3.0.0 75 2026-04-28T11:03:21Z 2026-04-28T11:03:21Z Senate S S 2025-01-13 119 https://www.congress.gov/bill/119th-congress/senate-bill/75 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred To 2025-01-13T23:27:35Z Referred To 2025-01-13T23:27:35Z Taxpayer Funds Oversight and Accountability Act 119 1558 HR 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 Related bill CRS 2025-01-13 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2025-01-13 Introduced in Senate IntroReferral 10000 9 Library of Congress L000575 Sen. Lankford, James [R-OK] James Lankford R OK N H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2026-04-27 False Government Operations and Politics Accounting and auditing 2025-03-05T16:11:35Z Budget process 2025-03-05T16:11:35Z Congressional oversight 2025-03-05T16:11:35Z Executive agency funding and structure 2025-03-05T16:11:35Z Federal officials 2025-03-05T16:11:35Z Performance measurement 2025-03-05T16:11:35Z Government Operations and Politics 2025-02-28T15:00:09Z 00 2025-01-13 Introduced in Senate 2025-12-19T02:15:22Z Improving Federal Financial Management 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.

]]> Improving Federal Financial Management Act Display Title 45 Improving Federal Financial Management Act 2026-04-28T11:03:21Z Short Title(s) as Introduced 101 Improving Federal Financial Management Act 2025-02-11T05:53:20Z Introduced in Senate IS Official Title as Introduced 6 A bill to modify the governmentwide financial management plan, and for other purposes. 2025-02-11T05:48:40Z Introduced in Senate IS Introduced in Senate 2025-01-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119s75is/xml/BILLS-119s75is.xml 2025-01-13 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. 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.