Sponsors (2)
Introduced January 13, 2025 by James Lankford · Last progress January 13, 2025
The bill increases federal financial transparency, accountability, and cost‑focused decisionmaking—benefiting taxpayers and oversight—while imposing additional reporting costs, transition burdens, and some risk of revealing sensitive operational details.
Taxpayers and oversight bodies will get regular GAAP financial statements from federal agencies, increasing transparency into how public funds are managed.
Taxpayers and agency managers will have integrated performance-and-cost information to support more cost‑effective budgeting and program decisions.
Taxpayers and agencies will benefit from stronger audit requirements and internal control assessments that improve detection and correction of financial management weaknesses.
Taxpayers and federal agencies will incur additional compliance and reporting costs to produce GAAP statements, implementation plans, and enhanced audits, which could raise administrative spending.
Federal employees, state and local governments, and contractor firms may face short‑term disruptions and transition costs as systems and processes are changed to meet new metrics and reporting requirements.
Federal employees and programs could be at risk if publication of detailed financial and performance plans unintentionally reveals sensitive operational information that is hard to redact.
Based on analysis of 2 sections of legislative text.
Strengthens agency CFO duties, requires GAAP annual financial statements, mandates agency plans to implement the governmentwide 4-year financial plan within 90 days, and increases reporting and public disclosure.
Requires agency Chief Financial Officers to take broader, clearer leadership over federal financial management, including budget, performance, risk, internal controls, accounting, and financial systems. Mandates annual GAAP financial statements, integration of cost and performance information, and requires each agency to produce and publish a plan to implement the governmentwide 4-year financial management plan within 90 days of that plan's issuance, with updates, performance metrics, and reports to OMB, the Comptroller General, agency heads, and relevant congressional committees.