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S 3163 114th Congress Senate Environmental Protection Accidents Administrative law and regulatory procedures Budget process Government trust funds Marine and coastal resources, fisheries Marine pollution Oil and gas Pollution liability State and local finance Water quality

Big Oil Bailout Prevention Trust Fund Act of 2016

Introduced: July 12, 2016 See on congress.gov
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 2016
Read twice and referred to the Committee on Finance.
Jul 12, 2016
Introduced in Senate
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 Plain-English summary Congressional Research Service

Big Oil Bailout Prevention Trust Fund Act of 2016

This bill amends the Internal Revenue Code to eliminate: (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills, (2) the $500 million per incident limitation on expenditures from the trust fund for natural resource damage assessments and claims in connection with oil spills, and (3) the limitation on the borrowing authority of the trust fund.

The bill also amends the Oil Pollution Act of 1990 to direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.

What's happening now July 12, 2016

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 6413 Identical bill Big Oil Bailout Prevention Trust Fund Act of 2016
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 7
All 7 Democratic 7
D
Booker, Cory A.
New Jersey · Jul 12, 2016
 D
Durbin, Richard J.
Illinois · Jul 12, 2016
 D
Markey, Edward J.
Massachusetts · Jul 12, 2016
 D
Merkley, Jeff
Oregon · Jul 12, 2016
 D
Peters, Gary C.
Michigan · Jul 12, 2016
 D
Reed, Jack
Rhode Island · Jul 12, 2016
 D
Whitehouse, Sheldon
Rhode Island · Jul 12, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3163: Big Oil Bailout Prevention Trust Fund Act of 2016. 114th Congress. Open America. https://openamerica.io/bill/114-S-3163/
MLA
"S. 3163: Big Oil Bailout Prevention Trust Fund Act of 2016." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-3163/.
Bluebook (legal)
S. 3163, 114th Cong. (2026), https://openamerica.io/bill/114-S-3163/.
Markdown link
[S. 3163: Big Oil Bailout Prevention Trust Fund Act of 2016](https://openamerica.io/bill/114-S-3163/)
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