Sponsors (19)
The bill increases financial transparency, accountability, and the likelihood of reducing waste through stronger reporting and controls, but it raises compliance costs and workloads, poses some privacy/security disclosure risks, and shortens the horizon for long-term government planning.
Taxpayers will see more reliable, comparable agency financial information because agencies must produce GAAP-compliant annual financial statements.
Taxpayers and federal employees gain greater oversight because agencies must publish implementation plans and status reports that give Congress, GAO, and the public access to performance and cost information.
Taxpayers are likely to benefit from reduced waste and fewer improper payments because the bill strengthens internal control oversight and requires auditor testing.
Federal employees and taxpayers will face higher costs and workloads because agencies and auditors must spend time and resources preparing GAAP statements, implementing controls, and meeting accelerated timelines.
Taxpayers and agency staff could face security or privacy risks if published agency financial plans and detailed data include sensitive information that is improperly disclosed.
Agency leaders and federal employees may have reduced ability to plan for long-term, multi-year projects because the governmentwide planning horizon is shortened from five years to four years.
Based on analysis of 2 sections of legislative text.
Strengthens and clarifies agency CFO duties, requires GAAP annual statements, internal‑control oversight, and 90‑day agency plans to implement a governmentwide 4‑year financial management plan.
Official title: To modify the governmentwide financial management plan, and for other purposes.
Introduced February 25, 2025 by Gerald E. Connolly · Last progress February 25, 2025
Makes agency Chief Financial Officers (CFOs’ ) duties clearer and stronger by explicitly assigning them responsibility for budget and performance integration, risk management, internal controls, financial systems, accounting, and preparing GAAP‑based annual financial statements. Requires CFOs to oversee internal controls over financial reporting and to produce an agency implementation plan—within 90 days after a governmentwide 4‑year financial management plan is issued—that includes performance-based financial management metrics and is shared with agency leaders, OMB, GAO, congressional committees, and made public. Also revises certain statutory definitions to broaden who receives key financial management information and to require public availability of that information, while reorganizing related statutory text for clarity.