PlainBillCongress, translated.Legislation. Context. Public interest.ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Congressional Research Service
Version 00 · Introduced in House · Feb 25, 2025
Taxpayer Funds Oversight and Accountability 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
preparing the agency plan to implement OMB's governmentwide financial management plan;
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;
Showing the opening paragraphs of the official summary.
coordinating with designated agency personnel on the strategic planning, performance measurement and reporting, and risk management functions of the agency;
managing the formulation and financial execution of the agency budget;
linking performance and cost information; and
preparing annual reports on progress in implementing the governmentwide financial management plan and transmitting such reports to the agency head, OMB, and Congress.
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.
People & committees
Rep. Connolly, Gerald E. [D-VA-11] · D–VA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Apr 30, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-02-25 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The proposed Taxpayer Funds Oversight and Accountability Act would expand federal financial officials’ responsibilities for managing budgets, tracking costs and performance, and checking financial information. Agencies would prepare implementation plans, publish additional reporting, and assess safeguards for financial reporting and spending data. Governmentwide financial planning would shift from five years to four, and auditors would have explicit duties to test those safeguards. These are proposed requirements, not evidence of enacted law.
This Act may be cited as the Taxpayer Funds Oversight and Accountability Act.
It shall be the duty and responsibility of each agency Chief Financial Officer to oversee and provide leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas as the Director of the Office of Management and Budget may designate.
prepare, in consultation with financial management and other appropriate experts, an agency plan to implement the 4-year financial management plan
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
by striking a financial management status report and a governmentwide 5-year financial management plan and inserting a governmentwide 4-year financial management plan and a financial management status report
for controls that are properly designed and implemented, perform sufficient tests of those controls to conclude whether the controls are operating effectively
Agency chief financial officers would oversee budget preparation and execution, planning and performance, risk management, financial safeguards, financial systems, and accounting. The Director of the Office of Management and Budget could designate additional areas.
It shall be the duty and responsibility of each agency Chief Financial Officer to oversee and provide leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas as the Director of the Office of Management and Budget may designate.
The bill would add annual agency financial statements prepared under United States generally accepted accounting principles to the existing statutory list in section 902(a)(3)(D). It would also expressly add integration of performance and cost information. The surrounding existing list is not reproduced.
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 United States generally accepted accounting principles;
Chief financial officers would oversee the design, implementation, and operation of internal controls—safeguards for reliable financial reporting and key financial-management information.
(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);
Each chief financial officer would consult appropriate experts and prepare an agency plan within 90 days after issuance of the governmentwide financial-management plan. Agency plans would include performance measures and be revised when the chief financial officer determines necessary.
(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 90 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; (C) include performance-based financial management metrics against which the financial management performance of the agency shall be assessed;
Completed or revised agency plans would be public and submitted to the agency head, the Office of Management and Budget Director, the Comptroller General, and appropriate congressional committees.
(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;
The bill would expand distribution of the existing chief financial officer report to include the Comptroller General and appropriate congressional committees and require public availability. It would add reporting on agency and governmentwide plan implementation and performance against financial-management measures established by the Office of Management and Budget Director.
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
(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;
The bill would add published agency spending data and agency reporting under the Federal Financial Management Improvement Act of 1996 to an existing reporting provision. The full surrounding statutory requirement is not supplied.
(ii) agency spending data published under the Federal Funding Accountability and Transparency Act of 2006 (31 U.S.C. 6101 note); and (iii) the reporting of the agency under the Federal Financial Management Improvement Act of 1996 (31 U.S.C. 3512 note);
Chief financial officers would be responsible for linking performance information with costs and submitting timely performance reports that include cost information to agency heads.
(10) be responsible for linking performance and cost information, including the preparation and submission to the head of the agency of timely performance reports that incorporate cost information;
Two other amendments would replace “monitor the” with “manage the formulation and” in an existing duty and insert “inflation and” before “costs” in another. The supplied text does not reproduce the full duties being changed.
(G) in paragraph (9), as so redesignated— (i) by striking monitor the and insert manage the formulation and;
(I) in paragraph (11), as so redesignated— (i) by inserting inflation and before costs;
Chief financial officers would coordinate with senior agency officials responsible for data, information technology, performance, purchasing, risk, and evaluation. Coordination would cover financial-management duties, strategic planning, performance measurement and reporting, and risk management.
(12) coordinate with senior agency personnel, including 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.
Deputy chief financial officers would assist with every chief financial officer duty under the relevant chapter. When the chief financial officer position is vacant, the deputy would be required to serve as acting chief financial officer, notwithstanding the referenced federal vacancy provisions.
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
(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.
The governmentwide financial-management plan would cover four fiscal years instead of five. Its stated objective would be strategic, comprehensive, and cost-effective financial management; the text does not establish that those results would occur.
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;
The governmentwide plan would be developed in consultation with federal councils for financial, information, data, and purchasing officials; the inspectors general council; the Government Accountability Office; and other appropriate councils and financial-management experts.
be developed in consultation with the Chief Financial Officers Council, the Chief Information Officers Council, the Chief Data Officer Council, the Chief Acquisition Officers Council, the Council of the Inspectors General on Integrity and Efficiency, the Government Accountability Office, and, as appropriate, other councils and financial management experts.
The governmentwide plan would address linking performance and cost information, eliminating duplicate and unnecessary systems and activities, and encouraging agencies to share systems and services where practical. It would also include a strategy for reporting performance and cost information.
(II) linking performance and cost information 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;
(v) provide a strategy for reporting performance and cost information;
The governmentwide plan would include a strategy for strengthening the federal financial-management workforce and comprehensive performance measures for assessing executive agencies’ financial management.
by striking identify and inserting provide a strategy for strengthening the Federal financial management workforce, including identification of
(ix) include comprehensive financial management performance-based metrics against which the financial management performance of executive agencies can be assessed;
The financial-management status report would describe progress on the governmentwide plan, remaining challenges, and cost-estimate revisions needed because of obligations or expenditures. It would also summarize agency performance against the plan’s measures.
(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, the status of remaining challenges, and, as necessary based on obligations or expenditures, any update or revision to the cost estimates included in the most recent 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;
The status report would summarize the most recently completed financial statements and financial-statement audits and reports for federal agencies and government corporations, plus reports on internal accounting and administrative controls.
(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);
The status report would identify agencies whose financial-management systems fail to comply substantially with specified existing requirements and summarize corrective efforts. The Director could include other information considered appropriate to fully inform Congress.
(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.
The bill would set the initial governmentwide plan deadline at six months after enactment. Subsequent four-year plans would be required, at minimum, with the federal budget submitted in the first full fiscal year following a year in which a presidential term begins.
by striking 15 months after the date of the enactment of this subsection and inserting 6 months after the date of the enactment of the Taxpayer Funds Oversight and Accountability Act
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
by striking financial management status report and a revised governmentwide 5-year and inserting governmentwide 4-year
Every year, the Office of Management and Budget Director would submit a financial-management status report to appropriate congressional committees and the Comptroller General at the same time as the federal budget.
(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.
Each executive agency head would identify information needed for effective financial management and decisions. This must include required public spending data and information used to report improper payments. Agency heads would annually assess whether controls over financial reporting and that information work effectively, and a separate report would present the assessment and conclusion.
(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) 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).
(C) a separate report on the results of the assessment and conclusion required under subsection (e)(2).
Auditors would evaluate the design of the agency’s financial controls and determine whether they were implemented. For properly designed and implemented controls, auditors would test whether they work effectively, including enough testing to support a low assessed risk of control failure. Auditors would communicate deficiencies as appropriate under applicable government auditing standards.
(2) As part of each audit under this subsection, the auditor shall— (A) evaluate the design of the internal control of the agency over financial management reporting and key financial information, as assessed and reported on by the head of the agency under section 3512(d)(2)(C) of this title; (B) determine whether those controls have been implemented; (C) for controls that are properly designed and implemented, perform sufficient tests of those controls to conclude whether the controls are operating effectively, including sufficient tests to support a low level of assessed control risk; and (D) communicate controls that the auditor concludes are not suitably designed and implemented or are not operating effectively, as appropriate under applicable generally accepted government auditing standards.
For an agency with an inspector general appointed under the Inspector General Act of 1978, that inspector general would decide whether the audit is performed by the inspector general or an independent external auditor. Other agency heads would select an independent external auditor.
(3) Audits under this subsection shall be conducted— (A) in the case of an agency having an Inspector General appointed under the Inspector General Act of 1978 (5 U.S.C. App.), by the Inspector General or by an independent external auditor, as determined by the Inspector General of the agency; and (B) in any other case, by an independent external auditor, as determined by the head of the agency.
The bill’s technical amendment would delete paragraph (4) of title 5, section 3348(e), renumber paragraph (5), and adjust a conjunction. The deleted paragraph is not reproduced, so its substantive effect cannot be determined from this passage alone.
(d) 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).
The supplied official-actions snapshot, updated April 30, 2026, records introduction and referral to the House Committee on Oversight and Government Reform on February 25, 2025.
Source snapshot updated 2026-04-30T12:28:55Z.
2025-02-25: Referred to the House Committee on Oversight and Government Reform. 2025-02-25: Introduced in House
The April 30, 2026 source snapshot also records that, on September 15, 2025, the House agreed without objection to Mr. Min becoming the first sponsor for adding cosponsors and requesting reprintings. The entry identifies Representative Connolly as the original introducer.
Source snapshot updated 2026-04-30T12:28:55Z.
2025-09-15: ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
A closer look
Reviewed version: Introduced in House · 2025-02-25. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion applies only to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version; formal earmark disclosures and accompanying materials were not supplied.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow benefit, preferential treatment, or special exemption warranting a finding was identified in the complete supplied introduced text. This conclusion applies only to that version, not other versions or accompanying materials.
Full text preserved for this analysis. Legislative record snapshot: Apr 30, 2026. How PlainBill uses AI