# 119-hr-8340: Taxpayer Funds Oversight and Accountability Act

119-hr-8340, Taxpayer Funds Oversight and Accountability Act, is a 119th Congress bill sponsored by Rep. Min, Dave [D-CA-47] (D-CA); status passed_house (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-8340
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-8340
- Congress: 119
- Title: Taxpayer Funds Oversight and Accountability Act
- Status: passed_house
- Introduced: 2026-04-16
- Sponsor: Rep. Min, Dave [D-CA-47] (D-CA)
- Cosponsors: 3
- Policy area: Government Operations and Politics
- Touches household money: no
- Last recorded action: 2026-09-21

## 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. - 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.

## Cosponsors (3)

- Rep. Timmons, William R. [R-SC-4] (R-SC), 2026-04-16T00:00:00.000Z
- Rep. Sessions, Pete [R-TX-17] (R-TX), 2026-04-21T00:00:00.000Z
- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2026-04-21T00:00:00.000Z

## Provisions PRIA read

- Agency plans, data checks, and controls: benefit, high. 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 d…
- Four-year plan and budget-time reports: benefit, high. 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…
- Stronger agency finance leadership: benefit, high. 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 per…

## Related bills

- 119-hr-9877: Health Equity and Accountability Act of 2026
- 119-hr-8870: BUILD America 250 Act
- 119-hr-7977: Energy Bills Relief Act
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage Act
- 119-hr-2102: Major Richard Star Act

## Sources
- [119-hr-8340 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/8340)

## Related
- [119-hr-9877: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-hr-9877)
- [119-hr-8870: BUILD America 250 Act](https://policyrisk.com/legislation/119-hr-8870)
- [119-hr-7977: Energy Bills Relief Act](https://policyrisk.com/legislation/119-hr-7977)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage A…](https://policyrisk.com/legislation/119-hr-842)
- [119-hr-2102: Major Richard Star Act](https://policyrisk.com/legislation/119-hr-2102)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-8340 (as of 2026-09-21).