Reps. Min and Timmons Introduce “Taxpayer Funds Oversight and Accountability Act” to Modernize Federal Financial Management and Protect Taxpayer Dollars

Washington, D.C. - Representatives Dave Min (CA-47) and William Timmons (SC-04) introduced the Taxpayer Funds Oversight and Accountability Act, legislation to modernize how federal agencies track spending, strengthen financial oversight, and improve accountability in how taxpayer dollars are managed across the federal government.

The bill updates the decades-old Chief Financial Officers Act of 1990 by incorporating long-standing recommendations from the Government Accountability Office (GAO) to ensure agencies have reliable finances to make better management decisions, improve efficiency, and prevent waste.

"Taxpayers deserve a government that is efficient and transparent," said Rep. Min. "This bill will ensure that our federal government is more closely tracking its spending so we know exactly where public dollars are going, whether programs are working, and where waste is occurring,"

"The Taxpayer Funds Oversight and Accountability Act is a commonsense step to strengthen accountability, modernize outdated systems, and give Congress better tools to identify waste and stop improper payments," said Rep. Timmons. "This is about making sure every taxpayer dollar is tracked, protected, and used the way it is supposed to be."

The Taxpayer Funds Oversight and Accountability Act makes long-overdue reforms to federal financial management by:

• Strengthening internal financial controls across federal agencies by requiring agencies to annually assess internal controls over financial reporting and improve the financial data needed for decision-making, including improper payment reporting.
• Linking agency performance and cost data so federal managers can better evaluate whether programs are operating efficiently and delivering results.
• Requiring modernized governmentwide financial planning by directing the Office of Management and Budget to issue a four-year governmentwide financial management plan, with annual progress reports and clear performance-based metrics.
• Prioritizing elimination of duplicative systems and unnecessary spending while improving long-term workforce planning for federal financial management.
• Clarifying the role and accountability of agency Chief Financial Officers (CFOs) by ensuring CFOs are responsible for implementing agency financial management plans and reporting progress to Congress and GAO.

Current law requires OMB to issue a governmentwide financial management plan every year, but no such plan has been released since 2009. The legislation updates that framework to establish a more realistic four-year planning cycle while requiring annual status updates to improve oversight and continuity.

The bill also responds to recommendations made repeatedly by GAO to improve federal financial systems and strengthen internal controls across government agencies.

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