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S 357 114th Congress Senate Finance and Financial Sector Bankruptcy Civil actions and liability Hazardous wastes and toxic substances

FACT Act

Introduced: February 4, 2015 See on congress.gov
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 2016
Committee on the Judiciary. Hearings held.
Feb 4, 2015
Read twice and referred to the Committee on the Judiciary.
Feb 4, 2015
Introduced in Senate
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 Plain-English summary Congressional Research Service

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.

What's happening now February 3, 2016

Committee on the Judiciary. Hearings held.

 Related & companion bills 2
  • HR 526 Related bill Furthering Asbestos Claim Transparency (FACT) Act of 2015
  • HR 1927 Related bill Fairness in Class Action Litigation and Furthering Asbestos Claim Transparency Act of 2016
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Cornyn, John
Texas · Feb 4, 2015
Cite this page click to expand
APA
U.S. Congress. (2026). S. 357: FACT Act. 114th Congress. Open America. https://openamerica.io/bill/114-S-357/
MLA
"S. 357: FACT Act." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-357/.
Bluebook (legal)
S. 357, 114th Cong. (2026), https://openamerica.io/bill/114-S-357/.
Markdown link
[S. 357: FACT Act](https://openamerica.io/bill/114-S-357/)
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