Ask AI
Bill114th CongressFiled Jan 26, 2015Finance and Financial Sector
H.R. 526

Furthering Asbestos Claim Transparency (FACT) Act of 2015

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary reported to house without amendment (Nov 30, 2015)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Furthering Asbestos Claim Transparency (FACT) Act of 2015

(Sec. 2) This bill 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.

Such a trust shall 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).

Such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, shall provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity concerning liability for asbestos exposure.

What just happenedNov 30, 2015

Placed on the Union Calendar, Calendar No. 271.

Who’s behind it

Rep. Farenthold, Blake [R-TX-27](R-TX)Sponsor
3 cosponsors3 R
Read on Congress.gov
3cosponsors1committees10actions2related bills3subjects
  1. Nov 30, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 271.

  2. Nov 30, 2015CommitteeH12200

    Reported by the Committee on Judiciary. H. Rept. 114-352.

    Judiciary Committee
  3. Nov 30, 2015Committee5000

    Reported by the Committee on Judiciary. H. Rept. 114-352.

    Judiciary Committee
  4. May 14, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 19 - 9.

    Judiciary Committee
  5. May 14, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Judiciary Committee
  6. May 13, 2015Committee

    Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.

    Judiciary Committee
  7. Mar 17, 2015Committee

    Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

    Administrative State, Regulatory Reform, and Antitrust Subcommittee
  8. Jan 26, 2015IntroReferralH11100

    Referred to the House Committee on the Judiciary.

    Judiciary Committee
  9. Jan 26, 2015IntroReferralIntro-H

    Introduced in House

  10. Jan 26, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentNov 30, 201579

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Furthering Asbestos Claim Transparency (FACT) Act of 2015

(Sec. 2) This bill 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.

Such a trust shall 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).

Such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, shall provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity concerning liability for asbestos exposure.

Introduced in HouseJan 26, 2015

Furthering Asbestos Claim Transparency (FACT) Act of 2015

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 payment from, the trust to any party to any action in law or equity concerning liability for asbestos exposure.

Furthering Asbestos Claim Transparency (FACT) Act of 2015 — Informed