Taxpayer Funds Oversight and Accountability Act
Congress targets tighter federal spending controls with new CFO duties, audits, and public plans
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- Makes agency Chief Financial Officers responsible for stronger oversight of budgets, internal controls, and financial systems.
- Requires each agency to create a financial management plan within 90 days after a governmentwide plan is issued, use clear performance metrics, and post the plan publicly.
- Directs the Office of Management and Budget to switch to a 4-year governmentwide financial management plan and send regular status reports to Congress with audit and compliance summaries.
- Adds new expectations for agency financial statements and for linking program results with what programs cost, aiming to help leaders make better spending decisions.
- Strengthens audits by requiring auditors to check whether key financial controls are well designed, actually in place, and working—and to report problems they find.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
Taxpayer Funds Oversight and Accountability Act
Data Sources
Sponsor
Cosponsors
(18)Analysis generated by AI. Always verify with official sources.