Murphy Introduces INFORM Act to Boost Spending Accountability, Safeguard Future Generations
Washington, D.C. – Today, Rep. Greg Murphy, M.D. (NC-03) introduced H.R. 5340, the Intergenerational Financial Obligations Reform (INFORM) Act to create new forms of public accountability for big government spending and facilitate a more responsible financial future for the next generation of Americans. If passed, the INFORM Act would strengthen transparency by creating two new government-wide reporting standards on the national debt, deficits, and the incidence of net fiscal burdens on different population groups.
“For the last 8 months of the Biden Presidency, Washington Democrats have been on an all-out spending spree to fund their reckless socialist plans,” said Rep. Greg Murphy. “With unilateral control of the White House, Senate, and House, the Democrats have jammed through trillions in unchecked spending all while plunging our nation further into debt. American families are suffering the economic consequences of the Administration’s irresponsible tax-and-spend agenda, as unemployment remains high, and inflation continues to grow. With the debt growing bigger every day and Democrats showing no signs of stopping their plans to bankrupt America, my bill is an essential part of ensuring that we can create a responsible financial future for generations to come. Thank you to my colleagues for joining this important effort.”
Original co-sponsors of the bill include: Reps. Bill Johnson (OH-06), Randy Weber (TX-14), Dan Bishop (NC-09), Brad Wenstrup (OH-02), William Timmons (SC-04), Dan Crenshaw (TX-02), and Ted Budd (NC-13).
“Reckless government spending is running rampant in Washington, and the $3.5 trillion budget put forth by President Biden, Speaker Pelosi, and Senator Bernie Sanders is the perfect example,” said Rep. Bill Johnson. “This disastrous budget is chock full of higher taxes and new government mandates that will decimate American energy, kill jobs, and continue driving up prices on American families from the gas pump to the grocery store. The INFORM Act is critical to putting accountability BACK into government spending by making sure the American people, including my Democratic colleagues, know the devastating toll this reckless government spending spree will take on working families. I am happy to be an original co-sponsor of this important legislation and hope that my colleagues on both sides of the aisle will join me in taking a step toward restoring accountability in our federal government.”
“For years, the Washington Swamp has been addicted to more spending and debt,” said Rep. Ted Budd. “Worse yet, taxpayers don’t have a full picture of the extent of this looming crisis. That’s why I’m glad to sign on to Dr. Murphy’s timely bill to bring some public accountability to our country’s fiscal situation.”
“The short-sighted spending in Washington, mortgaged on the backs of our children and grandchildren, has to stop,” said Rep. William Timmons. “For too long, Congress has been writing checks with no regard for the long-term consequences. The INFORM Act’s fiscal-gap and generational adjustment requirements would give us a real sense of the negative impact our runaway spending will have on future Americans. I am proud to be an original cosponsor of Rep. Murphy’s much-needed legislation.”