H.R.1558

The Taxpayer Funds Oversight and Accountability Act modifies the governmentwide financial management plan.

The Taxpayer Funds Oversight and Accountability Act modifies the governmentwide financial management plan by changing the plan from a 5-year to a 4-year plan. It also requires the Director of the Office of Management and Budget to submit a financial management status report annually. The bill further mandates that each executive agency Chief Financial Officer oversee and provide leadership in areas such as budget formulation, planning, risk management, and internal controls.