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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
8/7/2012--Public Law. Sequestration Transparency Act of 2012 - Requires the President, within 30 days after the enactment of this Act, to submit to Congress a detailed report on the implementation of certain discretionary reductions (in security and nonsecurity categories) and nonexempt direct spending reductions in the sequestration ordered by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for FY2013 on January 2, 2013.
(The Gramm-Rudman-Hollings Act was amended by the Budget Control Act of 2011 to revise the discretionary spending limits and reduce the discretionary appropriations and direct spending specified in the Gramm-Rudman-Hollings Act unless a joint committee bill achieving an amount greater than $1.2 trillion in deficit reduction would be enacted by January 15, 2012.)
Requires the head of each executive agency, upon the request of the Director of the Office of Management and Budget (OMB) (in assisting the President in preparation of the report), to provide to the Director promptly any information at the program, project, and activity level necessary for the Director to prepare the report.