Sen. Deb Fischer says she believes she can save the federal government nearly a million dollars by taking one simple step: closing bank accounts no longer needed.
Fischer sponsors what she calls the GONE Act.
The legislation would close thousands of grant accounts that, though empty, remain open and subject to banking fees totaling $890,000 a year.
“And it was truly unbelievable that the government of the United States spends close to a million dollars a year on empty accounts that should be closed,” Fischer says.
Fischer calls it a snapshot of wasteful spending.
“So, I was really happy that my staff was able to draw up a bill,” Fischer says. “We took it to Sen. Manchin and his staff and they enthusiastically signed on with us.”
Fischer, a Republican, has succeeded in getting Sen. Joe Manchin, a Democrat from West Virginia, to co-sponsor the legislation with her.
An article in the Washington Post prompted Fischer to take the action. It outlined the wasteful spending on empty grant accounts.
Fischer says her big worry now is whether the leader of the Senate, Sen. Harry Reid of Nevada, will put the legislation on the agenda.
GONE stands for The Grants Oversight and New Efficiency Act. It would require agencies to close out expired, empty grant accounts and explain why they weren’t closed. The Council of the Inspectors General on Integrity and Efficiency would submit a report to Congress detailing all expired, empty grant accounts. Accounts would have to be closed within six months of the release of the report.
The full text of the legislation is available by clicking here.