Summary of HR 724 - CBO Show Your Work Act

Bill Overview

• Bill Number: HR 724
• Title: CBO Show Your Work Act
• Status: Introduced in House
• Introduced On: January 24, 2025
• Classification: Bill

Purpose and Intent

The CBO Show Your Work Act aims to enhance transparency and accountability in the budgetary and economic analysis conducted by the Congressional Budget Office (CBO). The bill seeks to ensure that the CBO provides detailed explanations of the methodologies and assumptions used in its reports, making it easier for lawmakers and the public to understand the basis of its projections and analyses.

Key Provisions

The bill includes several important provisions designed to improve the clarity and accessibility of CBO reports:

1. Methodology Disclosure:

   • Requires the CBO to clearly outline the methodologies used in its economic and budgetary analyses.
   • Mandates that the CBO provide a summary of the key assumptions that underpin its projections.

2. User-Friendly Reports:

   • Calls for the CBO to produce reports that are more accessible to non-experts, including the use of plain language and visual aids where appropriate.

3. Public Engagement:

   • Encourages the CBO to engage with stakeholders, including policymakers and the public, to gather feedback on its reports and methodologies.

4. Regular Updates:

   • Requires the CBO to periodically update its methodologies and assumptions to reflect new data and changing economic conditions.

Affected Parties

The CBO Show Your Work Act would primarily impact:

• Congressional Budget Office (CBO): The agency responsible for providing budgetary and economic analysis to Congress.
• Members of Congress: Lawmakers who rely on CBO reports for informed decision-making regarding fiscal policy and budgetary matters.
• General Public and Stakeholders: Citizens, advocacy groups, and organizations that seek to understand federal budget processes and economic forecasts.

Legislative Process

• Introduced: The bill was introduced in the House on January 24, 2025.
• Referred to Committee: It has been referred to the House Committee on the Budget for further consideration.

Related Legislation

• S 2090: This bill has a companion in the Senate, indicating a parallel effort to advance similar objectives in the upper chamber.

Conclusion

The CBO Show Your Work Act represents a significant step towards improving the transparency of the CBO's work, fostering greater trust in the budgetary process, and ensuring that economic analyses are understandable and accessible to all stakeholders. As the bill progresses through the legislative process, its implications for fiscal policy and public engagement will be closely monitored.