CBO Show Your Work Act

Hozzl · 2024-01-03T17:45:18Z

Explore the details of House Bill 1492 CBO Show Your Work Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Economics and Public Finance. Stay informed on legislative developments.

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.

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

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1492

Primary Policy Focus

Economics and Public Finance

Potential 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

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.