Earlier this week, the U.S. hit the debt ceiling, triggering outgoing Treasury Secretary, Janet Yellen, to implement ‘extraordinary measures’ to avoid defaulting on its debt. That typically includes suspension of debt sales, delaying investments in government funds, and ceasing operations of federal employee retirement accounts, which more than 30,000 Iowans rely on.
Here’s the deal: When using “extraordinary measures,” the Treasury Department moves billions of taxpayer dollars around without any real transparency. There are no requirements to report any steps taken and the Department can move nearly a half trillion dollars without reporting to the American people. That’s not how our government should work.
That’s why I just introduced the Extraordinary Measures Transparency Act to hold the Treasury Department accountable to the taxpayer. This bill requires the Treasury Department to report exactly what measures they’re taking, how much it costs, and how long it will keep the government running. This is simple – the American people deserve to know where their money is going.
Bottom Line: We need fiscal responsibility and honest accounting instead of secretive maneuvers behind closed doors in D.C. Our government should balance the budget, protect earned benefits, and ensure there is transparency with every federal dollar that is spent. That’s the definition of good government.