Federal agency Chief Financial Officers would take on expanded duties under this bill, including developing agency-level financial management plans within 120 days of a new governmentwide plan and submitting annual performance reports to Congress and the Comptroller General. The governmentwide financial management plan produced by the Office of Management and Budget would shift from a 5-year to a 4-year cycle, be tied to the President’s Management Agenda, and include measurable performance metrics. Agencies must annually assess the effectiveness of their internal financial controls and link performance data with cost information. All plans and progress reports would be made publicly available, and the government-wide status report must be submitted to Congress each year alongside the federal budget.
Transparency & Accountability
- Agency financial management plans — new requirement to submit to Congress, OMB, and Comptroller General within 120 days
- Annual agency performance reports — expanded disclosure mandate to Congress and Comptroller General, made public
- Governmentwide financial status report — new annual submission to Congress concurrent with budget submission
- Internal control effectiveness assessment — new annual agency self-evaluation requirement on financial reporting controls
- CFO coordination mandate — adds duty to link performance and cost data across agency planning functions
Congressional 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 12 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 (GAO). Each agency CFO is assigned new responsibilities, includingpreparing the agency plan to implement OMB's governmentwide financial management plan;overseeing and, unless otherwise specified in law, 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 relevant senior 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;coordinating with the responsible agency official to ensure performance and cost information are linked; andpreparing annual reports on progress in implementing the governmentwide financial management plan and transmitting such reports to the agency head, OMB, GAO, and Congress.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2026-04-16
- Date Added
- 2026-06-04
- Source
- Congress.gov →
Like reading a bill in plain English?
We're building an app that does this for every bill in Congress and lets you tell your reps how you want them to vote. We're a small team getting ready to launch, and we're trying to show investors that real people want this. Be one of them. Help us get it built. Leave your email and we'll tell you the moment the app is ready.