H.R. 1558 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Oversight and Government Reform, Feb 25, 2025
What this bill does
In plain words · AI-written from the official summaryStrengthens oversight of federal financial management
This bill aims to tighten how the federal government handles its money and accounts. It requires the Office of Management and Budget to create a four-year plan for improving financial systems across all agencies, and it gives federal agency Chief Financial Officers broader responsibilities to oversee budgeting, accounting, performance tracking, and risk management. The bill also sets new standards for auditing agency finances.
How it affects you
This doesn't directly change anything in your daily life, but it could affect federal employees and the agencies they work for. CFOs will have to take on more oversight duties and prepare detailed reports on their progress. The goal is to make federal agencies manage taxpayer money more carefully and transparently, though the summary doesn't spell out specific changes you'd notice as a member of the public.
Read the official summary (Introduced in House, Feb 25, 2025)
Taxpayer Funds Oversight and Accountability Act
This bill requires the Office of Management and Budget (OMB) to take certain actions to improve financial management systems across the federal government and expands the responsibilities of federal agency Chief Financial Officers (CFOs).
The bill requires OMB to submit a four-year governmentwide financial management plan to Congress within six months of enactment and thereafter with the budget submitted in the first full fiscal year following the start of a presidential term. Such plans must address certain topics, including strategies for (1) improving financial management systems; (2) strengthening the financial management workforce; and (3) reporting performance and cost information. OMB must annually submit related status reports to Congress and the Government Accountability Office.
Each agency CFO is assigned new responsibilities, including
• preparing the agency plan to implement OMB's governmentwide financial management plan;
• overseeing and providing leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas designated by OMB;
• coordinating with designated agency personnel on the strategic planning, performance measurement and reporting, and risk management functions of the agency;
• managing the formulation and financial execution of the agency budget;
• linking performance and cost information; and
• preparing annual reports on progress in implementing the governmentwide financial management plan and transmitting such reports to the agency head, OMB, and Congress.
The bill establishes new requirements for audits of agency accounts, such as having auditors evaluate the design of the agency's internal controls over financial reporting.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 1558
A BILL
Taxpayer Funds Oversight and Accountability Act
Sponsor: Rep. Gerald E. Connolly (D-VA-11) · Introduced Feb 25, 2025 · Government Operations and Politics · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Sep 15, 2025: “ASSUMING FIRST SPONSORSHIP - Mr. Min asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1558, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.”