[Congressional Bills 110th Congress]
[From the U.S. Government Publishing 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.