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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/23/2012--Introduced. Sequestration Transparency Act of 2012 - Requires the President on July 9, 2012, 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.)