The Cost Openness and Spending Transparency Act (COST Act) requires federal agencies and organizations receiving federal funds to publicly disclose the costs of taxpayer-funded projects. Specifically, any statement, press release, proposal request, or similar document must clearly state the dollar amount of federal funding, the percentage of total project costs covered by federal funds, and the percentage and dollar amount covered by non-federal sources. The bill applies to federal agencies, state and local governments, research grant recipients, and other entities using federal money, though brief communications of 280 characters or fewer are exempt from the requirement. To enforce compliance, the Office of Management and Budget must conduct annual random reviews of public communications and publish the results, and the public will have the ability to anonymously report noncompliant communications within one year of the bill's enactment. No specific funding is allocated in the bill; it primarily creates a disclosure and oversight framework for existing federal spending.
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