Federal regulators routinely say that they don't need to take companies to trial for breaking the law because settlement agreements were tough enough to enforce the law.
if the regulatory agencies are so confident that settlements are a good deal for the taxpayers they represent, then you would think they would be willing to publicly disclose the key terms and conditions of those agreements — hang it right out there so everyone can see what a great job they did on behalf of the American people. But too many times, that isn’t what they do.
Instead of making all the terms public, they announce a big “sticker price” for the settlement, then hide the details in fine print or fail to disclose that the company will get a big tax deduction or—worst of all—declare all the terms of the deal “confidential."
Tom Coburn and I introduced the Truth in Settlements Act to require accessible, detailed disclosures about these agreements so the public can hold regulators accountable for these deals.
The job of the regulators is to make certain that no one is above the law no matter how powerful or well-connected they are. The Truth in Settlements Act is one way to keep their feet to the fire to see that promise through.
Sign up now to show your support for the Truth in Settlements Act.: