According to the summary, the bill would:
- Expand the Federal Funding Accountability and Transparency Act of 2006 by disclosing direct federal agency expenditures and linking federal contract, loan, and grant spending information to federal programs to enable taxpayers and policy makers to track federal spending more effectively;
- Provide consistent, reliable, and searchable government-wide spending data that is displayed on USASpending.gov;
- Simplify reporting for entities receiving federal funds by streamlining reporting requirements and reducing compliance costs while improving transparency; and
- Improve the quality of data submitted to USASpending.gov by holding federal agencies accountable for the completeness and accuracy of the data submitted.