HR8340-119

What This Bill Does

The Taxpayer Funds Oversight and Accountability Act expands title 31 responsibilities for agency Chief Financial Officers. CFOs must oversee and lead budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by the OMB Deputy Director for Management. The bill adds performance and cost integration, annual agency financial statements prepared under OMB-determined accounting standards, and leadership over internal controls for financial reporting and key financial-management information. Each CFO must prepare, with financial-management and other experts, an agency plan implementing OMB's four-year governmentwide financial management plan and achieving and sustaining effective agency financial management. The plan must be completed within 120 days after the OMB governmentwide plan, revised when necessary, include financial-management metrics, and be submitted to the agency head, OMB, and congressional committees.

Who Benefits and How

Agency heads benefit from clearer CFO accountability for financial systems, internal controls, risk management, and financial statements. OMB financial management officials benefit from agency implementation plans tied to a governmentwide plan. Congressional oversight committees benefit from agency financial-management metrics and submitted plans. Federal taxpayers benefit if stronger CFO leadership reduces waste, control failures, and weak financial reporting. Agency program managers benefit from better integration of performance and cost information. Inspectors general and auditors benefit from clearer internal-control responsibilities.

Who Bears the Burden and How

Agency Chief Financial Officers must prepare plans, lead internal controls, manage metrics, revise implementation plans, and coordinate with experts. Agency financial-management staff must support accounting, reporting, systems, and internal-control work. OMB must issue and coordinate the four-year governmentwide plan and review agency implementation. Agency heads must oversee CFO implementation and respond to metrics. Congressional committees must review submissions. Program offices may face tighter financial controls and cost-performance reporting expectations.

Key Provisions

• Expands agency CFO responsibilities across budget, performance, risk management, internal controls, financial systems, accounting, and financial statements.
• Requires CFO leadership over internal controls for financial reporting and key financial-management information.
• Requires agency plans implementing OMB's four-year governmentwide financial management plan.
• Requires each agency plan within 120 days after the governmentwide plan.
• Requires financial-management metrics, revisions when necessary, and submission to agency heads, OMB, and Congress.