Title: Furthering Asbestos Claim Transparency (FACT) Act of 2017
Policy area: Finance and Financial Sector

Summary:
Furthering Asbestos Claim Transparency (FACT) Act of 2017
This bill amends federal bankruptcy law to establish disclosure requirements with respect to a trust that is formed under a reorganization plan, following the discharge in bankruptcy of a debtor corporation, for the purpose of assuming the debtor's liability regarding certain legal claims related to liability for asbestos exposure.
Such a trust must file with the bankruptcy court quarterly reports, available on the public docket, that describe each demand the trust has received from a claimant and the basis for any payment made to that claimant. These reports shall not include any confidential medical record or the claimant's full Social Security number.
Upon written request, and subject to payment for reasonable costs, a trust must provide information related to payment from, and demands for payment from, the trust to any party to an action concerning liability for asbestos exposure.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 906 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 906

   To amend title 11 of the United States Code to require the public 
disclosure by trusts established under section 524(g) of such title, of 
   quarterly reports that contain detailed information regarding the 
  receipt and disposition of claims for injuries based on exposure to 
                   asbestos, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2017

Mr. Farenthold (for himself, Mr. Goodlatte, and Mr. Marino) introduced 
    the following bill; which was referred to the Committee on the 
                               Judiciary

_______________________________________________________________________

                                 A BILL


 
   To amend title 11 of the United States Code to require the public 
disclosure by trusts established under section 524(g) of such title, of 
   quarterly reports that contain detailed information regarding the 
  receipt and disposition of claims for injuries based on exposure to 
                   asbestos, and for other purposes.

    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 ``Furthering Asbestos Claim 
Transparency (FACT) Act of 2017''.

SEC. 2. AMENDMENTS.

    Section 524(g) of title 11, United States Code, is amended by 
adding at the end the following:
    ``(8) A trust described in paragraph (2) shall, subject to section 
107--
            ``(A) file with the bankruptcy court, not later than 60 
        days after the end of every quarter, a report that shall be 
        made available on the court's public docket and with respect to 
        such quarter--
                    ``(i) describes each demand the trust received 
                from, including the name and exposure history of, a 
                claimant and the basis for any payment from the trust 
                made to such claimant; and
                    ``(ii) does not include any confidential medical 
                record or the claimant's full social security number; 
                and
            ``(B) upon written request, and subject to payment 
        (demanded at the option of the trust) for any reasonable cost 
        incurred by the trust to comply with such request, provide in a 
        timely manner any information related to payment from, and 
        demands for payment from, such trust, subject to appropriate 
        protective orders, to any party to any action in law or equity 
        if the subject of such action concerns liability for asbestos 
        exposure.''.

SEC. 3. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date.--Except as provided in subsection (b), this Act 
and the amendments made by this Act shall take effect on the date of 
the enactment of this Act.
    (b) Application of Amendments.--The amendments made by this Act 
shall apply with respect to cases commenced under title 11 of the 
United States Code before, on, or after the date of the enactment of 
this Act.
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