McKinley Votes To Bring More Transparency to Federal Accounting Practices

Statement

Rep. David B. McKinley, P.E. (R-WV) voted Tuesday to increase transparency and reform the way certain budgetary costs are calculated by voting in favor of H.R. 3581, the Budget and Accounting Transparency Act of 2011. Introduced by Rep. Scott Garrett (R-NJ), this legislation requires fair value accounting for federal credit programs, housing-related government sponsored enterprises and the publication of budget-justification materials.

"This is common sense legislation that implements a smart way to more accurately control government spending and balance our costs," McKinley said. "Every American citizen should have the opportunity to know exactly what kind of risk the government is incurring with every decision it makes. If American families have to consider potential financial risks while creating their budgets, why shouldn't the federal government have to do the same? While there is no way to predict the future, we can prepare for it and protect future generations from the financial burden the federal government has unfairly created for them.

"When Washington gambles and makes a bad financial decision, hardworking Americans are forced to cover the bill. We discovered this not long ago when President Obama and his administration rolled the dice on Solyndra, costing us $535 million. It's time for the President to stop making decisions that only further jeopardize our fiscal house. This legislation forces our country's leaders to be more accountable with taxpayer dollars, and that's why I voted yes."

Source