H.R. 8340 · Passed House · Government Operations and Politics

Taxpayer Funds Oversight and Accountability Act

What it does

Require the Office of Management and Budget to submit a four-year governmentwide financial management plan to Congress within 12 months of enactment and thereafter with each presidential term's budget.
Expand Chief Financial Officer responsibilities across federal agencies to include oversight of budget formulation and execution, financial systems, accounting, risk management, and internal controls.
Mandate OMB to submit annual status reports to Congress and the Government Accountability Office tracking implementation of the financial management plan.

Official summary

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 12 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 (GAO). Each agency CFO is assigned new responsibilities, including preparing the agency plan to implement OMB's governmentwide financial management plan; overseeing and, unless otherwise specified in law, providing leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial…

Latest action

Jun 11, 2026: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Committee: Senate Homeland Security and Governmental Affairs