A bipartisan bill (S-3287) introduced in the Senate to update the 1990 CFO Act regarding how agencies manage and monitor funds, and to set new standards and streamline reporting under that law.
The bill would:
– Standardize CFO responsibilities across agencies;
– provide deputy CFOs with appropriate authority to ensure continuity in agency financial management operations when CFO vacancies occur;
– update government-wide and agency-level financial management planning requirements;
– require a government-wide plan to include actions for improving financial management systems, strengthening the federal financial management workforce, and better linking performance and cost information to budget decision-making; and
– require agencies to identify key financial management information and to annually report on their controls over it.
It also would require the development of financial management performance-based metrics to determine the status and progress agencies are making towards achieving cost-effective and efficient government operations.
The information would be included in the government-wide and agency-level financial management plans and status reports.