BP Agrees to Put $20 Billion in Escrow Account for People Affected by Oil Spill, White House Says

BP today pledged to put $20 billion in an escrow account to compensate people affected by the Gulf coast oil spill, a White House official told ABC News.

The fund will be run by lawyer Kenneth Feinberg, who also oversees salary limits for companies getting federal bailout money.

This is the first time the president has met with any BP executives since the spill began on April 20, after an explosion at the Deepwater Horizon offshore oil rig.