Bill > HR2917

This bill, known as the TRACKS Act (Tracking Receipts to Adversarial Countries for Knowledge of Spending Act), aims to enhance transparency and tracking of federal funding that may be sent to potentially adversarial countries or entities. The bill amends the Federal Funding Accountability and Transparency Act of 2006 by expanding the definition of "subaward" to include various types of financial transactions passed from one entity to another, and introducing new reporting requirements for "covered subawards" specifically. A covered subaward is defined as a financial award given to an entity located in a "foreign country of concern" or a "foreign entity of concern" as defined in a previous National Defense Authorization Act. The bill mandates that recipients of such covered subawards must disclose detailed information about these awards in the same manner as other subawards, and requires the Director to issue guidance within 90 days of the Act's enactment to establish consistent reporting standards for agencies, primary award recipients, and subaward recipients. The primary goal is to provide greater oversight and transparency into federal funding that might potentially be directed to countries or entities deemed to be of strategic concern to the United States.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/2917/all-info