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Advocacy

Fiscal State of the Nation Act

Jun 30, 2024 · 1 min read

S. Con. Res. 10/ H. Con. Res. 46, Fiscal State of the Nation Resolution
H.R. 6952, Fiscal State of the Nation Act

Quick Read: The AICPA supports bipartisan legislation (S. Con. Res. 10/ H. Con. Res. 46) would require an annual report to Congress on the nation’s financial position and condition.

Issue: The consolidated federal financial statements and the Government Accountability Office’s (GAO) audit report provide valuable information regarding the financial condition of the federal government that should be considered by policymakers while making key decisions. Congress, however, often focuses on the short-term view provided by the annual federal budget. Enacting this resolution will ensure Congress is made aware of the information contained in the federal financial statements and better understands how current and/or future policy may affect the nation’s long-term fiscal health.

Bill Summary: The resolution would require the Comptroller General of the United States to give a presentation to a joint meeting of the House and Senate Budget Committees on the GAO auditor’s report on the U.S. government’s financial statements, together with an analysis of its financial position and condition. All members of Congress will have the opportunity to attend this briefing. In January of 2024, the House Budget Committee unanimously approved a slightly modified version of the resolution (H.R. 6952) that would codify its requirements into law and require the report to be given to a joint meeting of the full Congress.

AICPA Staff Contact: Todd Sloves, Director, Congressional & Political Affairs, Todd.Sloves@aicpa-cima.com

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