Sec. 5. Preemption of financial responsibility requirements
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/bill/113/hr/2279/ih/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 114(d) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9614(d) ) is amended to read as follows: No owner or operator of a vessel or facility who establishes and maintains evidence of financial responsibility associated with the production, transportation, treatment, storage, or disposal of hazardous substances pursuant to financial responsibility requirements under any State law or regulation, or any other Federal law or regulation, shall be required to establish or maintain evidence of financial responsibility under this title, unless the President determines, after notice and opportunity for public comment, that in the event of a release, such other Federal or State financial responsibility requirements are insufficient to cover likely response costs under section 104.
Except as provided in this subsection, evidence of compliance with such other Federal or State financial responsibility requirements shall be accepted by the President in lieu of compliance with any requirement for financial responsibility promulgated under this title. .
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Sec. 5
Preemption of financial responsibility requirements
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