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

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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.

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