Resolution Calls on Federal Government to Stop Committing ‘Financial Crimes’ (Video)

Rep. Steve Eliason (R-Sandy) says the federal government is misleading the public by not disclosing how much liability they have on the books for programs like Social Security.

That’s why Eliason is pushing a resolution calling on the feds, specifically the Congressional Budget Office, to stop “preparing misleading financial estimates” and follow the same rules that state governments and even public companies must adhere to.

Eliason’s resolution has the intriguing title “Joint Resolution on Federal Financial Crimes.” He says that name isn’t just bomb throwing rhetoric.

“Private companies that don’t follow these standards and mislead the public, for example Enron, their executives go to jail. The Securities and Exchange Commisison, which is a division of the federal government, agressively prosecutes companies that don’t follow these disclosure rules. What this says is what’s good for the goose is good for the gander.”

Eliason says, by some estimates, up to $200 trillion in federal liability is being left off the books.

“Someone told me the reason it’s not on the balance sheet is because they don’t know how much it is, which is a problem. If you get enough good actuaries, you can at least come to a range of estimates and at least put something out there because, right now, we have zero idea.”