Skip to main content
HR 943 111th Congress House Economics and Public Finance Accounting and auditing Budget deficits and national debt Budget process Disability assistance Government studies and investigations Government trust funds Medicare Social security and elderly assistance

Truth in Accounting Act of 2009

Introduced: February 10, 2009 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 4, 2009
Referred to the Subcommittee on Government Management, Organization, and Procurement.
Feb 10, 2009
Referred to House Budget
Feb 10, 2009
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.
Feb 10, 2009
Referred to House Oversight and Government Reform
Feb 10, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Truth in Accounting Act of 2009 - 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 May 4, 2009

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

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Republican 4