[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 3928 Referred in Senate (RFS)]
2d Session
H. R. 3928
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 24, 2008
Received; read twice and referred to the Committee on Homeland Security
and Governmental Affairs
_______________________________________________________________________
AN ACT
To amend the Federal Funding Accountability and Transparency Act of
2006 to require certain recipients of Federal funds to disclose the
names and total compensation of their most highly compensated officers,
and for other purpose.
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 ``Government Funding Transparency Act
of 2008''.
SEC. 2. FINANCIAL DISCLOSURE REQUIREMENTS FOR CERTAIN RECIPIENTS OF
FEDERAL AWARDS.
(a) Disclosure Requirements.--Section 2(b)(1) of the Federal
Funding Accountability and Transparency Act (Public Law 109-282; 31
U.S.C. 6101 note) is amended--
(1) by striking ``and'' at the end of subparagraph (E);
(2) by redesignating subparagraph (F) as subparagraph (G);
and
(3) by inserting after subparagraph (E) the following new
subparagraph:
``(F) the names and total compensation of the five
most highly compensated officers of the entity if--
``(i) the entity in the preceding fiscal
year received--
``(I) 80 percent or more of its
annual gross revenues in Federal
awards; and
``(II) $25,000,000 or more in
annual gross revenues from Federal
awards; and
``(ii) the public does not have access to
information about the compensation of the
senior executives of the entity through
periodic reports filed under section 13(a) or
15(d) of the Securities Exchange Act of 1934
(15 U.S.C. 78m(a), 78o(d)) or section 6104 of
the Internal Revenue Code of 1986.''.
(b) Regulations Required.--The Director of the Office of Management
and Budget shall promulgate regulations to implement the amendment made
by this Act. Such regulations shall include a definition of ``total
compensation'' that is consistent with regulations of the Securities
and Exchange Commission at section 402 of part 229 of title 17 of the
Code of Federal Regulations (or any subsequent regulation).
Passed the House of Representatives April 23, 2008.
Attest:
LORRAINE C. MILLER,
Clerk.