Taxpayer Funds Oversight and Accountability Act

This bill focuses on stronger oversight of federal dollars and clearer reporting. It sets firm duties for each agency’s Chief Financial Officer to lead budgeting, planning, risk management, internal checks, systems, and accounting; to connect program results to costs; and to work closely with other top officials in data, IT, performance, buying, risk, and evaluation. CFOs must also build an agency plan to meet a new government‑wide four‑year financial plan, set performance measures, and make their plan and progress reports public. If the CFO job is vacant, the Deputy CFO serves as acting CFO.

The Office of Management and Budget must replace the current five‑year plan with a four‑year plan that is strategic and cost‑effective, built with input from key federal councils and the Government Accountability Office. It must include clear metrics, show how to link performance to costs, cut duplicate systems, encourage shared services, and strengthen the financial workforce. Each year, with the federal budget submission, OMB must send Congress a status report that summarizes agency results against the metrics, recent financial statements and audits, reports on internal controls, and a list of agencies that do not yet meet system requirements. Agency heads must identify the key financial information they need (including spending and improper‑payment data) and each year state whether their internal controls over reporting and this information are effective. Auditors must test if those controls are well designed, in place, and working, and report any problems. Audits are performed by an inspector general or an independent auditor.

• Who is affected: Federal agencies and their CFOs; the Office of Management and Budget; inspectors general and independent auditors; Congress; and the public, which can see agency plans and progress.
• What changes: Moves from a 5‑year to a 4‑year government financial plan with clear metrics and workforce strategies; expands CFO duties; requires public agency plans and progress reports; lists agencies not meeting system rules; and strengthens testing of internal controls in audits.
• When: Each agency’s CFO must finish its plan within 90 days after OMB issues the government‑wide plan; OMB’s plan is tied to the first full fiscal year after a new presidential term begins and is submitted with the federal budget; a status report is due each year with the budget; audits occur annually and include testing of controls.