Sec. 631. Climate impacts financial assurance and user fees
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Section 101(1) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9601(1) ) is amended by inserting and which has no plausible causal connection to climate change and its effects after foresight . Section 108 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9608 ) is amended— in subsection (c)(2), by striking subsection
(b)and inserting subsection
(b)or
(e); and by adding at the end the following new subsection: Not later than 4 years after the date of enactment of the CLEAN Future Act , the Administrator shall promulgate requirements that classes of facilities establish and maintain evidence of financial responsibility consistent with the degree and duration of risk associated with impacts of climate change and extreme weather on those facilities, including releases of hazardous substances caused by climate change and extreme weather. Not later than 2 years after the date of enactment of the CLEAN Future Act , the Administrator shall identify those classes of facilities for which requirements will first be developed and publish notice of such identification in the Federal Register. Priority in the development of such requirements shall be accorded to those classes of facilities, owners, and operators which the Administrator determines present the highest level of risk of injury because of climate change and extreme weather. The level of financial responsibility shall be initially established, and, when necessary, adjusted to protect against the level of risk which the Administrator in his discretion believes is appropriate based on the payment experience of the Fund, commercial insurers, courts settlements and judgments, and voluntary claims satisfaction. To the maximum extent practicable, the Administrator shall cooperate with and seek the advice of the commercial insurance industry in developing financial responsibility requirements. Financial responsibility may be established by any one, or any combination, of the following: insurance, guarantee, surety bond, letter of credit, or qualification as a self-insurer. In promulgating requirements under this section, the Administrator is authorized to specify policy or other contractual terms, conditions, or defenses which are necessary, or which are unacceptable, in establishing such evidence of financial responsibility in order to effectuate the purposes of this Act. Regulations promulgated under this subsection shall incrementally impose financial responsibility requirements as quickly as can reasonably be achieved but in no event more than 4 years after the date of promulgation. Where possible, the level of financial responsibility which the Administrator believes appropriate as a final requirement shall be achieved through incremental, annual increases in the requirements. Where a facility is owned or operated by more than one person, evidence of financial responsibility covering the facility may be established and maintained by one of the owners or operators, or, in consolidated form, by or on behalf of two or more owners or operators. When evidence of financial responsibility is established in a consolidated form, the proportional share of each participant shall be shown. The evidence shall be accompanied by a statement authorizing the applicant to act for and in behalf of each participant in submitting and maintaining the evidence of financial responsibility. The requirements promulgated pursuant to paragraph
(1)shall provide to facilities the ability to reduce the level of financial responsibility required by implementing measures that the Administrator determines will reduce the degree and duration of risk associated with the impacts of climate change and extreme weather on those facilities, by reducing the likelihood and magnitude of potential releases of hazardous substances caused by climate change and extreme weather. The requirements promulgated pursuant to paragraph
(1)shall provide to facilities the ability to pay a user fee into the Hazardous Substances Trust Fund in lieu of maintaining financial responsibility under this section. Such user fee shall be set by the Administrator at a level sufficient to address the level of risk identified by the Administrator under paragraph (3). .
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