The Republican-controlled U.S. Senate passed a bill, introduced by progressive Sen. Elizabeth Warren, that will force federal regulators to fully disclose settlement terms or deferred prosecution relating to a major case, specifically those regarding white collar crimes.
When regulators announce a settlement regarding Wall Street crime, they too often announce a large amount of money to make good press. However, they never talk about the minutiae of the settlement, including the fact that settlements are tax deductible. Many times, defendants only pay 25 – 60 percent of the total settlement.
The bill is designed to publicize that information by requiring press releases and federal agencies to post the fine details of settlement agreements on their respective websites. The bill received enough bipartisan support to pass the Senate as Sen. James Lankford (R-OK) cosponsored the bill with Warren.
The bill appears to be poised to pass the House of Representatives, which is also Republican-controlled. The fact that Congressional members reached across the aisle to pass effective legislation is refreshing.
For more on this story, visit Vox “Elizabeth Warren’s truth in sentencing bill for corporate crime just passed the US Senate”