Publisher's Synopsis
Excerpt from Federal Government Financial Management: Hearing Before the Committee on Governmental Affairs, United States Senate, One Hundred Fourth Congress, First Session, December 14, 1995
Congress did the same for State and local governments after the New York City fiscal crisis in 1975. States or large cities did not routinely have comprehensive financial audits prior to that crisis, and then the Single Audit Act was passed in 1984, and that re quired it.
So what we are really trying to do is get the Federal Govern ment, the last big part of our economy, to be able to properly ac count for its financial assets and its operations and to be able to provide reliable and relevant financial reports to the taxpayers.
And Mr. Chairman, I could not be more pleased to hear you an nounce that you are going to have a special subcommittee in this area, because I think it is really a very crucial area to regain the support of the American people for our Government. The Federal Government has got to be able to account for its funds as they come in, and all the assets that it has. As I said, the legislative base is there. Now the big thing is to carry it out. And I would hope that we could have the resources in the executive branch and at gao to make sure that the government achieves the require ments of the various legislative mandates in the next couple of years.
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