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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 theBP oil spilland to the recent media uproar surrounding comments made by RepresentativesTom Price(GA-06) andJoe 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 andConstitution, the President does not possess the power or authority to make such an arrogant command to a private company.
"However, therealstory here is that BP hadalreadymade the decision to set aside $20 billion to compensate those harmed by this tragic disaster several dayspriorto 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.”