Press Releases
Rep. Gosar Votes for Better Accounting Practices for the Use of Taxpayer Dollars
Washington, DC,
February 8, 2012
Today, U.S. Congressman Paul Gosar, D.D.S (AZ-01) voted for the Budget and Accounting Transparency Act (H.R. 3581). This legislation, which passed the House by a vote of 245-180, requires Congress and the executive branch to use “fair value” accounting for its direct loan and loan guarantee programs such as Fannie Mae, Freddie Mac, and Solyndra.
FOR IMMEDIATE RELEASE: February 07, 2012 CONTACT: Apryl Marie Fogel AprylMarie.Fogel@mail.house.gov Rep. Gosar Votes for Better Accounting Practices for the Use of Taxpayer Dollars Today, U.S. Congressman Paul Gosar, D.D.S (AZ-01) voted for the Budget and Accounting Transparency Act (H.R. 3581). This legislation, which passed the House by a vote of 245-180, requires Congress and the executive branch to use “fair value” accounting for its direct loan and loan guarantee programs such as Fannie Mae, Freddie Mac, and Solyndra. Congressman Gosar said, “To the Washington establishment and career bureaucrats, at every level of government, taxpayer money represents an abstract number. The people of Arizona and I know that, for every dollar spent by the government, that is one less dollar workers are bringing home in their paychecks. This bill which requires the federal government to consider “fair value” when assessing program cost, a practice used in the private sector, will in turn allow the taxpayers to see the real cost of programs they are paying for.” This bill requires the Congressional Budget Office (CBO) and Office of Management and Budget (OMB) to conduct a study on extending this fair value methodology to federal insurance programs, which are currently accounted for on a cash-flow basis. ### |