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Bill

S 1979

Rare Earth Magnet Security Act of 2025

119th Congress Introduced by Lindsey Graham and 2 co-sponsors

Bill S 1979 mandates detailed fiscal impact notes for legislation with significant financial effects, enhancing transparency and informed decision-making for lawmakers and the public.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 1979

Summary of Bill S 1979

Title: Requires Detailed Fiscal Impact Notes on Certain Legislation
Bill Number: S 1979
Status: Referred to Investigations and Government Operations
Introduced: January 14, 2025
Classification: Bill

Purpose and Intent

Bill S 1979 aims to enhance transparency and accountability in the legislative process by requiring detailed fiscal impact notes for specific types of legislation. The intent is to ensure that lawmakers and the public are well-informed about the financial implications of proposed laws before they are enacted.

Key Provisions

  • Fiscal Impact Notes Requirement: The bill mandates that a comprehensive fiscal impact note be prepared for any legislation that is expected to have a significant financial impact on state or local government budgets.

  • Definition of Significant Impact: The bill specifies criteria for what constitutes a "significant financial impact," which may include legislation that:

    • Increases government expenditures by a certain percentage or dollar amount.
    • Alters revenue streams, including taxes or fees.
    • Affects funding for existing programs or services.

  • Preparation and Submission: The fiscal impact notes must be prepared by the relevant governmental agency or department and submitted to the legislative body prior to any vote on the proposed legislation.

  • Public Accessibility: The bill also requires that these fiscal impact notes be made publicly available, ensuring transparency and allowing for public scrutiny and feedback.

Affected Parties

  • Legislators: Members of the legislative body will have access to detailed financial analyses, aiding in informed decision-making.

  • Government Agencies: Agencies tasked with preparing fiscal impact notes will need to allocate resources for this requirement, potentially affecting their operations.

  • Taxpayers and the Public: Increased transparency will allow taxpayers and citizens to better understand the financial implications of new laws, fostering greater public engagement in the legislative process.

Procedural Aspects

  • Current Status: As of January 14, 2025, the bill has been referred to the Investigations and Government Operations Committee for further consideration.

  • Related Legislation: This bill is related to prior-session Bill S 2908 and has a companion bill, A 7795, which may address similar issues or provide additional context.

Conclusion

Bill S 1979 represents a significant step towards improving fiscal accountability in the legislative process. By requiring detailed fiscal impact notes, the bill seeks to ensure that lawmakers and the public are equipped with the necessary information to understand the financial consequences of legislation, ultimately promoting more responsible governance.

Compiled from official sources — confirm details with the bill’s official record.

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