Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst announced on Mar. 18 the introduction of the Cost Openness and Spending Transparency (COST) Act, which would require a public price tag on all taxpayer-funded projects. The announcement was made during Sunshine Week, an annual event focused on government transparency.
The topic is significant as it addresses concerns about how federal tax dollars are spent and whether that information is accessible to the public. Ernst said her efforts aim to ensure accountability by making government expenditures more transparent.
Ernst highlighted examples of questionable spending, such as research into monkey mind reading and octopus hypnosis, where costs were not disclosed as required by law. She pointed out that the Government Accountability Office recently found $77.5 billion in hidden “Other Transaction Agreements” between Fiscal Years 2021 and 2025. "The government demands to know exactly how much money all of you earn so it can tax every single cent," Ernst said. "Yet once Washington gets its hands on your money, it’s anyone’s guess where it is even going."
She praised the Small Business Administration for complying with cost disclosure requirements and announced that the Pentagon’s Inspector General will investigate why some defense projects do not disclose their costs to taxpayers. "That is why I appreciate SBA Administrator Kelly Loeffler for quickly getting her agency into compliance with my COST Act," Ernst said.
The Senate Small Business and Entrepreneurship Committee plays a role in supporting informed decision-making on national fiscal priorities according to its official website. The committee also offers Congress comprehensive policy options regarding federal budget components according to its official website, contributes to the congressional budget process through resolutions and reconciliation instructions according to its official website, provides nonpartisan budgetary analysis via oversight of the Congressional Budget Office according to its official website, and was established through the Congressional Budget and Impoundment Control Act of 1974 according to its official website.
Ernst concluded by recognizing organizations like Open the Books and White Coat Waste Project for their work promoting transparency, saying, "I salute you for your thankless work and extend the gratitude of the taxpayers of Iowa who could not have better friends standing up for their interests in Washington."
