TRACKS Act Tracking Receipts to Adversarial Countries for Knowledge of Spending Act
If enacted, the TRACKS Act will impose stricter reporting requirements on federal award recipients, mandating that they disclose data about covered subawards. Specifically, these include any subawards made to entities in foreign countries identified as concerns under existing federal regulations. By ensuring detailed tracking and reporting of these financial transactions, the bill is expected to provide the government and the public with better oversight of how federal funds are distributed and utilized beyond national borders.
House Bill 3766, known as the TRACKS Act (Tracking Receipts to Adversarial Countries for Knowledge of Spending Act), aims to amend the Federal Funding Accountability and Transparency Act of 2006. The primary purpose of this bill is to enhance transparency in federal spending by requiring recipients of federal awards to collect and report comprehensive data regarding subawards granted to entities located outside the United States. This legislation reflects a growing concern about where federal funds are ultimately allocated and how they may support foreign adversaries.
While supporters of the bill argue that it will enhance accountability and prevent taxpayer money from inadvertently bolstering adversarial regimes, there are notable points of contention surrounding potential administrative burdens. Critics may assert that such extensive reporting requirements could complicate the process for federal entities and non-profits that rely on these funds, thereby hindering their operations. The emphasis on transparency versus the risk of imposing heavy compliance obligations raises important questions about the bill's feasibility and effectiveness in achieving its intended goals.