Improving Federal Financial Management Act

Senate Bill

S. 75

119th Congress

Improving Federal Financial Management Act

In Committee

Introduced:Jan 13, 2025

Primary Sponsor

James Lankford

Senator

Republican

OK

Cosponsors

0

Quick Stats

Policy Area

Government Operations and Politics

Summary

This bill requires OMB to submit a four-year governmentwide financial management plan to Congress and expands CFO responsibilities. CFOs must oversee budget execution, risk management, internal controls, and performance reporting. Agencies must submit annual progress reports on implementation.

Latest Action

Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

SponsorJames Lankford (R-OK)

Introduced1/13/2025

StatusRead twice and referred to the Committee on Homeland Security and Governmental Affairs.

ChamberSenate

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Vote Prediction

Improving Federal Financial Management Act

This bill requires OMB to submit a four-year governmentwide financial management plan to Congress and expands CFO responsibilities. CFOs must oversee budget execution, risk management, internal controls, and performance reporting. Agencies must submit annual p

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This bill requires OMB to submit a four-year governmentwide financial management plan to Congress and expands CFO responsibilities. CFOs must oversee budget execution, risk management, internal controls, and performance reporting. Agencies must submit annual progress reports on implementation.

Bill Number: 75
Sponsor: James Lankford (R-OK)
Introduced: 1/13/2025
Status: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Policy Area: Government Operations and Politics

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Improving Federal Financial Management Act
Bill Number: 75
Sponsor: James Lankford (R-OK)
Status: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Introduced: 1/13/2025
Summary: This bill requires OMB to submit a four-year governmentwide financial management plan to Congress and expands CFO responsibilities. CFOs must oversee budget execution, risk management, internal controls, and performance reporting. Agencies must submit annual progress reports on implementation.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill requires OMB to submit a four-year governmentwide financial management plan to Congress and expands CFO responsibilities. CFOs must oversee budget execution, risk management, internal controls, and performance reporting. Agencies must submit annual progress reports on implementation.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

Improving Federal Financial Management Act   This bill requires the Office of Management and Budget (OMB) to take certain actions to improve financial management systems across the federal government and expands the responsibilities of federal agency Chief Financial Officers (CFOs).   The bill requires OMB to submit a four-year governmentwide financial management plan to Congress within six months of enactment and thereafter with the budget submitted in the first full fiscal year following the start of a presidential term. Such plans must address certain topics, including strategies for (1) improving financial management systems; (2) strengthening the financial management workforce; and (3) reporting performance and cost information. OMB must annually submit related status reports to Congress and the Government Accountability Office.    Each agency CFO is assigned new responsibilities, including<ul><li>preparing the agency plan to implement OMB's governmentwide financial management plan;</li><li>overseeing and providing leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by OMB;</li><li>coordinating with designated agency personnel on the strategic planning, performance measurement and reporting, and risk management functions of the agency;</li><li>managing the formulation and financial execution of the agency budget;</li><li>linking performance and cost information; and</li><li>preparing annual reports on progress in implementing the governmentwide financial management plan and transmitting such reports to the agency head, OMB, and Congress.</li></ul>The bill establishes new requirements for audits of agency accounts, such as having auditors evaluate the design of the agency's internal controls over financial reporting.

Key Points

Main provisions of the bill

Requires OMB four-year governmentwide financial management plan
Expands agency CFO responsibilities significantly
Adds CFO oversight of budget execution and risk management
Mandates linking performance and cost information
Establishes new audit requirements for internal controls

How This Impacts Americans

Potential effects on citizens and communities

Federal financial management would become more coordinated across agencies. CFOs would gain broader authority but also more accountability for financial systems, risk management, and connecting spending to performance outcomes.

Policy Areas

Primary Policy Area

Government Operations and Politics

Related Subjects

Accounting and auditing

Budget process

Congressional oversight

Executive agency funding and structure

Federal officials

Performance measurement

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

75, 119th Congress (2025). "Improving Federal Financial Management Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-75

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