[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2758 Introduced in Senate (IS)]
108th CONGRESS
2d Session
S. 2758
To provide for certain financial reporting requirements to apply to the
legislative branch of the Federal Government, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 22, 2004
Mr. Fitzgerald introduced the following bill; which was read twice and
referred to the Committee on Rules and Administration
_______________________________________________________________________
A BILL
To provide for certain financial reporting requirements to apply to the
legislative branch of the Federal Government, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Legislative Branch Financial
Accountability Act of 2004''.
SEC. 2. CONGRESS.
(a) In General.--The Senate and the House of Representatives each
shall annually have a financial statement prepared in accordance with
United States generally accepted accounting principles, and have the
statement independently audited, for the preceding calendar year
covering all the accounts and associated activities of the Senate and
the House of Representatives, respectively.
(b) Financial Statement.--Each financial statement shall reflect
the organizational structure of the Senate and House of
Representatives, respectively, and shall cover accounts and financial
information for all entities of the Senate and House of
Representatives, respectively. Joint activities shall be reflected in
the financial statement of a House of Congress to the extent that the
House funds the activities.
SEC. 3. AGENCIES.
(a) In General.--Each agency under subsection (b) shall annually
have a financial statement prepared in accordance with United States
generally accepted accounting principles, and have the statement
independently audited, for the preceding fiscal year covering all the
accounts and associated activities of the agency.
(b) The agencies referred to under subsection (a) are the--
(1) Library of Congress;
(2) Congressional Budget Office;
(3) Government Accountability Office;
(4) Government Printing Office;
(5) United States Botanic Garden;
(6) Architect of the Capitol;
(7) United States Capitol Police; and
(8) any other entity of the legislative branch established
by Congress and not required by statute to have annual
financial statements independently audited.
SEC. 4. REPORT.
(a) In General.--Not later than 90 days after the date of enactment
of this Act, a report described under subsection (b)--
(1) shall be submitted by the Committee on Rules and
Administration of the Senate, with respect to the entities of
the Senate, to the Committee on Governmental Affairs of the
Senate;
(2) shall be submitted by the Committee on Administration
of the House of Representatives, with respect to entities of
the House of Representatives, to the Committee on Government
Reform of the House of Representatives; and
(3) shall be submitted by each legislative agency or entity
under section 3 to the--
(A) Committee on Rules and Administration of the
Senate and the Committee on Governmental Affairs of the
Senate; and
(B) Committee on Administration of the House of
Representatives and the Committee on Government Reform
of the House of Representatives.
(b) Content.--Each report under subsection (a) shall include--
(1) a plan for implementation of this Act, including
whether the establishment of an office is necessary to carry
out this Act; and
(2) recommendations, including legislative actions and
amendments to this Act, if necessary, to effectively carry out
this Act.
SEC. 5. PREPARATION AND AUDIT OF STATEMENTS.
(a) Preparation.--
(1) Congress.--Not later than 60 days after the submission
of the report under section 4, the majority leader of the
Senate in consultation with the minority leader of the Senate,
and the Speaker of the House of Representatives in consultation
with the minority leader of the House of Representatives, shall
establish offices in the Senate and the House of
Representatives, respectively, that shall prepare the financial
statements for each House required by this Act in accordance
with United States generally accepted accounting principles.
(2) Legislative agencies and entities.--Not later than 60
days after the submission of the report under section 5, the
head of each legislative agency or entity shall designate an
individual or establish an office that shall prepare the
financial statements required by this Act in accordance with
United States generally accepted accounting principles.
(b) Audit.--With respect to the financial statements of each House
of Congress and each legislative agency or other entity, the majority
leader of the Senate in consultation with the minority leader of the
Senate, the Speaker of the House of Representatives in consultation
with the minority leader of the House of Representatives, and the head
of each legislative agency or other entity, respectively, shall
provide, by contract, for an independent audit of the financial
statements required by this Act in accordance with generally accepted
government auditing standards. Not later than 45 days after the end of
the applicable fiscal year, whether calendar or fiscal, and each year
thereafter, each House of Congress and head of legislative agency or
entity shall complete and make available to the public the
independently audited financial statement.
SEC. 6. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated such sums as may be
necessary to carry out this Act in fiscal year 2005, and each fiscal
year thereafter.
SEC. 7. EFFECTIVE DATES.
(a) In General.--Sections 2 and 3 shall take effect in the
applicable fiscal year, whether calendar or fiscal, during which the
office referred to in section 5 is established.
(b) Administrative Provisions.--Sections 1, 4, 5, and 6 shall take
effect on the date of enactment of this Act.
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