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Transparency in the Federal Government

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    Making the government more transparent with the Truth in Government Accounting Act

  • Duration 4:56
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Right from lending we're gonna go down to DC rain out that's not about what's gone home -- we've talked about this tumultuous market.

And part of it is what's coming out of DC these days representative Robert olds with -- right now from Illinois.

Down in the Russell -- representatives -- -- us.

You know this whole and a global thing makes you worry more and more about transparency.

And I know that's something that is -- -- -- -- -- -- these -- making the government more transparent.

Face -- it's actually right I think that are certainly when we look at.

The private sector the government and insists that the private sector has transparency.

Quarterly accounting and annual financial statement.

Yet that the federal government itself doesn't apply by those rules and we we -- -- exempt Darcy and I think that that's actually the wrong way to go which is why I.

-- legislation with representative Mike quickly.

A Democrat from Illinois so bipartisan legislation to have a truth in government accounting act.

So would force the government to.

Have accounting standards and make sure that we are being accountable to the taxpayer about what our budget isn't what we're spending our dollars and have -- Easily searchable on a website that they can actually see what they're on the hook for.

It's interesting I mean I'm a former auditor with Ernst and -- interest me that we the government got away with this for so long this notion that we don't even balance our budget.

And the notion that there are -- audited financial statements.

It's a business -- it's -- should be set of audited financial statements out there.

There's no question we look at what's off balance sheet for us right now it's absolutely unbelievable thing we know about the fourteen point six trillion dollar debt but if we look at.

At the liability that we have that are off balance sheet are true gets closer -- 82.

To 95 trillion dollars.

And so what we're trying to do is we're trying to put in some GAAP financial accounting methods were put on the accrual basis and we also want zero based budgeting to happen here in the Congressional Budget Office.

And haven't audited by the GAO so the big government accounting office so that we have -- audited financial statements that are done by an independent.

Auditor and the GAO and then put it on a searchable web -- that the American public can actually take a look.

Right now what we've got his individual agencies try to do some of their own accounting and so it's really on searchable and it and it's.

It's -- a big problem from my perspective for the tax credit doesn't know what the future holds for them in terms of their liabilities.

But -- -- -- -- there is that you actually were small business owners are you.

-- -- -- If I'm not mistaken rose pest solutions to you had to put finances together at one point -- -- I know yet the NBA live agree you -- probably do this with your eyes closed.

But you also understand the importance.

Knowing at the end of today the image -- announces -- and it's something that's missing.

If there's no question about it and and having met a budget in -- payroll and understanding what that's all about.

Coming to Washington DC from the private sector in saying that there are no audited financial statements.

I think is a big problem and it's not just not a partisan -- -- upon.

That's why you know my colleague Mike quickly.

A Democrat from Chicago is on board with this and we're gonna go and seek to have a number of co sponsors on both sides of the -- we think it makes a heck of a lot of sense.

That we can actually do some accounting -- want zero based budgeting so we don't have the Washington accounting gimmicks.

That are coming into play the American public balances their checkbook each and every day around -- kitchen table -- -- expect that the federal government.

Is able to be accountable to the taxpayers as well.

Yeah I'm with you on this actually I can't imagine you're gonna get pushed back on this.

Except though it will require the about the budget to be balance -- and that seems to be appointed contention down there.

Well even if it's not balancing the budget if we at least understand what.

What this would he was not necessarily balance the budget what would do is put on audited financial statements and have some GAAP accounting standards put in place for the federal government.

Which it doesn't abide by right now.

The balanced budget amendment is another debate that's gonna be going on here certainly I'm in favor of balancing a budget.

We have to do all across the country American businesses have to be -- You should expect that the federal government also should be held accountable.

But what this this is the first step to say where are our liabilities.

What are the true liabilities.

The United States of America what are we putting future generations on the -- -- and we'll wanna make sure that we can easily searchable website that people can see exactly where the United States financial situation is and I think that will help.

Help make the case.

-- which the American public but the American public -- put pressure on their elected representatives that we do need to rein in the out of control spending is going on here in Washington and put its pro growth strategy.

Sarah it's music to my years I think you need to send your brother in dollar down there doing accounting class -- so -- some of them understand exactly what you're talking about I think that might be your only hold up.

Represented until they are taking the time to be with us.

-- -- what -- and look forward to seeing again you -- and good luck with it -- I certainly for one hope that it's room.

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