S. 75

Congressional Research Service summary, version: Introduced in Senate (Jan 13, 2025)

Improving Federal Financial Management 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 six 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.

Each agency CFO is assigned new responsibilities, including

• preparing the agency plan to implement OMB's governmentwide financial management plan;

• overseeing and providing leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by OMB;