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Section 108(b) of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980, as amended, establishes certain authorities concerning financial responsibility requirements. In 2009, the Agency published a notice that identified classes of facilities within the hardrock mining industry as those for which financial responsibility requirements will be first developed.

Statement of Need: EPA is under court order to sign for publication by December 1, 2017 a notice of its final action on such regulations under section 108(b) of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980, as amended.

Summary of the Legal Basis: Section 108(b) of CERCLA establishes certain regulatory authorities concerning financial responsibility requirements. Specifically, the statutory language addresses the promulgation of regulations that would require classes of facilities to establish and maintain evidence of financial responsibility consistent with the degree and duration of risk associated with the production, transportation, treatment, storage, or disposal of hazardous substances. The Administrator shall establish the level of financial responsibility to protect against the level of risk that the Administrator in his discretion believes is appropriate based on the payment experience of the Fund, commercial insurers, courts settlements and judgments, and voluntary claims satisfactions.

Alternatives: The EPA received public comments on the need for final CERCLA financial responsibility requirements as outlined in the proposed rule in light of existing financial responsibility requirements imposed by state and federal regulatory authorities, as well as comments on the methods for calculating financial responsibility and the availability of financial responsibility instruments.

Anticipated Costs and Benefits: The EPA would expect that the primary costs of a final rule to be in the form of commissions and fees paid by facilities for procuring required financial instruments. The EPA would also expect to incur administrative and oversight costs for implementing a final rule.

Risks: EPA's CERCLA section 108(b) rules are intended to address the risks associated with the production, transportation, treatment, storage or disposal of hazardous substances.