RECEIPTS Act

Key Points

• This bill requires the Department of Defense to finally pass a full financial audit by the end of 2028. Even though a 1996 law requires all agencies to track their spending, the military remains the only major department that hasn't been able to show exactly where all its money goes.
• If the military passes the audit, it gets a reward: more freedom to move up to $10 billion between different programs without asking Congress for permission first. This is meant to encourage leaders to fix their messy accounting systems and prove they are spending tax dollars responsibly.
• If the military fails to pass by the 2028 deadline, the rules for who can lead its finance offices will get much stricter. Any future top financial officers would be required to be Certified Public Accountants with experience running finances for large companies or other government agencies.
• The plan provides $300 million to use artificial intelligence and new computer systems to track spending more accurately. To pay for this, the Department of Defense would have to cancel existing contracts with outside consulting firms that have failed to fix the problem so far.
• A new committee would be created to oversee the process, including experts chosen by both parties in Congress. This group would hire an outside, independent auditor to check the books instead of letting the department check itself, and it would exclude current financial leaders who haven't solved the issue.
• If the military fails to meet the deadline, its accounting office will lose its 'side jobs' of handling payroll and finances for other government agencies, like the Department of Health and Human Services. This forces the office to focus entirely on fixing the military's own financial records.