Taxpayer Funds Oversight and Accountability Act
Sponsored By: Representative Connolly
Introduced
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.
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- 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.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
4-year federal finance plan and report
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 would also send a yearly status report with the President’s budget that shows progress, updates cost estimates, summarizes agency audits, and lists agencies not meeting required standards with their fixes. The yearly report would start in the first full fiscal year after a President’s term begins and then come every year.
Stronger financial controls at agencies
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 metrics. CFOs would coordinate with leaders such as the Chief Data Officer and CIO to align planning, measurement, and risk. The Deputy CFO would assist and serve as acting CFO during vacancies.
Tougher audits of agency finances
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 IG or an outside auditor could do the audit. For other agencies, the agency head would pick an independent outside auditor.
Sponsors & CoSponsors
Sponsor
Connolly
VA • D
Cosponsors
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 2/25/2025
Rep. Lynch, Stephen F. [D-MA-8]
MA • D
Sponsored 2/25/2025
Rep. Krishnamoorthi, Raja [D-IL-8]
IL • D
Sponsored 2/25/2025
Khanna
CA • D
Sponsored 2/25/2025
Mfume
MD • D
Sponsored 2/25/2025
Rep. Brown, Shontel M. [D-OH-11]
OH • D
Sponsored 2/25/2025
Stansbury
NM • D
Sponsored 2/25/2025
Rep. Garcia, Robert [D-CA-42]
CA • D
Sponsored 2/25/2025
Rep. Frost, Maxwell [D-FL-10]
FL • D
Sponsored 2/25/2025
Rep. Lee, Summer L. [D-PA-12]
PA • D
Sponsored 2/25/2025
Crockett
TX • D
Sponsored 2/25/2025
Randall
WA • D
Sponsored 2/25/2025
Rep. Subramanyam, Suhas [D-VA-10]
VA • D
Sponsored 2/25/2025
Rep. Ansari, Yassamin [D-AZ-3]
AZ • D
Sponsored 2/25/2025
Rep. Bell, Wesley [D-MO-1]
MO • D
Sponsored 2/25/2025
Simon
CA • D
Sponsored 2/25/2025
Rep. Min, Dave [D-CA-47]
CA • D
Sponsored 2/25/2025
Rep. Tlaib, Rashida [D-MI-12]
MI • D
Sponsored 2/25/2025
Roll Call Votes
No roll call votes available for this bill.
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