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“(a) Not later than September 30, 2026, the Under Secretary of Defense (Comptroller) shall revise the Department of Defense Financial Management Regulation 7000.14-R. The Under Secretary shall ensure that the revised regulation—“(1) is consistent and clear throughout; “(2) includes updated guidance with respect to legislative and regulatory requirements; and “(3) does not include any outdated guidance or guidance subject to change annually in an annual appropriations Act. “(b) Considerations.—In revising the regulation under subsection (a), the Under Secretary shall—“(1) prioritize clarity and accessibility in the language and direction provided, including improvements to the coordination and approval process for recommended changes; “(2) review and adopt modern financial practices that better align to current development and production cycles; “(3) consider information technology solutions to improve the accessibility and usability of the Financial Management Regulation; and “(4) in consultation with the Cross-Functional Team established under section 1006 consider the recommendations of the Commission on Planning, Programming, Budgeting, and Execution Reform. “(c) Briefing.—Not later than 90 days after the date of the enactment of this Act [Dec. 23, 2024], and once every 180 days thereafter during the three-year period following such date of enactment, the Under Secretary shall provide to the congressional defense committees [Committees on Armed Services and Appropriations of the Senate and the House of Representatives] a briefing on the efforts to revise the Financial Management Regulation. Each such briefing shall include each of the following:“(1) The progress made in revising the Financial Management Regulation. “(2) The plan and timeline for completing revisions to the Financial Management Regulation. “(3) Any barriers to the ability of the Department of Defense to revising the Financial Management Regulation as required under this section. “(4) Any legislation required to complete revisions of the Financial Management Regulation. “(5) Any other information determined relevant by the Secretary.

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