As The Joint Select Committee on Deficit Reduction holds its first public hearing today, a new bi-partisan bill introduced last week is circulating which would require its 12 members to disclose meetings with lobbyists and special interests between committee members and staff 48 hours after the meeting on the committee website.

The bill also requires the same disclosure before any meetings occur within 48 hours of the November 23 vote and the submission of legislative text on December 2, and disclosure of lobbyist and special interest contributions to committee member campaigns or leadership PACs, and any contributions over $500, all within 48 hours after the donation occurs.

The committee is streaming today’s meeting live, but the bill would also require committee hearings to be streamed live on its website and be televised.

Additionally, the committee’s report and proposed legislative language would have to be published online 72 hours before the vote occurs.

The bill is sponsored by House Representatives Jim Renacci, Dave Loebsack, and Mike Quigley. Representative Renacci’s press release can be found here.

In response to this week’s legislation raising the federal debt limit ceiling and creating a new Joint Select Committee on Deficit Reduction, U.S. Senator David Vitter announced he is introducing a bill requiring 48-hour disclosure of campaign contributions over $1,000 to any appointed member of the committee or their leadership PACs.

“We need to see full transparency and accountability because these committee members will be making huge decisions with a lot on the line,” Senator Vitter said.

The 48-hour rule would continue until the committee expires on January 21, 2012.

The full press release can be found here.