President Bush Signs Coburn-Obama Transparency Act
Subcommittee on Federal Financial Management, Government Information, and International Security (2006-09-26) Tom Coburn, Barack Obama
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Citizens will soon have access to a key tool to track federal spending
President Bush signs S. 2590
President Bush signs the Federal Funding Accountability and Transparency Act into law. (Photo courtesy Instapundit.com)
September 26, 2006
President Bush today signed into law S. 2590
, the Coburn-Obama Transparency Act. The bill requires the Office of Management and Budget to create a website that allows citizens to know the recipients of all federal funds. Most commonly, federal funding takes the form of grants and contracts, which are often awarded with very little transparency. This new tool will provide for accountability and transparency at all levels of government, from the Executive Branch to the Legislative Branch.
Following the bill signing, Senators Coburn and Obama released the following statement:
“This legislation marks a small but important step in the effort to change the culture in Washington, D.C. American taxpayers soon will be equipped with a significant tool that will make it much easier to hold elected officials accountable for the way taxpayer money is spent. The army of bloggers, editorialists and concerned citizens who worked diligently to see this bill pass deserve all the credit and praise today,” the senators said.
President Bush said this
today in his remarks on the legislation:
"This bill is going to create a website that will list the federal government's grants and contracts. It's going to be a website that the average citizen can access and use. It will allow Americans to log onto the Internet just to see how your money is being spent. This bill will increase accountability and reduce incentives for wasteful spending. I am proud to sign it into law and I am proud to be with members of both political parties who worked hard to get this bill to my desk."