WASHINGTON – Earlier today, the U.S. House of Representatives passed H.R. 3581, the Budget and Accounting Transparency Act. Authored by Congressman Scott Garrett (R-NJ), the common-sense reform forces the federal government to honestly and transparently account for taxpayer liabilities.
Following passage of H.R. 3581, House Budget Committee Chairman Paul Ryan issued the following statement:
“Congressman Scott Garrett has shown strong leadership in advancing the Budget and Accounting Transparency Act – a reform which forces Washington to be more honest in how it accounts for hardworking Americans’ tax dollars. This common-sense reform will make certain that market risk is incorporated when it comes to measuring the cost of government credit programs. It will also ensure a full accounting for taxpayers of the massive government liabilities incurred by Fannie Mae and Freddie Mac.
“This reform will help lawmakers get a better handle on the size and scope of our fiscal challenges. Clearly, there is no substitute for political will when it comes to the structural reforms needed to avert our looming debt crisis. Getting America back on track will require a Senate and a President willing to get serious about the drivers of the debt – a debt which stifles economic growth today and ensures the next generation will inherit a diminished future. The House Budget Committee will continue its efforts to honestly account for government’s liabilities, and we will continue to advance principled solutions to solve the challenges before us.”
To learn more about the House Budget Committee’s continued effort to repair the broken budget process: http://budget.house.gov/BudgetProcessReform/