Taxpayer Funds Oversight and Accountability Act

This bill would require the Office of Management and Budget (OMB) to develop and submit a four-year governmentwide financial management plan to Congress, with annual status reports provided to the Government Accountability Office. The proposal also expands the responsibilities of federal agency Chief Financial Officers to include overseeing budget formulation, risk management, and the implementation of these financial management plans. Additionally, the bill would mandate that agencies better coordinate performance and cost information to improve internal controls and financial system reporting.

This bill primarily affects the Office of Management and Budget (OMB) and Chief Financial Officers (CFOs) at federal agencies, who are assigned new responsibilities for financial management planning and oversight. Other affected entities include the Government Accountability Office (GAO) and Congress, which will receive required governmentwide plans and annual status reports. Additionally, senior agency personnel involved in strategic planning and performance measurement must coordinate with CFOs on the implementation of these new financial systems and internal controls.

• Governmentwide financial management plan. The Office of Management and Budget (OMB) must submit a four-year plan to Congress every presidential term outlining strategies to improve financial systems, strengthen the workforce, and report performance and cost data.
• Expanded Chief Financial Officer responsibilities. Agency CFOs are tasked with new duties including the oversight of budget formulation and execution, risk management, internal controls, and the implementation of agency-specific financial plans.
• Enhanced inter-agency coordination and reporting. CFOs must coordinate with senior personnel on strategic planning and performance measurement while providing annual progress reports to the agency head, OMB, GAO, and Congress.
• Annual status reporting requirements. OMB is required to submit annual reports to Congress and the Government Accountability Office regarding the status of the governmentwide financial management plan.

The Office of Management and Budget must submit the initial governmentwide financial management plan within 12 months of the bill's enactment. Subsequent plans are required to be submitted with the budget during the first full fiscal year following the start of a presidential term.

The bill expands the statutory responsibilities of federal agency Chief Financial Officers (CFOs) and modifies government-wide financial management planning requirements overseen by the Office of Management and Budget (OMB).

The bill aims to improve federal financial management systems and oversight by requiring the Office of Management and Budget to develop a four-year governmentwide financial plan and expanding the responsibilities of agency Chief Financial Officers. It seeks to strengthen the financial management workforce and enhance the reporting of performance and cost information across federal agencies.