H.R. 9035, Environmental Accountability in Bankruptcy. Quorum's AI analysis reads it as a net benefit — and names who gains.
H.R. 9035 · Net good
What it does
This bill amends bankruptcy law to prevent fossil fuel companies from using bankruptcy to escape environmental cleanup obligations. It prioritizes environmental reclamation costs ahead of shareholder claims and executive compensation, makes parent companies and private equity owners jointly liable for unpaid cleanup costs, extends the lookback period for fraudulent transfers to 10 years, and prohibits transfer of federal oil, gas, and coal leases to companies in bankruptcy.
The analysis names Environmental remediation contractors — and 2 more groups — among the beneficiaries.
The trade-off
May significantly increase the cost of acquiring or holding stakes in fossil fuel companies, potentially accelerating divestment by institutional investors and private equity.
Transparency scores 72%, with a medium warning level and no provisions unrelated to the bill's subject.
Who is behind it
Filed by Dave Min. Cosponsored by Adelita Grijalva, André Carson, Jared Huffman and Juan Vargas.