Increased Congressional Oversight of the Congressional Budget Office (CBO).
This law increases Congressional oversight of the Congressional Budget Office (CBO), the agency responsible for estimating the costs of legislation. It mandates that the CBO Director testify annually before budget committees to verify the accuracy of financial forecasts. While not directly affecting personal finances, the goal is to enhance transparency and accountability in the federal budgeting process.
Key points
The Director of the Congressional Budget Office (CBO) is required to provide testimony at two annual hearings before the House and Senate Budget Committees.
Congressional committees gain the formal ability to review the accuracy of baseline projections and cost estimates for legislation prepared by the CBO.
Introduced
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