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S.2319: FACT Act

About this Bill

You can read the bill
Sponsor Jeff Flake, R-Ariz.
Total Cosponsors 1 (All Republicans)
Introduced May 12, 2014
Latest Major Action May 12, 2014
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Furthering Asbestos Claim Transparency Act of 2014 or FACT Act - Amends federal bankruptcy law concerning a trust formed under a reorganization plan following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products.

Requires such a trust to file with the bankruptcy court quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).

Requires such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, to provide any information related to payment from, and demands for paym...

(Source: Congressional Research Service)

Bill Actions

Date Description
May 12, 2014 Read twice and referred to the Committee on the Judiciary.