The Federal Funding Accountability and Transparency Act of 2006 (S. 2590) is an Act of Congress that requires the full disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal year (FY) 2007. The website USAspending.gov opened in December 2007 as a result of the act, and is maintained by the Office of Management and Budget. The Congressional Budget Office estimates S. 2590 will cost $15 million over its authorized time period of 2007–2011.
The bill was introduced by Senator Tom Coburn, for himself and Senators Barack Obama, Tom Carper and John McCain on April 6, 2006. After two "secret holds" placed by Senators Ted Stevens, a Republican, and Robert Byrd, a Democrat were revealed and removed, it was passed unanimously in the Senate on September 7, 2006 and by the House on September 13, 2006. The bill was signed into law by President George W. Bush on September 26, 2006.
On June 3, 2008, Senator Obama, along with Senators Carper, Coburn and McCain, introduced follow-up legislation: Strengthening Transparency and Accountability in Federal Spending Act of 2008.
The bill states in part:
Not later than January 1, 2008, the Office of Management and Budget shall, in accordance with this section, section 204 of the E-Government Act of 2002 (Public Law 107-347; 44 U.S.C. 3501 note), and the Office of Federal Procurement Policy Act (41 U.S.C. 403 et seq.), ensure the existence and operation of a single searchable website, accessible by the public at no cost to access, that includes for each Federal award –
In addition to Coburn, Obama, and McCain, there were 43 other Senators who co-sponsored this bill: Lamar Alexander, George Allen, Max Baucus, Evan Bayh, Jeff Bingaman, Barbara Boxer, Sam Brownback, Richard Burr, Maria Cantwell, Saxby Chambliss, Hillary Clinton, Norm Coleman, Susan Collins, John Cornyn, Larry Craig, Jim DeMint, Mike DeWine, Chris Dodd, Elizabeth Dole, Dick Durbin, Mike Enzi, Russ Feingold, Bill Frist, Chuck Grassley, Chuck Hagel, Johnny Isakson, John Kerry, Jon Kyl, Mary Landrieu, Joe Lieberman, Mitch McConnell, Bob Menendez, Bill Nelson, Harry Reid, Ken Salazar, Rick Santorum, Jeff Sessions, Olympia Snowe, John Sununu, Jim Talent, Craig Thomas, John Thune, David Vitter, and George Voinovich.