Taxpayer Funds Oversight and Accountability Act
- Bill Number
- H.R. 8340
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Government Operations and Politics
- Status
- Passed House
- Latest Action
- 2026-06-11: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Last Updated
- 2026-06-16T15:08:44Z
AI-Generated Summary
Purpose This legislation aims to strengthen oversight and accountability of federal financial management by updating the roles of agency Chief Financial Officers (CFOs) and revising the governmentwide financial management plan to improve efficiency, transparency, and integration of financial and performance data.
Key Provisions
- CFO Responsibilities: Expands agency CFO duties to include leadership in budget formulation and execution, risk management, internal controls over financial reporting, and coordination with other senior officials (such as Chief Data Officers and Chief Information Officers). Requires CFOs to prepare agency-specific plans aligned with the governmentwide plan, including performance metrics, and submit them to agency heads, the Office of Management and Budget (OMB), the Comptroller General, and Congress (with public availability).
- Deputy CFO Role: Establishes that the Deputy CFO serves as acting CFO during vacancies.
- Governmentwide Financial Management Plan: Changes the plan from a 5-year to a 4-year cycle, integrates it into the Federal Government performance plan, and requires consultation with councils (e.g., Chief Financial Officers Council, Chief Information Officers Council). Adds requirements for data sharing with state and local governments, linking performance and cost information, eliminating duplicative systems, and developing financial management metrics.
- Financial Management Status Report: Updates the annual report to include progress on the 4-year plan, agency performance against metrics, summaries of financial statements and audits, and lists of noncompliant financial systems.
- Internal Controls: Requires agencies to identify key financial management information (including spending data and improper payment reports) and annually assess the effectiveness of internal controls.
- Submission Timing: Aligns plan updates with the President's budget submission in the first full fiscal year after a new presidential term begins.
Significant Changes to Existing Law
- Reduces the financial management plan cycle from 5 years to 4 years and embeds it within existing performance planning requirements under 31 U.S.C. § 1115.
- Adds new CFO duties for internal controls, agency planning, public reporting, and cross-functional coordination (previously absent or less detailed in 31 U.S.C. §§ 902 and 3512).
- Introduces mandatory financial management metrics and explicit requirements for linking performance with cost data.
- Updates reporting obligations to include public availability and broader stakeholder input.
- Makes a technical conforming change to 5 U.S.C. § 3348 regarding acting officials.
Potential Impacts
- Government Agencies: Requires agencies to develop and report on aligned financial plans, assess internal controls annually, and coordinate across leadership roles, potentially increasing administrative workload but improving decision-making through better data integration.
- Citizens: Enhances transparency via public reports and metrics, supporting greater accountability for the use of taxpayer funds without direct effects on individual rights.
- International Relations: No direct impacts identified.
Main Stakeholders Affected
- Federal executive agencies and their CFOs, Deputy CFOs, and related officials.
- OMB (for plan development and oversight).
- Congress and its committees (for receiving reports and plans).
- Comptroller General and Government Accountability Office (for consultation and review).
- Taxpayers (through improved oversight mechanisms).
Notable Legal, Constitutional, or Political Implications The Act focuses on administrative improvements within existing executive branch authorities under Title 31 of the U.S. Code, with no apparent constitutional conflicts or major shifts in power between branches. It emphasizes interagency collaboration and public reporting to promote fiscal accountability.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (3)
Rep. Timmons, William R. [R-SC-4], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Sessions, Pete [R-TX-17]
Recent Actions
- 2026-06-11: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- 2026-06-10: Motion to reconsider laid on the table Agreed to without objection.
- 2026-06-10: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
- 2026-06-10: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
- 2026-06-10: Considered as unfinished business. (consideration: CR H4079)
- 2026-06-08: At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Gill (TX) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
- 2026-06-08: DEBATE - The House proceeded with forty minutes of debate on H.R. 8340.
- 2026-06-08: Considered under suspension of the rules. (consideration: CR H3931-3933; text: CR H3931-3932)
- 2026-06-08: Mr. Gill (TX) moved to suspend the rules and pass the bill, as amended.
- 2026-04-29: Ordered to be Reported (Amended) by the Yeas and Nays: 40 - 0.
- 2026-04-29: Committee Consideration and Mark-up Session Held
- 2026-04-16: Referred to the House Committee on Oversight and Government Reform.
- 2026-04-16: Introduced in House
- 2026-04-16: Introduced in House
Bill Versions
- Taxpayer Funds Oversight and Accountability Act — issued 2026-06-10 — PDF (20 pages)
- Taxpayer Funds Oversight and Accountability Act — issued 2026-04-16 — PDF (17 pages)
- Taxpayer Funds Oversight and Accountability Act — issued 2026-06-11 — PDF (18 pages)