Senators Coburn, Obama introduce transparency legislation

Glenn Reynolds received an email from the senators conveying the best news I’ve heard out of D.C. this year:

U.S. Senators Tom Coburn, M.D. (R-OK) and Barack Obama (D-IL) today announced the introduction of legislation that would publicly disclose all recipients of federal funding and financial assistance. The Federal Funding Accountability and Transparency Act (S. 2590) will allow taxpayers to see how their money is being spent, Dr. Coburn said.

The federal government awards roughly $300 billion in grants annually to 30,000 different organizations across the United States, according to the General Services Administration. This bill would require the Office of Management and Budget to establish and maintain a single public Web site that lists all entities receiving federal funds, including the name of each entity, the amount of federal funds the entity has received annually by program, and the location of the entity. All federal assistance must be posted within 30 days of such funding being awarded to an organization.

“This public database will provide transparency to federal spending and will provide an important weapon taxpayers can use to hold the government accountable. The database also would help to reduce fraud, abuse and misallocation of federal funds by requiring greater accounting of federal expenditures,” Dr. Coburn said. “Every citizen in this country, after all, should have the right to know what organizations and activities are being funded with their hard-earned tax dollars.”

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