S.1145 - Truth in Settlements Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 05/17/2017)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Latest Action:||Senate - 05/17/2017 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.1145 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (05/17/2017)
Truth in Settlements Act of 2017
This bill sets forth new requirements for the public disclosure of any covered settlement agreement entered into by a federal executive agency. The bill 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 at least $1 million by one or more non-federal persons (entities not within the federal government).
Each executive agency must 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. The bill 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 at least 5 years for an agreement under which a non-federal person is required to pay not less than $50 million.
The bill limits the disclosure of provisions of a covered settlement agreement that are subject to a confidentiality agreement.
The issuer of securities subject to reporting requirements under the Securities Exchange Act of 1934 must describe in required reports any claim of a tax deduction relating to a payment under a covered settlement agreement.