S. 3076 (112th): FACT Act

Introduced:
May 10, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Thomas Coburn [R-OK]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on May 10, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced May 10, 2012
Referred to Committee May 10, 2012
Cosponsors
none
Committees

Senate Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos, and the filing of such reports with the Executive Office for United States Trustees.

Summary

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Text

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Last updated May 10, 2012.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/10/2012--Introduced.
Furthering Asbestos Claim Transparency Act of 2012 or FACT Act - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization 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 and the U.S. Trustee 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 also to provide any information relating to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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