S. 357: FACT Act
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S. 357: FACT Act
114th Congress · introduced 2015-02-04 · Finance and Financial Sector · Latest: Committee on the Judiciary. Hearings held.
federal
Follow this bill, step by step
- Where it came from: introduced 2015-02-04 · official record
- Who proposed it: Sen. Flake, Jeff [R-AZ] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Committee on the Judiciary. Hearings held. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
FACT Act
Plain summary
Furthering Asbestos Claim Transparency Act of 2015 or FACT Act Amends federal bankruptcy law concerning a trust formed under a reorganization plan following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products. Requires such a trust to file with the bankruptcy court quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number). Requires such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, to provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity concerning liability for asbestos exposure.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
What a vote does
A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
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The strongest published arguments
Arguments for (supporters)
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Arguments against (opponents)
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Flake, Jeff [R-AZ] · 2 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
John Cornyn (R-TX)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s357.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>
Record fed-us-cong114-s357 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114