The US Senate just passed a bill sponsored by Massachusetts Senator Elizabeth Warren that aims to give the public more details about settlements reached by federal enforcement agencies has passed the Senate.
According to the Boston Herald:
“The idea behind this bill is straightforward: If the government is going to cut deals on behalf of the American people, the American people are entitled to know what kind of a deal they’re getting,” Warren said in a statement Tuesday.
The bill passed through the Senate unanimously on Monday and covers any settlement between the federal government and a private party where the private party pays more than $1 million. Now, the bill is headed to the House of Representatives.
Any written public statement issued by an agency regarding the value of a major settlement would be mandated to include an explanation of how the settlement payments are categorized for tax purposes and whether or not payments may be offset by credits for particular conduct.
The legislation was co-sponsored by Oklahoma Republican Sen. James Lankford.