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H.R. 3928 (110th): Government Funding Transparency Act of 2008


The text of the bill below is as of Apr 24, 2008 (Referred to Senate Committee).


HR 3928 RFS

110th CONGRESS

2d Session

H. R. 3928

IN THE SENATE OF THE UNITED STATES

April 24, 2008

Received; read twice and referred to the Committee on Homeland Security and Governmental Affairs


AN ACT

To amend the Federal Funding Accountability and Transparency Act of 2006 to require certain recipients of Federal funds to disclose the names and total compensation of their most highly compensated officers, and for other purpose.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Government Funding Transparency Act of 2008'.

SEC. 2. FINANCIAL DISCLOSURE REQUIREMENTS FOR CERTAIN RECIPIENTS OF FEDERAL AWARDS.

    (a) Disclosure Requirements- Section 2(b)(1) of the Federal Funding Accountability and Transparency Act (Public Law 109-282; 31 U.S.C. 6101 note) is amended--

      (1) by striking `and' at the end of subparagraph (E);

      (2) by redesignating subparagraph (F) as subparagraph (G); and

      (3) by inserting after subparagraph (E) the following new subparagraph:

        `(F) the names and total compensation of the five most highly compensated officers of the entity if--

          `(i) the entity in the preceding fiscal year received--

            `(I) 80 percent or more of its annual gross revenues in Federal awards; and

            `(II) $25,000,000 or more in annual gross revenues from Federal awards; and

          `(ii) the public does not have access to information about the compensation of the senior executives of the entity through periodic reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) or section 6104 of the Internal Revenue Code of 1986.'.

    (b) Regulations Required- The Director of the Office of Management and Budget shall promulgate regulations to implement the amendment made by this Act. Such regulations shall include a definition of `total compensation' that is consistent with regulations of the Securities and Exchange Commission at section 402 of part 229 of title 17 of the Code of Federal Regulations (or any subsequent regulation).

Passed the House of Representatives April 23, 2008.

Attest:

LORRAINE C. MILLER,

Clerk.