Financial Assurance: Is the Government Asking Too Much?

The American Bar Association
Section of Environment, Energy, and Resources, In-House Counsel Committee
Co-sponsored by Section of Litigation, Corporate Counsel Committee

Presents a “Quick Teleconference” program

January 26, 2011
11:00 – 12:30 PM Eastern

Washington, DC (December 27, 2010) – Companies have long been responsible under RCRA and analogous state law to demonstrate adequate financial resources to close hazardous waste facilities, conduct post-closure monitoring, and clean up contaminated properties. Federal and state agencies have also commonly included financial responsibility requirements in CERCLA orders. Historically, these obligations generally have been satisfied through flexible financial instruments, including insurance, self-insurance and parent company guarantees, bonding, and letters of credit, among others. However, recent litigation along with perceived gaps in existing financial responsibility requirements have prompted agencies to consider whether they should increase the use of financial assurance and apply more stringent requirements. As proof of financial assurance to meet environmental obligations is sought more expansively, the costs of demonstrating financial responsibility could materially increase, and may impose financial hardships on many companies with environmental responsibilities. There is also uncertainty on the interplay of these developments and accounting principles.

This program will explore the growing use of financial assurance to address environmental risks, the balance between environmental accountability and regulatory flexibility, and the financial implications to the regulated community.

Key Learning Objectives:

  • Developing regulations and policies
  • Financial implications to regulated entities

Marianne Horinko, The Horinko Group, Washington, DC

Bob Casselberry, Environmental Attorney, U.S. Steel, Pittsburgh, PA

Sheila Deely, Senior Counsel-Environmental, Freeport-McMoRan Copper & Gold Inc., Phoenix, AZ

Ray Leclerc, Assistant Deputy Director, Brownfields and Environmental Restoration Program, California Department of Toxic Substance Controls, Sacramento, CA


Registration has closed at this time.

Austin, TX
Brown McCarroll, L.L.P., 111 Congress Ave., Ste. 1400

Bloomfield Hills, MI
Butzel Long, Stoneridge West 41000 Woodward Ave.

Washington, DC
The Horinko Group, 2300 N Street, NW, Ste. 2130