New York, NY —

In an effort to encourage transparency and accountability, Councilman Bill de Blasio has introduced legislation that would require all New York City recipients of federal stimulus funds to report exactly how the money will be spent, and what impact it will have on the economy.

DEBLASIO: The public has a right to want to see this process unfold in a very transparent fashion, and I think that given that we are absolutely dependent on these federal stimulus dollars for our economic recovery, more than ever we need to know they're going to right place.

The public would be able to access the information on a new website (yet to be created), and make allegations of waste, fraud or abuse of federal funds.

The Bloomberg Administration already has information about stimulus funds on the city's website, but de Blasio says his measure would make the sharing of that information "law."