S. 1354: Tennessee Valley Authority Salary Transparency Act

This bill, known as the Tennessee Valley Authority Salary Transparency Act, aims to modify the reporting requirements for the Tennessee Valley Authority (TVA), a federal corporation responsible for electricity generation and management of the Tennessee River system. The primary focus of the bill is to amend the existing financial reporting regulations that apply to the TVA concerning employee compensation. Below are the key aspects of the bill:

Changes to Salary Disclosure Requirements

The bill proposes the following significant changes to the way the TVA must report employee salaries:

• Instead of submitting a general financial statement, the TVA will be required to provide a specific report on the total number of employees at the management level or above, including executives and Board members.
• This report will include details such as the name, salary, and duties of each employee who is receiving compensation that is at least equal to the maximum pay rate for a GS-15, which is a government classification scale used for federal employees.

Exemption from Certain Disclosure Laws

The bill also introduces provisions that exempt this salary information from being disclosed under specific federal laws:

• Information relating to the salaries of employees as disclosed in these reports will be exempt from disclosure under the Freedom of Information Act (specifically section 552(b)(3) of title 5, United States Code).
• It will also be exempt from the requirements of the Access to Congressionally Mandated Reports Act.

Changes to Audit Requirements

The bill suggests amendments to how auditing and compliance checks are conducted concerning the TVA's financial reporting:

• The report audits will now be required to be carried out by the Comptroller General of the United States, along with any representatives appointed by the Comptroller General, rather than being based on a selection that could vary.
• These changes aim to streamline accountability by specifying who is responsible for overseeing the audits.

Conforming Amendments

Finally, the bill includes conforming amendments that ensure consistency across the TVA Act by updating references and modifying existing language to reflect the changes made by this legislation.

Financial Reporting Obligations

As part of these new requirements, the TVA is expected to increase transparency regarding high-level salaries, aligning with broader calls for transparency in government and public sector compensation.

Relevant Companies

None found.