Bill · H.R. 1558· House(119-HR-1558)
Taxpayer Funds Oversight and Accountability Act
- Introduced
- 2/25/2025
- Last activity
- 9/15/2025 — 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.
- Sponsored by
- Gerald Connolly
- Cosponsors
- - 18 - 0
- Introduced
What this bill would do
The Taxpayer Funds Oversight and Accountability Act seeks to modify the governmentwide financial management plan. It updates the duties of agency Chief Financial Officers to include oversight of internal controls and the preparation of agency-specific financial management plans. The bill shifts the governmentwide financial management plan from a 5-year to a 4-year cycle. It also changes how financial management status reports are submitted to Congress and the Comptroller General. Additionally, the bill modifies audit requirements for agencies to evaluate the design and implementation of internal controls.
Yes· 3 of 6
Does this make the government pay for what it commits to?+5
The bill strengthens oversight of agency financial management, internal controls, and the integration of performance and cost information.
Does this make what the government does easier for the public to see?+5
The bill requires agency financial management plans and status reports to be made available to the public.
Does this reduce what the federal government spends?+3
The bill directs agencies to eliminate duplicative and unnecessary systems and activities to be more cost-effective.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Oversight of Agency Funds: The bill mandates that Chief Financial Officers oversee the design, implementation, and operation of internal controls regarding financial reporting and key information (Section 2(a)(1)(B)(5)).
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Improved Financial Transparency: Agency plans for financial management must be made publicly available (Section 2(a)(1)(B)(6)(D)).
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Enhanced Decision Making: The governmentwide plan is updated to include linking performance and cost information to help facilitate effective and efficient decision making (Section 2(b)(1)(A)(2)(B)(ii)(II)).
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Cost-Effective Government Operations: The new 4-year plan includes instructions for eliminating duplicative and unnecessary systems and activities, and encourages agencies to share systems and services where practicable (Section 2(b)(1)(A)(2)(B)(ii)(II)).
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Strengthened Workforce: The governmentwide plan is required to provide a strategy for strengthening the Federal financial management workforce (Section 2(b)(1)(A)(2)(B)(vii)).
Potential Negative Impacts for People
- Increased Audit Burdens: Auditors are now required to evaluate the design and implementation of internal controls as part of each audit (Section 2(c)(1)(A)(2)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Fiscal Responsibility+5Reduces Government Spending+3Improves Consumer Protection+2
- Governance And Ideology
- Improves Government Transparency+5
- Demographic And Interest Groups
- Good For Low Income Households+2Good For Middle Class Households+2
- 9/15/2025
- 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.
- 2/25/2025
- Referred to the House Committee on Oversight and Government Reform.
- 18 Cosponsors added.
- Introduced in House
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Yassamin AnsariDemocrat · Arizona
Shontel BrownDemocrat · Ohio
Wesley BellDemocrat · Missouri
Jasmine CrockettDemocrat · Texas
Maxwell FrostDemocrat · Florida
Robert GarciaDemocrat · California
Ro KhannaDemocrat · California
Raja KrishnamoorthiDemocrat · Illinois
Stephen LynchDemocrat · Massachusetts
Summer LeeDemocrat · Pennsylvania
Kweisi MfumeDemocrat · Maryland
Dave MinDemocrat · California
Eleanor NortonDemocrat · District of Columbia
Emily RandallDemocrat · Washington
Melanie StansburyDemocrat · New Mexico
Suhas SubramanyamDemocrat · Virginia
Lateefah SimonDemocrat · California
Rashida TlaibDemocrat · Michigan