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United States · Law · HR

H.R. 5687 (101st)

Chief Financial Officers Act of 1990

enactedUnited States· United States Congress· EN

Introduced

21 September 1990

Last action

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Status

Became Public Law No: 101-576.

Sponsors

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Subjects

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Source updated

4 February 2025

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Summary

Chief Financial Officer Act of 1990 - Title I: General Provisions - Sets forth congressional findings with respect to the financial management systems of the Federal Government. Declares the purposes of this Act to be to improve such systems. Title II: Establishment of Chief Financial Officers - Amends Federal law to create a Deputy Director for Management within the Office of Management and Budget (OMB), appointed by the President. Requires the Deputy Director, under the general supervision of the Director of OMB, to coordinate and supervise OMB's general management functions. Makes the Director of OMB the Chief Financial Officer (CFO) of the United States to provide overall direction and leadership to the executive branch on financial management matters. Establishes in OMB an Office of Federal Financial Management, headed by the Controller of the United States who shall be appointed by the President. Authorizes the Director of OMB to delegate to the Controller all functions relating to financial management. Transfers to such Office all functions, powers, or duties of Federal agencies (except those of the Offices of the Inspectors General) which relate to such Office. Establishes within each specified agency an agency Chief Financial Officer, to be appointed or designated by the President. Sets forth the duties of such Officers regarding financial management matters. Establishes within each such agency an agency Deputy Chief Financial Officer to report directly to the agency Chief Financial Officer. Requires the head of each such agency to submit to the Director of OMB a proposal for reorganizing the agency with respect to financial management functions. Requires implementation of such proposal upon the Director's approval. Title III: Enhancement of Federal Financial Management Activities - Requires the Director of OMB to develop and maintain a Government-wide financial management plan describing the activities the Director, the Controller, and the agency CFOs will conduct over the next five fiscal years to improve the financial management of the Government. Prescribes the contents of such plan. Requires the Director to report to the President and the Congress within one year of enactment of this Act on the plan and annually thereafter with a revised plan to cover the succeeding five fiscal years. Establishes a Chief Financial Officers Council consisting of the Controller, the Fiscal Assistant Secretary of the Treasury, and the agency CFOs. Requires each agency to prepare financial statements for submission to the Director and the Controller. Requires the Director to report to the Congress on which executive agencies perform substantial commercial functions for which financial statements practicably can be prepared. Provides for audits of such statements. Revises the mandate and general procedures for: (1) the audit of financial statements of Government corporations; and (2) the annual management reports of such corporations.

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9 official files

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