Financial Management Risk Reduction Act

3.0.0 4716 2025-12-05T08:27:34Z 2025-12-05T08:27:34Z Senate S S 2024-07-11 118 https://www.congress.gov/bill/118th-congress/senate-bill/4716 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Reported By 2024-09-19T17:06:12Z Markup By 2024-07-31T17:49:59Z Referred To 2024-07-11T19:17:39Z S. Rept. 118-226 Financial Management Risk Reduction Act 118 4716 S 2024-12-23 Became Public Law No: 118-207. Related bill CRS Financial Management Risk Reduction Act 118 10155 HR 2024-11-20 Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 38 - 0. Identical bill CRS 2024-12-23 Became Public Law No: 118-207. President E40000 9 Library of Congress 2024-12-23 Became Public Law No: 118-207. BecameLaw 36000 9 Library of Congress 2024-12-23 Signed by President. President E30000 9 Library of Congress 2024-12-23 Signed by President. BecameLaw 36000 9 Library of Congress 2024-12-23 Presented to President. Floor E20000 2 House floor actions 2024-12-23 Presented to President. President 28000 9 Library of Congress 2024-12-16 18:03:32 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2024-12-16 18:03:31 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211) Floor H37300 2 House floor actions 2024-12-16 18:03:31 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211) Floor 8000 9 Library of Congress 2024-12-16 18:00:05 DEBATE - The House proceeded with forty minutes of debate on S. 4716. Floor H8D000 2 House floor actions 2024-12-16 18:00:04 Considered under suspension of the rules. (consideration: CR H7211-7212) Floor H30000 2 House floor actions 2024-12-16 17:59:48 Mr. Burlison moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2024-11-15 09:21:35 Held at the desk. Floor H15000 2 House floor actions 2024-11-15 09:14:51 Received in the House. Floor H14000 2 House floor actions 2024-11-14 Senate Message on Senate action sent to the House. Floor 2024-11-14 Senate Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587) Floor 2024-11-14 Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. Floor 17000 9 Library of Congress 2024-09-19 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 519. Calendars 2024-09-19 ssga00 Homeland Security and Governmental Affairs Committee Senate Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226. Committee 2024-09-19 Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226. Committee 14000 9 Library of Congress ssga00 Homeland Security and Governmental Affairs Committee 2024-07-31 ssga00 Homeland Security and Governmental Affairs Committee Senate Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Committee 2024-07-11 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2024-07-11 Introduced in Senate IntroReferral 10000 9 Library of Congress P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI N J000293 Sen. Johnson, Ron [R-WI] Ron Johnson R WI 2024-07-11 True 2024-09-13T20:19:00Z S. 4716, Financial Management Risk Reduction Act https://www.cbo.gov/publication/60718 As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024 Public Law 118-207 Government Operations and Politics Accounting and auditing 2024-10-23T15:48:29Z Congressional oversight 2024-10-23T15:48:35Z Government information and archives 2024-10-23T15:48:40Z Government Operations and Politics 2024-09-11T14:28:37Z

55 2024-11-14 Passed Senate 2024-12-18T20:16:59Z Financial Management Risk Reduction ActThis bill increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. Specifically, the bill requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of the bill's enactment and every six years thereafter.OMB must develop a strategy, and the General Services Administration (GSA) must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.Within four years of the bill's enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.

49 2024-12-23 Public Law 2025-05-09T20:13:28Z Financial Management Risk Reduction ActThis act increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. Specifically, the act requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of enactment and every six years thereafter.OMB must develop a strategy, and the General Services Administration must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.Within four years of enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.

Financial Management Risk Reduction Act Display Title 45 Financial Management Risk Reduction Act 2025-01-01T12:03:15Z Short Titles from ENR (Enrolled) bill text 147 Financial Management Risk Reduction Act 2024-12-18T08:08:16Z J Joint Enrolled Bill ENR Short Title(s) as Passed Senate 105 Financial Management Risk Reduction Act 2024-11-15T05:38:15Z S Senate Engrossed in Senate ES Short Title(s) as Reported to Senate 103 Financial Management Risk Reduction Act 2024-09-24T03:38:16Z S Senate Reported to Senate RS Short Title(s) as Introduced 101 Financial Management Risk Reduction Act 2024-07-15T23:53:12Z Introduced in Senate IS Official Title as Introduced 6 A bill to amend section 7504 of title 31, United States Code, to improve the single audit requirements. 2024-07-15T23:48:13Z Introduced in Senate IS Enrolled Bill https://www.govinfo.gov/content/pkg/BILLS-118s4716enr/xml/BILLS-118s4716enr.xml Engrossed in Senate 2024-11-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s4716es/xml/BILLS-118s4716es.xml Reported to Senate 2024-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s4716rs/xml/BILLS-118s4716rs.xml Introduced in Senate 2024-07-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s4716is/xml/BILLS-118s4716is.xml 2024-12-24T04:59:59Z https://www.govinfo.gov/content/pkg/PLAW-118publ207/uslm/PLAW-118publ207.xml United States Legislative Markup Public Law 2024-12-23 Became Public Law No: 118-207. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.