The Safeguarding the Transparency and Efficiency of Payments Act, or the STEP Act , seeks to strengthen the prevention of improper payments and enhance fraud risk management across federal executive agencies by amending various sections of Title 31, United States Code. It introduces a formal definition for "chief financial officer" within the context of improper payment regulations, clarifying their role in financial oversight. A key provision requires executive agencies to annually identify any new program or activity as susceptible to significant improper payments if it is in its first four years of operation and has or is expected to have outlays exceeding $100,000,000. Agencies must produce statistically valid estimates of improper payments for identified programs, with methodologies approved by both the Office of Management and Budget and the agency's chief financial officer. These estimates and related reports must be included with the agency's annual financial statement. Furthermore, the bill mandates that the chief financial officer of each executive agency certify the reliability of the agency's identification of programs susceptible to improper payments and monitor the development and implementation of corrective action plans. Agencies are also required to submit annual reports to Congress detailing their progress in implementing financial and administrative controls, fraud risk principles from the Government Accountability Office, and leading practices for managing fraud risk. These reports must also include information on the status of implementing the 11 leading practices identified in the GAO's 2015 framework for managing fraud risks in federal programs. Importantly, the bill specifies that no additional funds are authorized for its implementation.