# 119-s-75: Improving Federal Financial Management Act

119-s-75, Improving Federal Financial Management Act, is a 119th Congress bill sponsored by Sen. Lankford, James [R-OK] (R-OK); status introduced (as of 2026-04-29).

- Canonical: https://policyrisk.com/legislation/119-s-75
- As of: 2026-04-29
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-75
- Congress: 119
- Title: Improving Federal Financial Management Act
- Status: introduced
- Introduced: 2025-01-13
- Sponsor: Sen. Lankford, James [R-OK] (R-OK)
- Cosponsors: 1
- Policy area: Government Operations and Politics
- Touches household money: no
- Last recorded action: 2026-04-29

## 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. - 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.

## Cosponsors (1)

- Sen. Hassan, Margaret Wood [D-NH] (D-NH), 2026-04-27T00:00:00.000Z

## Provisions PRIA read

- Annual internal controls and stronger audits: benefit, high. 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, includi…
- Four-year government finance plan and reports: benefit, high. 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.…
- Stronger agency CFO duties and backup: benefit, high. 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 perfo…

## Related bills

- 119-s-1748: Kids Online Safety Act
- 119-s-882: Patients Before Middlemen Act
- 119-s-1639: American Innovation and Jobs Act
- 119-s-1241: Sanctioning Russia Act of 2025
- 119-s-545: Combating Illicit Xylazine Act
- 119-s-199: A bill to amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the…

## Sources
- [119-s-75 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/75)

## Related
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-882: Patients Before Middlemen Act](https://policyrisk.com/legislation/119-s-882)
- [119-s-1639: American Innovation and Jobs Act](https://policyrisk.com/legislation/119-s-1639)
- [119-s-1241: Sanctioning Russia Act of 2025](https://policyrisk.com/legislation/119-s-1241)
- [119-s-545: Combating Illicit Xylazine Act](https://policyrisk.com/legislation/119-s-545)
- [119-s-199: A bill to amend the Internal Revenue Code of 1986 to provide special rules for…](https://policyrisk.com/legislation/119-s-199)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-75 (as of 2026-04-29).