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In the quest to cut hundreds of billions of dollars from the federal budget, Representative Scott Peters of San Diego’s 52nd district has set his sights low.

Under Peters’ new Stop Paying Something For Nothing Act, introduced yesterday (July 22), the federal government would be ordered to close thousands of bank accounts identified by the Government Accountability Office that currently sit empty and unused, but continue nonetheless to rack up monthly service fees.

Most of the accounts are established on behalf of organizations that have been awarded grant money in order to facilitate money transfers. But when a grant expires, the account is left open, costing taxpayers as much as $890,000 per year.

“As we find ways to save in the federal budget, this is an easy solution to save precious taxpayer dollars,” Peters said in a release. “With these leftover accounts, we are spending money on nothing which is inexcusable.”

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