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Truth in Accounting Act of 2007

Introduced: October 24, 2007 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 14, 2007
Referred to the Subcommittee on Government Management, Organization, and Procurement.
Oct 24, 2007
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 24, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Truth in Accounting Act of 2007 - Requires the Secretary of the Treasury to include in the audited financial statement of executive branch accounts of the previous year a calculation of the net present value of the overall fiscal exposures of the U.S. government.

Requires such financial statement to include a program-by-program calculation of: (1) the generational imbalance; (2) the fiscal imbalance; and (3) the total amount of the fiscal imbalance plus the public debt.

Instructs the President, in preparing the federal budget, to take this financial statement into consideration, including the effect of the overall budget upon: (1) the generational imbalance calculation and the fiscal imbalance calculation; and (2) the net present value of the overall fiscal exposures of the federal government.

Directs the Secretary to testify each year before Congress on the financial statement for the preceding fiscal year.

Directs the Comptroller General to: (1) assess the financial condition of the U.S. government in an annual report to Congress; and (2) testify before Congress on that condition, upon request.

What's happening now November 14, 2007

Referred to the Subcommittee on Government Management, Organization, and Procurement.

 Committees of jurisdiction 3
 Cosponsors 6
All 6 Republican 6