A bill to provide for certain financial reporting requirements to apply to the legislative branch of the Federal Government, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Legislative Branch Financial 
Accountability Act of 2004''.

SEC. 2. CONGRESS.

    (a) In General.--The Senate and the House of Representatives each 
shall annually have a financial statement prepared in accordance with 
United States generally accepted accounting principles, and have the 
statement independently audited, for the preceding calendar year 
covering all the accounts and associated activities of the Senate and 
the House of Representatives, respectively.
    (b) Financial Statement.--Each financial statement shall reflect 
the organizational structure of the Senate and House of 
Representatives, respectively, and shall cover accounts and financial 
information for all entities of the Senate and House of 
Representatives, respectively. Joint activities shall be reflected in 
the financial statement of a House of Congress to the extent that the 
House funds the activities.

SEC. 3. AGENCIES.

    (a) In General.--Each agency under subsection (b) shall annually 
have a financial statement prepared in accordance with United States 
generally accepted accounting principles, and have the statement 
independently audited, for the preceding fiscal year covering all the 
accounts and associated activities of the agency.
    (b) The agencies referred to under subsection (a) are the--
            (1) Library of Congress;
            (2) Congressional Budget Office;
            (3) Government Accountability Office;
            (4) Government Printing Office;
            (5) United States Botanic Garden;
            (6) Architect of the Capitol;
            (7) United States Capitol Police; and
            (8) any other entity of the legislative branch established 
        by Congress and not required by statute to have annual 
        financial statements independently audited.

SEC. 4. REPORT.

    (a) In General.--Not later than 90 days after the date of enactment 
of this Act, a report described under subsection (b)--
            (1) shall be submitted by the Committee on Rules and 
        Administration of the Senate, with respect to the entities of 
        the Senate, to the Committee on Governmental Affairs of the 
        Senate;
            (2) shall be submitted by the Committee on Administration 
        of the House of Representatives, with respect to entities of 
        the House of Representatives, to the Committee on Government 
        Reform of the House of Representatives; and
            (3) shall be submitted by each legislative agency or entity 
        under section 3 to the--
                    (A) Committee on Rules and Administration of the 
                Senate and the Committee on Governmental Affairs of the 
                Senate; and
                    (B) Committee on Administration of the House of 
                Representatives and the Committee on Government Reform 
                of the House of Representatives.
    (b) Content.--Each report under subsection (a) shall include--
            (1) a plan for implementation of this Act, including 
        whether the establishment of an office is necessary to carry 
        out this Act; and
            (2) recommendations, including legislative actions and 
        amendments to this Act, if necessary, to effectively carry out 
        this Act.

SEC. 5. PREPARATION AND AUDIT OF STATEMENTS.

    (a) Preparation.--
            (1) Congress.--Not later than 60 days after the submission 
        of the report under section 4, the majority leader of the 
        Senate in consultation with the minority leader of the Senate, 
        and the Speaker of the House of Representatives in consultation 
        with the minority leader of the House of Representatives, shall 
        establish offices in the Senate and the House of 
        Representatives, respectively, that shall prepare the financial 
        statements for each House required by this Act in accordance 
        with United States generally accepted accounting principles.
            (2) Legislative agencies and entities.--Not later than 60 
        days after the submission of the report under section 5, the 
        head of each legislative agency or entity shall designate an 
        individual or establish an office that shall prepare the 
        financial statements required by this Act in accordance with 
        United States generally accepted accounting principles.
    (b) Audit.--With respect to the financial statements of each House 
of Congress and each legislative agency or other entity, the majority 
leader of the Senate in consultation with the minority leader of the 
Senate, the Speaker of the House of Representatives in consultation 
with the minority leader of the House of Representatives, and the head 
of each legislative agency or other entity, respectively, shall 
provide, by contract, for an independent audit of the financial 
statements required by this Act in accordance with generally accepted 
government auditing standards. Not later than 45 days after the end of 
the applicable fiscal year, whether calendar or fiscal, and each year 
thereafter, each House of Congress and head of legislative agency or 
entity shall complete and make available to the public the 
independently audited financial statement.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act in fiscal year 2005, and each fiscal 
year thereafter.

SEC. 7. EFFECTIVE DATES.

    (a) In General.--Sections 2 and 3 shall take effect in the 
applicable fiscal year, whether calendar or fiscal, during which the 
office referred to in section 5 is established.
    (b) Administrative Provisions.--Sections 1, 4, 5, and 6 shall take 
effect on the date of enactment of this Act.

Summary: Legislative Branch Financial Accountability Act of 2004 - Requires the Senate, House of Representatives, Library of Congress, Congressional Budget Office, Government Accountability Office, Government Printing Office, U.S. Botanic Garden, Architect of the Capitol, U.S. Capitol Police, and any congressional legislative branch entity not required by statute to have annual financial statements independently audited to each have a financial statement prepared in accordance with U.S. generally accepted accounting principles, and have the statement independently audited, for the preceding calendar year covering all such entity's accounts and associated activities.

Requires the entities to report to appropriate congressional committees on: (1) the implementation of this Act, including whether the establishment of an office is necessary; and (2) recommendations, including legislative actions and amendments to this Act, if necessary, to effectively carry it out.

Sets forth requirements for the preparation and audit of the statements.