[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> ``(