1. United States
2. S.C.
3. Letter

The GAO tax fraud / tax gap range quoted lines up with what IRS data has shown for years. PROPOSAL FOR CONGRESSIONAL CONSIDERATION Financial and Utility Transparency and Oversight Act of 2026 TO: President Trump, Senator Tim Scott, Senator Lindsey Graham, and Members of Congress FROM: Melissa - Constituent, Prosperity, S.C. DATE: September 26, 2026 SUBJECT: Request for National Legislation and Subsequent Supreme Court Review SECTION 1. SHORT TITLE This Act may be cited as the "Financial and Utility Transparency and Oversight Act." SECTION 2. FINDINGS Congress finds that: The financial and utility sectors are vast and lack real-time federal and state oversight. Without real-time verification, there is risk of fraudulent activity including falsified accounts, driver's licenses, Social Security Numbers, and improper lines of credit and illegal credit reporting tax write-offs. Consumers and regulators need honest, transparent, and immediately verifiable financial statements and disclosures. SECTION 3. ESTABLISHMENT OF OFFICE There is hereby created a new office under Congress to be known as the Office of Real-Time Financial and Utility Oversight (ORFUO). The ORFUO shall work in coordination with: Department of the Treasury / IRS Consumer Financial Protection Bureau (CFPB) Federal Trade Commission (FTC) Securities and Exchange Commission (SEC) Department of Energy / FERC State Public Service Commissions and State Attorneys General Government Accountability Office (GAO) for independent auditing SECTION 4. MANDATORY INTELLIGENT INTEGRATION SYSTEM (a) Financial Institutions: All banks, credit unions, lenders, and credit reporting bureaus shall be required to implement direct, secure, real-time data integration with the ORFUO. (b) Utility Companies: All electric, gas, water providers, and any third-party energy brokers operating under them shall be required to connect to the same system. (c) System Functions: The system shall log account activity, financial disclosures, and tax compliance data; provide immediate routing of consumer complaints to both the institution and ORFUO; and provide transparency on utility billing and brokering agreements. SECTION 5. STANDARDIZED HONEST REPORTING All covered entities must submit to standardized, concurrent, honest reporting that can be independently verified by federal, state, and ORFUO systems in real-time. SECTION 6. AUDIT AUTHORITY AND ENFORCEMENT The ORFUO shall have full audit authority to flag discrepancies immediately, including falsified SSNs, fake or duplicate accounts, and mismatched tax write-offs. Penalties for non-compliance and protections for whistleblowers and consumers shall be included. SECTION 7. PURPOSE To eliminate hidden liabilities - no more skeletons in the closet on taxes - and to ensure consumer accountability , corporate accountability, and honest reporting through real-time federal and state oversight. Simplified tax code of ethics ❤ --- built this to make sure people are honestly for both state and federal benefits, no fake accounts under dead people's names, offshore fakes, that bankrupt our system or hidden brokering of its happening.