HR 7026
Fiscal State of the Nation Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, titled the Fiscal State of the Nation Act, requires the House and Senate Budget Committees to hold an annual joint hearing. At this hearing, the Comptroller General of the United States will present an audit of the executive branch’s financial statement and an analysis of the federal government’s financial position and condition. The presentation will adhere to the Government Accountability Office’s guidelines to ensure it’s objective and unbiased.
Key provisions
- Requires a joint hearing between the House and Senate Budget Committees.
- The hearing must occur within 45 days of the Treasury Secretary submitting the audited financial statement.
- The Comptroller General will present an audit of the executive branch’s financial statement.
- The Comptroller General will provide an analysis of the federal government’s financial position and condition.
- The presentation must follow the GAO’s Strategies and Means.
- The hearing must comply with House and Senate rules regarding open hearings.
- Any Senator or House member can participate in the hearing.
Who is affected
- Congress
- The Executive Branch
- The Federal Government
- The Government Accountability Office
- The Comptroller General
Notable changes
- Establishes a formal, annual process for reviewing the federal government’s finances.
- Requires a specific presentation format adhering to GAO standards.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 2d Session
H. R. 7026
IN THE HOUSE OF REPRESENTATIVES
A BILL
Providing for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.
This Act may be cited as the Fiscal State of the Nation Act
.
Budget Committees) and the Comptroller General of the United States, the chairs shall conduct a joint hearing to receive a presentation from the Comptroller General 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.
The Comptroller General of the United States shall ensure that the presentation at the joint hearing conducted under subsection (a) is made in accordance with the Strategies and Means of the Government Accountability Office, so that the presentation will provide professional, objective, fact-based, nonpartisan, nonideological, fair, and balanced information to the members attending the hearing.
The joint hearing conducted by the chairs of Budget Committees under subsection (a) shall be conducted in accordance with the Rules of the House of Representatives and the applicable Standing Rules of the Senate which apply to such a hearing, including the provisions requiring hearings conducted by committees to be open to the public, including to radio, television, and still photography coverage.
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.