US HB2648 | 2015-2016 | 114th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on June 4 2015 - 25% progression, died in committee
Action: 2015-06-04 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 4 2015 - 25% progression, died in committee
Action: 2015-06-04 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Truth in Settlements Act of 2015 Sets forth new requirements for the public disclosure of any covered settlement agreement entered into by a federal executive agency. Defines "covered settlement agreement" as a settlement agreement (including a consent decree) that: (1) is entered into by an executive agency, (2) relates to an alleged violation of federal civil or criminal law, and (3) requires the payment of not less than $1 million by one or more non-federal persons (entities not within the federal government). Requires the head of each executive agency to make publicly available on the agency website a list of each covered settlement agreement entered into by the agency, which shall include: (1) the names of the parties to the settlement agreement and the date of such agreement; (2) a description of the claims that were settled under the agreement; (3) the amount each party to the agreement is obligated to pay under the terms of the agreement and the total amounts required to be paid; and (4) for each settling party, the amount the settling party is obligated to pay that has been expressly specified as a civil penalty or fine and as not deductible for tax purposes. Requires: (1) such information to remain publicly available for not less than 5 years, beginning on the date of the agreement; and (2) a copy of a covered settlement agreement to remain publicly available for a period of not less than 1 year, beginning on the date of the agreement, or for not less than 5 years for an agreement under which a non-federal person is required to pay not less than $50 million. Limits the disclosure of provisions of a covered settlement agreement that are subject to a confidentiality agreement. Requires the issuer of securities subject to reporting requirements under the Securities Exchange Act of 1934 to describe in required reports any claim of a tax deduction relating to a payment under a covered settlement agreement.
Title
Truth in Settlements Act of 2015
Sponsors
Rep. Matthew Cartwright [D-PA] | Rep. Frank Pallone [D-NJ] | Rep. Bill Posey [R-FL] | Rep. Tom Cole [R-OK] |
Rep. Chaka Fattah [D-PA] | Sen. Cynthia Lummis [R-WY] | Rep. Richard Nugent [R-FL] | Rep. Jerrold Nadler [D-NY] |
Rep. Marcy Kaptur [D-OH] | Rep. Jim Cooper [D-TN] | Sen. Kevin Cramer [R-ND] |
History
Date | Chamber | Action |
---|---|---|
2015-06-04 | House | Referred to House Financial Services |
2015-06-04 | House | Referred to House Oversight and Government Reform |
2015-06-04 | House | Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
2015-06-04 | House | Introduced in House |
Same As/Similar To
SB1109 (Same As) 2016-06-09 - Placed on the Union Calendar, Calendar No. 476.
Subjects
Civil actions and liability
Congressional oversight
Government information and archives
Government operations and politics
Income tax deductions
Securities
Congressional oversight
Government information and archives
Government operations and politics
Income tax deductions
Securities
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/2648/all-info |
Text | https://www.congress.gov/114/bills/hr2648/BILLS-114hr2648ih.pdf |