The Mercatus Center

The Mercatus Center at George Mason University is taking the issues of transparency and accountability to task.

Back in May of last year, Veronique de Rugy of the Mercatus Center warned of the dangers of off-budget items in supplemental bills — not much different from what will be hidden in the current stimulus package:

“Once a small blip among federal outlays, emergency supplemental spending has exploded since 2002 when the Republican Congress let a key legislative restriction on its use expire. Now supplemental bills are Congress and the Administration’s tool of choice for avoiding the annual budget caps and dramatically increasing government spending.”

Take a closer look at the Mercatus Center’s research on accountability and government oversight.

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Joe Dioguardi showing Conresstional Credit Card

Former Congressman and President of Truth In Government, Joe DioGuardi holds "Congresstional Credit Card".

OUR FIVE POINT PLAN:

1. Develop a fair and accurate budgeting, accounting,and reporting process. Convert the current cash basis accounting system used in the annual Congressional budgeting process to the system of "Generally Accepted Accounting Principles" (GAAP) required of publicly traded corporations by the Securities and Exchange Commission.

2. Publish clear and accurate information on the finances of the federal government annually. Use GAAP to disclose all spending and commitments to spend, ensuring our national debt to foreign sources is clearly delineated.

3. Make the Chief Financial Officer's function a Cabinet-level position and remove financial management and reporting functions from the Treasury Department and transfer them to that position. Engage independent auditors.

4. Create a new independent body like the Federal Reserve System to promulgate a sound budgeting and accounting that will prevent political manipulation and conflicts of interest.

5. Tell Congress to implement meaningful reforms now.