Lamar Smith: “Mr. Speaker, although I believe this legislation is well-intended, I have serious concerns about H.R. 5503 and about the…”

“Mr. Speaker, although I believe this legislation is well-intended, I have serious concerns about H.R. 5503 and about the process under which it is being considered today. It is important that BP and other responsible parties pay all costs associated with the oil spill and that they be held fully accountable for this catastrophe and for the 11 lives tragically lost in the explosion on the Deepwater Horizon. However, H.R. 5503 will have unintended consequences that will reach well beyond the gulf coast disaster. In fact, very little in this bill is directed solely at oil spill-related liability. It is incredible that the sweeping changes this bill makes have made their way to the House floor without the benefit of even one legislative hearing. It is also incredible that we are considering this bill under suspension of the rules, denying those with concerns the opportunity to offer even one amendment. Had this bill been considered under regular order, I would have offered an amendment to limit it to claims arising out of oil spills. This amendment would ensure that those responsible for oil spills would be held fully accountable while, at the same time, restricting the bill's unintended consequences. Because H.R. 5503 is not limited to oil spills, its unintended consequences will be severe.”