Staunch conservative, but yes and no. There should be guardrails in place, If you recieve government assistance, you should be able to pass an audit that shows funds were used as designed. "High oversight and scrutiny" is a very broad scope though and a slippery slope. Do I believe they should be able to dictate your business practices, no. Do I believe they should make sure that you don't bank it in Switzerland, yes.Cool. So if a private business or individual receives any type of federal funding, they should then be subject to high oversight and scrutiny. And I trust you would say the same about state funding as well.
I doubt that viewpoint is what you intended with your post, based on how it would logically play out, but it is definitely the end result regardless.