Fiscal State of the Union Act

Bill: 116-hr-7086
Sponsor: full_name: Rep. Arrington, Jodey C. [R-TX-19]
Introduced: 2020-06-04
Policy area: Congress
Subjects: Accounting and auditing

Congressional operations and organization

Congressional oversight

Executive agency funding and structure

Government Accountability Office (GAO)

Government studies and investigations
Latest action: action_date: 2020-06-04
text: Referred to the House Committee on House Administration.

Summaries:
action_date: 2020-06-04
action_desc: Introduced in House
text: <p><b>Fiscal State of the Union Act</b></p> <p>This bill requires both chambers of Congress to assemble each year in the Hall of the House of Representatives to receive a presentation reviewing the Government Accountability Office's audit of the financial statement of accounts and associated activities of the executive branch, together with an analysis of the financial position and condition of the federal government.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7086 IN THE HOUSE OF REPRESENTATIVES June 4, 2020 Mr. Arrington introduced the following bill; which was referred to the Committee on House Administration A BILL To require an annual fiscal state of the union, and for other purposes.

1. Short title This Act may be cited as the Fiscal State of the Union Act . 2. Fiscal state of the union (a) In general Not later than 45 days (excluding Saturdays, Sundays, and holidays) after the date on which the Secretary of the Treasury submits to Congress the audited financial statement required under paragraph (1) of section 331(e) of title 31, United States Code, on a date agreed upon by Congress and the Comptroller General of the United States, the two Houses of Congress shall assemble in the Hall of the House of Representatives to receive a presentation from the Vice President and the leader of the House of Representatives of the opposite party of the Vice President reviewing the findings of the audit required under paragraph (2) of such section and providing, with respect to the information included by the Secretary in the report accompanying such audited financial statement, an analysis of the financial position and condition of the Federal Government, including financial measures (such as the net operating cost, income, budget deficits, or budget surpluses) and sustainability measures (such as the long-term fiscal projection or social insurance projection) described in such report. (b) Effective date The requirement under subsection (a) shall apply with respect to any audited financial statement submitted on or after the date of the enactment of this Act.