Press Releases

Franks: President Dishonestly Taking Credit for $20 Billion Escrow Fund

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 fifth term in the U.S. House of Representatives and is a member of the Judiciary Committee, where he serves as Chairman of the Subcommittee on the Constitution and a member of the Subcommittee on Courts, Commercial and Administrative Law. He is also a member of the Armed Services Committee, where he serves on the Strategic Forces Subcommittee and the Subcommittee on Emerging Threats and Capabilities.

###

2435 Rayburn HOB, Washington, D.C. 20515
202-225-4576