News
Jul 21 2006
Web Site May Track Federal Funds
Bill Calls for Web Site to Track Billions in Federal Awards, Provide Access to Taxpayers
From the Associated Press article:
The Federal Funding Accountability and Transparency Act (S. 2590) would publicly disclose all recipients of federal funding, including the $460 billion in grants, $340 billion in contracts, and hundreds of billions in loans, insurance and direct payments made each year. Allocations would be posted within 30 days of the government's award date, the bill proposes.
During a subcommittee hearing on the idea this past week, Sen. John McCain, R-Ariz., another bill co-sponsor, said the site would justify "whatever expense is associated with it in the first five minutes" because lawmakers will think twice before appropriating money for certain projects when their constituents can easily review how their tax dollars are being spent.
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The Federal Funding Accountability and Transparency Act (S. 2590) would publicly disclose all recipients of federal funding, including the $460 billion in grants, $340 billion in contracts, and hundreds of billions in loans, insurance and direct payments made each year. Allocations would be posted within 30 days of the government's award date, the bill proposes.
During a subcommittee hearing on the idea this past week, Sen. John McCain, R-Ariz., another bill co-sponsor, said the site would justify "whatever expense is associated with it in the first five minutes" because lawmakers will think twice before appropriating money for certain projects when their constituents can easily review how their tax dollars are being spent.
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