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119-s-75119th Congress

Improving Federal Financial Management Act

Sponsored By: Senator Lankford, James [R-OK]

Introduced

Summary

Stronger Chief Financial Officer accountability and cost-linked performance reporting would modernize how agencies plan, report, and get audited. It would require a governmentwide 4-year financial management plan, tighter internal control checks, and more public reporting to connect cost and performance information.

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  • Agencies and CFOs: Expands the CFO role to cover budget formulation and execution, risk management, internal controls, financial systems, accounting, and related areas. Agencies would need an implementation plan for the 4-year governmentwide plan within 90 days and submit it publicly each year.
  • Audits and internal controls: Audits would be retooled to evaluate control design, confirm controls are implemented, and test whether they operate effectively. Each agency head would have to identify key financial information and conclude annually on internal control effectiveness.
  • Transparency and oversight: The Director of the Office of Management and Budget would provide a governmentwide 4-year plan and an annual financial management status report with progress, audits, and FFMIA noncompliance updates alongside the President’s budget.
  • Leadership continuity: The Deputy CFO would assist the CFO and serve as acting CFO during vacancies.

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Bill Overview

Analyzed Economic Effects

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

Annual internal controls and stronger audits

This bill would require each agency head to identify key financial information and make an annual public conclusion about whether internal controls over that information work. Auditors would need to evaluate control design, confirm controls are implemented, and test operating effectiveness, including tests to support a low assessed control risk. Auditors must report any controls that are not designed, not implemented, or not working, following government auditing standards.

Four-year government finance plan and reports

This bill would require the Office of Management and Budget to make a governmentwide four-year financial management plan. The first milestone is due 6 months after enactment. Each agency would have 90 days after the governmentwide plan to write an implementation plan with performance-based metrics. OMB would also send an annual financial management status report with the President's budget that summarizes agency progress, financial statements, audits, and agencies not meeting standards.

Stronger agency CFO duties and backup

This bill would expand agency Chief Financial Officers' duties to lead budget, planning, performance, risk, internal controls, systems, and accounting. It would require agencies to prepare annual financial statements using U.S. generally accepted accounting principles. CFOs would have to link performance and cost data and publish timely reports that include agency spending data. The Deputy Chief Financial Officer would help the CFO and serve as acting CFO if the job is vacant.

Sponsors & CoSponsors

Sponsor

Lankford, James [R-OK]

OK • R

Cosponsors

  • Sen. Hassan, Margaret Wood [D-NH]

    NH • D

    Sponsored 4/27/2026

Roll Call Votes

No roll call votes available for this bill.

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