REPORTS Act

The "REPORTS Act" aims to enhance transparency and accountability regarding the societal impact of federal government actions. It mandates that federal agencies, when proposing a major rule , must publish an analysis detailing its actual or potential effects on individuals living at, near, or below the poverty line and on racial inequity . Additionally, the bill requires the Comptroller General to produce annual electronic reports for ten years. These reports will examine between two and five federal government programs or policies that have had a substantial economic impact within the preceding five fiscal years. Each report must assess the actual or potential impact of these programs and policies on individuals experiencing poverty and on racial inequity. Both agency analyses and GAO reports have the option to include an examination of the impact on the racial wealth gap , at the discretion of the relevant authority.