Sec. 4. Report to Congress regarding financial responsibility requirements
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Section 108(b) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9608(b) ) is further amended by adding at the end the following: The President may not promulgate any financial responsibility requirement under this subsection without first submitting to Congress a report— describing each facility or class of facilities to be covered by such requirement; describing the development of such requirement, why the facility or class of facilities proposed to be covered by such requirement present the highest level of risk of injury, and why the facility or class of facilities is not already covered by adequate financial responsibility requirements; describing the financial responsibility requirements promulgated by States or other Federal agencies for the facility or class of facilities to be covered by the financial responsibility requirement proposed under this subsection and explaining why the requirement proposed under this subsection is necessary; describing the exposure to the Fund for response costs resulting from the facility or class of facilities proposed to be covered; and describing the capacity of the financial and credit markets to provide instruments of financial responsibility necessary to meet such requirement.
The President shall update any report submitted under this paragraph to reflect any revision of the facilities or classes of facilities to be covered by a financial responsibility requirement that is the subject of such report. .
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Sec. 4
Report to Congress regarding financial responsibility requirements
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