My bipartisan bill, the Extraordinary Measures Transparency Act, will increase accountability and transparency when ‘extraordinary measures’ are being used to avoid a debt default.
When the U.S. hits the debt ceiling, the Treasury Department typically implements ‘extraordinary measures’ to avoid defaulting on its debt. That often includes suspension of debt sales, delaying investments in government funds, and ceasing operations of federal employee retirement accounts, which over 30,000 Iowans rely on.
Currently, the Treasury Department does not have to report any of their ‘extraordinary measures’ and additionally can move nearly a half trillion dollars with no public reporting to the American people.
This is completely unacceptable and the opposite of what government should be doing.
My bill will improve transparency in federal government spending by requiring the Secretary of the Treasury to make public:
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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.
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How long those extraordinary measures will fund the government and the administrative costs to the American taxpayer.
Bottom Line: Congress should balance the budget, protect earned benefits, and ensure there is transparency with every federal dollar that is spent. That is the definition of good government.
Read the bill text here:
FORM: https://nunn.house.gov/SL/Extraordinary-Measures-Transparency-Act%E2%80%AF