Taxpayer Funds Oversight and Accountability Act
Summary
What This Bill Does
The Taxpayer Funds Oversight and Accountability Act strengthens the statutory role of agency Chief Financial Officers. CFOs must oversee budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other OMB-designated areas. They must oversee internal controls over financial reporting and key financial management information, prepare agency plans within 90 days after OMB issues a governmentwide four-year financial management plan, include performance-based financial management metrics, submit plans to agency heads, OMB, GAO, and congressional committees, and make plans publicly available. The bill also adds annual GAAP financial statements and expands reporting on performance-cost integration, spending data under the Federal Funding Accountability and Transparency Act, and Federal Financial Management Improvement Act reporting.
Who Benefits and How
Federal taxpayers benefit from stronger public financial plans, metrics, internal controls, and agency financial statements. Agency Chief Financial Officers benefit from clearer leadership authority over budget, accounting, risk, systems, and internal controls. Congressional oversight committees benefit from public agency plans and reports sent directly to Congress. The Government Accountability Office benefits from receiving agency plans and expanded financial-management information for oversight.
Who Bears the Burden and How
Agency CFO offices must prepare implementation plans, financial metrics, GAAP statements, and expanded public reports. Federal agencies must integrate cost and performance information and sustain effective internal controls. OMB must maintain the governmentwide four-year financial management plan and metrics framework. Agency financial systems staff must support reporting on spending data, internal controls, and financial management improvements.
Key Provisions
- Expands agency CFO duties over budget, performance, risk, internal controls, systems, and accounting.
- Requires agency implementation plans within 90 days after OMB issues a governmentwide plan.
- Requires performance-based financial management metrics and public submission to OMB, GAO, Congress, and agency heads.
- Adds GAAP financial statements, spending-data reporting, and financial-management improvement reporting to CFO responsibilities.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Expands agency Chief Financial Officer duties over budget execution, risk management, internal controls, financial systems, accounting, GAAP financial statements, agency implementation plans, public reporting, and governmentwide financial management metrics.
Key Policy Areas
Government Operations, Financial Management, Oversight
Primary Purpose
Expands agency Chief Financial Officer duties over budget execution, risk management, internal controls, financial systems, accounting, GAAP financial statements, agency implementation plans, public reporting, and governmentwide financial management metrics.
Policy Domains
Resolution provisions
Identified Gains
- Federal taxpayers
- Agency CFOs
- Oversight committees
- Government Accountability Office
Identified Costs
- CFO offices
- Federal agencies
- OMB
- Financial systems staff
Sponsors
Legislative Progress
In CommitteeASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that …
Mr. Connolly (for himself, Ms. Norton, Mr. Lynch, Mr. Krishnamoorthi, …
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology