Manchin, Fischer Introduce Government Reform Bill to Save Millions of Taxpayer Dollars
RECOUP Act Would Permit U.S. Treasury Department
to Recover Federal Government Assets; Save $85 Million Over 10 Years
Washington, D.C. – U.S. Senators Joe Manchin (D-WV) and Deb Fischer (R-NE) have introduced the Recovering and Collecting Unclaimed Federal Property Act, commonly known as the RECOUP Act. This government reform bill would save taxpayer dollars. The Treasury Department budget estimates enacting the RECOUP Act would save $85 million in taxpayer dollars over the course of ten years.
"With our national debt exceeding $19 trillion, we need to start making smart reforms to get rid of government waste and reclaim federal assets that are just waiting to be claimed. This legislation will save millions of dollars and is another step towards using taxpayer dollars more wisely. I look forward to working with my colleagues to pass this bipartisan, common sense legislation so we can continue to work towards a reasonable way to help reduce our deficit and focus on fiscal responsibility," said Senator Manchin.
“The RECOUP Act makes a simple and needed change that would result in big savings. With this bipartisan legislation, Congress can recover the money being wasted on unclaimed assets and help promote more efficient government spending for the American people,” said Senator Fischer.
States and federal agencies currently hold unclaimed assets in the name of the federal government because they lack the expertise or funding to recover them. Failing to reclaim these assets wastes millions of taxpayers dollars. The RECOUP Act would address this problem by giving debt collection personnel at the U.S. Treasury Department the authority to recover government assets. These employees already have the knowledge and skills to do so. Click here to read the bill text of the RECOUP Act.
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