Polis and 31 House Members Call on BP to Direct Dividends to Escrow Account

Press Release

As BP board members debate whether to move forward with a scheduled dividend payment, Congressman Jared Polis (D-CO) and 31 other members of Congress called on the oil company to instead direct those funds to an escrow account dedicated to cleaning up the Deepwater Horizon spill and compensating its victims.

In a letter to BP CEO Tony Hayward, the House members - led by Congressman Peter Welch (D-VT), Subcommittee on Energy and Environment Chairman Ed Markey (D-MA) - urged BP to ensure it has the funds to pay the full costs of the devastating Gulf Oil spill by temporarily suspending its annual $10 billion dividend. Further, the group called on BP to establish an escrow account to cover cleanup and compensation costs - and to direct dividend payments to that account.

"Your company has affirmed its intention to pay the full costs of this devastating environmental and economic disaster," Polis and his colleagues wrote. "As those costs continue to rise - to $37 billion, by one estimate - the American people require an assurance that your company will be able to honor all legitimate claims."

Polis and a similar group of House members wrote BP last week urging the company to suspend its dividend and public relations campaign until it fully remedies the Gulf catastrophe. Their latest letter builds on Senate Democrats' proposal to create a $20 billion escrow account administered by independent trustees and available for compensation claims and cleanup efforts.

The letter was signed by the following House members: Reps. Peter Welch, Ed Markey, Lois Capps, Keith Ellison, John Olver, John Hall, Gabrielle Giffords, Rosa L. DeLauro, Ron Kind, Dennis Cardoza, Anna Eshoo, Mazie Hirono, Joe Courtney, Russ Carnahan, Jared Polis, Bill Owens, Dave Loebsack, Paul Tonko, Carolyn Maloney, Doris Matsui, Robert Brady, Bill Delahunt, Rush Holt, Bob Filner, Timothy Walz, Pete Stark, Raul M. Grijalva, Betty Sutton, Steve Cohen, Maurice Hinchey, Michael Capuano and Michael Michaud.

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