Bi-partisan support for federal Truth in Settlements Act - WAFF-TV: News, Weather and Sports for Huntsville, AL

Bi-partisan support for federal Truth in Settlements Act

Lawmakers said the Truth in Settlements Act will offer government transparency that hasn't existed in the past. (Source: MGN Online) Lawmakers said the Truth in Settlements Act will offer government transparency that hasn't existed in the past. (Source: MGN Online)
HUNTSVILLE, AL (WAFF) -

The federal government may soon have to tell the whole story when big companies reach settlements for disasters such as the BP oil spill. A new law could require the fine print in those deals be made public.

Lawmakers said the Truth in Settlements Act will offer government transparency that hasn't existed in the past. According to the AP, in 2013 the government had a record-breaking settlement year with Wall Street corporations and other industries.

The Truth in Settlements Act has bi-partisan support. Senator Elizabeth Warren said the act will stop backroom deal-making and ensure agencies are accountable for effective enforcement when corporations break the law.

She pointed to a recent private settlement the government struck with Wells Fargo that was only a fraction of a public deal struck with JPMorgan over similar allegations and crimes.

Remember, when breaking news happens, we break it first online, by email, and by text. If you want to receive our breaking news alerts by text, pull out your phone right now and text NEWS to 44848. Message and data rates may apply. You can text STOP at any time to cancel your subscription, text HELP for more information, or call 877-571-0774 for support.

Copyright 2014 WAFF. All rights reserved. 

  • Trending StoriesTrending StoriesMore>>

  • Parents make heartbreaking decision over son with autism

    Parents make heartbreaking decision over son with autism

    Wednesday, May 24 2017 11:10 AM EDT2017-05-24 15:10:16 GMT
    KMOV has chosen not to identify him by name or show pictures of what he currently looks like. (Credit: Wallens)KMOV has chosen not to identify him by name or show pictures of what he currently looks like. (Credit: Wallens)

    A parent's love knows no bounds. But what happens when you truly believe your child is going to harm himself or someone else? One family tells News 4 they made a heartbreaking decision about their son with autism, all because they felt they had no other options. 

    More >>

    A parent's love knows no bounds. But what happens when you truly believe your child is going to harm himself or someone else? One family tells News 4 they made a heartbreaking decision about their son with autism, all because they felt they had no other options. 

    More >>
  • Pregnant teen blocked from walking at graduation

    Pregnant teen blocked from walking at graduation

    Wednesday, May 24 2017 2:45 AM EDT2017-05-24 06:45:22 GMT
    Wednesday, May 24 2017 2:45 AM EDT2017-05-24 06:45:22 GMT

    The school principal says the student and her parents signed a covenant, vowing the teen wouldn’t have sex.

    More >>

    The school principal says the student and her parents signed a covenant, vowing the teen wouldn’t have sex.

    More >>
  • Abandoned at Birth

    Abandoned at Birth

    Tuesday, May 23 2017 11:21 PM EDT2017-05-24 03:21:57 GMT

    A baby left in a dumpster in the first hours of his life has recovered and is getting ready to celebrate his third birthday. 

    More >>

    A baby left in a dumpster in the first hours of his life has recovered and is getting ready to celebrate his third birthday. 

    More >>
Powered by Frankly