H.R.3958 - Truth in Accounting Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Bachmann, Michele [R-MN-6] (Introduced 10/24/2007)|
|Committees:||House - Oversight and Government Reform; Budget|
|Latest Action:||11/14/2007 Referred to the Subcommittee on Government Management, Organization, and Procurement. (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.3958 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (10/24/2007)
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.