[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4700 Reported in Senate (RS)]

<DOC>





                                                       Calendar No. 708
118th CONGRESS
  2d Session
                                S. 4700

                          [Report No. 118-302]

 To modify the governmentwide financial management plan, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                July 11 (legislative day, July 10), 2024

  Mr. Lankford (for himself and Ms. Hassan) introduced the following 
 bill; which was read twice and referred to the Committee on Homeland 
                   Security and Governmental Affairs

            December 17 (legislative day, December 16), 2024

               Reported by Mr. Peters, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
 To modify the governmentwide financial management plan, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Improving Federal Financial 
Management Act''.</DELETED>

<DELETED>SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL 
              MANAGEMENT PLAN.</DELETED>

<DELETED>    (a) Chief Financial Officer and Deputy Chief Financial 
Officer.--Chapter 9 of title 31, United States Code, is amended--
</DELETED>
        <DELETED>    (1) in section 902(a)--</DELETED>
                <DELETED>    (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 provide leadership in the areas 
                of budget formulation and execution, planning and 
                performance, risk management, internal controls, 
                financial systems, accounting, and other areas as the 
                Director of the Office of Management and Budget may 
                designate. In carrying out the preceding sentence, 
                each'';</DELETED>
                <DELETED>    (B) in paragraph (3)--</DELETED>
                        <DELETED>    (i) in subparagraph (C), by 
                        inserting ``areas and'' before ``systems''; 
                        and</DELETED>
                        <DELETED>    (ii) in subparagraph (D)--
                        </DELETED>
                                <DELETED>    (I) in clause (iii), by 
                                striking ``and'' at the end;</DELETED>
                                <DELETED>    (II) in clause (iv), by 
                                striking ``performance;'' and inserting 
                                ``performance and integration of 
                                performance and cost information; 
                                and''; and</DELETED>
                                <DELETED>    (III) by adding at the end 
                                the following:</DELETED>
                        <DELETED>    ``(v) annual agency financial 
                        statements prepared in accordance with United 
                        States generally accepted accounting 
                        principles;''.</DELETED>
                <DELETED>    (C) by redesignating paragraph (8) as 
                paragraph (10);</DELETED>
                <DELETED>    (D) by redesignating paragraphs (5) 
                through (7) as paragraphs (6) through (8), 
                respectively;</DELETED>
                <DELETED>    (E) by inserting after paragraph (4) the 
                following:</DELETED>
<DELETED>    ``(5) 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--</DELETED>
        <DELETED>    ``(A) be completed within 90 days of the issuance 
        of a governmentwide plan under section 3512(a)(2) of this 
        title;</DELETED>
        <DELETED>    ``(B) be revised as determined necessary by the 
        Chief Financial Officer;</DELETED>
        <DELETED>    ``(C) include performance-based financial 
        management metrics against which the financial management 
        performance of the agency shall be assessed; and</DELETED>
        <DELETED>    ``(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;'';</DELETED>
                <DELETED>    (F) in paragraph (6), as so redesignated--
                </DELETED>
                        <DELETED>    (i) by striking subparagraph 
                        (A);</DELETED>
                        <DELETED>    (ii) by redesignating 
                        subparagraphs (B) through (E) as subparagraphs 
                        (A) through (D), respectively; and</DELETED>
                        <DELETED>    (iii) in subparagraph (C), as so 
                        redesignated, by adding ``and'' at the 
                        end;</DELETED>
                <DELETED>    (G) in paragraph (7), as so redesignated--
                </DELETED>
                        <DELETED>    (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'';</DELETED>
                        <DELETED>    (ii) in subparagraph (A), by 
                        striking ``agency;'' and inserting ``agency, 
                        including--</DELETED>
                <DELETED>    ``(i) the progress of the agency in 
                implementing the agency plan described in paragraph 
                (5);</DELETED>
                <DELETED>    ``(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</DELETED>
                <DELETED>    ``(iii) the performance of the agency 
                against financial management metrics established by the 
                Director of the Office of Management and Budget;''; 
                and</DELETED>
                        <DELETED>    (iii) in subparagraph (D)--
                        </DELETED>
                                <DELETED>    (I) by striking ``of the 
                                reports'' and inserting ``of--
                                </DELETED>
                <DELETED>    ``(i) the reports'';</DELETED>
                                <DELETED>    (II) in clause (i), as so 
                                designated, by striking ``the 
                                amendments made by the Federal 
                                Managers' Financial Integrity Act of 
                                1987 (Public law 97-255); and'' and 
                                inserting ``section 3512(d) of this 
                                title;''; and</DELETED>
                                <DELETED>    (III) by adding at the end 
                                the following:</DELETED>
                <DELETED>    ``(ii) agency spending data published 
                under the Federal Funding Accountability and 
                Transparency Act of 2006 (31 U.S.C. 6101 note); 
                and</DELETED>
                <DELETED>    ``(iii) the reporting of the agency under 
                the Federal Financial Management Improvement Act of 
                1996 (31 U.S.C. 3512 note); and'';</DELETED>
                <DELETED>    (H) in paragraph (8), as so redesignated--
                </DELETED>
                        <DELETED>    (i) by striking ``monitor the'' 
                        and insert ``manage the formulation and''; 
                        and</DELETED>
                        <DELETED>    (ii) by striking ``, and prepare 
                        and submit to the head of the agency timely 
                        performance reports; and'' and inserting a 
                        semicolon;</DELETED>
                <DELETED>    (I) by inserting after paragraph (8), as 
                so redesignated, the following:</DELETED>
<DELETED>    ``(9) be responsible for linking performance and cost 
information, including the preparation and submission to the head of 
the agency of timely performance reports that incorporate cost 
information;'';</DELETED>
                <DELETED>    (J) in paragraph (10), as so 
                redesignated--</DELETED>
                        <DELETED>    (i) by inserting ``inflation and'' 
                        before ``costs''; and</DELETED>
                        <DELETED>    (ii) by striking the period at the 
                        end and inserting ``; and''; and</DELETED>
                <DELETED>    (K) by adding at the end the 
                following:</DELETED>
        <DELETED>    ``(11) coordinate with senior agency personnel, 
        including the Chief Data Officer, Chief Information Officer, 
        Chief Performance Officer, Chief Acquisition Officer, Chief 
        Risk Officer, and Chief Evaluation Officer of the agency on--
        </DELETED>
                <DELETED>    ``(A) the exercise of authorities under 
                this subsection; and</DELETED>
                <DELETED>    ``(B) the strategic planning, performance 
                measurement and reporting, and risk management 
                functions of the agency.''; and</DELETED>
        <DELETED>    (2) in section 903--</DELETED>
                <DELETED>    (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</DELETED>
                <DELETED>    (B) by adding at the end the 
                following:</DELETED>
<DELETED>    ``(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.''.</DELETED>
<DELETED>    (b) Governmentwide Financial Management Plan.--Section 
3512 of title 31, United States Code, is amended--</DELETED>
        <DELETED>    (1) in subsection (a)--</DELETED>
                <DELETED>    (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 and a 
                financial management status report'';</DELETED>
                <DELETED>    (B) by striking paragraph (2);</DELETED>
                <DELETED>    (C) by redesignating paragraph (3) as 
                paragraph (2);</DELETED>
                <DELETED>    (D) in paragraph (2), as so redesignated--
                </DELETED>
                        <DELETED>    (i) in subparagraph (A)--
                        </DELETED>
                                <DELETED>    (I) by striking ``5-year'' 
                                and inserting ``4-year'';</DELETED>
                                <DELETED>    (II) by striking ``shall 
                                describe'' and inserting the following: 
                                ``shall--</DELETED>
                <DELETED>    ``(i) describe'';</DELETED>
                                <DELETED>    (III) in clause (i), as so 
                                designated, 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''; and</DELETED>
                                <DELETED>    (IV) by adding at the end 
                                the following:</DELETED>
                <DELETED>    ``(ii) be developed in consultation with 
                the Chief Financial Officers Council, the Chief 
                Information Officers Council, the Chief Data Officer 
                Council, the Chief Acquisition Officers Council, the 
                Council of the Inspectors General on Integrity and 
                Efficiency, the Government Accountability Office, and, 
                as appropriate, other councils and financial management 
                experts.''; and</DELETED>
                        <DELETED>    (ii) in subparagraph (B)--
                        </DELETED>
                                <DELETED>    (I) in the matter 
                                preceding clause (i), by striking ``5-
                                year'' and inserting ``4-
                                year'';</DELETED>
                                <DELETED>    (II) in clause (iii)--
                                </DELETED>
                                        <DELETED>    (aa) by striking 
                                        ``for developing'' and 
                                        inserting ``for improving 
                                        financial management systems, 
                                        including--</DELETED>
                        <DELETED>    ``(I) developing''; and</DELETED>
                                        <DELETED>    (bb) by adding at 
                                        the end the 
                                        following:</DELETED>
                        <DELETED>    ``(II) linking performance and 
                        cost information to facilitate effective and 
                        efficient decision making;</DELETED>
                        <DELETED>    ``(III) eliminating duplicative 
                        and unnecessary systems and activities; 
                        and</DELETED>
                        <DELETED>    ``(IV) identifying opportunities 
                        for agencies to share systems and services and 
                        encouraging agencies to do so where 
                        practicable;'';</DELETED>
                                <DELETED>    (III) by striking clause 
                                (iv);</DELETED>
                                <DELETED>    (IV) by redesignating 
                                clause (v) as clause (iv);</DELETED>
                                <DELETED>    (V) by inserting after 
                                clause (iv), as so redesignated, the 
                                following:</DELETED>
                <DELETED>    ``(v) provide a strategy for reporting 
                performance and cost information;'';</DELETED>
                                <DELETED>    (VI) in clause (vi), by 
                                striking ``5-year'' and inserting ``4-
                                year'';</DELETED>
                                <DELETED>    (VII) in clause (vii), by 
                                striking ``identify'' and inserting 
                                ``provide a strategy for strengthening 
                                the Federal financial management 
                                workforce, including identification 
                                of'';</DELETED>
                                <DELETED>    (VIII) in clause (viii), 
                                by striking ``and'' at the 
                                end;</DELETED>
                                <DELETED>    (IX) by redesignating 
                                clause (ix) as clause (x);</DELETED>
                                <DELETED>    (X) by inserting after 
                                clause (viii) the following:</DELETED>
                <DELETED>    ``(ix) include comprehensive financial 
                management performance-based metrics against which the 
                financial management performance of executive agencies 
                can be assessed; and''; and</DELETED>
                                <DELETED>    (XI) in clause (x), as so 
                                redesignated, by striking ``5-year'' 
                                and inserting ``4-year'';</DELETED>
                <DELETED>    (E) by inserting after paragraph (2) the 
                following:</DELETED>
<DELETED>    ``(3) A financial management status report under this 
subsection shall include--</DELETED>
        <DELETED>    ``(A) a description and analysis of the status of 
        financial management in the executive branch, including the 
        progress made towards implementing the governmentwide 4-year 
        financial management plan, the status of remaining challenges, 
        and, as necessary based on obligations or expenditures, any 
        updates or revisions to the cost estimates included in the most 
        recent governmentwide 4-year financial management 
        plan;</DELETED>
        <DELETED>    ``(B) a summary of the performance of agencies 
        against the metrics developed and identified by the Director of 
        the Office of Management and Budget in the governmentwide 4-
        year financial management plan;</DELETED>
        <DELETED>    ``(C) a summary of the most recently completed 
        financial statements--</DELETED>
                <DELETED>    ``(