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Intergenerational Financial Obligations Reform Act: Enhancing Fiscal Transparency

This act aims to increase transparency in how the U.S. government plans its future finances. It mandates the analysis of long-term financial impacts of new legislation and the budget, allowing citizens to better understand how today's decisions will affect future generations in terms of taxes and benefits.
Key points
Requires the Congressional Budget Office (CBO) and Government Accountability Office (GAO) to publish reports on the government's long-term financial obligations.
Mandates the President to include long-term fiscal gap and generational accounting analysis in the annual budget.
Provides citizens with access to information on how current spending and taxes will impact future generations, helping them assess the nation's financial stability.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2548
Sponsor: Sen. Braun, Mike [R-IN]
Process start date: 2021-07-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Intergenerational Financial Obligations Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2548.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-07-29.

What are the main provisions?

Key points include:

  • Requires the Congressional Budget Office (CBO) and Government Accountability Office (GAO) to publish reports on the government's long-term financial obligations.
  • Mandates the President to include long-term fiscal gap and generational accounting analysis in the annual budget.
  • Provides citizens with access to information on how current spending and taxes will impact future generations, helping them assess the nation's financial stability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Braun, Mike [R-IN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

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