I am working every day on your behalf to deliver wins for Iowa, and this week was no different:
I introduced a bipartisan bill to bring transparency to federal spending surrounding the debt ceiling. I also passed important legislation to support America’s law enforcement. Plus, I took aim at Silicon Valley Bank for their reckless lending practices to ensure Iowans are not going to be on the hook for their blunt negligence.
Iowans expect transparency when it comes to our hard-earned tax dollars being spent. Scarily, right now, the Treasury Department can secretly spend hundreds of millions of taxpayer dollars with little oversight by invoking what D.C. bureaucrats call “extraordinary measures.”
This is unacceptable, which is why I am introducing legislation to bring more transparency to how your tax dollars are being spent. My bipartisan bill, the Extraordinary Measures Transparency Act, will make Washington, D.C. more transparent by requiring the Secretary of the Treasury to make public:
- An accurate description of what extraordinary measures means and how the Treasury Department will use them if the debt limit is not raised by the deadline.
- How long those extraordinary measures will fund the government and the administrative costs to the American taxpayer.
- A true and unequivocal explanation of the cost of extraordinary measures over the period it is used.
Bottom line: the federal government should not be able to operate in secrecy, hiding costly spending decisions from public scrutiny. Ultimately, this bill comes due to taxpayers, so every single person has a right to know what is happening.
Read more here on how this bill will increase federal transparency.