COST Act

This legislation aims to enhance transparency regarding the use of federal funds by requiring detailed financial disclosures for projects supported by taxpayer dollars. It mandates that federal agencies and any individual or entity, including state and local governments or research grant recipients, clearly state specific funding information in public communications. For any program, project, or activity utilizing federal funds, these disclosures must include the percentage of total costs financed by Federal funds , the exact dollar amount of Federal funds provided , and the percentage and dollar amount contributed by nongovernmental sources . These requirements apply to various documents such as statements, press releases, and bid solicitations, with an exception for communications under 280 characters. Entities receiving federal funds must also certify their compliance with these disclosure rules in performance progress reports. To ensure accountability, the Director of the Office of Management and Budget will conduct annual reviews of public communications for compliance and make these findings publicly available. Additionally, the bill establishes a public mechanism for anonymously reporting communications that do not meet these new transparency standards.