Today, U.S. Rep. Bill Delahunt joined with Congressman Peter Welch (D-VT) to urge BP to direct its scheduled dividend payment to an escrow account designed solely to fund the oil spill cleanup and compensate its victims on the Gulf coast.

“It is time for BP to put its money where its mouth is,” said Delahunt. “BP needs to assure the American people that it is putting all of its efforts into stopping the leak, capping the well, and cleaning up the Gulf; this escrow account means BP will make good on its promise to finance the clean-up and provide financial help to the people of the Gulf Coast.”

In a letter to BP CEO Tony Hayward, the House members – including Welch, Subcommittee on Energy and Environment Chairman Ed Markey (D-Mass.) and Rep. Lois Capps (D-Calif.) – urged BP to ensure it has the funds to pay the full costs of the devastating Gulf Oil spill by temporarily suspending its annual $10 billion dividend. Further, the group called on BP to establish an escrow account to cover cleanup and compensation costs – and to direct dividend payments to that account.

“Your company has affirmed its intention to pay the full costs of this devastating environmental and economic disaster,” the letter said. “As those costs continue to rise – to $37 billion, by one estimate – the American people require an assurance that your company will be able to honor all legitimate claims.”

Delahunt joined with Welch and a similar group of House members last week to urge the company to suspend its dividend and public relations campaign until it fully remedies the Gulf catastrophe. The latest letter builds on Senate Democrats’ proposal to create a $20 billion escrow account administered by independent trustees and available for compensation claims and cleanup efforts.