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1 1 (September 03, 2020)

handle is hein.crs/govdbrm0001 and id is 1 raw text is: Researh Sevice The Chief Financial Officers (CFO) Act of 1990: 30th Anniversary and Potential Issues for Congress September 3, 2020 Congress has demonstrated sustained interest in federal financial management and improvement through lawmaking and oversight. The Chief Financial Officers (CFO) Act of 1990, enacted in November 1990, established both processes and institutions to address federal financial management. With the law's 30th anniversary approaching, this Insight discusses related statutory provisions, their implementation, and potential issues for Congress. CFO Act Overview Precursors to Enactment The CFO Act arrived in the wake of growing interest in federal financial management over the preceding decades. In 1982, for example, Congress passed the Federal Managers' Financial Integrity Act, which led executive branch agencies to report over 2,200 material internal control weaknesses by 1988. Financial scandals at federal agencies in the 1980s further highlighted a perceived need for reform. Ultimately, with the CFO Act, Congress established institutions and processes within agencies and across the executive branch, with responsibilities for new agency officials and the Office of Management and Budge! (OMB). Provisions and Implementation Agency CFOs and Deputy CFOs Statutory CFO positions were established at large executive branch agencies, known as the CFO Act agencies, which now total 24 in number. Most of these CFO positions are presidentially appointed and Senate confirmed, while some are career officials appointed by agency heads. CFOs are to report directly to agency heads. The act also established positions for career deputy CFOs. By law, agency CFOs have Congressional Research Service https://crsreports.congress.gov IN11495 CRS NStGHT Prepaimed for Mernbei-s and Committees 4 o. C- --q .. . . . . . . . ..----------------------------------------------------------------------------------------------------------------------------------------------------------------------

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