TAXPAYER FUNDS OVERSIGHT AND ACCOUNTABILITY ACT

On 2026-06-08, Representative Dave Min (D-CA-47) delivered a floor speech titled "TAXPAYER FUNDS OVERSIGHT AND ACCOUNTABILITY ACT" in the House.

TAXPAYER FUNDS OVERSIGHT AND ACCOUNTABILITY ACT

Congressional Record, Volume 172 Issue 96 (Monday, June 8, 2026) [Congressional Record Volume 172, Number 96 (Monday, June 8, 2026)] [House] [Pages H3931-H3933] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] TAXPAYER FUNDS OVERSIGHT AND ACCOUNTABILITY ACT Mr. GILL of Texas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 8340) to modify the governmentwide financial management plan, and for other purposes, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 8340 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Taxpayer Funds Oversight and Accountability Act''. SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL MANAGEMENT PLAN. (a) Chief Financial Officer and Deputy Chief Financial Officer.--Chapter 9 of title 31, United States Code, is amended-- (1) in section 902(a)-- (A) in the matter preceding paragraph (1), by striking ``An'' and inserting ``It shall be the duty and responsibility of each agency Chief Financial Officer to oversee and, unless specified otherwise in law, provide leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas as designated by the Deputy Director of Management under their authorities described in section 503 of this title. In carrying out the preceding sentence, each''; (B) in paragraph (3)-- (i) in subparagraph (C), by inserting ``areas and'' before ``systems''; and (ii) in subparagraph (D)-- (I) in clause (iii), by striking ``and'' at the end; (II) in clause (iv), by striking ``performance;'' and inserting ``performance and integration of performance and cost information; and''; and (III) by adding at the end the following: ``(v) annual agency financial statements prepared in accordance with applicable accounting standards;''; (C) by redesignating paragraphs (5), (6), (7), and (8) as paragraphs (7), (8), (9), and (11) respectively; (D) by inserting after paragraph (4) the following: ``(5) oversee and provide leadership over the design, implementation, and operation of the internal controls of the agency over financial reporting and key financial management information identified under section 3512(e)(1); ``(6) prepare, in consultation with financial management and other appropriate experts, an agency plan to implement the 4-year financial management plan prepared by the Director of the Office of Management and Budget under section 3512(a)(2) of this title and to achieve and sustain effective financial management in the agency, which shall-- ``(A) be completed within 120 days after the issuance of a governmentwide plan under such section 3512(a)(2); ``(B) be revised as determined necessary by the Chief Financial Officer and the Director of the Office of Management and Budget; ``(C) include financial management metrics against which the financial management performance of the agency shall be assessed; and ``(D) be submitted upon completion or revision to the head of the agency, the Director of the Office of Management and Budget, the Comptroller General, and appropriate committees of Congress, and be made publicly available;''; (E) in paragraph (7), as so redesignated-- (i) by striking subparagraph (A); (ii) by redesignating subparagraphs (B) through (E) as subparagraphs (A) through (D), respectively; and (iii) in subparagraph (C), as so redesignated, by adding ``and'' at the end; (F) in paragraph (8), as so redesignated-- (i) in the matter preceding subparagraph (A), by striking ``and the Director of the Office of Management and Budget,'' and inserting ``, the Director of the Office of Management and Budget, the Comptroller General, and appropriate committees of Congress, which shall be made publicly available and''; (ii) in subparagraph (A), by striking ``agency;'' and inserting ``agency, including-- ``(i) the progress of the agency in implementing the agency plan described in paragraph (5); ``(ii) the progress of the agency in implementing the governmentwide 4-year financial management plan prepared by the Director of the Office of Management and Budget under section 3512(a)(2) of this title; and ``(iii) the performance of the agency against financial management metrics established by the Director of the Office of Management and Budget;''; and (iii) in subparagraph (D)-- (I) by striking ``of the reports'' and inserting ``of-- ``(i) the reports''; (II) in clause (i), as so designated, by striking ``the amendments made by the Federal Managers' Financial Integrity Act of 1982 (Public Law 97-255); and'' and inserting ``section 3512(d) of this title; and''; and (III) by adding at the end the following: ``(ii) the reporting of the agency under the Federal Financial Management Improvement Act of 1996 (31 U.S.C. 3512 note); and''; (G) in paragraph (9), as so redesignated-- (i) by striking ``monitor the'' and insert ``manage the formulation and''; and (ii) by striking ``, and prepare and submit to the head of the agency timely performance reports; and'' and inserting a semicolon; (H) by inserting after paragraph (9), as so redesignated, the following: ``(10) coordinating with the responsible agency official to ensure performance and cost information are linked, including in the preparation and submission to the head of the agency of timely performance reports that incorporate cost information;''; (I) in paragraph (11), as so redesignated-- (i) by inserting ``inflation and'' before ``costs''; and (ii) by striking the period at the end and inserting ``; and''; and (J) by adding at the end the following: ``(12) coordinate with senior agency personnel, including but not limited to, those with statutory, regulatory, and related policy responsibility which may include the Chief Data Officer, Chief Information Officer, Chief Performance Officer, Chief Acquisition Officer, Chief Risk Officer, and Chief Evaluation Officer of the agency on-- ``(A) the exercise of authorities under this subsection; and ``(B) the strategic planning, performance measurement and reporting, and risk management functions of the agency.''; and (2) in section 903-- (A) in subsection (a), by inserting ``and who shall assist the agency Chief Financial Officer in the performance of each of the duties of the agency Chief Financial Officer under this chapter'' after ``matters''; and (B) by adding at the end the following: ``(c) Notwithstanding subchapter III of chapter 33 of title 5, in the event of a vacancy in the position of Chief Financial Officer of an agency, the Deputy Chief Financial Officer of the agency shall serve as the acting Chief Financial Officer.''. (b) Governmentwide Financial Management Plan.--Section 3512 of title 31, United States Code, is amended-- (1) in subsection (a)-- (A) in paragraph (1), by striking ``a financial management status report and a governmentwide 5-year financial management plan'' and inserting ``a governmentwide 4-year financial management plan, to be included within the Federal Government performance plan described in section 1115, and a financial management status report''; (B) by striking paragraph (2); (C) by redesignating paragraph (3) as paragraph (2); (D) in paragraph (2), as so redesignated-- (i) in subparagraph (A)-- (I) by striking ``5-year'' and inserting ``4-year''; (II) by striking ``shall describe'' and inserting the following: ``shall-- ``(i) describe''; (III) in clause (i), as so redesignated, by striking ``5 fiscal years to improve the financial management of the Federal Government.'' and inserting ``4 fiscal years to improve the financial management of the Federal Government in a manner that is strategic, comprehensive, and cost- effective, and shall also include strategies for enabling data sharing in accordance with applicable law and joint fraud prevention initiatives with State (meaning a State of the United States, the District of Columbia, a territory or possession of the United States, or a federally recognized Indian tribe) and local governments that administer federally funded programs or disburse Federal funds on behalf of the Federal Government; and''; and (IV) by adding at the end the following: ``(ii) be developed in consultation with the Chief Financial Officers Council and, as appropriate, other councils and financial management experts, including the Chief Information Officers Council, the Chief Data Officer Council, the Chief Acquisition Officers Council, and the Government Accountability Office, as determined by the Director of the Office of Management and Budget in consultation with the Chief Financial Officers Council.''; and (ii) in subparagraph (B)-- (I) in the matter preceding clause (i), by striking ``5- year'' and inserting ``4-year''; (II) in clause (iii)-- (aa) by striking ``for developing'' and inserting ``for improving financial management systems, including-- ``(I) developing''; and (bb) by adding at the end the following: ``(II) describe how performance and cost information are linked in order to facilitate effective and efficient decision making; ``(III) eliminating duplicative and unnecessary systems and activities; and ``(IV) identifying opportunities for agencies to share systems and services and encouraging agencies to do so where practicable;''; (III) by striking clause (iv); (IV) by redesignating clause (v) as clause (iv); (V) by inserting after clause (iv), as so redesignated, the following: ``(v) provide a strategy for reporting performance and cost information;''; (VI) in clause (vi), by striking ``5-year'' and inserting ``4-year''; (VII) in clause (vii), by striking ``identify'' and inserting ``provide a strategy for strengthening the Federal financial management workforce, including identification of''; (VIII) in clause (viii), by striking ``and'' at the end; (IX) by redesignating clause (ix) 

Referenced legislation: HR8340, HR8340