Bill > S75

This bill aims to improve federal financial management by modifying several key aspects of how government agencies handle financial planning, reporting, and oversight. It updates the responsibilities of Chief Financial Officers (CFOs) across federal agencies, expanding their role to provide more comprehensive leadership in areas like budget execution, performance planning, risk management, and financial systems. The bill reduces the government's financial management plan from a 5-year to a 4-year timeline and requires agencies to develop more detailed implementation plans with performance-based metrics. CFOs will now be required to coordinate more closely with other senior agency personnel, prepare agency-specific financial management plans, and link performance with cost information. The legislation also strengthens financial reporting requirements, mandating that agency heads annually assess the effectiveness of their internal financial controls and that auditors conduct more rigorous evaluations of these controls. Additionally, the bill ensures that in the event of a CFO vacancy, the Deputy CFO will automatically serve as the acting CFO. These changes are designed to enhance transparency, accountability, and efficiency in federal financial management across government agencies.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/75/all-info