3.0.0 1558 2026-04-30T12:28:55Z 2026-04-30T12:28:55Z House H HR 2025-02-25 119 https://www.congress.gov/bill/119th-congress/house-bill/1558 <pre>[Congressional Record Volume 171, Number 37 (Tuesday, February 25, 2025)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. CONNOLLY:H.R. 1558.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H837]</pre> hsgo00 Oversight and Government Reform Committee House Standing Referred To 2025-02-25T15:02:35Z Taxpayer Funds Oversight and Accountability Act 119 8340 HR 2026-04-29 Committee Consideration and Mark-up Session Held Related bill CRS Improving Federal Financial Management Act 119 75 S 2025-01-13 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Related bill CRS 2025-09-15 19:04:33 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. Floor H8D000 2 House floor actions 2025-02-25 Referred to the House Committee on Oversight and Government Reform. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Government Reform Committee 2025-02-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-02-25 Introduced in House IntroReferral 1000 9 Library of Congress C001078 Rep. Connolly, Gerald E. [D-VA-11] Gerald Connolly D VA E. 11 N N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] Eleanor Norton D DC Holmes 0 2025-02-25 True L000562 Rep. Lynch, Stephen F. [D-MA-8] Stephen Lynch D MA F. 8 2025-02-25 True K000391 Rep. Krishnamoorthi, Raja [D-IL-8] Raja Krishnamoorthi D IL 8 2025-02-25 True K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2025-02-25 True M000687 Rep. Mfume, Kweisi [D-MD-7] Kweisi Mfume D MD 7 2025-02-25 True B001313 Rep. Brown, Shontel M. [D-OH-11] Shontel Brown D OH M. 11 2025-02-25 True S001218 Rep. Stansbury, Melanie A. [D-NM-1] Melanie Stansbury D NM A. 1 2025-02-25 True G000598 Rep. Garcia, Robert [D-CA-42] Robert Garcia D CA 42 2025-02-25 True F000476 Rep. Frost, Maxwell [D-FL-10] Maxwell Frost D FL 10 2025-02-25 True L000602 Rep. Lee, Summer L. [D-PA-12] Summer Lee D PA L. 12 2025-02-25 True C001130 Rep. Crockett, Jasmine [D-TX-30] Jasmine Crockett D TX 30 2025-02-25 True R000621 Rep. Randall, Emily [D-WA-6] Emily Randall D WA 6 2025-02-25 True S001230 Rep. Subramanyam, Suhas [D-VA-10] Suhas Subramanyam D VA 10 2025-02-25 True A000381 Rep. Ansari, Yassamin [D-AZ-3] Yassamin Ansari D AZ 3 2025-02-25 True B001324 Rep. Bell, Wesley [D-MO-1] Wesley Bell D MO 1 2025-02-25 True S001231 Rep. Simon, Lateefah [D-CA-12] Lateefah Simon D CA 12 2025-02-25 True M001241 Rep. Min, Dave [D-CA-47] Dave Min D CA 47 2025-02-25 True T000481 Rep. Tlaib, Rashida [D-MI-12] Rashida Tlaib D MI 12 2025-02-25 True Government Operations and Politics Accounting and auditing 2025-07-17T20:36:03Z Budget process 2025-07-17T20:36:03Z Congressional oversight 2025-07-17T20:36:03Z Executive agency funding and structure 2025-07-17T20:36:03Z Federal officials 2025-07-17T20:36:03Z Performance measurement 2025-07-17T20:36:03Z Government Operations and Politics 2025-05-06T15:29:40Z 00 2025-02-25 Introduced in House 2026-01-27T14:30:48Z 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, including

  • preparing 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; and
  • preparing 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.

]]> Taxpayer Funds Oversight and Accountability Act Display Title 45 Taxpayer Funds Oversight and Accountability Act 2025-03-17T12:53:29Z Short Title(s) as Introduced 101 Taxpayer Funds Oversight and Accountability Act 2025-03-17T12:53:23Z Introduced in House IH Official Title as Introduced 6 To modify the governmentwide financial management plan, and for other purposes. 2025-03-17T12:48:31Z Introduced in House IH Introduced in House 2025-02-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr1558ih/xml/BILLS-119hr1558ih.xml 2025-09-15 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. 19:04:33 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.