To amend title 11 of the United States Code to ensure oil, gas, and coal companies that are debtors in bankruptcy fulfill environmental reclamation obligations.

1) What happened: On May 26, 2026, Representative Dave Min (D-CA) introduced HR9035, a bill to amend Title 11 of the US Bankruptcy Code to ensure that oil, gas, and coal companies fulfill environmental reclamation obligations (e.g., plugging wells, restoring mined land) as part of bankruptcy proceedings. The bill was referred to the House Judiciary and Natural Resources Committees. It has 4 cosponsors and is in early legislative stages. 2) The money trail: This bill does not authorize or appropriate any federal funding. It imposes a regulatory condition on bankruptcy proceedings, effectively elevating environmental reclamation liabilities in the creditor hierarchy. The financial impact is indirect: it increases the cost of bankruptcy for affected companies by mandating that reclamation costs be paid before other unsecured claims. This could reduce recoveries for general creditors and raise legal expenses. No direct government spending is involved. 3) Structural winners and losers: The primary losers are oil, gas, and coal companies with significant reclamation liabilities, particularly those with weaker balance sheets that might face bankruptcy. Large, financially strong companies like , , and $COP are less affected but still face marginally higher regulatory risk. Coal companies (e.g., $ARCH, $BTU) are more exposed due to higher reclamation costs relative to market cap, but they are not included due to confidence constraints. Environmental services companies that perform reclamation work (e.g., $CLH, $RSG) could see increased demand if the bill passes, but the link is indirect and not included. 4) Real market data: No real market data was provided for stock prices. The competitive landscape remains unchanged in the near term. 5) Timeline: The bill is in early stages. It must pass both House committees, then the full House, then the Senate, and be signed by the President. Given the divided 119th Congress (Republican-controlled House, Democratic-controlled Senate), passage is unlikely in this session. The bill serves as a signaling mechanism for future legislative efforts.