Reps. Pete Olson (R-Texas) and Marsha Blackburn (R-Tenn.) last week introduced the “Stop RIN Fraud Act of 2012” (H.R. 6444) in an effort to eliminate fraud in the Environmental Protection Agency's (EPA) renewable identification number (RIN) program.
Rep. Olson said in a press statement that the lack of oversight in the RIN market has allowed illicit companies to generate hundreds of millions of fake RINs, costing legitimate producers, refiners and traders hundreds of millions of dollars in losses. The new legislation would require EPA to ensure the validity of RINs before they are traded on the market.
The legislation follows a July hearing by the House Energy and Commerce Committee Subcommittee on Oversight and Investigations on the complexity and nature of a renewable identification numbers (RINs) trading scandal that brought negative publicity to the biofuels industry and to EPA earlier in the year.
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