Bill > S1434

This bill, known as the "Tracking Receipts to Adversarial Countries for Knowledge of Spending Act" or the "TRACKS Act", aims to enhance transparency and reporting of federal funding provided to foreign entities in countries of concern. Specifically, the bill amends the Federal Funding Accountability and Transparency Act of 2006 to expand the definition of "subaward" and introduce new reporting requirements for subawards given to entities in foreign countries of concern or to foreign entities of concern, as defined in the William M. (Mac) Thornberry National Defense Authorization Act. The bill requires that recipients of such "covered subawards" disclose detailed information about these awards in the same manner as existing subaward reporting requirements. Within 90 days of the bill's enactment, the Director is mandated to issue guidance establishing consistent standards for agencies, prime award recipients, and covered subaward recipients to comply with these new reporting obligations. The goal is to provide greater oversight and transparency into how U.S. federal funds are being distributed to potentially sensitive foreign entities.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/1434/all-info