The proposed bill, titled the "Federal Elected Officials Accountability Act," aims to enhance transparency and accountability regarding federal spending by requiring the tracking and reporting of federal spending bills. It establishes a federal elected official accountability office within the Department of Treasury, which will be responsible for identifying and tracking all federal spending bills, recording how federal elected officials voted on these bills, and compiling data and reports on federal spending. The office will also create a federal spending disclosure form that federal elected officials must complete annually, detailing their voting records on spending bills and any adjustments to the list of bills.

Additionally, the bill imposes a two-year accountability surcharge on federal elected officials who voted in favor of spending bills that contributed to deficit spending, calculated as 75% of their taxable income. The legislation outlines a process for federal elected officials to petition for the removal of specific spending bills from the list if they can justify their votes, requiring a concurrent resolution from the legislature for approval. Penalties for non-compliance with the act are also specified, aligning them with existing tax return filing penalties.