Taxpayer Funds Oversight and Accountability Act

The "Taxpayer Funds Oversight and Accountability Act" aims to significantly enhance federal financial management and ensure greater accountability for taxpayer funds by expanding the responsibilities of agency Chief Financial Officers (CFOs) . CFOs will now provide leadership in budget formulation, risk management, internal controls, and financial systems, specifically overseeing the design and implementation of internal controls over financial reporting and key financial management information. Each CFO must prepare an agency plan to implement the governmentwide financial management strategy, including specific metrics for assessing performance. These agency plans, along with annual reports detailing progress against both agency and governmentwide goals, must be made publicly available. The bill also emphasizes linking performance and cost information to facilitate more effective decision-making. The legislation modifies the existing governmentwide financial management plan, transitioning it from a five-year to a four-year cycle , to be included within the President's Management Agenda. This updated plan, developed in consultation with the Chief Financial Officers Council, will be strategic and comprehensive, outlining strategies for improving financial systems, strengthening the workforce, and establishing governmentwide performance metrics. Finally, the bill requires agency heads to annually assess and report on the effectiveness of their internal controls over financial reporting and identified key financial management information, including data related to federal spending transparency and improper payments.