I am in favour of "holding recipients of public funds" accountable by strictly limiting overheads to some reasonable level. The current practice of having only ~45% of a grant actually go toward direct costs is unconscionable from a public policy point of view.
The problem is that they don't hold us accountable *at all* in respect of overheads: they hold us accountable mainly in the sense of requiring us to have a dozen layers of bureaucracy and approval and lawyers and auditing and so on. Which does nothing but increase the cost of research, justifying the high overheads.