This bill amends federal coal mining regulations to strengthen financial protections for taxpayers by requiring coal mining companies to post more secure bonds before beginning surface mining operations. Currently, some coal companies can post "self-bonds" using their own company assets to guarantee they will pay for environmental reclamation, which creates taxpayer risk if the company fails financially. The bill eliminates self-bonding and requires companies to use surety bonds or collateral instead, while also restricting what can be used as collateral—such as coal, mining equipment, and coal-related property. The bill directs the Secretary of the Interior to issue new rules within one year to limit risks from surety bond companies and sets strict financial standards for alternative bonding systems that states may propose. Companies with existing self-bonds must replace them by their next permit renewal or major modification date, and states allowing self-bonds must change their programs within 90 days of the bill's enactment to comply with these new requirements.
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