By Ben Geman - 11/09/10 06:55 PM EST
“I do think that there is going have to be another institution and the industry is going to have to form it and pay for it,” added Reilly, who led the Environmental Protection Agency under former President George H. W. Bush.
Reilly said the industry must be open to “some kind of institution that defines best practices and supplements the regulators in ensuring that best practices are in fact observed,” and called it a “co-regulator.”
He said the nuclear industry, in contrast, has more robust structures in place to address safety.
Former Florida Sen. Bob Graham (D), the panel’s other co-chair, said he shares Reilly’s view that a new institution will be needed.
Reilly emphasized, however, that he was not speaking for the entire seven-member panel. The commission is slated to provide the White House its final report on the spill’s causes and proposed policy reforms in January.