Franks Says President Dishonestly Taking Credit for BP's $20 Billion Escrow Account

For Immediate Release
Contact: Bethany Haley or Ben Carnes at 202-225-4576

Franks Says President Dishonestly Taking Credit for BP’s $20 Billion Escrow Account

June 18, 2010 - Congressman Trent Franks (AZ-02) today released the following statement, responding to the Obama Administration's handling of the BP oil spill and to the recent media uproar surrounding comments made by Representatives Tom Price (GA-06) and Joe Barton (TX-06):

“Congressmen Barton and Price have both said unequivocally that BP is entirely responsible for bearing the financial burden of this tragedy. No one, including BP, disputes that. It’s my opinion that Mr. Barton and Mr. Price’s comments were more of a reaction to the arrogance in President Obama’s speech where he said he was going to 'inform' BP that they would set aside this separate compensation fund to be controlled by a third party. Under our laws and Constitution, the President does not possess the power or authority to make such an arrogant command to a private company.

"However, the real story here is that BP had already made the decision to set aside $20 billion to compensate those harmed by this
tragic disaster several days prior to the President’s speech. The true outrage is that this was never the President’s idea at all, and he should be ashamed for pretending it was for political purposes.”

Congressman Franks is serving his fourth term in the U.S. House of Representatives, and is a member of the Committee on Armed Services, Strategic Forces Subcommittee, Oversight & Investigations Subcommittee, Military Readiness Subcommittee, Committee on the Judiciary, Constitution Subcommittee, and is Ranking Member on the Subcommittee on Commercial and Administrative Law.