YourVoice.Now Summary
Transparency & AccountabilityRequires agency finance chiefs to file four-year spending plans and annually certify their internal financial controls are working.
Transparency & Accountability
- CFO public reporting — Agency financial management plans and annual status reports required to be made publicly available
- Congressional financial oversight — Financial management status and progress reports submitted to Congress and the Comptroller General annually
- Internal controls assessment — Annual effectiveness assessment of agency internal controls over financial reporting now required
- Governmentwide plan cycle — Planning horizon shortened from 5-year to 4-year aligned with presidential term, with performance metrics added
The details
Federal agencies each have a Chief Financial Officer (CFO) who oversees how public funds are managed, but their formal duties and the government's financial planning process have not been significantly updated in years. This bill expands CFO responsibilities to explicitly include leading internal financial controls, coordinating with Chief Data Officers, Chief Information Officers, and other senior agency officials, and preparing four-year agency-level financial plans tied to a government-wide strategy. It replaces the existing five-year government-wide financial management plan with a four-year cycle aligned with each presidential term, and requires that plan — plus an annual status report — to be submitted to Congress and made publicly available. Agencies would also be required to annually assess whether their internal controls over financial reporting are working effectively, adding a new layer of accountability for how taxpayer money is managed.
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 →
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