This bill updates federal financial management laws to strengthen oversight of how government agencies handle their finances. It expands the duties of agency Chief Financial Officers to include broader leadership over budgeting, risk management, internal controls, and performance tracking, while allowing Deputy Chief Financial Officers to temporarily fill the role if it becomes vacant. The bill shortens the governmentwide financial management plan from a 5-year to a 4-year cycle, requiring the Office of Management and Budget to develop this plan in consultation with various federal councils and to report annually on financial management progress, including performance metrics and compliance issues. It also requires agency heads to identify key financial information and annually assess the effectiveness of their internal financial controls, with independent auditors verifying these assessments. Overall, the legislation affects federal agencies and their financial officers, aiming to improve transparency, accountability, and efficiency in how taxpayer dollars are managed, with new reporting requirements taking effect within months of the bill's enactment and continuing on a recurring basis afterward.
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