YourVoice.Now Summary
Transparency & AccountabilityYour MoneyAgencies would have to post how they plan to manage federal money — and how well it is going.
Transparency & Accountability
The plan says how an agency will carry out the governmentwide plan. Today agencies redo it every year and keep it inside; the bill would make it public.
Agencies already write a yearly report on how they manage money. Today it goes only to the agency head and the budget office.
Agency heads would have to check each year whether their financial controls work. The answer would go to the President and Congress.
The plan would map out ways for federal, state, and local agencies to share data and fight fraud. It sets out plans only, and grants no new power to share your records.
If an agency has no chief financial officer, the deputy would fill in. Today that job is left out of the usual vacancy rules.
Today the budget office sends Congress a new plan every January. The bill would require a full plan once per presidential term, with a status report still due each year.
Your Money
Agencies check their fees, rents, and royalties every two years. They would now weigh inflation, not just cost, when they suggest new rates.
More about this bill
Two kinds of agency money records would open up to the public. Each agency would have to post its plan for managing federal money. Its yearly report on how that plan is going would be posted too. Both would also go to Congress and to the Government Accountability Office, the watchdog that audits federal agencies. Today those records stay inside the government. Beyond that, most people would see no change in daily life. Each agency's chief financial officer would take on wider duties. Those run from budget planning to watching over the agency's financial controls. Agencies would test those controls once a year. They would then tell Congress whether the controls work. The White House budget office would write a four-year plan for managing federal money. The first one would be due within 12 months of the law taking effect. After that it would be rewritten once per presidential term, not every year as now. The plan would also have to cover data sharing with state and local governments to fight fraud in federally funded programs. One smaller change would have agencies weigh inflation, not just cost, when they review the fees they charge.
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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