Prioritization of expenses

(a) Cost recovery Section 506 of title 11 of the United States Code is amended— (1) in subsection (c) by inserting Unless otherwise provided by this section, before The trustee may recover from property; and (2) by inserting after subsection (d) the following: (e) With respect to the accumulated and projected reclamation costs associated with the complete cleanup of fossil fuel operations and retirement of fossil fuel assets pursuant to applicable Federal, State, and local laws and reclamation requirements, the trustee shall— (1) consider such costs as necessary costs and expenses for preserving, or disposing of, such property securing an allowed secured claim pursuant to subsection (c); and (2) recover from the property securing an allowed secured claim such sums necessary to fulfill all fossil fuel reclamation costs.. (b) Prioritization of unsecured claims Section 507 of title 11 of the United States Code is amended by adding at the end the following: (e) With respect to a debtor that is a fossil fuel company, the following expenses and claims have priority in the following order: (1) Wages, salaries, commissions, and benefits pursuant to subsections (4) and (5) owed to an employee that is not an executive officer of the company. (2) Accumulated and projected reclamation costs associated with the complete cleanup of fossil fuel operations and retirement of fossil fuel assets pursuant to applicable Federal, State, and local laws and reclamation requirements, with priority given to costs in the following order: (A) Any unfulfilled environmental bond obligation. (B) Environmental reclamation requirements or administrative or civil penalties administered by Federal, State, or local governments, including requirements or penalties pursuant to— (i) Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.); (ii) the Clean Air Act (42 U.S.C. 7401 et seq.); (iii) the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9601 et seq.); (iv) the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.); (v) the Surface Mining Control and Reclamation Act of 1977 (30 U.S.C. 1201 et seq.); (vi) the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.); (vii) the Mineral Leasing Act (30 U.S.C. 181 et seq.); (viii) the Safe Drinking Water Act (42 U.S.C. 300f et seq.); or (ix) any similar environmental law of a State where such operations and assets are situation. (3) Any unsecured claim. (4) A claim by a shareholder of the fossil fuel company debtor. (5) The order of claims described in section 507(a). (f) With respect to a debtor that is a fossil fuel company, the estate of which has insufficient funds to cover the claims described in paragraphs (1) and (2) of subsection (e)— (1) the court may recover the compensation of the executive officers of the debtor that is a fossil fuel company during the 5-year period preceding the date of the filing of the petition; and (2) the following entities shall be strictly liable under the rules of joint and several liability to cover those claims: (A) A private equity firm that owns a share in the fossil fuel company debtor. (B) A parent company of the fossil fuel company debtor. (C) A hedge fund that owns a share in the fossil fuel company debtor..