1. Short title This Act may be cited as the Cost Openness and Spending Transparency Act of 2023 or the COST Act of 2023 . 2. Disclosure requirements for Federal funds (a) In general Subchapter III of chapter 13 of title 31, United States Code, is amended by adding at the end the following: 1356. Disclosure requirements for Federal funds (a) Definition In this section, the term agency means— (1) an Executive agency, as defined in section 105 of title 5; and (2) an independent regulatory agency, as defined in section 3502 of title 44. (b) Disclosure requirements An agency and an individual or entity (including a State or local government and a recipient of a Federal research grant) carrying out a program, project, or activity that is, in whole or in part, carried out using Federal funds shall clearly state in any statement, press release, request for proposals, bid solicitation, or other document describing the program, project, or activity, other than a communication containing not more than 280 characters— (1) the percentage of the total costs of the program, project, or activity which will be financed with Federal funds; (2) the dollar amount of the Federal funds made available for the program, project, or activity; and (3) the percentage of the total costs of, and dollar amount for, the program, project, or activity that will be financed by nongovernmental sources. (c) Certification An individual or entity carrying out a program, project, or activity that is, in whole or in part, carried out using Federal funds shall, as part of the performance progress reporting regarding the program, project, or activity, include a certification indicating whether the individual or entity complied with the disclosure requirements. (d) Compliance review The Director of the Office of Management and Budget shall annually— (1) review a random sampling of public communications issued by agencies and recipients of Federal funds for compliance with the disclosure requirements under subsection (b)