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By: FEDweek StaffLegislation offered in the House would update and expand authorities of agency chief financial offices in what would be the most thorough change since the position of agency CFO was created in a 1990 law.
“This is a commonsense modernization bill that will help ensure federal agencies can make well-informed decisions about the financing, management, and evaluation of government programs and services,” said sponsor Rep. Carolyn Maloney, D-N.Y., chair of the Oversight and Reform Committee. A companion bill in the Senate is planned.
According to a summary, the bill would (in its words):
• Standardize CFO responsibilities across government to enhance strategic decision-making and ensure CFOs are responsible for key financial management activities.
• Provide deputy CFOs with sufficient authority to ensure continuity in financial management operations when CFO vacancies occur and to minimize the effects of CFO turnover.
• Revise financial management planning by requiring the release of governmentwide and agency-level plans at least every four years to ensure continuity and to gauge progress in addressing financial management challenges.
• Develop a broader set of financial management performance-based metrics that can be used to determine the status and progress agencies are making towards achieving cost-effective and efficient operations.
• Strengthen internal controls by requiring agencies to rigorously assess key financial information used in financial management and decision making.
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