Taxpayer Funds Oversight and Accountability Act
Taxpayer Funds Oversight and Accountability Act
Plain Language Summary
# Summary of HR 1558: Taxpayer Funds Oversight and Accountability Act **What the bill does:** This bill aims to improve how the federal government manages and tracks its money. It requires the Office of Management and Budget (OMB) to create a four-year financial management plan and submit it to Congress, along with annual progress reports. The bill also expands the duties of Chief Financial Officers (CFOs) at federal agencies, requiring them to implement these plans and help improve financial systems government-wide. **Who it affects:** The bill primarily affects federal agencies and their leadership, particularly CFOs responsible for financial management.
It also impacts Congress and oversight bodies like the Government Accountability Office, which would receive reports on the government's financial management progress. Indirectly, it affects taxpayers by aiming to improve how federal funds are managed and accounted for. **Key provisions:** The bill focuses on three main areas: improving financial management systems across agencies, strengthening the workforce that handles federal finances, and better reporting of performance and costs. Each agency's CFO would be responsible for developing plans to carry out these improvements within their organization. **Current status:** The bill is currently in committee (as of the 119th Congress), meaning it has been introduced but has not yet been voted on by the full House.
CRS Official Summary
Taxpayer Funds Oversight and Accountability Act This bill requires the Office of Management and Budget (OMB) to take certain actions to improve financial management systems across the federal government and expands the responsibilities of federal agency Chief Financial Officers (CFOs). The bill requires OMB to submit a four-year governmentwide financial management plan to Congress within six months of enactment and thereafter with the budget submitted in the first full fiscal year following the start of a presidential term. Such plans must address certain topics, including strategies for (1) improving financial management systems; (2) strengthening the financial management workforce; and (3) reporting performance and cost information. OMB must annually submit related status reports to Congress and the Government Accountability Office. Each agency CFO is assigned new responsibilities, includingpreparing the agency plan to implement OMB's governmentwide financial management plan;overseeing and providing leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by OMB;coordinating with designated agency personnel on the strategic planning, performance measurement and reporting, and risk management functions of the agency;managing the formulation and financial execution of the agency budget;linking performance and cost information; andpreparing annual reports on progress in implementing the governmentwide financial management plan and transmitting such reports to the agency head, OMB, and Congress.The bill establishes new requirements for audits of agency accounts, such as having auditors evaluate the design of the agency's internal controls over financial reporting.
Latest Action
ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.