Payoffs-for-Layoffs Corporate Welfare Elimination Act of 1997

Summary

Payoffs-for-Layoffs Corporate Welfare Elimination Act of 1997 - Prohibits any funds appropriated or otherwise made available to the Department of Defense (DOD) from being obligated or expended for payment of any restructuring cost associated with a merger or acquisition incurred by a DOD contractor. Provides for the handling of contractor claims for such costs with respect to a merger or acquisition occurring before the enactment of this Act. Amends the National Defense Authorization Act for Fiscal Year 1995 to: (1) repeal a provision made inconsistent by this Act; (2) extend through FY 2000 a requirement of a report from the Secretary of Defense to the Congress concerning DOD savings achieved under a corporate restructuring; (3) require in such report certain additional information concerning DOD's past experience with contractors for which DOD agreed to allow such costs; and (4) require a current report from the Comptroller General to the Congress to include an estimate and description of the net effect on the Federal budget of reimbursing defense contractors for such costs.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 March 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 5 March 1997

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• Introduced in House

  summary · EN · 5 March 1997

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