On the recordJuly 30, 2010
I yield myself such time as I may consume. Mr. Chairman, Republicans have no problem with this amendment. The fact that the bill will force small companies to now band together simply to meet threshold requirement activities in the offshore is a sad statement on the rest of the bill. Although this provision may help small companies meet their certificate of financial responsibility requirements, nothing in this amendment solves the liability problem and nothing in this amendment solves the $22 billion tax increase in this bill. Unlimited liability will cripple domestic production by removing all but the largest companies from offshore drilling. There should be reasonable liability, but unlimited or infinite liability goes too far. It will kill jobs. Republicans support this amendment, but it's simply like putting a Band-Aid on a broken leg. I suppose it doesn't hurt anything, but it doesn't cure the underlying problem; and it might even lull someone into thinking we're doing something. Anyone who votes for the Teague amendment and the underlying bill together is putting the people they are purporting to help out of business. The Teague amendment does absolutely nothing to cure unlimited liability. Mr. Chairman, I would now like to yield 1 minute to the gentleman from Maryland (Mr. Cummings).





