Treasury Rules Update - March 10, 2014:
The Treasury Department issued a draft rule in September and as required solicited and received public input. Since that time, the Treasury Department has been developing a final rule, which we anticipate (at least for now) will be published in late March or April 2014. Publication of a final rule is required in order for RESTORE funding to begin to flow. The latest information we have received is that the Treasury, in the interest of expediency, will put out an initial final rule addressing programmatic basics, with subsequent detailed guidance to follow. We continue to meet with key staffers with Departments of Commerce and Interior, as well as with the Federal RESTORE Council to emphasize the issues we think will benefit the County with regard to the RESTORE program. Our main recommendations for the final rule are the following:
US Treasury Rules for RESTORE Act:
On September 6,
2013 the US Department of Treasury published the regulations that will govern
the expenditure of funds under the RESTORE Act, with a 60 day window to offer
comments. The comments were due back to Treasury November 5th, 2013.
Under the RESTORE Act, civil fines paid by BP will be deposited into a trust
fund to be used for projects and activities that restore and protect the
environment and economy of the Gulf Coast.