No CRS summary available for this bill.
This section revises the duties of agency chief financial officers (CFOs) under 31 U.S.C. 902(a)—which implement the Chief Financial Officers Act of 1990 (CFO Act) requiring CFOs in 24 major agencies and others designated by OMB to oversee financial management—by (1) specifying oversight of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, annual agency financial statements, and other areas; (2) requiring oversight of internal controls over financial reporting and key financial management information; (3) directing preparation, within 120 days of issuance, of an agency financial management plan to implement OMB's governmentwide four-year financial management plan under 31 U.S.C. 3512(a)(2), including metrics for assessing agency performance, with revisions as needed and submission to specified officials and public availability; (4) expanding the annual CFO report to cover progress implementing agency and governmentwide plans, performance against OMB metrics, and reporting under specified financial management laws; (5) requiring management of performance plan formulation, linking of performance and cost information in reports, and coordination with other senior agency officials (e.g., Chief Data Officer, Chief Information Officer); and (6) incorporating inflation in cost forecasting. The section also enhances deputy CFO responsibilities under 31 U.S.C. 903(a) to assist in all CFO duties and requires the deputy to serve as acting CFO during vacancies. (Thus, the changes integrate financial management more closely with performance, risk, and strategic planning governmentwide.)