H.R. 1558 — Taxpayer Funds Oversight and Accountability Act

This section revises agency chief financial officer (CFO) duties under 31 U.S.C. 902(a) by (1) specifying oversight of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by OMB; (2) requiring oversight of internal controls over financial reporting and key financial management information; (3) directing preparation of an agency plan, in consultation with experts, to implement OMB's governmentwide 4-year financial management plan under 31 U.S.C. 3512(a)(2) and achieve effective financial management—including performance-based metrics—to be completed within 90 days of OMB's plan issuance, revised as necessary, and submitted to the agency head, OMB Director, Comptroller General, and congressional committees while being made publicly available; (4) expanding annual financial management reports to cover agency progress on the agency and governmentwide plans, performance against OMB metrics, and specified data reports; (5) requiring linkage of performance and cost information in timely performance reports to the agency head; and (6) directing coordination with the agency's Chief Data Officer, Chief Information Officer, Chief Performance Officer, Chief Acquisition Officer, Chief Risk Officer, and Chief Evaluation Officer on financial authorities, strategic planning, performance reporting, and risk management. This section amends 31 U.S.C. 903 to require deputy CFOs to assist agency CFOs in all duties under chapter 9 and to serve as acting CFO during vacancies, notwithstanding 5 U.S.C. ch. 33 subch. III. This section revises governmentwide financial management reporting under 31 U.S.C. 3512(a) by requiring the OMB Director to submit a governmentwide 4-year financial management plan (from 5-year) and financial management status report to congressional committees and post on the section 1122 website. (As background, these reports track executive branch financial management status, including agency financial statements, audits, internal controls, and systems compliance with the Federal Financial Management Improvement Act of 1996.) The 4-year plan describes activities over the next 5 fiscal years by OMB, the Deputy Director for Management, the Controller, and agency CFOs to improve federal financial management. The status report includes (1) financial management status analysis with progress on the 4-year plan, remaining challenges, and cost estimate updates based on obligations or expenditures; (2) agency performance against OMB-developed metrics in the plan; (3) summaries of recent agency and government corporation financial statements and audits; (4) summaries of internal control reports; (5) listings of agencies with noncompliant financial systems and remediation efforts; and (6) other information deemed appropriate by OMB. (Thus, the changes prioritize a shorter-term plan with integrated progress tracking and metrics to enhance accountability and integration of federal financial systems.)