US Senate passes Warren bill to require settlement details

A bill sponsored by U.S. Sen. Elizabeth Warren that aims to give the public more details about settlements reached by federal enforcement agencies has passed the Senate.

The Massachusetts Democrat says the goal of the bill is to require the agencies to be more transparent about any deals cut as part of the agreements.

She said when the government settles cases, it highlights the dollar amount obtained from the offender but often doesn't point out tax deductions and other credits built into the settlement that can reduce its actual value.

"The idea behind this bill is straightforward: If the government is going to cut deals on behalf of the American people, the American people are entitled to know what kind of a deal they're getting," Warren said in a statement Tuesday.

The bill, which passed the Senate by unanimous consent Monday evening, covers any settlement between the federal government and a private party where the private party pays a million dollars or more. The bill now heads to the U.S. House.

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