Sec. 302. Agency budget justifications

390 words·~2 min read·/bill/114/s/399/is/section-302

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Section 1108 of title 31, United States Code, is amended by adding at the end the following: On the day on which an agency submits written budget justification materials for any committee of the Senate or the House of Representatives— such agency shall post such budget justification on the same day of such submission on the home page of the public website of the agency; and the Office of Management and Budget shall post such budget justification in a centralized location on its website, in the format developed under paragraph (3).

Each agency shall include with its written budget justification the process and methodology the agency is using to comply with the Fair Value Accounting Act . The Office of Management and Budget, in consultation with the Congressional Budget Office and the Government Accountability Office, shall develop and notify each agency of the format in which to post a budget justification under paragraph (1). Such format shall be designed to ensure that posted budget justifications for all agencies— are searchable, sortable, and downloadable by the public; are consistent with generally accepted standards and practices for machine-discoverability; are organized uniformly, in a logical manner that makes clear the contents of a budget justification and relationships between data elements within the budget justification and among similar documents; and use uniform identifiers, including for agencies, bureaus, programs, and projects.

Not later than the day that the Office of Management and Budget issues guidelines, regulations, or criteria to agencies on how to calculate the risk component under the Fair Value Accounting Act , it shall submit a written report to the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives containing all such guidelines, regulations, or criteria. For fiscal year 2017 and each of the next 4 fiscal years thereafter, the Comptroller General shall submit an annual report to the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives reviewing and evaluating the progress of agencies in the implementation of the Fair Value Accounting Act .

Such guidelines, regulations, or criteria shall be deemed to be a rule for purposes of section 553 of title 5 and shall be issued after notice and opportunity for public comment in accordance with the procedures under such section. .