Overview
Title
To amend the Federal Funding Accountability and Transparency Act of 2006 to ensure that other transaction agreements are reported to USAspending.gov, and for other purposes.
ELI5 AI
H.R. 8690, called the "Stop Secret Spending Act of 2024," is a plan to make sure the government tells everyone about all the different ways it spends money by showing it on a special website, so people know where the money is going.
Summary AI
H.R. 8690, known as the "Stop Secret Spending Act of 2024," aims to improve transparency in federal spending by requiring that all types of transaction agreements be reported to USAspending.gov. The bill amends the Federal Funding Accountability and Transparency Act of 2006 to include these other transaction agreements in financial disclosures, establish unique identifiers for this data, and require annual reports on unreported federal spending. Additionally, it mandates that federal agencies ensure the accuracy of posted information and comply with display standards. Lastly, the Inspector General of each agency must submit and publicly disclose reports on a regular basis to enhance accountability.
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AnalysisAI
Summary of the Bill
The proposed bill, titled "Stop Secret Spending Act of 2024," aims to enhance financial transparency in federal funding. It seeks to amend the Federal Funding Accountability and Transparency Act of 2006 by mandating the reporting of "other transaction agreements" on the USAspending.gov website. These agreements, which diverge from traditional contracts and grants, often cover flexible funding mechanisms that federal agencies use. The bill also proposes creating unique identifiers for such agreements and mandates annual reporting on unreported federal spending. Additionally, it outlines new requirements for federal agencies to ensure accurate and complete financial reporting compliance.
Significant Issues
Several significant issues emerge from the provisions of this bill:
Increased Administrative Burden: The inclusion of "other transaction agreements" in federal reporting could lead to a heavier administrative workload for federal agencies. Clear guidelines on how to categorize and report these agreements differently from existing types are necessary to streamline this process.
Feasibility Concerns: The bill's requirement to create unique identifiers for other transaction agreements within 90 days may pose feasibility concerns. The short timeline might challenge federal agencies, risking inadequate implementation.
Vagueness in Reporting Standards: The bill contains ambiguous language regarding the quality and display standards for reported information. Lack of specificity could lead to inconsistent application across different federal entities.
Lack of Accountability Mechanism: There is no clear enforcement mechanism provided to ensure federal agencies adhere to the new disclosure requirements, which could potentially undermine the transparency objectives intended by the bill.
Impact on the Public
Broadly, the bill seeks to benefit the public by increasing transparency in federal spending. By mandating detailed reporting of financial agreements, it aims to provide citizens with a clearer understanding of how federal funds are allocated and spent. Greater transparency may increase public trust in government operations by holding agencies accountable for their financial activities.
Impact on Specific Stakeholders
Federal Agencies: For federal agencies, the bill introduces new reporting obligations. While increasing transparency, it may also stretch existing resources due to the added administrative responsibilities and potential need for training staff on new reporting categories and standards.
Taxpayers: For taxpayers, the potential for improved transparency could lead to a better-informed citizenry that can more effectively engage with government financial decision-making processes. This transparency may also prevent misuse or inefficiency in federal fund allocation by enabling public scrutiny.
Contractors and Recipients of Other Transaction Agreements: These stakeholders may face more rigorous oversight, which could increase the complexity and scrutiny associated with obtaining or managing government funds. While potentially more burdensome, enhanced visibility might also offer benefits by streamlining procurement and funding processes.
In summary, the Stop Secret Spending Act of 2024 seeks to improve transparency in federal funding, though its success hinges on overcoming administrative and feasibility challenges. By resolving ambiguities and establishing clear accountability mechanisms, the bill has the potential to significantly enhance public transparency and trust in federal financial activities.
Issues
The amendment to include 'other transaction agreements' in reporting might lead to increased administrative burden without clear guidelines on handling these agreements differently from existing categories. (Section 2)
There is no clear mechanism for accountability or enforcement if agencies fail to comply with the new disclosure requirements, potentially undermining the effectiveness of the transparency goals. (Section 3)
The obligation of creating unique identifiers for 'other transaction agreements' within 90 days raises concerns about the feasibility and effectiveness of such a rapid implementation. (Section 2)
The language around 'quality of information' and 'display standards' in section 3(c) and 3(d) is vague, potentially allowing for inconsistent interpretation and implementation by different federal agencies. (Section 3)
The amendments rely on the publication of a 'list' by the Secretary under section 3(e)(2), but it is not specified what criteria will be used to determine which agencies or components are included on this list, potentially leading to arbitrary or biased decisions. (Section 3)
The timeline for Inspector General reports under section 6(a) of the Federal Funding Accountability and Transparency Act of 2006 could be clearer, particularly concerning when the initial report following the enactment of the Stop Secret Spending Act of 2024 is due. (Section 3)
The requirement for the Secretary to assess and determine agency reporting every two years could be seen as burdensome and may lead to inefficiencies or inconsistencies if not standardized. (Section 3)
The clause on 'the reason data on Federal spending has not been posted' could be expanded to include other potential reasons beyond the specified options, ensuring comprehensive coverage. (Section 2)
There is ambiguity in how 'subaward below a primary subaward' is defined and might cause confusion in assessing what qualifies under this category. (Section 2)
The language regarding the reporting of unreported funding categories lacks detail on how data will be verified or validated before being posted online, which might lead to unreliable information. (Section 2)
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The section provides the short title for the Act, which is called the “Stop Secret Spending Act of 2024.”
2. Other transaction agreement reporting Read Opens in new tab
Summary AI
The bill amends the Federal Funding Accountability and Transparency Act of 2006 to include "other transaction agreements" in its reporting requirements. It also mandates the creation of unique identifiers for these agreements, and requires annual reports on federal spending not posted online, including reasons for omission, such as national security or classification concerns.
3. Other amendments Read Opens in new tab
Summary AI
The bill makes changes to the Federal Funding Accountability and Transparency Act of 2006 to require each Federal agency's Inspector General to report to Congress about their spending on a regular basis. It also sets guidelines to ensure federal agencies provide complete and accurate information about their spending and mandates these agencies to follow display standards for transparency.