Chairwoman Maloney Introduces Legislation to Modernize Federal Financial Management
Washington, D.C. (March 18, 2022)—Today, Rep. Carolyn B. Maloney, Chairwoman of the Oversight and Reform Committee, introduced the CFO Vision Act of 2022, to update the federal financial management system. Companion legislation will soon be introduced in the Senate by Sen. Mark Warner.
“Congress plays a critical role in ensuring that we are good stewards of taxpayer dollars. This Sunshine Week, I believe there are steps we can take to ensure accurate and effective financial management in government,” said Chairwoman Maloney. “This is a commonsense modernization bill that will help ensure federal agencies can make well-informed decisions about the financing, management, and evaluation of government programs and services.”
“In the three-plus decades since the Chief Financial Officers (CFO) Act was signed into law, there has been a growing need to modernize these processes to meet the challenges of today,” said Sen. Warner. “The CFO Vision Act will encourage federal agencies to improve their financial management and help renew Americans’ trust that their government is making smart, informed decisions about how we use taxpayer dollars. I look forward to introducing this legislation in the Senate in the coming weeks.”
The CFO Vision Act of 2022 would:
- Standardize CFO responsibilities across government to enhance strategic decision-making and ensure CFOs are responsible for key financial management activities.
- Provide deputy CFOs with sufficient authority to ensure continuity in financial management operations when CFO vacancies occur and to minimize the effects of CFO turnover.
- Revise financial management planning by requiring the release of governmentwide and agency-level plans at least every four years to ensure continuity and to gauge progress in addressing financial management challenges.
- Develop a broader set of financial management performance-based metrics that can be used to determine the status and progress agencies are making towards achieving cost-effective and efficient operations.
- Strengthen internal controls by requiring agencies to rigorously assess key financial information used in financial management and decision making.
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Click here for bill text.