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House Votes to Increase Budget Transparency and Accountability

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By:
Date:
Location: Washington, DC

The House also acted this week to increase transparency and accountability in the federal budget process. According to the Congressional Budget Office, accounting procedures that are currently used to estimate the cost of federal credit programs understate their true cost by as much as $55 billion a year. To bring federal credit programs in line with the private sector, Congressman Miller supported legislation passed by the House on Wednesday to require the use of fair-value accounting for federal programs that issue direct loans or guarantee loans. This would essentially require federal programs to calculate the market risk the government is incurring by making loans and loan guarantees. To ensure that the government fulfills its obligation to explain to taxpayers how their hard-earned money is being spent in Washington, the House-passed bill would also require that federal agencies make their annual budget requests available to the public at the time they are submitted to Congress.


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