Congressman Mike Lawler of New York’s 17th Congressional District has introduced the Reactor Expenditure Accountability and Compliance Transparency (REACT) Act. The legislation aims to improve oversight and public accountability for nuclear power plant decommissioning trust funds by requiring more detailed financial reporting.
Under the proposed bill, the Nuclear Regulatory Commission (NRC) would mandate that reactor licensees provide enhanced information in their financial assurance status reports. This would include specifics such as earned interest, projected annual returns, and a comprehensive breakdown of expenditures from decommissioning trust funds.
Decommissioning trust funds are designed to pay for the safe dismantling of nuclear plants after they cease operations. These funds can reach hundreds of millions of dollars per site. However, current reporting standards vary and often lack detail, which has raised concerns among local communities and regulatory bodies about how the money is managed.
“Taxpayers and ratepayers deserve full transparency when it comes to how nuclear decommissioning funds are being used. Communities that have hosted nuclear facilities for decades, including right here in New York’s Hudson Valley, have every right to know that these funds are being managed responsibly, with proper oversight and accountability. The REACT Act is a common-sense step to ensure openness and protect the public interest,” said Congressman Lawler.
Lawler represents an area just north of New York City, which includes Rockland, Putnam, Dutchess, and Westchester Counties. He is recognized as one of the most bipartisan members of Congress and was rated as the most effective freshman lawmaker in the 118th Congress, ranking eighth overall.
