Rep. Carolyn Maloney, D-N.Y., has proposed a bill to modernize the federal financial management system by standardizing the responsibilities of government chief financial officers to improve strategic decision-making.
The CFO Vision Act of 2022 “will help ensure federal agencies can make well-informed decisions about the financing, management, and evaluation of government programs and services,” Maloney, chairwoman of the House Oversight and Reform Committee, said in a statement published Friday.
The proposed legislation would provide deputy CFOs with authority to mitigate the effects of CFO turnover and ensure continuity in financial management activities in the event of a vacancy in the CFO position at agencies.
The measure would also update financial management planning by directing agencies to issue agency-level and governmentwide plans every four years to assess progress when it comes to addressing challenges related to financial management.
Other provisions in the bill are strengthening internal controls and establishing a set of performance-based metrics for financial management. Sen. Mark Warner, D-Va., will introduce a companion bill in the upper chamber.