Treasury moves ahead with BP spill restoration rule

“The RESTORE Act ... establishes the Gulf Coast Restoration Trust Fund in the Treasury and gives Treasury significant new programmatic responsibilities relating to expenditures of moneys from the Trust Fund,” states a summary of the proposed rule on OMB’s website.

“Treasury must issue procedures and auditing requirements by January 2, 2013, and in order to define the program requirements for applications for funding, disbursements from the Trust Fund, and monitoring compliance. We intend to define our role and the role of others in these activities through the authority we have to issue binding procedures,” Treasury said in the summary.