Pelosi threatens legislation if BP won't follow through on pledges

House Speaker Nancy Pelosi (D-Calif.) threatened legislation on Wednesday if BP doesn't follow through on its pledge to set up a $20 billion oil spill relief fund.

The speaker praised BP's decision to assent to demands that they create an account in escrow to pay out claims it faces as a result of the massive oil spill in the Gulf of Mexico.

Pelosi also framed the company's announcement that it would suspend further dividends this year as a direct result of congressional pressure on BP to end payouts of its dividend.

But the speaker also emphasized the House stands ready to compel BP to follow through on any of its pledges should it renege on the promises it made during a meeting at the White House with President Barack Obama.

“We will monitor BP’s payments to those hit hardest by this crisis and will not hesitate to pass tough legislation if BP fails to follow through on its responsibilities," she said in a statement.

Pelosi also hammered Republicans for blocking legislation in the meanwhile that would increase the liability cap for accidents like those in the Gulf.