What does Preamble of Taxpayer Funds Oversight and Accountability Act do?

This bill modifies the governmentwide financial management plan.

What does SHORT TITLE. of Taxpayer Funds Oversight and Accountability Act do?

This bill is formally titled the Taxpayer Funds Oversight and Accountability Act.

What does CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL MANAGEMENT of Taxpayer Funds Oversight and Accountability Act do?

This section amends Chapter 9 of title 31, United States Code, regarding Chief Financial Officers (CFOs) and Deputy Chief Financial Officers. It modifies the duties of agency CFOs, requiring them to oversee budget formulation, execution, planning, performance, risk management, internal controls, financial systems, and accounting. The legislation mandates the creation of an agency plan to implement a 4-year financial management plan, to be completed within 120 days of the governmentwide plan's issuance. Section 3512 of title 31, United States Code, is amended to establish a governmentwide 4-year financial management plan, replacing the previous 5-year plan. The financial management status report now includes a description and analysis of the status of financial management in the executive branch and the progress made towards implementing the governmentwide 4-year financial management plan.

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Taxpayer Funds Oversight and Accountability Act

Last updated: 6/11/2026 · Introduced: 4/16/2026

Author: Dave Min (D-CA)

TL;DR (AI)

This bill expands the responsibilities of agency Chief Financial Officers to include oversight of budget formulation, execution, and risk management.
It mandates that agencies create and regularly update plans to implement the governmentwide financial management plan, which is now a four-year plan.
Executive agencies must annually evaluate the effectiveness of their internal controls over financial reporting.

119th Congresspassed houseHR. 1558(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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