HR 4678 · 113th Congress 2013–2015, ended

Federal Financial Statement Transparency Act of 2014

Introduced May 20, 2014 Originated House Sponsor James B. Renacci R-OH

Latest action · May 20, 2014 Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMay 20, 2014
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Federal Financial Statement Transparency Act of 2014 - Establishes in the executive branch an independent Federal Accounting Standards Advisory Board (FASAB) to develop federal financial accounting concepts or standards, giving consideration to the budgetary information needs of executive agencies and the needs of users of federal financial information.

Directs the Secretary of the Treasury to establish a FASAB operations fund to enable the FASAB to carry out its duties.

Requires the Secretary to assess a fee on each sale of a security for deposit into the fund.

Cosponsors 19

Members who signed on, in the order they did. Signatures ran from May 20, 2014 to Jul 24, 2014; 14 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
R-FL	Daniel Webster	Original	May 20, 2014
R-OH	David P. Joyce	Original	May 20, 2014
D-WA	Derek Kilmer	Original	May 20, 2014
D-TN	Jim Cooper	Original	May 20, 2014
D-DE	John C. Carney, Jr.	Original	May 20, 2014
R-CA	John Campbell	Original	May 20, 2014
D-MD	John K. Delaney	Original	May 20, 2014
R-TX	K. Michael Conaway	Original	May 20, 2014
R-IN	Larry Bucshon	Original	May 20, 2014
R-PA	Mike Kelly	Original	May 20, 2014
D-VT	Peter Welch	Original	May 20, 2014
R-WI	Reid J. Ribble	Original	May 20, 2014
R-OH	Steve Stivers	Original	May 20, 2014
D-NY	William L. Owens	Original	May 20, 2014
R-KS	Lynn Jenkins		May 29, 2014
R-IN	Todd Rokita		Jun 26, 2014
R-NY	Chris Collins		Jul 8, 2014
R-OH	Bill Johnson		Jul 24, 2014
R-OH	Bob Gibbs		Jul 24, 2014

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Oversight and Government Reform Committee	Referred May 20, 2014
House	Ways and Means Committee	Referred May 20, 2014

Actions 2

Everything that happened, newest first.

May 20, 2014Introduced in House
May 20, 2014Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
House	Lists H4684H.R. 4678–4693	—	May 20, 2014

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8, Clause 18: The Congress shall have Power to make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by the Constitution in the Government of the United States, or in any Department or Officer thereof. Article 1, Section 9, Clause 7: No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.

The sponsor’s statement, as printed in the page H4684.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To establish the Federal Accounting Standards Advisory Board as an independent establishment to develop Federal financial accounting concepts and standards and provide guidance to users of Federal financial information, and for other purposes.
Short Titles as Introduced: Federal Financial Statement Transparency Act of 2014

Subjects

Assigned by the Library of Congress. Policy area: Government Operations and Politics.

Text 1

Each version as it was printed, newest first.

May 20, 2014Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.