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Taxpayer Funds Oversight and Accountability Act
Introduced Apr 16, 2026 · Last action Jun 11, 2026 — Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
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Summary
This legislation is called the Taxpayer Funds Oversight and Accountability Act. It is being reviewed by a committee.
Full bill text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8340 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 8340
To modify the governmentwide financial management plan, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 16, 2026
Mr. Min (for himself and Mr. Timmons) introduced the following bill;
which was referred to the Committee on Oversight and Government Reform
_______________________________________________________________________
A BILL
To modify the governmentwide financial management plan, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Taxpayer Funds Oversight and
Accountability Act''.
SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL MANAGEMENT
PLAN.
(a) Chief Financial Officer and Deputy Chief Financial Officer.--
Chapter 9 of title 31, United States Code, is amended--
(1) in section 902(a)--
(A) in the matter preceding paragraph (1), by
striking ``An'' and inserting ``It shall be the duty
and responsibility of each agency Chief Financial
Officer to oversee and, unless otherwise specified in
law, provide leadership in the areas of budget
formulation and execution, planning and performance,
risk management, internal controls, financial systems,
accounting, and other areas as designated by the Deputy
Director of Management under the authorities described
in section 503. In carrying out the preceding sentence,
each'';
(B) in paragraph (3)--
(i) in subparagraph (C), by inserting
``areas and'' before ``systems''; and
(ii) in subparagraph (D)--
(I) in clause (iii), by striking
``and'' at the end;
(II) in clause (iv), by striking
``performance;'' and inserting
``performance and integration of
performance and cost information;
and''; and
(III) by adding at the end the
following:
``(v) annual agency financial statements
prepared in accordance with applicable
accounting standards as determined by the
Director of the Office of Management and Budget
consistent with section 3512;'';
(C) by redesignating paragraphs (5), (6), (7), and
(8) as paragraphs (7), (8), (9), and (11) respectively;
(D) by inserting after paragraph (4) the following:
``(5) oversee and provide leadership over the design,
implementation, and operation of the internal controls of the
agency over financial reporting and key financial management
information identified under section 3512(e)(1);
``(6) prepare, in consultation with financial management
and other appropriate experts, an agency plan to implement the
4-year financial management plan prepared by the Director of
the Office of Management and Budget under section 3512(a)(2) of
this title and to achieve and sustain effective financial
management in the agency, which shall--
``(A) be completed within 120 days after the
issuance of a governmentwide plan under such section
3512(a)(2);
``(B) be revised as determined necessary by the
Chief Financial Officer and the Director of the Office
of Management and Budget;
``(C) include financial management metrics against
which the financial management performance of the
agency shall be assessed; and
``(D) be submitted upon completion or revision to
the head of the agency, the Director of the Office of
Management and Budget, the Comptroller General, and
appropriate committees of Congress, and be made
publicly available;'';
(E) in paragraph (7), as so redesignated--
(i) by striking subparagraph (A);
(ii) by redesignating subparagraphs (B)
through (E) as subparagraphs (A) through (D),
respectively; and
(iii) in subparagraph (C), as so
redesignated, by adding ``and'' at the end;
(F) in paragraph (8), as so redesignated--
(i) in the matter preceding subparagraph
(A), by striking ``and the Director of the
Office of Management and Budget,'' and
inserting ``, the Director of the Office of
Management and Budget, the Comptroller General,
and appropriate committees of Congress, which
shall be made publicly available and'';
(ii) in subparagraph (A), by striking
``agency;'' and inserting ``agency, including--
``(i) the progress of the agency in
implementing the agency plan described in
paragraph (5);
``(ii) the progress of the agency in
implementing the governmentwide 4-year
financial management plan prepared by the
Director of the Office of Management and Budget
under section 3512(a)(2) of this title; and
``(iii) the performance of the agency
against financial management metrics
established by the Director of the Office of
Management and Budget;''; and
(iii) in subparagraph (D)--
(I) by striking ``of the reports''
and inserting ``of--
``(i) the reports'';
(II) in clause (i), as so
designated, by striking ``the
amendments made by the Federal
Managers' Financial Integrity Act of
1982 (Public law 97-255); and'' and
inserting ``section 3512(d) of this
title;''; and
(III) by adding at the end the
following:
``(ii) the reporting of the agency under
the Federal Financial Management Improvement
Act of 1996 (31 U.S.C. 3512 note); and'';
(G) in paragraph (9), as so redesignated--
(i) by striking ``monitor the'' and insert
``manage the formulation and''; and
(ii) by striking ``, and prepare and submit
to the head of the agency timely performance
reports; and'' and inserting a semicolon;
(H) by inserting after paragraph (9), as so
redesignated, the following:
``(10) coordinate with the responsible agency official to
ensure performance and cost information are linked, including
in the preparation and submission to the head of the agency of
timely performance reports that incorporate cost
information;'';
(I) in paragraph (11), as so redesignated--
(i) by inserting ``inflation and'' before
``costs''; and
(ii) by striking the period at the end and
inserting ``; and''; and
(J) by adding at the end the following:
``(12) coordinate with senior agency personnel, including
those with statutory, regulatory, and related policy
responsibility, which may include the Chief Data Officer, Chief
Information Officer, Chief Performance Officer, Chief
Acquisition Officer, Chief Risk Officer, and Chief Evaluation
Officer of the agency on--
``(A) the exercise of authorities under this
subsection; and
``(B) the strategic planning, performance
measurement and reporting, and risk management
functions of the agency.''; and
(2) in section 903--
(A) in subsection (a), by inserting ``and who shall
assist the agency Chief Financial Officer in the
performance of each of the duties of the agency Chief
Financial Officer under this chapter'' after
``matters''; and
(B) by adding at the end the following:
``(c) Notwithstanding subchapter III of chapter 33 of title 5, in
the event of a vacancy in the position of Chief Financial Officer of an
agency, the Deputy Chief Financial Officer of the agency shall serve as
the acting Chief Financial Officer.''.
(b) Governmentwide Financial Management Plan.--Section 3512 of
title 31, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``a financial
management status report and a governmentwide 5-year
financial management plan'' and inserting ``a
governmentwide 4-year financial management plan, to be
included within the President's Management Agenda, and
a financial management status report'';
(B) by striking paragraph (2);
(C) by redesignating paragraph (3) as paragraph
(2);
(D) in paragraph (2), as so redesignated--
(i) in subparagraph (A)--
(I) by striking ``5-year'' and
inserting ``4-year'';
(II) by striking ``shall describe''
and inserting the following: ``shall--
``(i) describe'';
(III) in clause (i), as so
designated, by striking ``5 fiscal
years to improve the financial
management of the Federal Government.''
and inserting ``4 fiscal years to
improve the financial management of the
Federal Government in a manner that is
strategic, comprehensive, and cost-
effective; and''; and
(IV) by adding at the end the
following:
``(ii) be developed in consultation with
the Chief Financial Officers Council and, as
appropriate, other councils and financial
management experts as determined by the
Director of the Office of Management and
Budget. in consultation with the Chief
Financial Officers Council.''; and
(ii) in subparagraph (B)--
(I) in the matter preceding clause
(i), by striking ``5-year'' and
inserting ``4-year'';
(II) in clause (iii)--
(aa) by striking ``for
developing'' and inserting
``for improving financial
management systems, including--
``(I) developing''; and
(bb) by adding at the end
the following:
``(II) describing how performance
and cost information are linked in
order to facilitate effective and
efficient decision making;
``(III) eliminating duplicative and
unnecessary systems and activities; and
``(IV) identifying opportunities
for agencies to share systems and
services and encouraging agencies to do
so where practicable;'';
(III) by striking clause (iv);
(IV) by redesignating clause (v) as
clause (iv);
(V) by inserting after clause (iv),
as so redesignated, the following:
``(v) provide a strategy for reporting
performance and cost information;'';
(VI) in clause (vi), by striking
``5-year'' and inserting ``4-year'';
(VII) in clause (vii), by striking
``identify'' and inserting ``provide a
strategy for strengthening the Federal
financial management workforce,
including identification of'';
(VIII) in clause (viii), by
striking ``and'' at the end;
(IX) by redesignating clause (ix)
as clause (x);
(X) by inserting after clause
(viii) the following:
``(ix) include financial management metrics
against which the performance of executive
agencies can be assessed; and''; and
(XI) in clause (x), as so
redesignated, by striking ``5-year''
and inserting ``4-year'';
(E) by inserting after paragraph (2) the following:
``(3) A financial management status report under this
subsection shall include--
``(A) a description and analysis of the status of
financial management in the executive branch, including
the progress made towards implementing the
governmentwide 4-year financial management plan, and
the status of remaining challenges to implementing the
governmentwide 4-year financial management plan;
``(B) a summary of the performance of agencies
against the metrics developed and identified by the
Director of the Office of Management and Budget in the
governmentwide 4-year financial management plan;
``(C) a summary of the most recently completed
financial statements--
``(i) of Federal agencies under section
3515 of this title; and
``(ii) of Government corporations;
``(D) a summary of the most recently completed
financial statement audits and reports--
``(i) of Federal agencies under subsections
(e) and (f) of section 3521 of this title; and
``(ii) of Government corporations;
``(E) a summary of reports on internal accounting
and administrative control systems submitted to the
President and Congress under subsection (d);
``(F) a listing of agencies whose financial
management systems do not comply substantially with the
requirements of section 803(a) of the Federal Financial
Management Improvement Act of 1996 (31 U.S.C. 3512
note), and a summary statement of the efforts underway
to remedy the noncompliance; and
``(G) any other information the Director considers
appropriate to fully inform Congress regarding the
financial management of the Federal Government.'';
(F) in paragraph (4)--
(i) in subparagraph (A)--
(I) by striking ``15 months after
the date of the enactment of this
subsection'' and inserting ``12 months
after the date of the enactment of the
Taxpayer Funds Oversight and
Accountability Act''; and
(II) by striking ``5-year'' and
inserting ``4-year'';
(ii) in subparagraph (B)--
(I) in clause (i)--
(aa) by striking ``Not
later than January 31 of each
year thereafter'' and inserting
``At a minimum, concurrently
with the submission of the
budget of the United States
Government under section
1105(a) of this title made in
the first full fiscal year
following any year in which the
term of the President commences
under section 101 of title 3'';
(bb) by striking
``financial management status
report and a revised
governmentwide 5-year'' and
inserting ``governmentwide 4-
year''; and
(cc) by striking ``5 fiscal
years'' and all that follows
through the period at the end
and inserting ``4 fiscal
years.''; and
(II) in clause (ii)--
(aa) by striking ``revised
governmentwide 5-year'' and
inserting ``governmentwide 4-
year''; and
(bb) by striking
``paragraph (3)(B)(viii)'' and
inserting ``paragraph
(2)(B)(viii)''; and
(iii) by adding at the end the following:
``(C) Each year, concurrently with the submission
of the budget of the United States Government under
section 1105(a) of this title, the Director of the
Office of Management and Budget shall submit to the
appropriate committees of Congress and the Comptroller
General a financial management status report.''; and
(G) by striking paragraph (5);
(2) in subsection (d)(2)--
(A) in subparagraph (A), by striking ``and'' at the
end;
(B) in subparagraph (B), by striking the period at
the end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) a separate report on the results of the
assessment and conclusion required under subsection
(e)(2).'';
(3) by redesignating subsections (e), (f), and (g) as
subsections (f), (g), and (h), respectively; and
(4) by inserting after subsection (d) the following:
``(e) The head of each executive agency shall--
``(1) in establishing the internal accounting and
administrative controls under subsection (c), identify the key
financial management information needed for effective financial
management and decision making, which shall include a
consideration of--
``(A) the agency spending data required to be
published under the Federal Funding Accountability and
Transparency Act of 2006 (31 U.S.C. 6101 note); and
``(B) the information used by the agency to report
on improper payments under section 3352 of this title;
and
``(2) annually assess and make a conclusion on the
effectiveness of the internal controls of the executive agency
over financial reporting and key financial management
information identified under paragraph (1), consistent with
guidance provided by the Director of the Office of Management
and Budget.''.
(c) Technical and Conforming Amendment.--Section 3348(e) of title
5, United States Code, is amended--
(1) in paragraph (3), by adding ``or'' at the end;
(2) by striking paragraph (4); and
(3) by redesignating paragraph (5) as paragraph (4).
<all>Official legislative text sourced from the public record (cached on CivicsHQ).
Official source
View the original bill, actions, and full legislative record on Congress.gov.
Status
Passed Both Chambers
- 1Introduced
- 2Committee
- 3Floor
- 4Passed
- 5Signed
Timeline reflects current normalized status only. Full action history is not yet stored in the API.
Sponsors
- Rep. Min, Dave [D-CA-47]DHouseCA
Votes
Voting records are not yet available for this bill.