Congressman Ross Spano (R-FL) introduced the Federal Agency Sunset Act (H.R. 7726) on June 15, 2020. The Act would allow for the creation of a commission to identify unnecessary federal agencies. The commission would be made up of 13 members: 6 from the House, 6 from the Senate, and 1 appointed by the President. Explaining the rationale for the commission, Spano stated “The federal government is riddled with inefficient processes and redundant agencies that only cost taxpayers money. We need to make our government leaner and to serve the American public in a more efficient way.”
Part of the process would be identifying functions of federal agencies that would be better left to the private sector. The legislation is a companion to legislation introduced by Senator Rick Scott of Florida. The bill would create a “fast track” process for Joint Resolutions drafted by the Commission, requiring them to introduced in both the Senate and House within 60 days of being proposed to Congress. They then must be brought to the floor within 90 days of introduction.
The plan is touted as part of Spano’s “Great American Comeback” economic recovery plan, specifically targeting the goal of reducing the country’s national debt. Spano stated that “Our national debt has skyrocketed out of control, and I believe if we do not make serious reforms, it will be our largest national security threat, crippling us from within.” We will keep you updated as the bill makes its way through the process.
**Written by Jennifer Meyer, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Jennifer Meyer and not necessarily those of RJFS or Raymond James. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy suggested. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment or financial decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.**