Bill > S872

This bill aims to enhance transparency in federal spending by amending the Federal Funding Accountability and Transparency Act of 2006 to require reporting of "other transaction agreements" (special types of flexible funding agreements often used in research and development contracting) on USAspending.gov. The bill mandates that within three years, data on these agreements must be automatically transmitted to the government spending website and presented in a centralized view. Additionally, the bill requires an annual report detailing the total amount of federal spending not yet posted online, including reasons for non-disclosure such as national security classifications or subawards below a certain threshold. The legislation also introduces new requirements for federal agencies to ensure the completeness and accuracy of spending data, with the Secretary of the Treasury and the Director of the Office of Management and Budget tasked with establishing data quality standards. Furthermore, the bill requires the Government Accountability Office (GAO) to review and recommend updates to federal acquisition regulations to improve transparency. These provisions are designed to increase public access to information about how federal funds are being spent and reduce what the bill calls "secret spending" by providing more comprehensive reporting of government financial transactions.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/872/all-info