Sponsors (19)
Ask me what this bill is really trying to do.
This is not an official government website.
Copyright © 2026 PLEJ LC. All rights reserved.
Updates how Federal agencies manage money by modernizing the Chief Financial Officer (CFO) framework. It replaces the governmentwide 5‑year financial management plan with a 4‑year plan, requires each agency to produce a 90‑day implementation plan, and tightens reporting, audit, and internal control requirements. It also ensures leadership continuity by making the Deputy CFO the acting CFO when there’s a vacancy. Agencies must better link program results to costs, coordinate CFO work with other senior officials, and submit a detailed annual financial management status report to Congress.
Amend 31 U.S.C. section 902(a) to state it is the duty and responsibility of each agency Chief Financial Officer to oversee and provide leadership in budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas the OMB Director may designate.
Require CFOs to oversee and provide leadership over the design, implementation, and operation of the agency’s internal controls over financial reporting and key financial management information identified under 31 U.S.C. 3512(e)(1).
Require each agency CFO to prepare, in consultation with financial management and other experts, an agency plan to implement the governmentwide 4‑year financial management plan; the agency plan must: be completed within 90 days after issuance of the governmentwide plan; be revised as the CFO determines necessary; include performance‑based financial management metrics for assessing agency performance; and be submitted to the head of the agency, the OMB Director, the Comptroller General, and appropriate congressional committees and be made publicly available.
Make the Deputy Chief Financial Officer the acting Chief Financial Officer during a vacancy in the CFO position, notwithstanding subchapter III of title 5.
Change the governmentwide financial management plan requirement from a 5‑year plan to a 4‑year plan and require the plan describe a 4 fiscal year period to improve Federal financial management "in a manner that is strategic, comprehensive, and cost‑effective."
Referred to the House Committee on Oversight and Government Reform.
Introduced February 25, 2025 by Gerald E. Connolly · Last progress February 25, 2025
Expand sections to see detailed analysis
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