Truth in Federal Spending Act of 1988

[AI summary unavailable — showing source text] Truth in Federal Spending Act of 1988 - Requires the Director of the Congressional Budget Office to prepare a financial impact statement to accompany each bill, amendment, resolution, or conference report of a public character reported by any committee of the House or Senate or considered on the floor of either House. Requires the statement to express the extent to which enactment of the legislation would result in increased costs to the private sector or to State and local governments. Requires the statement to include a detailed assessment of the annual impact of the legislation (projected annually over a five-year period from its effective date and expressed in monetary terms) on: (1) costs to consumers or business; (2) national employment; (3) the ability of U.S. industries to compete internationally; (4) the ability of affected State and local governments to comply with requirements of the legislation; and (5) outlays by the Federal Government as compared to outlays for the same activity in the current fiscal year. Provides that the financial impact statement may consist of a brief summary assessment if preliminary analysis indicates that the aggregate effect on the four above…