President Obama to Push BP Escrow Fund

By MichaelJames

Jun 13, 2010 1:57pm

When he meets with BP officials on Wednesday, President Obama will push them to create an escrow fund for those seeking damages from the company, a White House official said.

"The president will make clear that he expects, and that if necessary will exercise his full legal authority to ensure, that  BP sets aside the funds required to pay individuals and businesses damaged by this massive spill," the official said, "and that those funds will be paid out under fair, efficient, and transparent procedures administered by an independent third-party panel established just for this purpose."

President Obama will travel to the Gulf Coast Monday to see more of the federal effort to control the environmental damage. When he returns on Tuesday, he will address the nation from the White House at 8 p.m. ET.

The president spoke on Saturday with British Prime Minister David Cameron, officials said. President Obama assured his British counterpart that there is no anti-British sentiment at play in the administration's tough words for BP.

"The president told the prime minister that our frustration has nothing to do with national identity but has to do with ensuring that a large, wealthy company lives up to its obligations," a senior official said. "He said BP must meet its obligations to those whose lives have been disrupted and we will insist everything be done to cap the well, capture the oil, and pay for the cleanup, the environmental damage done and the tens of thousands of economic claims as a result of this disaster."

Cameron will visit Washington, D.C., on July 20.

- Jake Tapper

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