Title: Fiscal Transparency Act of 2020
Policy area: Economics and Public Finance

Summary:
Fiscal Transparency Act of 2020
This bill requires each federal agency to post annual budget and financial profiles on a public website that is currently maintained by the Department of the Treasury. The profiles must include specified details regarding the mission, organization, activities, statutory authorities, budgetary resources, and financial audits for the agency and each of its components.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7602 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7602

  To amend the Federal Funding Accountability and Transparency Act of 
    2006 to require additional information to be posted by Federal 
                   agencies, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2020

Mr. Steil (for himself, Mr. Tiffany, Mr. Gooden, Mr. Grothman, and Mrs. 
  Hartzler) introduced the following bill; which was referred to the 
                   Committee on Oversight and Reform

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Funding Accountability and Transparency Act of 
    2006 to require additional information to be posted by Federal 
                   agencies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fiscal Transparency Act of 2020''.

SEC. 2. AMENDMENTS.

    (a) Full Disclosure of Federal Funds.--Section 3 of the Federal 
Funding Accountability and Transparency Act of 2006 (31 U.S.C. 6101 
note) is amended by adding at the end the following new subsection:
    ``(c) Annual Budget and Financial Profiles of Federal Agencies and 
Their Components.--
            ``(1) In general.--Within 150 days after the end of each 
        fiscal year, the head of each Federal agency shall post the 
        following:
                    ``(A) An annual budget and financial profile for 
                the Federal agency covering the previous fiscal year.
                    ``(B) In the case of a Federal agency that has two 
                or more components, a separate profile for each 
                component of the Federal agency covering the previous 
                fiscal year, such that each profile when printed would 
                be expected to be approximately two pages in length.
                    ``(C) A financial profile for the previous two 
                years for the Federal agency and each component of the 
                Federal agency, if applicable.
            ``(2) Contents of financial profile.--The financial profile 
        required pursuant to paragraph (1) shall include the following 
        with respect to the Federal agency:
                    ``(A) A brief, narrative overview of the mission, 
                organization, activities, and statutory authorities.
                    ``(B) A simplified organization chart depicting the 
                offices and organizational components.
                    ``(C) A consolidated description of the overall 
                budgetary resources and full-time equivalent workforce, 
                broken down by mandatory and discretionary funding, and 
                discussion of how the agency if funded, such as through 
                annual and supplemental appropriations Acts, including 
                identification of significant offsetting collections 
                and their sources, and permanent appropriations.
                    ``(D) A list of each component or account, as 
                appropriate, including for each component or account, 
                as appropriate--
                            ``(i) a breakdown of discretionary and 
                        mandatory budgetary resources; and
                            ``(ii) related full-time equivalents of 
                        Federal employees.
                    ``(E) An identification of programmatic areas, 
                including any component of the Federal agency, 
                including for each identified programmatic area--
                            ``(i) a breakdown of discretionary and 
                        mandatory budgetary resources, obligations, and 
                        outlays; and
                            ``(ii) an identification of whether the 
                        programmatic area funds activities of non-
                        Federal entities.
                    ``(F) A brief description of the results of the 
                most recent financial audit by the Federal agency.
                    ``(G) Web links to the website, plans, and reports, 
                the website of the Inspector General of the Federal 
                agency, and data sources.
                    ``(H) The percentage of the Federal budget that the 
                Federal agency accounts for.
            ``(3) Contents of financial profile for the component.--The 
        profile for a component of a Federal agency shall include the 
        following with respect to the component of the Federal agency:
                    ``(A) A brief, narrative overview of the mission, 
                organization, major activities, and major statutory 
                authorities.
                    ``(B) A simplified organization chart depicting the 
                major organizational units.
                    ``(C) A consolidated description of the overall 
                budgetary resources, broken down by mandatory and 
                discretionary funding, and discussing of how the 
                component is funded, such as through annual and 
                supplemental appropriations acts, including 
                identification of significant offsetting collections 
                and their sources, and permanent appropriations.
                    ``(D) A list of the accounts and other 
                suballocations of funding, as appropriate, including 
                for each account or suballocation--
                            ``(i) a breakdown of discretionary and 
                        mandatory budgetary resources;
                            ``(ii) related full-time equivalents of 
                        Federal employees.
                    ``(E) An identification of major programmatic 
                areas, including for each identified programmatic 
                area--
                            ``(i) a breakdown of discretionary and 
                        mandatory budgetary resources, obligations, and 
                        outlays; and
                            ``(ii) an identification whether the 
                        programmatic area funds activities of non-
                        Federal entities.
                    ``(F) A brief description of any findings of the 
                most recent financial audit of the Federal agency that 
                are related to the component.
                    ``(G) Web links to the website, plans, reports, and 
                data sources.
                    ``(H) The percentage of the budget of the Federal 
                agency that the component accounts for.
            ``(4) Publication.--Not later than 150 days after the date 
        of the enactment of this subsection, and annually thereafter, 
        the Secretary, in consultation with the Director, shall ensure 
        that the information in subsection (b) is posted on the website 
        established under section 2.
            ``(5) Definitions.--In this subsection:
                    ``(A) Component.--The term `component' means a 
                major organizational unit, such as a bureau, 
                administration, or office within a Federal agency.
                    ``(B) Federal agency.--The term `Federal agency' 
                means those agencies listed in section 901(b) of tile 
                31, United States Code.''.
    (b) Technical and Conforming Amendment.--Section 2(a)(3) of the 
Federal Funding Accountability and Transparency Act of 2006 (31 U.S.C. 
6101 note) is amended by striking ``The term'' and inserting ``Except 
as otherwise provided, the term''.
    (c) Deadline.--With respect to the fiscal year in which this Act is 
enacted, if there are fewer than 150 days, the head of each Federal 
agency (as defined in section 3(c) of the Federal Funding 
Accountability and Transparency Act of 2006 (31 U.S.C. 6101 note), as 
amended by subsection (a)) shall have 150 days to meet the requirements 
of the amendments made by this section for such fiscal year beginning 
on the date of the enactment of this Act.
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