NC South Carolina Times

Rep. Ralph Norman of South Carolina has reintroduced two legislative measures aimed at enhancing budget transparency and reform. The Fair-Value Accounting and Budget Act, co-sponsored by Representatives Glenn Grothman, Randy Weber, and Keith Self, seeks to improve Congress's oversight on federal lending by using fair-value accounting. This method is intended to provide a more accurate assessment of the costs associated with loan defaults.

The bill includes provisions that allow key members of the House and Senate Budget Committees to request fair-value estimates for legislation involving loans or guarantees. It also mandates the Congressional Budget Office (CBO) to include these estimates in its reports and requires the Office of Management and Budget (OMB) to provide annual reports on federal credit programs.

The Cost Openness and Spending Transparency (COST) Act, co-sponsored by Representatives Weber and Self, aims to increase transparency regarding how taxpayer funds are used by various entities. The act requires federal fund disbursers to certify compliance with disclosure requirements and directs the OMB to review public communications related to these funds.

Rep. Norman emphasized the importance of these reforms in a statement: "For far too long, our government has operated inefficiently, leading to poor lawmaking with hefty costs to the American taxpayer." He expressed pride in sponsoring bills that promote transparency in government spending.

Paul Winfree from the Economic Policy Innovation Center supported the Fair-Value Accounting Act, stating it would account for market risks better than current methods. Nick Johns from the National Taxpayers Union also praised this initiative for offering a clearer understanding of federal loan liabilities.

Winfree additionally endorsed the COST Act as a means for taxpayers to know how their money is spent by requiring public disclosure of project funding details.