Government Funding Transparency Act of 2008

Bill: 110-hr-3928
Sponsor: Rep. Murphy, Christopher [D-CT-5]
Introduced: 2007-10-23 in the House
Policy area: Government Operations and Politics
Subjects: Commerce
Data banks
Executive compensation
Finance and Financial Sector
Financial disclosure
Government contractors
Government paperwork
Government procurement
Iraq compilation
Science, Technology, Communications

Summary:
action_date: 2007-10-23
text: 
Government Contractor Accountability Act of 2007 - Directs federal government contracting officers to require covered contractors to submit for each contract entered: (1) a certification that the contractor received 80% or less of its annual gross revenues from other federal contracts; or (2) a statement disclosing the names and salaries of the contractor's principal executive officer, principal financial officer, three most highly compensated other executive officers or individuals, and directors. Directs contracting officers to require contractors to update such statements annually. Requires such certifications and statements to be made publicly available in searchable form through the Federal Procurement Data System.

Defines a &quot;covered contractor&quot; to mean an individual or entity that: (1) received more than $5,000,000 in annual gross revenues from federal contracts for the preceding fiscal year; and (2) is not a publicly traded company required to file periodic reports under the Securities Exchange Act of 1934.

Requires the Administrator of General Services to promulgate regulations to carry out this Act.

action_date: 2008-04-17
text: 
Government Contractor Accountability Act of 2007 - Directs federal government contracting officers to require covered contractors to submit for each contract entered: (1) a certification that the contractor received 80% or less of its annual gross revenues from other federal contracts; or (2) a statement disclosing the names and salaries of the contractor's principal executive officer, principal financial officer, three most highly compensated other executive officers or individuals, and directors. Directs contracting officers to require contractors to update such statements annually. Requires such certifications and statements to be made publicly available in searchable form through the Federal Procurement Data System.

Defines a &quot;covered contractor&quot; to mean an individual or entity that: (1) received more than $25 million in annual gross revenues from federal contracts for the preceding fiscal year; and (2) is not a publicly traded company required to file periodic reports under the Securities Exchange Act of 1934.

Requires the Administrator of General Services to promulgate regulations to carry out this Act.

action_date: 2008-04-23
text: 
Government Funding Transparency Act of 2008 - Amends the Federal Funding Accountability and Transparency Act to require the Office of Management and Budget (OMB) to ensure that the federal awards website includes for each federal award of assistance or expenditures of $25,000 or more the names and total compensation of the five most highly compensated officers of the receiving entity if: (1) the entity in the preceding fiscal year received 80% or more of its annual gross revenues and $25 million or more in annual gross revenues from federal awards; and (2) the public does not have access to information about the compensation of the entity's senior executives through reports filed under the Securities Exchange Act of 1934 or the Internal Revenue Code.

Requires the Director of OMB to promulgate regulations to carry out this Act that include a definition of &quot;total compensation&quot; that is consistent with regulations of the Securities and Exchange Commission (SEC) concerning executive compensation.


Legislative actions:
action_date: 2008-04-24
text: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
action_date: 2008-04-23
text: The title of the measure was amended. Agreed to without objection.
action_date: 2008-04-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-04-23
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2575)
action_date: 2008-04-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2575)
action_date: 2008-04-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3928.
action_date: 2008-04-23
text: Considered under suspension of the rules. (consideration: CR H2574-2577)
action_date: 2008-04-23
text: Mr. Towns moved to suspend the rules and pass the bill, as amended.
action_date: 2008-04-17
text: Placed on the Union Calendar, Calendar No. 367.
action_date: 2008-04-17
text: Reported (Amended) by the Committee on Oversight and Government. H. Rept. 110-594.
action_date: 2008-04-17
text: Reported (Amended) by the Committee on Oversight and Government. H. Rept. 110-594.
action_date: 2008-03-13
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2008-03-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2008-03-11
text: Forwarded by Subcommittee to Full Committee by Voice Vote .
action_date: 2008-03-11
text: Subcommittee Consideration and Mark-up Session Held.
action_date: 2007-11-02
text: Referred to the Subcommittee on Government Management, Organization, and Procurement.
action_date: 2007-10-23
text: Referred to the House Committee on Oversight and Government Reform.
action_date: 2007-10-23
text: Sponsor introductory remarks on measure. (CR H11853)
action_date: 2007-10-23
text: Introduced in House
action_date: 2007-10-23
text: Introduced in House