California has reached a three-party compromise on Senate Bill 492 designed to reduce wildfire risk, support fire survivors, and strengthen utility accountability, according to a statement from Governor Gavin Newsom.
The bill blocks hedge funds from profiting off wildfire survivors, bars utility executives from receiving bonuses when their company ignites a fire, and accelerates payments to survivors. It also establishes a Statewide Community Wildfire Strategy to coordinate prevention and preparedness efforts across the state.
Governor Newsom said the compromise represents "real progress for future fire survivors," but cautioned that broader reform is still needed. He called on the Legislature to build on the agreement next year to secure the Wildfire Fund's long-term stability, stabilize electricity rates, and prevent fire victims from becoming unsecured creditors in bankruptcy proceedings.