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119-hr-8340119th Congress

Taxpayer Funds Oversight and Accountability Act

Sponsored By: Representative Min, Dave [D-CA-47]

Passed House

Summary

Empower agency Chief Financial Officers to link costs and performance and make financial reporting more transparent. This bill would reshape CFO duties, tighten reporting cycles, and move federal financial planning from 5-year to 4-year cycles tied to the annual budget.

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  • Agency CFOs would get expanded authority to lead budget formulation, planning, risk management, internal controls, financial systems, and accounting. They must ensure agency financial statements meet applicable standards and prepare an agency plan to implement the governmentwide 4-year plan within 120 days of its issuance.
  • Agencies must link performance and cost information in timely reports, add inflation to cost references, include spending and improper payment data, and annually assess internal controls and key financial management information. Reports must replace certain Federal Financial Management Improvement Act references with 31 U.S.C. §3512(d) and list agencies not substantially complying with FFMIA section 803(a).
  • The Office of Management and Budget would set the governmentwide 4-year plan and financial management metrics in consultation with the Chief Financial Officers Council and other councils. Agencies must publicly report progress and OMB must issue an annual financial management status report to accompany the President's budget and be submitted to Congress and the Comptroller General.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Agency plans, data checks, and controls

Each executive agency would have to finish its own implementation plan within 120 days after OMB issues the 4-year plan. The plan would include financial management metrics, be sent to the agency head, OMB, GAO, and Congress, and be posted for the public. Agency heads would identify key financial data needed for decisions, including spending data under the Federal Funding Accountability and Transparency Act and improper-payment reporting data. Agencies would assess internal controls over financial reporting and the key information every year and publish a separate report with the results.

Four-year plan and budget-time reports

The governmentwide financial management plan would shift to a 4-year cycle and be part of the federal performance plan. OMB would develop it with the CFO Council and other experts. Each year, OMB would submit a public financial management status report with the President’s budget. The report would describe progress, summarize agency financial statements and audits, and list agencies whose systems do not meet section 803(a) of the Federal Financial Management Improvement Act. The first required report would be due 12 months after enactment.

Stronger agency finance leadership

This bill would give agency Chief Financial Officers (CFOs) broader duties over budgets, risk, systems, and accounting. CFOs would run internal controls for financial reporting and key financial data, and ensure yearly statements follow standards. Agencies would have to report plan progress and performance metrics to OMB, GAO, and Congress, and publish the reports. If a CFO job were vacant, the Deputy CFO would serve as acting CFO to keep leadership steady.

Sponsors & CoSponsors

Sponsor

Min, Dave [D-CA-47]

CA • D

Cosponsors

  • Rep. Timmons, William R. [R-SC-4]

    SC • R

    Sponsored 4/16/2026

  • Rep. Sessions, Pete [R-TX-17]

    TX • R

    Sponsored 4/21/2026

  • Del. Norton, Eleanor Holmes [D-DC-At Large]

    DC • D

    Sponsored 4/21/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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