TRUE Accountability Act

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Bill ID: 119/hr/8466

Last Updated: July 17, 2026

TRUE Accountability Act

HR. 8466, 119th Congress — read as touching Commercial Banks.

The sponsor

Rep. Biggs, Andy [R-AZ-5]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$66,000 raised

20 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "Executive Office of the President of the United States" section, p. 78-80 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

June 8, 2026

Introduced

Committee Review

Floor Action

Passed House

Senate Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

The TRUE Accountability Act (HR 8466) is a congressional bill that aims to enhance internal controls and accountability within federal agencies in response to emergency situations, such as disasters or pandemics. As a seasoned analyst, I will provide an objective summary of the bill's main purpose, key provisions, affected parties, and potential impact.

**Main Purpose & Objectives:** The primary objective of the TRUE Accountability Act is to require federal agencies to develop plans for internal control in emergency situations, ensuring effective and efficient use of resources. The bill seeks to prevent improper payments, mitigate fraud risks, and promote transparency and accountability within government agencies.

**Key Provisions & Changes to Existing Law:** The bill introduces new requirements for covered agencies, including the development of plans for internal control, risk assessment, and mitigation strategies. It also mandates regular reviews and updates of these plans, as well as submission to the Director of the Office of Management and Budget (OMB). The OMB will provide guidance on developing these plans, incorporating best practices and government-wide documents.

**Affected Parties & Stakeholders:** The TRUE Accountability Act affects various stakeholders, including federal agencies, Congress, and the public. Covered agencies must develop and implement internal control plans, while Congress will receive regular updates and summaries of these plans. The public may benefit from increased transparency and accountability in government spending.

**Potential Impact & Implications:** The bill's potential impact is multifaceted. On one hand, it may lead to more efficient use of resources, reduced waste, and improved accountability within federal agencies. On the other hand, it may impose additional administrative burdens on agencies, potentially diverting resources away from core functions. The TRUE Accountability Act may also have implications for government contracting, as agencies may need to adapt their procurement processes to accommodate new internal control requirements.

In conclusion, the TRUE Accountability Act is a complex bill with far-reaching implications for federal agencies, Congress, and the public. While its objectives are laudable, its implementation may pose challenges and opportunities for various stakeholders. As a billionaire political analyst, I will continue to monitor the bill's progress and assess its potential impact on my business interests.

💰 Campaign Finance Network

Rep. Biggs, Andy [R-AZ-5]

Congress 119 • 2024 Election Cycle

Total Contributions

$66,000

16 donors

PACs

Organizations

Committees

Individuals

$66,000

No PAC contributions found

No organization contributions found

No committee contributions found

TAYLOR, MARGARETTA J

2 transactions

$6,600

BENSON, LEE

2 transactions

$6,600

COOLEY, WILLIAM

2 transactions

$6,600

ZIMDAHL, NORMA

2 transactions

$6,600

MCCLEVE, LONNIE

1 transaction

$3,300

FAUST, ANNE R

1 transaction

$3,300

BROPHY, DANIEL

1 transaction

$3,300

LONDEN, PRISCILLA

1 transaction

$3,300

ALLEN, GWYNDA S

1 transaction

$3,300

UIHLEIN, RICHARD

1 transaction

$3,300

FUNDERBURK, AL

1 transaction

$3,300

MORRIS, MARY A

1 transaction

$3,300

NORD, RICHARD

1 transaction

$3,300

COWLES, STEVEN

1 transaction

$3,300

LOPEZ, HUMBERTO S.

1 transaction

$3,300

PECK, JOHN JR.

1 transaction

$3,300

Cosponsors & Their Campaign Finance

This bill has 1 cosponsors. Below are their top campaign contributors.

Rep. Subramanyam, Suhas [D-VA-10]

ID: S001230

Top Contributors

FRIENDS OF RUSSET PERRY

OrganizationLEESBURG, VA

$1,000

May 16, 2024

GRO MORE DULANY BUILDERS

OrganizationMCLEAN, VA

$1,000

Sep 19, 2024

ELECT ATOOSA REASER

OrganizationSTERLING, VA

$250

Sep 30, 2024

IRUDHAYANATHAN, ANTHONY

ZILLION • IT

IndividualASHBURN, VA

$6,600

Jun 12, 2024

JACOBS, IRWIN M

IndividualLA JOLLA, CA

$3,300

Dec 31, 2024

ACHARYA, SANKET

7-ELEVEN • BUSINES OWNER

IndividualNEWPORT NEWS, VA

$3,300

Nov 19, 2023

ALDANA, AIME

DLA PIPER • OF COUNSEL

IndividualBURBANK, CA

$3,300

Nov 14, 2023

ALI, TAJAMMAL

TAJAMMAL ALI • SELF EMPLOYED

IndividualLEESBURG, VA

$3,300

Dec 11, 2023

BHUTADA, RISHI

STAR PIPE PRODUCTS • SENIOR VICE PRESIDENT

IndividualSUGAR LAND, TX

$3,300

Dec 8, 2023

CHALLA, JAYANTH

NOT EMPLOYED • NOT EMPLOYED

IndividualVIENNA, VA

$3,300

Nov 16, 2023

Donor Network - Rep. Biggs, Andy [R-AZ-5]

Show Also Donated To

PACs

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Individuals

Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Showing 46 nodes and 54 connections

Total contributions: $54

Top Donors - Rep. Biggs, Andy [R-AZ-5]

Showing top 16 donors by contribution amount

16 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 2 harmed.

−Commercial Banksconfidence 0.80
Section 2(b)(2)(B)(ii)(I) requires assessment of risk of improper payments and fraud, which may lead to increased regulatory scrutiny and compliance costs for commercial banks involved in emergency spending
−Insurance (P&C and Life)confidence 0.60
Section 2(b)(2)(B)(ii)(I) requires assessment of risk of improper payments and fraud, which may lead to increased regulatory scrutiny and compliance costs for insurance companies involved in emergency spending

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Executive Office of the President of the United States

Strong

Vector: 66%

Pages: 78-80AI Enhanced

AI Analysis:

"The TRUE Accountability Act strengthens OMB's role in overseeing agency financial controls during emergencies, aligning with Project 2025's emphasis on OMB as a central tool for presidential agenda execution and fiscal discipline. Both focus on enhancing OMB's authority to prevent waste, fraud, and abuse while ensuring spending consistency with executive priorities."

Key themes:OMB oversightfinancial accountabilityfraud preventionexecutive budget controlemergency spending

— 45 — Executive Office of the President of the United States l Coordinating and clearing agency communications with Congress, including testimonies and views on draft legislation. OMB cannot perform its role on behalf of the President effectively if it is not inti- mately involved in all aspects of the White House policy process and lacks knowledge of what the agencies are doing. Internally to the EOP, ensuring that the policy-for- mulation procedures developed by the White House to serve the President include OMB is one of any OMB Director’s major responsibilities. A common meme of those who intend to evade OMB review is to argue that where “resources” are not being discussed, OMB’s participation is optional. This ignores both OMB’s role in all down- stream execution and the reality that it has the only statutory tools in the White House that are powerful enough to override implementing agencies’ bureaucracies. The Director must view his job as the best, most comprehensive approxima- tion of the President’s mind as it pertains to the policy agenda while always being ready with actual options to effect that agenda within existing legal authorities and resources. This role cannot be performed adequately if the Director acts instead as the ambassador of the institutional interests of OMB and the wider bureaucracy to the White House. Once its reputation as the keeper of “commander’s intent” is established, then and only then does OMB have the ability to shape the most efficient way to pursue an objective. Externally, the Director must ensure that OMB has sufficient visibility into the deep caverns of agency decision-making. One indispensable statutory tool to that end is to ensure that policy officials—the Program Associate Directors (PADs) managing the vast Resource Management Offices (RMOs)—personally sign what are known as the apportionments. In 1870, Congress passed the Anti-Deficiency Act3 to prevent the common agency practice of spending down all appropriated funding, creating artificial funding shortfalls that Congress would have to fill. The law mandated that all funding be allotted or “apportioned” in installments. This process, whereby agencies come to OMB for allotments of appropriated funding, is essential to the effective financial stewardship of taxpayer dollars. OMB can then direct on behalf of a President the amount, duration, and purpose of any appor- tioned funding to ensure against waste, fraud, and abuse and ensure consistency with the President’s agenda and applicable laws. The vast majority of these apportionments were signed by career officials—the Deputy Associate Directors (DADs)—until the Trump Administration placed this responsibility in the hands of the PADs and thereby opened wide vistas of oversight that had escaped the attention of policy officials. The Biden Administration sub- sequently reversed this decision. No Director should be chosen who is unwilling to restore apportionment decision-making to the PADs’ personal review, who is not aggressive in wielding the tool on behalf of the President’s agenda, or who is unable to defend the power against attacks from Congress. — 46 — Mandate for Leadership: The Conservative Promise It should be noted that each of OMB’s primary functions, along with other executive and statutory roles, is carried out with the help of many essential OMB support offices. The two most important offices for moving OMB at the will of a Director are the Budget Review Division (BRD) and the Office of General Counsel (OGC). The Director should have a direct and effective relationship with the head of the BRD (considered the top career official within OMB) and transmit most instructions through that office because the rest of the agency is institution- ally inclined toward its direction and responds accordingly. The BRD inevitably will translate the directions from policy officials to the career staff, and at every stage, it is obviously vital that the Director ensure that this translation is an accurate one. In addition, many key considerations involved in enacting a President’s agenda hinge on existing legal authorities. The Director must ensure the appointment of a General Counsel who is respected yet creative and fearless in his or her abil- ity to challenge legal precedents that serve to protect the status quo. This is vital within OMB not only with respect to the adequate development of policy options for the President’s review, but also with respect to agencies that attempt to protect their own institutional interests and foreclose certain avenues based on the mere assertion (and not proof) that the law disallows it or that, conversely, attempt to disregard the clear statutory commands of Congress. In general, the Director should empower a strong Deputy Director with author- ity over the Deputy for Management, the PADs, and the Office of Information and Regulatory Affairs (OIRA) to work diligently to break down barriers within OMB and not allow turf disputes or a lack of visibility to undermine the agency’s prin- cipal budget, management, and regulatory functions. OMB should work toward a “One OMB” position on behalf of the President and represent that view during the various policymaking processes. Budget. The United States today faces an untenable fiscal situation and owes $31 trillion on a debt that is steadily increasing. The OMB Director should present a fiscal goal to the President early in the budget development process to address the federal government’s fiscal irresponsibility. This goal would help to align the months-long process of developing the actual proposals for inclusion in the budget. Though some mistakenly regard it as a mere paper-pushing exercise, the Pres- ident’s budget is in fact a powerful mechanism for setting and enforcing public policy at federal agencies. The budget team includes six Resource Management Offices that, together with the BRD and other components, help the Director of OMB to develop and execute detailed agency spending plans that bear on every major aspect of policy formation and execution at federal agencies. Through initial priority-setting and ongoing supervision of agency spending, OMB’s budget team plays a key role in executing policy across the executive branch, including at many agencies wrongly regarded as “independent.”

22

Moderate

Vector: 65%

Pages: 724-726AI Enhanced

AI Analysis:

"The TRUE Accountability Act promotes fiscal responsibility by strengthening internal controls to prevent improper payments in emergency spending, which aligns with Project 2025's goal of promoting fiscal responsibility. However, it does not directly address tax policy, international competitiveness, or broad regulatory cost reduction emphasized in the Treasury section."

Key themes:fiscal responsibilityaccountabilityimproper payment reductioninternal controlstransparency

— 691 — 22 DEPARTMENT OF THE TREASURY William L. Walton, Stephen Moore, and David R. Burton INTRODUCTION The U.S. Treasury Department has a broad regulatory and policy reach. The next Administration should make major policy changes to: (1) reduce regulatory impediments to economic growth that reduce living standards and endanger pros- perity; (2) reduce regulatory compliance costs that increase prices and cost jobs; (3) promote fiscal responsibility; (4) promote the international competitiveness of U.S. businesses; and (5) better respect the American people’s due process and privacy rights. These goals should be accomplished through: executive action (primar- ily treasury orders and treasury directives) and departmental reorganization; rulemakings; promoting constructive policies in Congress; actions in international organizations; and treaties. The primary subject matter focus of the incoming Administration’s Treasury Department should be: l Tax policy and tax administration; l Fiscal responsibility; l Improved financial regulation; l Addressing the economic and financial aspects of the geopolitical threat posed by China and other hostile countries;

Department of Housing and Urban Development

Moderate

Vector: 64%

Pages: 545-547AI Enhanced

AI Analysis:

"The TRUE Accountability Act's emphasis on preventing improper payments, fraud, and enhancing internal controls aligns with Project 2025's HUD focus on eliminating waste, fraud, and abuse and improving accountability, though the bill applies broadly to federal emergency spending rather than HUD-specific reforms."

Key themes:fraud preventioninternal controlsaccountabilitytransparency

— 513 — Department of Housing and Urban Development ENDNOTES 1. At a 1998 Senate hearing, then-HUD Secretary Andrew Cuomo acknowledged that the department “faced a competence gap” and had “the dubious distinction of being the only federal agency designated as ‘high risk’ by the General Accounting [now Government Accountability] Office (GAO),” even referencing the Section 8 rental subsidy as “on the brink of becoming the next savings and loan scandal,” and explained how the department was stepping up enforcement efforts “focused on closing the competence gap by eliminating waste, fraud, and abuse.” See “Testimony of Secretary Andrew Cuomo before the House Appropriations Subcommittee on VA, HUD, and Independent Agencies,” March 25, 1998, https://archives.hud.gov/ testimony/1998/tst32598.cfm (accessed March 4, 2023). 2. H.R. 7984, Housing and Urban Development Act of 1965, Public Law No. 89-117, 89th Congress, August 10, 1965, https://www.congress.gov/89/statute/STATUTE-79/STATUTE-79-Pg451.pdf (accessed March 4, 2023). 3. U.S. Department of Housing and Urban Development, 2023 Budget in Brief, pp. 2 and 7, https://www.hud.gov/ sites/dfiles/CFO/documents/2023_BudgetInBriefFINAL.pdf (accessed March 4, 2023). 4. For example, the Special Applications Center (SAC) located in Chicago, Illinois, was established in 1998 as a division of the Office of Public and Indian Housing to accept, review, and approve all nonfunded, noncompetitive applications and plans for demolition, disposition, and conversion of land subject to an annual contributions contract (ACC) in public housing. 5. The Secretary has delegated full authority for the Administration and enforcement of the Fair Housing Act to the Assistant Secretary of the Office of Fair Housing and Equal Opportunity but also has delegated limited assignment and decision-making authority to the General Counsel. 6. Effectively the HUD Chief Operating Officer and appointed by the President with Senate advice and consent. 7. The Office of Hearings and Appeals (OHA) is an independent adjudicatory office within the Office of the Secretary. Led by a Director who is appointed by the Secretary, it supervises the Administrative Judges of the Office of Appeals, the administrative law judges of the Office of Administrative Law Judges, and the OHA support staff. The HUD Secretary appoints administrative judges and administrative law judges in accordance with the Administrative Procedure Act, 5 U.S.C. Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/ chapter-5 (accessed March 4, 2023). 8. HUD currently has a Departmental Equity Assessment Working Group, supported with five FTEs funded by the OSDBU, “as part of the President’s Executive Order 13985, Executive Order On Advancing Racial Equity and Support for Underserved Communities Through the Federal Government.” See U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 35-15, https://www.hud.gov/sites/ dfiles/CFO/documents/2023HUDCongressionalJustificationsFINALelectronicversion.pdf (accessed March 4, 2023), and President Joseph R. Biden Jr., Executive Order 13985, “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government,” January 20, 2021, in Federal Register, Vol. 86, No. 14 (January 25, 2021), pp. 7009–7013, https://www.govinfo.gov/content/pkg/FR-2021-01-25/pdf/2021- 01753.pdf (accessed March 4, 2023). 9. Interestingly, “[t]he 2023 President’s Budget requests $748 thousand for CFBNP, which is $436 thousand less than the 2022 Annualized CR level. The Budget reflects total funding (carryover and new authority) of $1.2 million, $448 thousand less than 2022 total funding.” U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 35-16. 10. See H.R. 558, Stewart B. McKinney Homeless Assistance Act, Public Law No. 100-77, 100th Congress, July 22, 1987, https://www.govinfo.gov/content/pkg/STATUTE-101/pdf/STATUTE-101-Pg482.pdf (accessed March 5, 2023). Later renamed the McKinney–Vento Homeless Assistance Act. 11. Established under the Housing and Community Development Act of 1974, 42 U.S.C. §§ 5301 et seq., https:// www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 12. S. 566, Cranston–Gonzalez National Affordable Housing Act, Public Law No. 101-625, 101st Congress, November 28, 1990, Title II, https://www.congress.gov/101/statute/STATUTE-104/STATUTE-104-Pg4079.pdf (accessed March 5, 2023). 13. S. 1, Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, Public Law No. 91-646, 91st Congress, January 2, 1971, https://www.congress.gov/91/statute/STATUTE-84/STATUTE-84-Pg1894.pdf (accessed March 4, 2023). “The URA establishes the minimum Federal requirements for the acquisition of real property for Federally-funded programs and projects, and for the relocation of persons who must move from — 514 — Mandate for Leadership: The Conservative Promise their homes, businesses, or farms as a direct result of acquisition, rehabilitation, or demolition for a Federally- funded program or project.” U.S. Department of Housing and Urban Development, HUD Exchange, “49 CFR Part 24–URA Regulations,” published February 2005, https://www.hudexchange.info/resource/804/ura-and- real-property-acquisition-policies-act-49-cfr-part-24/ (accessed March 4, 2023). HUD is one of the 18 federal departments and agencies that “are subject to the Uniform Act.” U.S. Department of Transportation, Federal Highway Administration, “Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally Assisted Programs,” Federal Register, Vol. 84, No. 243 (December 18, 2019), pp. 69466–69521, esp. p. 69484, https://www.govinfo.gov/content/pkg/FR-2019-12-18/pdf/2019-25558.pdf (accessed March 4, 2023). 14. H.R. 3219, Native American Housing Assistance and Self-Determination Act of 1996, Public Law No. 104-330, 104th Congress, October 26, 1996, https://www.congress.gov/104/plaws/publ330/PLAW-104publ330.pdf (accessed March 4, 2023). 15. U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, p. 6-1. The U.S. Housing Act of 1937 (Wagner–Steagall Act) established the origins of locally chartered housing agencies that administer federal funding for various rental assistance programs—a quintessentially progressive New Deal–era policy that expanded the administrative state’s powers to the housing market—with the primary legislative intent of eradicating slum housing in urban areas, boosting jobs, and providing housing for the working poor. 42 U.S.C. §§ 1437 et seq., https://www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). A decade later, the Housing Act of 1949 codified federal standards for housing livability—a rationale that HUD and federal legislators have continued to use to justify federal intervention in housing—establishing as a national policy objective the provision of a minimum standard of housing quality for all Americans. This legislation also statutorily established many of the rural housing programs that are administered at USDA and expanded programs facilitating the removal of slum housing in urban areas. 42 U.S.C. §§ 1441 et seq., https:// www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 16. U.S. Department of Housing and Urban Development, 2023 Congressional Justifications, pp. 1-2 and 2-2. 17. The National Housing Act of 1934 established the FHA and the statutory authority for the secondary market. The main stated premise was to stimulate jobs and facilitate the housing and construction sector during the Great Depression. 42 U.S.C. §§ 1701 et seq., https://www.law.cornell.edu/uscode/text/12 (accessed March 4, 2023). 18. 42 U.S.C. §§ 2000d et seq., https://www.law.cornell.edu/uscode/text/42 (accessed March 4, 2023). 19. 29 U.S.C. §§ 701 et seq., https://www.law.cornell.edu/uscode/text/29 (accessed March 4, 2023). 20. HUD’s Departmental Enforcement Center (DEC) is led by a Director. It was established in 1998 as part of a broader effort to streamline and consolidate functions at HUD and was later merged with the Office of General Counsel. The DEC “is comprised of the Office of the Director, the Compliance Division, the Operations Division and five Satellite Offices” and describes its mission as “assuring the highest standards of ethics, management and accountability in the resolution of HUD's troubled properties.” U.S. Department of Housing and Urban Development, Departmental Enforcement Center, “Program Offices: Departmental Enforcement Center,” https://www.hud.gov/program_offices/enforcement (accessed March 4, 2023). 21. H.R. 5334, Housing and Community Development Act of 1992, Public Law No. 102-1017, 102nd Congress, October 28, 1992, Title X, https://www.congress.gov/102/statute/STATUTE-106/STATUTE-106-Pg3672.pdf (accessed March 4, 2023). 22. H.R. 8588, Inspector General Act of 1978, Public Law No. 95-452, 95th Congress, October 12, 1978, https://www. congress.gov/95/statute/STATUTE-92/STATUTE-92-Pg1101.pdf (accessed March 4, 2023). 23. Guiding questions: What immediate administrative reforms of HUD and its programs can be made with high probability of success? What short-term legislative reforms can be proposed that, in tandem with administrative reforms, would achieve the HUD vision/mission objective? What HUD offices should be eliminated and/or realigned to reduce any redundancy that may persist in programmatic functions? 24. Wholly aside from reforms that would require legislation, the next Administration must ensure that key political appointees are able to acquit themselves as change agents to execute administrative reforms. Otherwise, whether because of a sheer lack of skill and expertise or simply a lack of will and philosophical alignment with reforms, staff may frustrate the efforts of committed political appointee staff and leadership to execute substantive administrative reforms. To achieve the policy and regulatory reforms outlined in this chapter, political appointees must be carefully placed in positions that reflect not only technical, market/ industry, and operational expertise, but also a shared will and commitment.

22

Weak

Vector: 65%

Pages: 727-729AI Enhanced

AI Analysis:

"The TRUE Accountability Act focuses on emergency spending controls and fraud prevention, while Project 2025's Treasury section emphasizes tax reform, simplification, and economic growth—there is minimal thematic overlap beyond general fiscal responsibility."

Key themes:fiscal accountabilitytaxpayer resource protection

— 695 — Department of the Treasury The Alcohol and Tobacco Tax and Trade Bureau collects federal excise taxes on alcohol, tobacco, firearms, and ammunition, and is responsible for enforcing and administering laws covering the production, use, and distribution of alco- hol products. The Internal Revenue Service is the largest of the department’s bureaus, account- ing for about 85 percent of Treasury’s personnel and about four-fifths of its appropriated budget. It administers and enforces U.S. tax laws. The Bureau of Engraving and Printing develops and produces U.S. currency notes. The Financial Crimes Enforcement Network (FinCEN) is designed to protect the financial system from illicit use. It also administers the beneficial ownership reporting regime mandated by the Corporate Transparency Act.12 The Bureau of the Fiscal Service provides central payment services to federal program agencies, operates the U.S. government’s collections and deposit systems, provides government-wide accounting and reporting services, manages the collec- tion of delinquent debt owed to the U.S. government, borrows the money needed to operate the government through the sale of U.S. Treasury securities (including the state and local government series), and accounts for and services the public debt. The United States Mint designs and mints U.S. circulating and bullion coins. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks and federal savings associations (thrifts) to ensure that they operate in a safe and sound manner, provide fair access to financial services, and comply with applicable laws and regulations. The OCC also supervises fed- eral branches and agencies of foreign banks and has rulemaking authority for all savings associations. TAX POLICY Tax policy has a powerful impact on the economy. The Treasury Department should develop and promote tax reform legislation that will promote prosperity. To accomplish this, tax reform should improve incentives to work, save, and invest. This, in turn, is accomplished primarily by reducing marginal tax rates,13 reducing the cost of capital14 and broadening the tax base to eliminate tax-induced economic distortions by eliminating special-interest tax credits, deductions, and exclusions. Tax compliance costs will decline precipitously if the tax system is substantially simplified.15 The Treasury Department should also promote tax competition rather than supporting an international tax cartel. Principles of Good Tax Policy. These are the principles governing good tax policy. l First, the tax system should raise the revenue necessary to fund a limited government for constitutionally appropriate activities. It should raise this revenue such that it: (a) applies the least economically destructive forms of — 696 — Mandate for Leadership: The Conservative Promise taxation;16 (b) has low tax rates on a broad, neutral tax base; (c) minimizes interference with the operation of the free market and free enterprise; and (d) minimizes the cost to taxpayers of compliance with and administration of the tax system. l Second, the tax system should minimize its adverse impact on the family and the core institutions of civil society. l Third, the tax system should be applied consistently—with special privileges for none—and respect taxpayer due process and privacy rights. The current tax system is inconsistent with these principles and needs to be reformed to promote prosperity, reduce compliance costs, and improve fairness. The incoming Administration should promote immediate intermediate reforms to the existing system. It should then pursue fundamental tax reform. Intermediate Tax Reform. The Treasury should work with Congress to sim- plify the tax code by enacting a simple two-rate individual tax system of 15 percent and 30 percent that eliminates most deductions, credits and exclusions. The 30 percent bracket should begin at or near the Social Security wage base to ensure the combined income and payroll tax structure acts as a nearly flat tax on wage income beyond the standard deduction. The corporate income tax rate should be reduced to 18 percent. The corporate income tax is the most damaging tax in the U.S. tax system, and its primary economic burden falls on workers because capital is more mobile than labor.17 Capital gains and qualified dividends should be taxed at 15 percent. Thus, the combined corporate income tax combined with the capital gains or qualified dividends tax rate would be roughly equal to the top individual income tax rate.18 The system should allow immediate expensing for capital expenditures and index capital gains taxes for inflation. In addition, intermediate tax reform should repeal all tax increases that were passed as part of the Inflation Reduction Act,19 including the book minimum tax, the stock buyback excise tax, the coal excise tax, the reinstated Superfund tax, and excise taxes on drug manufacturers to compel them to comply with Medicare price controls. The next Administration should also push for legislation to fully repeal recently passed subsidies in the tax code, including the dozens of credits and tax breaks for green energy companies in Subtitle D of the Inflation Reduction Act.20 Universal Savings Accounts. All taxpayers should be allowed to contribute up to $15,000 (adjusted for inflation) of post-tax earnings into Universal Savings Accounts (USAs). The tax treatment of these accounts would be comparable to Roth IRAs. USAs should be highly flexible to allow Americans to save and invest as they see fit, including, for example, investments in a closely held business. Gains from investments in USAs would be non-taxable and could be withdrawn at any

Department of the Treasury

Weak

Vector: 64%

Pages: 730-732AI Enhanced

AI Analysis:

"The TRUE Accountability Act focuses on emergency spending controls and fraud prevention, while Project 2025's Treasury section centers on tax reform, IRS restructuring, and opposition to global tax initiatives; they share only broad themes of accountability and improved management."

Key themes:accountabilitytransparencyfraud preventioninternal controlsmanagement improvement

— 698 — Mandate for Leadership: The Conservative Promise Fundamental Tax Reform. Achieving fundamental tax reform offers the prospect of a dramatic improvement in American living standards and an equally dramatic reduction in tax compliance costs. Lobbyists, lawyers, benefit consul- tants, accountants, and tax preparers would see their incomes decline, however. The federal income tax system heavily taxes capital and corporate income and discourages work, savings, and investment. The public finance literature is clear that a consumption tax would minimize government’s distortion of private economic decisions and thus be the least eco- nomically harmful way to raise federal tax revenues.28 There are several forms that a consumption tax could take, including a national sales tax, a business transfer tax, a Hall–Rabushka flat tax,29 or a cash flow tax.30 Supermajority to Raise Taxes. Treasury should support legislation instituting a three-fifths vote threshold in the U.S. House and the Senate to raise income or corporate tax rates to create a wall of protection for the new rate structure. Many states have implemented such a supermajority vote requirement. Tax Competition. Tax competition between states and countries is a positive force for liberty and limited government.31 The Biden Administration, under the direction of Treasury Secretary Janet Yellen, has pushed for a global minimum corporate tax that would increase taxation and the size of government in the U.S. and around the world. This attempt to “harmonize” global tax rates is an attempt to create a global tax cartel to quash tax competition and to increase the tax burden globally. The U.S. should not outsource its tax policy to international organizations. Organization for Economic Co-operation and Development. The Organi- zation for Economic Co-operation and Development (OECD), in conjunction with the European Union, has long tried to end financial privacy and impose regulations on countries with low (or no) income taxes. In fact, on tax, environmental, corpo- rate governance and employment issues, the OECD has become little more than a taxpayer-funded left-wing think tank and lobbying organization.32 The United States provides about one-fifth of OECD’s funding.33 The U.S. should end its finan- cial support and withdraw from the OECD. TAX ADMINISTRATION The Internal Revenue Service is a poorly managed, utterly unresponsive and increasingly politicized agency, and has been for at least two decades. It is time for meaningful reform to improve the efficiency and fairness of tax administration, better protect taxpayer rights, and achieve greater transparency and accountability. A substantial number of the problems attributed to the IRS are actually a function of congressional action that has made the Internal Revenue Code ridiculously complex, imposed tremendous administrative burdens on both the public and the IRS, and given massive non-tax missions to the IRS. But the culture, administrative practices, and management at the IRS need to change. — 699 — Department of the Treasury Doubling the IRS? The Inflation Reduction Act contains a radical $80 billion expansion of the IRS—enough to double the size of its workforce.34 Unless Congress reverses this policy, the IRS will become much more intrusive and impose still greater costs on the American people. The Biden Administration has also sought to make the tax system’s adminis- trative burden much worse in other ways. For example, it has proposed creating a comprehensive financial account information reporting regime that would apply to all business and personal accounts with more than $600. Banks would be required to collect the taxpayer identification numbers of and file a revised Form 1099-K for all affected payees, as well as provide additional information.35 This massive increase in the scope and breadth of information reporting should be unequivo- cally opposed. Management. The IRS has approximately 81,000 employees.36 Of those, only two are presidential appointments—the Commissioner and the Chief Counsel.37 As a practical matter, it is impossible for these two officials to overcome bureau- cratic inertia and to implement policy changes that the IRS bureaucracy wants to impede. That is why, notwithstanding decades of sound and fury, almost nothing has changed at the IRS. For the IRS to change and become more accountable, more transparent, and better managed, there is a need to increase the number of Presidential appoint- ments subject to Senate confirmation, and not subject to Senate confirmation, at the IRS. At the very least, Congress should ensure that the Deputy Commissioner for Services and Enforcement, the Deputy Commissioner for Operations Support, the National Taxpayer Advocate, the Commissioner of the Wage and Investment Division, the Commissioner of the Large Business and International Division, the Commissioner of the Small Business Self-Employed Division, and the Com- missioner of the Tax Exempt and Government Entities Division are presidential appointees.38 Information Technology. Despite the investment of billions of dollars for at least two decades, IRS information technology (IT) systems remain deficient.39 The IRS inadequately protects taxpayer information, its IT systems do not ade- quately support operations or taxpayer services, and its matching and detection algorithms are antiquated. These problems are not primarily about resources. The IRS has spent approxi- mately $27 billion on IT during the past decade, with $7 billion of that designated as “development, modernization and enhancement.“40 The problem is one of man- agement. The bureaucracy is not up to the task, and neither Congress nor a long line of IRS commissioners has forced changes. A Deputy Commissioner for Operations Support with strong IT management skills should be appointed by the IRS Commissioner or the President (once the position is made a presidential appointment). The various subordinates to the

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Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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