# 119-hr-1558: Taxpayer Funds Oversight and Accountability Act

119-hr-1558, Taxpayer Funds Oversight and Accountability Act, is a 119th Congress bill sponsored by Rep. Connolly, Gerald E. [D-VA-11] (D-VA); status introduced (as of 2026-05-01).

- Canonical: https://policyrisk.com/legislation/119-hr-1558
- As of: 2026-05-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-1558
- Congress: 119
- Title: Taxpayer Funds Oversight and Accountability Act
- Status: introduced
- Introduced: 2025-02-25
- Sponsor: Rep. Connolly, Gerald E. [D-VA-11] (D-VA)
- Cosponsors: 18
- Policy area: Government Operations and Politics
- Touches household money: no
- Last recorded action: 2026-05-01

## Summary

**Elevate CFO authority and tighten federal financial controls.** This bill would refocus agency Chief Financial Officers as central leaders for financial planning, internal controls, and public reporting across the executive branch. - Agency CFOs and deputies would have broader duties. CFOs would design, implement, and operate internal controls over financial reporting, prepare agency plans with metrics, link performance to cost data, include inflation in cost info, and the Deputy CFO would serve as acting CFO during a vacancy. Plans must align with a new 4-year governmentwide planning horizon. - Auditors and agency heads would face stronger oversight and checking. Agencies must assess internal controls yearly and auditors must evaluate control design, test controls for operating effectiveness, and report deficiencies under government auditing standards. - OMB, GAO, Congress, and the public would get more timely transparency. The bill would create an annual financial management status report timed with the President’s budget, require public posting of agency plans, and push interagency work to cut duplicative systems and identify shared services.

## Cosponsors (18)

- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2025-02-25T00:00:00.000Z
- Rep. Lynch, Stephen F. [D-MA-8] (D-MA), 2025-02-25T00:00:00.000Z
- Rep. Krishnamoorthi, Raja [D-IL-8] (D-IL), 2025-02-25T00:00:00.000Z
- Rep. Khanna, Ro [D-CA-17] (D-CA), 2025-02-25T00:00:00.000Z
- Rep. Mfume, Kweisi [D-MD-7] (D-MD), 2025-02-25T00:00:00.000Z
- Rep. Brown, Shontel M. [D-OH-11] (D-OH), 2025-02-25T00:00:00.000Z
- Rep. Stansbury, Melanie A. [D-NM-1] (D-NM), 2025-02-25T00:00:00.000Z
- Rep. Garcia, Robert [D-CA-42] (D-CA), 2025-02-25T00:00:00.000Z
- Rep. Frost, Maxwell [D-FL-10] (D-FL), 2025-02-25T00:00:00.000Z
- Rep. Lee, Summer L. [D-PA-12] (D-PA), 2025-02-25T00:00:00.000Z
- Rep. Crockett, Jasmine [D-TX-30] (D-TX), 2025-02-25T00:00:00.000Z
- Rep. Randall, Emily [D-WA-6] (D-WA), 2025-02-25T00:00:00.000Z
- Rep. Subramanyam, Suhas [D-VA-10] (D-VA), 2025-02-25T00:00:00.000Z
- Rep. Ansari, Yassamin [D-AZ-3] (D-AZ), 2025-02-25T00:00:00.000Z
- Rep. Bell, Wesley [D-MO-1] (D-MO), 2025-02-25T00:00:00.000Z
- Rep. Simon, Lateefah [D-CA-12] (D-CA), 2025-02-25T00:00:00.000Z
- Rep. Min, Dave [D-CA-47] (D-CA), 2025-02-25T00:00:00.000Z
- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2025-02-25T00:00:00.000Z

## Provisions PRIA read

- 4-year federal finance plan and report: benefit, medium. If enacted, the Office of Management and Budget would create a 4-year government financial plan. It would link costs to results, cut duplicate systems, and promote shared services. OMB would develop it with key agency councils and GAO, and issue the first plan within 6 months of enactment. OMB woul…
- Stronger financial controls at agencies: benefit, medium. If enacted, each agency head would identify key financial data, including spending data and improper payment data, and report yearly on controls. Agency CFOs would design and run these controls and, within 90 days of the government plan, publish an agency plan with performance-based financial metri…
- Tougher audits of agency finances: benefit, low. If enacted, agency financial audits would have to test whether financial controls are well designed, put in place, and working. Auditors would perform control tests to support a low control risk and report weaknesses under government auditing standards. For agencies with an Inspector General, the I…

## Related bills

- 119-hr-51: Washington, D.C. Admission Act
- 119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025
- 119-hr-15: Equality Act
- 119-hr-2743: Raise the Wage Act of 2025
- 119-hr-1589: American Dream and Promise Act of 2025
- 119-hr-2763: American Family Act

## Sources
- [119-hr-1558 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/1558)

## Related
- [119-hr-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-hr-51)
- [119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-hr-20)
- [119-hr-15: Equality Act](https://policyrisk.com/legislation/119-hr-15)
- [119-hr-2743: Raise the Wage Act of 2025](https://policyrisk.com/legislation/119-hr-2743)
- [119-hr-1589: American Dream and Promise Act of 2025](https://policyrisk.com/legislation/119-hr-1589)
- [119-hr-2763: American Family Act](https://policyrisk.com/legislation/119-hr-2763)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-1558 (as of 2026-05-01).