H.R.925 - Payoffs-for-Layoffs Corporate Welfare Elimination Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Smith, Christopher H. [R-NJ-4] (Introduced 03/05/1997)|
|Committees:||House - National Security|
|Latest Action:||04/15/1997 Unfavorable Executive Comment Received from DOD. (All Actions)|
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Summary: H.R.925 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (03/05/1997)
Payoffs-for-Layoffs Corporate Welfare Elimination Act of 1997 - Prohibits any funds appropriated or otherwise made available to the Department of Defense (DOD) from being obligated or expended for payment of any restructuring cost associated with a merger or acquisition incurred by a DOD contractor.
Provides for the handling of contractor claims for such costs with respect to a merger or acquisition occurring before the enactment of this Act.
Amends the National Defense Authorization Act for Fiscal Year 1995 to: (1) repeal a provision made inconsistent by this Act; (2) extend through FY 2000 a requirement of a report from the Secretary of Defense to the Congress concerning DOD savings achieved under a corporate restructuring; (3) require in such report certain additional information concerning DOD's past experience with contractors for which DOD agreed to allow such costs; and (4) require a current report from the Comptroller General to the Congress to include an estimate and description of the net effect on the Federal budget of reimbursing defense contractors for such costs.