Two Illinois congressmen are proposing legislation that would require the federal government to share financial statements online. U.S. Reps. Robert Dold (R-Kenilworth) and Mike Quigley (D-Chicago) say the proposed Truth in Government Accounting Act would increase the government’s accountability to taxpayers and encourage responsible spending and budgeting by requiring quarterly financial statements.
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The independently audited statements would be posted on a centralized website that would be created under the legislation. The legislation would also require zero-based budgeting which would use current spending levels, not estimates, as a baseline in order to determine if future proposed legislation would increase or decrease government spending. Dold compares it to the private sector. “To protect shareholders, the federal government requires every publicly traded company to file quarterly and annual fiscal statements that accurately reflect the company’s financial condition, and the American taxpayers shouldn’t be treated any differently,” he said. Dold believes the bi-partisan legislation will receive much support from other members of Congress.