H.R.2648 - Truth in Settlements Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Cartwright, Matt [D-PA-17] (Introduced 06/04/2015)|
|Committees:||House - Oversight and Government Reform; Financial Services|
|Latest Action:||House - 06/04/2015 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. (All Actions)|
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Summary: H.R.2648 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (06/04/2015)
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.