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CBO Show Your Work Act
1/3/2024, 5:45 PM
Summary of Bill HR 1492
Bill 118 hr 1492, also known as the CBO Show Your Work Act, was introduced in the US Congress with the aim of increasing transparency and accountability in the Congressional Budget Office (CBO). The bill requires the CBO to provide a detailed explanation of the methods and data used to calculate cost estimates for proposed legislation.
Under the provisions of the bill, the CBO must disclose any assumptions made in their calculations, as well as any uncertainties or limitations in the analysis. This information must be made publicly available on the CBO's website, allowing lawmakers and the general public to better understand the basis for the cost estimates provided by the CBO.
The CBO Show Your Work Act also requires the CBO to consult with outside experts and stakeholders when developing cost estimates for complex or controversial legislation. This is intended to ensure that the CBO's analysis is thorough and unbiased, and that all relevant perspectives are taken into account. Overall, the bill aims to promote transparency and accountability in the budgeting process, and to provide lawmakers and the public with the information they need to make informed decisions about proposed legislation.
Under the provisions of the bill, the CBO must disclose any assumptions made in their calculations, as well as any uncertainties or limitations in the analysis. This information must be made publicly available on the CBO's website, allowing lawmakers and the general public to better understand the basis for the cost estimates provided by the CBO.
The CBO Show Your Work Act also requires the CBO to consult with outside experts and stakeholders when developing cost estimates for complex or controversial legislation. This is intended to ensure that the CBO's analysis is thorough and unbiased, and that all relevant perspectives are taken into account. Overall, the bill aims to promote transparency and accountability in the budgeting process, and to provide lawmakers and the public with the information they need to make informed decisions about proposed legislation.
Congressional Summary of HR 1492
CBO Show Your Work Act
This bill requires the Congressional Budget Office (CBO) to make available to Congress and the public each fiscal model, policy model, and data preparation routine that the CBO uses to estimate the costs and other fiscal, social, or economic effects of legislation.
For each estimate of the costs and other fiscal effects of legislation, the CBO must also disclose, in a manner sufficient to permit replication by individuals not employed by the CBO, the data, programs, models, assumptions, and other details of the computations used to prepare the estimate.
For data that may not be disclosed, the CBO must make available to Congress and the public
- a complete list of all data variables for the data;
- descriptive statistics for all data variables for the data, to the extent that the descriptive statistics do not violate the rule against disclosure;
- a reference to the statute requiring that the data not be disclosed; and
- contact information for the individual or entity who has unrestricted access to the data.
Read the Full Bill
Current Status of Bill HR 1492
Bill HR 1492 is currently in the status of Bill Introduced since March 9, 2023. Bill HR 1492 was introduced during Congress 118 and was introduced to the House on March 9, 2023. Bill HR 1492's most recent activity was Referred to the House Committee on the Budget. as of March 9, 2023
Bipartisan Support of Bill HR 1492
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
48Democrat Cosponsors
0Republican Cosponsors
48Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1492
Primary Policy Focus
Economics and Public FinancePotential Impact Areas
- Budget process
- Congressional Budget Office (CBO)
- Congressional agencies
- Congressional oversight
- Economic performance and conditions
- Government information and archives
- Legislative rules and procedure
Alternate Title(s) of Bill HR 1492
CBO Show Your Work Act
CBO Show Your Work Act
To require the Congressional Budget Office to make publicly available the fiscal and mathematical models, data, and other details of computations used in cost analysis and scoring.
Comments
Sponsors and Cosponsors of HR 1492
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