Taxpayer Funds Oversight and Accountability Act

Stronger oversight for taxpayer funds

If enacted, the bill would create a governmentwide framework to improve federal financial management, transparency, and accountability. It would replace the existing 5-year plan with a 4-year financial management plan inside the President's Management Agenda. The Director of OMB would issue the first plan within 12 months and send an annual financial management status report to Congress with agency metrics, audits, internal control summaries, and a list of agencies not meeting Federal Financial Management Improvement Act rules. Each agency's Chief Financial Officer would write an agency plan within 120 days of the government plan, publish it, report progress and internal-control results, and work with senior agency leaders on linking costs to performance. Agencies would have to identify key financial data (including published spending and improper-payment data) and annually assess internal controls. The bill would also require cost estimates to include inflation, and the Deputy Chief Financial Officer would serve as acting CFO during vacancies.