Taxpayer Funds Oversight and Accountability Act

The Taxpayer Funds Oversight and Accountability Act would overhaul how the federal government plans, executes, and reports on financial management. It replaces the current government-wide financial plan with a four-year plan, and substantially expands the duties and authority of agency Chief Financial Officers (CFOs). Key changes require CFOs to oversee internal controls, design and execute agency plans tied to performance and cost information, and produce plans that are publicly available. Agencies must develop these plans within 90 days of the government-wide plan and include performance-based metrics, cost linkage, and a strategy for workforce and systems improvements, including potential sharing of systems. The bill also strengthens audits to emphasize internal controls and cost information, expands reporting and transparency requirements (including public spending data and improper payments), and creates stronger annual financial management status reporting to Congress. Additionally, the Deputy CFO would serve as acting CFO in vacancy situations. Overall, the bill aims to improve accountability, transparency, risk management, and cost-effectiveness in federal financial management.