The Federal Funding Accountability and Transparency Act: Implementation and Proposed Amendments
LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE
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On September 26, 2006, President Bush signed the Federal Funding Accountability and Transparency Act FFATA into law P.L. 109-282. In an attempt to expand oversight of federal spending, including earmarks, the new law required the Office of Management and Budget OMB to establish a publicly available online website that provides access to information about entities that are awarded federal grants, loans, contracts, and other forms of assistance. Federal agencies award over 880 billion dollars annually in three of the primary categories of financial assistance that are included in the database - 470 billion in grants, 381 billion in contracts, and 29 billion in direct loans. The FFATA was endorsed by leaders of both parties and an array of business, union, and watchdog organizations.
- Economics and Cost Analysis