires the Comptroller General of the Government Accountability Office to conduct an independent investigation and audit of the operations of the fund and claims process created by BP in response to the Deepwater Horizon oil spill disaster.
This fund and claims process, established by BP after negotiations with the Obama administration, was created to ensure that the lives and livelihoods of those adversely affected by this massive oil spill would be duly compensated for their losses. Mr. Speaker, it is clear that the Deepwater Horizon oil spill disaster caused immeasurable damage to both the livelihoods of the gulf coast population and to the gulf coast ecosystem.
From the outset, BP volunteered that it would compensate victims of the spill for their losses. However, as with any process for compensation, there is a need for transparency, for efficiency and for equity in compensation. This legislation can provide another avenue to ensure that these essential elements are included in any compensation paid out of the BP fund and claims process.
Specifically, this legislation directs the GAO to undertake an ``ongoing independent investigation and audit'' of the BP fund and claims process--specifically targeting the effectiveness of the fund and claims process, the efficiency in which the claims process operates, and the accuracy in accounting for and paying out of claims. The legislation authorizes GAO to use its underlying subpoena power, where necessary, to ensure the accuracy and completeness of its audit and investigation.
Finally, Mr. Speaker, this legislation requires the GAO to issue a report to Congress every 90 days during its audit and investigation, as well as a final report to Congress when the BP fund and claims process is completed. This information is essential for Congress to continue its ongoing oversight of the response and recovery of what is now likely the world's fifth largest oil spill in history.
I reserve the balance of my time.
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