California Governor Gavin Newsom today announced a significant three-party compromise on Senate Bill 492, aimed at reducing wildfire risk, supporting fire survivors, and enhancing utility accountability across the state.
The agreement, reached yesterday, includes measures to prevent hedge funds from profiting from wildfire victims and prohibits utility executives from receiving bonuses if their company causes a fire. It also expedites financial aid to survivors and establishes a Statewide Community Wildfire Strategy for better prevention and preparedness.
Governor Newsom said, "This is all real progress for future fire survivors." He emphasized the need for "full structural reform," urging the Legislature to continue efforts next year to secure the Wildfire Fund's long-term stability, stabilize electricity rates, and protect fire victims from becoming unsecured creditors in bankruptcy proceedings.