COST Act of 2023

Cost Openness and Spending Transparency Act of 2023 or the COST Act of 2023

This bill requires recipients of federal funds to disclose financing information relating to programs, projects, or activities carried out using such funds.

Specifically, such a recipient (including a state or local government or a recipient of a federal research grant) must clearly state in any press release, request for proposals, bid solicitation, or other document describing the activity the amount and percentage of federal funding and the amount and percentage of nongovernmental funding.

An individual or entity carrying out a program, project, or activity that is carried out using federal funds must, as part of the performance progress reporting, include a certification indicating whether the individual or entity complied with the disclosure requirements.

The Office of Management and Budget (OMB) must annually

• review a random sampling of public communications issued by agencies and recipients of federal funds for compliance with the disclosure requirements, and
• make publicly available the findings of the review.

The OMB must make available to the public a mechanism to anonymously report communications that do not comply.

Bill 118 hr 2968, also known as the COST Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the rising costs of living in the United States by implementing various measures to help lower expenses for American families.

One key provision of the COST Act is the establishment of a task force dedicated to studying the factors contributing to the increasing costs of goods and services in the country. This task force will be responsible for conducting research and making recommendations to Congress on how to address these issues.

Additionally, the bill includes provisions aimed at increasing transparency in pricing for healthcare services and prescription drugs. This is intended to help consumers make more informed decisions about their healthcare and potentially lower costs for medical treatment. Furthermore, the COST Act includes measures to support small businesses and entrepreneurs by providing access to resources and funding to help them grow and succeed in the current economic climate. This is seen as a way to stimulate economic growth and create more opportunities for Americans to thrive in the workforce. Overall, the COST Act of 2023 is a comprehensive piece of legislation aimed at addressing the rising costs of living in the United States. By implementing measures to increase transparency, support small businesses, and study the factors contributing to high expenses, this bill seeks to improve the financial well-being of American families.