Bill · S. 75· Senate(119-S-75)
Improving Federal Financial Management Act
- Introduced
- 1/13/2025
- Last activity
- 1/13/2025 — Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Sponsored by
- James Lankford
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The Improving Federal Financial Management Act aims to modify the governmentwide financial management plan. It updates the duties of agency Chief Financial Officers to include overseeing budget execution, risk management, and internal controls. The bill requires agencies to create specific plans to implement a four-year financial management plan. It also changes the duration of the governmentwide financial management plan from five years to four years. Additionally, the act modifies audit requirements to include evaluations of internal controls.
Yes· 3 of 4
Does this make what the government does easier for the public to see?+6
The bill requires agency financial plans and progress reports to be made publicly available.
Does this make the government pay for what it commits to?+5
The bill strengthens oversight by requiring agency CFOs to oversee budget execution, risk management, and internal controls.
Does this reduce what the federal government spends?+3
The bill aims to improve financial management by eliminating duplicative and unnecessary systems and activities.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency: Agency plans to implement financial management must be made publicly available (Section 2(a)(5)(D)).
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Improved Accountability: Chief Financial Officers are now explicitly tasked with the duty and responsibility to oversee specific areas like budget formulation, execution, and risk management (Section 2(a)(1)(A)).
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Enhanced Oversight: The bill requires agencies to include progress on implementing agency plans and performance against financial management metrics in their reports (Section 2(a)(1)(7)(B)).
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Strategic Decision Making: The governmentwide plan will include linking performance and cost information to facilitate more effective and efficient decision making (Section 2(b)(1)(A)(ii)(B)(II)).
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Efficiency and Cost Savings: The plan aims to improve financial management by eliminating duplicative and unnecessary systems and activities (Section 2(b)(1)(A)(ii)(B)(III)).
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Resource Sharing: The updated plan encourages agencies to identify opportunities to share systems and services where practicable (Section 2(b)(1)(A)(ii)(B)(IV)).
Potential Negative Impacts for People
- No specific negative impacts are explicitly stated in the provided text.
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+3
- Governance And Ideology
- Improves Government Transparency+6
- Demographic And Interest Groups
- Good For Business Owners+2
- 4/27/2026
- 1 Cosponsor added.
- 1/13/2025
- Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Maggie HassanDemocrat · New Hampshire