[Congressional Record Volume 172, Number 96 (Monday, June 8, 2026)]
[House]
[Pages H3931-H3933]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TAXPAYER FUNDS OVERSIGHT AND ACCOUNTABILITY ACT
Mr. GILL of Texas. Mr. Speaker, I move to suspend the rules and pass
the bill (H.R. 8340) to modify the governmentwide financial management
plan, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 8340
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Taxpayer Funds Oversight and
Accountability Act''.
SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL
MANAGEMENT PLAN.
(a) Chief Financial Officer and Deputy Chief Financial
Officer.--Chapter 9 of title 31, United States Code, is
amended--
(1) in section 902(a)--
(A) in the matter preceding paragraph (1), by striking
``An'' and inserting ``It shall be the duty and
responsibility of each agency Chief Financial Officer to
oversee and, unless specified otherwise in law, provide
leadership in the areas of budget formulation and execution,
planning and performance, risk management, internal controls,
financial systems, accounting, and other areas as designated
by the Deputy Director of Management under their authorities
described in section 503 of this title. In carrying out the
preceding sentence, each'';
(B) in paragraph (3)--
(i) in subparagraph (C), by inserting ``areas and'' before
``systems''; and
(ii) in subparagraph (D)--
(I) in clause (iii), by striking ``and'' at the end;
(II) in clause (iv), by striking ``performance;'' and
inserting ``performance and integration of performance and
cost information; and''; and
(III) by adding at the end the following:
``(v) annual agency financial statements prepared in
accordance with applicable accounting standards;'';
(C) by redesignating paragraphs (5), (6), (7), and (8) as
paragraphs (7), (8), (9), and (11) respectively;
(D) by inserting after paragraph (4) the following:
``(5) oversee and provide leadership over the design,
implementation, and operation of the internal controls of the
agency over financial reporting and key financial management
information identified under section 3512(e)(1);
``(6) prepare, in consultation with financial management
and other appropriate experts, an agency plan to implement
the 4-year financial management plan prepared by the Director
of the Office of Management and Budget under section
3512(a)(2) of this title and to achieve and sustain effective
financial management in the agency, which shall--
``(A) be completed within 120 days after the issuance of a
governmentwide plan under such section 3512(a)(2);
``(B) be revised as determined necessary by the Chief
Financial Officer and the Director of the Office of
Management and Budget;
``(C) include financial management metrics against which
the financial management performance of the agency shall be
assessed; and
``(D) be submitted upon completion or revision to the head
of the agency, the Director of the Office of Management and
Budget, the Comptroller General, and appropriate committees
of Congress, and be made publicly available;'';
(E) in paragraph (7), as so redesignated--
(i) by striking subparagraph (A);
(ii) by redesignating subparagraphs (B) through (E) as
subparagraphs (A) through (D), respectively; and
(iii) in subparagraph (C), as so redesignated, by adding
``and'' at the end;
(F) in paragraph (8), as so redesignated--
(i) in the matter preceding subparagraph (A), by striking
``and the Director of the Office of Management and Budget,''
and inserting ``, the Director of the Office of Management
and Budget, the Comptroller General, and appropriate
committees of Congress, which shall be made publicly
available and'';
(ii) in subparagraph (A), by striking ``agency;'' and
inserting ``agency, including--
``(i) the progress of the agency in implementing the agency
plan described in paragraph (5);
``(ii) the progress of the agency in implementing the
governmentwide 4-year financial management plan prepared by
the Director of the Office of Management and Budget under
section 3512(a)(2) of this title; and
``(iii) the performance of the agency against financial
management metrics established by the Director of the Office
of Management and Budget;''; and
(iii) in subparagraph (D)--
(I) by striking ``of the reports'' and inserting ``of--
``(i) the reports'';
(II) in clause (i), as so designated, by striking ``the
amendments made by the Federal Managers' Financial Integrity
Act of 1982 (Public Law 97-255); and'' and inserting
``section 3512(d) of this title; and''; and
(III) by adding at the end the following:
``(ii) the reporting of the agency under the Federal
Financial Management Improvement Act of 1996 (31 U.S.C. 3512
note); and'';
(G) in paragraph (9), as so redesignated--
(i) by striking ``monitor the'' and insert ``manage the
formulation and''; and
(ii) by striking ``, and prepare and submit to the head of
the agency timely performance reports; and'' and inserting a
semicolon;
(H) by inserting after paragraph (9), as so redesignated,
the following:
``(10) coordinating with the responsible agency official to
ensure performance and cost information are linked, including
in the preparation and submission to the head of the agency
of timely performance reports that incorporate cost
information;'';
(I) in paragraph (11), as so redesignated--
(i) by inserting ``inflation and'' before ``costs''; and
(ii) by striking the period at the end and inserting ``;
and''; and
(J) by adding at the end the following:
``(12) coordinate with senior agency personnel, including
but not limited to, those with statutory, regulatory, and
related policy responsibility which may include the Chief
Data Officer, Chief Information Officer, Chief Performance
Officer, Chief Acquisition Officer, Chief Risk Officer, and
Chief Evaluation Officer of the agency on--
``(A) the exercise of authorities under this subsection;
and
``(B) the strategic planning, performance measurement and
reporting, and risk management functions of the agency.'';
and
(2) in section 903--
(A) in subsection (a), by inserting ``and who shall assist
the agency Chief Financial Officer in the performance of each
of the duties of the agency Chief Financial Officer under
this chapter'' after ``matters''; and
(B) by adding at the end the following:
``(c) Notwithstanding subchapter III of chapter 33 of title
5, in the event of a vacancy in the position of Chief
Financial Officer of an agency, the Deputy Chief Financial
Officer of the agency shall serve as the acting Chief
Financial Officer.''.
(b) Governmentwide Financial Management Plan.--Section 3512
of title 31, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``a financial management
status report and a governmentwide 5-year financial
management plan'' and inserting ``a governmentwide 4-year
financial management plan, to be included within the Federal
Government performance plan described in section 1115, and a
financial management status report'';
(B) by striking paragraph (2);
(C) by redesignating paragraph (3) as paragraph (2);
(D) in paragraph (2), as so redesignated--
(i) in subparagraph (A)--
(I) by striking ``5-year'' and inserting ``4-year'';
(II) by striking ``shall describe'' and inserting the
following: ``shall--
``(i) describe'';
(III) in clause (i), as so redesignated, by striking ``5
fiscal years to improve the financial management of the
Federal Government.'' and inserting ``4 fiscal years to
improve the financial management of the Federal Government in
a manner that is strategic, comprehensive, and cost-
effective, and shall also include strategies for enabling
data sharing in accordance with applicable law and joint
fraud prevention initiatives with State (meaning a State of
the United States, the District of Columbia, a territory or
possession of the United States, or a federally recognized
Indian tribe) and local governments that administer federally
funded programs or disburse Federal funds on behalf of the
Federal Government; and''; and
(IV) by adding at the end the following:
``(ii) be developed in consultation with the Chief
Financial Officers Council and, as appropriate, other
councils and financial management experts, including the
Chief Information Officers Council, the Chief Data Officer
Council, the Chief Acquisition Officers Council, and the
Government Accountability Office, as determined by the
Director of the Office of Management and Budget in
consultation with the Chief Financial Officers Council.'';
and
(ii) in subparagraph (B)--
(I) in the matter preceding clause (i), by striking ``5-
year'' and inserting ``4-year'';
(II) in clause (iii)--
(aa) by striking ``for developing'' and inserting ``for
improving financial management systems, including--
``(I) developing''; and
(bb) by adding at the end the following:
``(II) describe how performance and cost information are
linked in order to facilitate effective and efficient
decision making;
``(III) eliminating duplicative and unnecessary systems and
activities; and
``(IV) identifying opportunities for agencies to share
systems and services and encouraging agencies to do so where
practicable;'';
(III) by striking clause (iv);
(IV) by redesignating clause (v) as clause (iv);
(V) by inserting after clause (iv), as so redesignated, the
following:
``(v) provide a strategy for reporting performance and cost
information;'';
(VI) in clause (vi), by striking ``5-year'' and inserting
``4-year'';
(VII) in clause (vii), by striking ``identify'' and
inserting ``provide a strategy for strengthening the Federal
financial management workforce, including identification
of'';
(VIII) in clause (viii), by striking ``and'' at the end;
(IX) by redesignating clause (ix) as clause (x);
[[Page H3932]]
(X) by inserting after clause (viii) the following:
``(ix) include financial management metrics against which
the performance of executive agencies can be assessed; and'';
and
(XI) in clause (x), as so redesignated, by striking ``5-
year'' and inserting ``4-year'';
(E) by inserting after paragraph (2) the following:
``(3) A financial management status report under this
subsection shall include--
``(A) a description and analysis of the status of financial
management in the executive branch, including the progress
made towards implementing the governmentwide 4-year financial
management plan, and the status of remaining challenges to
implementing the governmentwide 4-year financial management
plan;
``(B) a summary of the performance of agencies against the
metrics developed and identified by the Director of the
Office of Management and Budget in the governmentwide 4-year
financial management plan;
``(C) a summary of the most recently completed financial
statements--
``(i) of Federal agencies under section 3515 of this title;
and
``(ii) of Government corporations;
``(D) a summary of the most recently completed financial
statement audits and reports--
``(i) of Federal agencies under subsections (e) and (f) of
section 3521 of this title; and
``(ii) of Government corporations;
``(E) a summary of reports on internal accounting and
administrative control systems submitted to the President and
Congress under subsection (d);
``(F) a listing of agencies whose financial management
systems do not comply substantially with the requirements of
section 803(a) of the Federal Financial Management
Improvement Act of 1996 (31 U.S.C. 3512 note), and a summary
statement of the efforts underway to remedy the
noncompliance; and
``(G) any other information the Director considers
appropriate to fully inform Congress regarding the financial
management of the Federal Government.'';
(F) in paragraph (4)--
(i) in subparagraph (A)--
(I) by striking ``15 months after the date of the enactment
of this subsection'' and inserting ``12 months after the date
of the enactment of the Taxpayer Funds Oversight and
Accountability Act''; and
(II) by striking ``5-year'' and inserting ``4-year'';
(ii) in subparagraph (B)--
(I) in clause (i)--
(aa) by striking ``Not later than January 31 of each year
thereafter'' and inserting ``At a minimum, concurrently with
the submission of the budget of the United States Government
under section 1105(a) of this title made in the first full
fiscal year following any year in which the term of the
President commences under section 101 of title 3'';
(bb) by striking ``financial management status report and a
revised governmentwide 5-year'' and inserting
``governmentwide 4-year''; and
(cc) by striking ``5 fiscal years'' and all that follows
through the period at the end and inserting ``4 fiscal
years.''; and
(II) in clause (ii)--
(aa) by striking ``revised governmentwide 5-year'' and
inserting ``governmentwide 4-year''; and
(bb) by striking ``paragraph (3)(B)(viii)'' and inserting
``paragraph (2)(B)(viii)''; and
(iii) by adding at the end the following:
``(C) Each year, concurrently with the submission of the
budget of the United States Government under section 1105(a)
of this title, the Director of the Office of Management and
Budget shall submit to the appropriate committees of Congress
and the Comptroller General a financial management status
report.''; and
(G) by striking paragraph (5);
(2) in subsection (d)(2)--
(A) in subparagraph (A), by striking ``and'' at the end;
(B) in subparagraph (B), by striking the period at the end
and inserting ``; and''; and
(C) by adding at the end the following:
``(C) a separate report on the results of the assessment
and conclusion required under subsection (e)(2).'';
(3) by redesignating subsections (e), (f), and (g) as
subsections (f), (g), and (h), respectively; and
(4) by inserting after subsection (d) the following:
``(e) The head of each executive agency shall--
``(1) in establishing the internal accounting and
administrative controls under subsection (c), identify the
key financial management information needed for effective
financial management and decision making, which shall include
a consideration of--
``(A) the agency spending data required to be published
under the Federal Funding Accountability and Transparency Act
of 2006 (31 U.S.C. 6101 note); and
``(B) the information used by the agency to report on
improper payments under section 3352 of this title; and
``(2) annually assess and make a conclusion on the
effectiveness of the internal controls of the executive
agency over financial reporting and key financial management
information identified under paragraph (1) consistent with
guidance provided by the Director of the Office of Management
and Budget.''.
(c) Technical and Conforming Amendment.--Section 3348(e) of
title 5, United States Code, is amended--
(1) in paragraph (3), by adding ``or'' at the end;
(2) by striking paragraph (4); and
(3) by redesignating paragraph (5) as paragraph (4).
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Texas (Mr. Gill) and the gentleman from Virginia (Mr. Subramanyam) each
will control 20 minutes.
The Chair recognizes the gentleman from Texas.
General Leave
Mr. GILL of Texas. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days in which to revise and extend their
remarks and include extraneous material on this measure.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Texas?
There was no objection.
Mr. GILL of Texas. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise in support of H.R. 8340, the Taxpayer Funds
Oversight and Accountability Act.
It is no secret that weak internal controls and agency inaction on
known fraud risks enables fraud.
Federal agency chief financial officers play a vital role in the
financial management of their agencies. But, unfortunately, their roles
are frequently undefined and their positions are often left vacant.
Stakeholders in financial management have been calling for agencies
to establish clear accountability in government structures for program
integrity, including designating an accountable senior official.
The Taxpayer Funds Oversight and Accountability Act ensures each
agency chief financial officer is responsible for overseeing and
providing leadership on risk management and internal controls.
Specifically, the bill requires chief financial officers to identify
key information such as spending and reporting on improper payments and
assess the effectiveness of internal controls annually. This ensures
that a top-level official is responsible for effective and targeted
financial management.
In the event of a vacancy, this bill enables a deputy CFO to serve as
an interim CFO, an important change that allows for leadership
continuity over agency financial management.
Mr. Speaker, I thank my Oversight Committee colleagues, Congressmen
Dave Min and William Timmons, for championing this smart legislation. I
encourage my colleagues to support this bill, and I reserve the balance
of my time.
Mr. SUBRAMANYAM. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise today also in support of H.R. 8340, the Taxpayer
Funds Oversight and Accountability Act. This bill would make a number
of improvements to the financial management at Federal agencies.
Mr. Speaker, I yield 5 minutes to the gentleman from California (Mr.
Min).
Mr. MIN. Mr. Speaker, I rise today to speak in favor of H.R. 8340,
the Taxpayer Funds Oversight and Accountability Act.
I introduced this legislation alongside Representative William
Timmons, and I thank him again for co-leading this important bill to
promote efficiency and optimization in Federal agencies.
I would note that this legislation was originally lead by former
Ranking Member Gerry Connolly, and I am proud that I can help carry
forward this tool and hopefully continue forward his legacy of trying
to improve the way that our Federal Government functions.
{time} 1510
This legislation is straightforward. It is designed to modernize how
Federal agencies track spending, strengthen financial oversight, and
improve accountability in how the Federal Government manages our
precious taxpayer dollars.
This bill makes long-overdue updates to the decades-old Chief
Financial Officers Act of 1990, incorporating longstanding
recommendations from the GAO to ensure that agencies can make better
management decisions, improve efficiency, and prevent waste, fraud, and
abuse.
[[Page H3933]]
For example, this legislation would require Federal agencies to
annually assess financial reporting internal controls, link agency
performance and cost data to enhance financial valuations, and
prioritize the elimination of duplicative systems and unnecessary
spending.
As someone who started my career at the Securities and Exchange
Commission tracking fraud in the private sector, I think it is
important we also try to prevent fraud in the public sector, as well. I
think this bill would take an important step forward in achieving that
goal.
Congress has to play an active role in reducing waste, fraud, and
abuse, and we can do so by ensuring that Federal agency chief financial
officers are responsible stewards of taxpayer money.
I am confident this legislation will play an important role in doing
so, and I urge my colleagues to support this commonsense legislation.
Mr. GILL of Texas. Mr. Speaker, I reserve the balance of my time.
Mr. SUBRAMANYAM. Mr. Speaker, I yield myself the balance of my time
for the purpose of closing.
Mr. Speaker, as the gentleman from California mentioned, this is a
great accountability bill. It requires the Federal Government to create
a governmentwide financial management plan every 4 years and increases
the responsibilities of agency CFOs to implement those plans.
It is common sense and bipartisan, and I urge my colleagues to
support the bill.
Mr. Speaker, I yield back the balance of my time.
Mr. GILL of Texas. Mr. Speaker, I yield myself the balance of my
time.
Mr. Speaker, I encourage my colleagues to support H.R. 8340, the
Taxpayer Funds Oversight and Accountability Act, which implements
important reforms for improving agency financial management planning.
Mr. Speaker, I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Texas (Mr. Gill) that the House suspend the rules and
pass the bill, H.R. 8340, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. GILL of Texas. Mr. Speaker, I object to the vote on the ground
that a quorum is not present and make the point of order that a quorum
is not present.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further
proceedings on this question will be postponed.
The point of no quorum is considered withdrawn.
____________________