Bill > HR1558

This bill aims to modify the governmentwide financial management plan by making several key changes to federal financial oversight and accountability. It updates the responsibilities of Chief Financial Officers (CFOs) across federal agencies, requiring them to provide leadership in budget formulation, performance planning, risk management, and internal controls. The bill reduces the financial management plan from a 5-year to a 4-year cycle and mandates that CFOs develop agency-specific implementation plans within 90 days of a governmentwide plan's issuance. The legislation introduces new requirements for CFOs to link performance and cost information, coordinate with other senior agency personnel, and prepare comprehensive financial reports. In the event of a CFO vacancy, the Deputy CFO would automatically serve as acting CFO. The bill also requires agencies to identify key financial management information, conduct annual assessments of internal financial controls, and ensures more rigorous auditing processes. Additionally, the legislation mandates that financial management status reports be more comprehensive, including detailed analyses of agency financial performance, challenges, and compliance with existing financial management standards. These changes are designed to enhance transparency, improve financial decision-making, and increase accountability in federal financial management.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/1558/all-info