House Passes Representative Min’s Bipartisan Taxpayer Funds Oversight and Accountability Act

Washington, D.C. - Representative Dave Min's (CA-47) bipartisan Taxpayer Funds Oversight and Accountability Act passed the House floor, clearing the way for the bill to pass the Senate. This is Rep. Min's first standalone bill to pass the House.

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Introduced with Representative William Timmons (SC-04), 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.

"This legislation is straightforward. It's designed to modernize how federal agencies track spending, strengthen financial oversight, and improve accountability in how the federal government manages our precious taxpayer dollars," said Rep. Dave Min. "Congress has to play an active role in reducing waste, fraud and abuse, and we can do so by ensuring the federal agency chief financial officers are responsible stewards of taxpayer money. I'm confident this legislation will play an important role in doing so, and I urge my colleagues to support this common sense legislation."

"Washington has a spending problem and taxpayers deserve better accountability for every dollar the federal government spends," said Rep. Timmons. "This legislation strengthens financial oversight, improves transparency, and makes it easier to identify waste, fraud, and mismanagement before taxpayer money is lost. If the government is going to spend the American people's money, it should be able to track it and account for it."

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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