Amends the Surface Mining Control and Reclamation Act of 1977 to protect taxpayers from liability associated with the reclamation of surface coal mining operations.
Introduces the “Coal Cleanup Taxpayer Protection Act of 2024.”
Modifies the bonding system for surface coal mining, including:
Prohibiting the acceptance of self-bonds by the Secretary and requiring existing self-bonds to be replaced with other acceptable forms of bond.
Mandating state programs to amend their regulatory programs to remove the authority for applicants to self-bond and to replace existing self-bonds with other forms of bond.
Establishes limitations on surety bonds to minimize financial liability to the government, including rules on:
The maximum quantity of corporate surety bonds issued by any one surety.
The minimum percentage of surety bonds unrelated to activities regulated by the Act required to reinsure corporate surety bonds.
The minimum collateralization required for corporate surety bonds.
The minimum amount of cash assets a corporate surety must hold as a percentage of coal mine reclamation bonds issued.
Sets collateral requirements for bonds, excluding certain properties such as coal mines, coal processing facilities, and coal mining equipment from being used as collateral.
Requires the re-evaluation of the value of nonliquid collateral every three years.
Allows the Secretary to require the inclusion of executive compensation as collateral for a bond.