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S. 3287, CFO Vision Act of 2020 (CBO Report for Congress)

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Congress 116th
Date Requested July 22, 2020
Requested By Senate Committee on Homeland Security and Governmental Affairs
Date Sent Sept. 22, 2020
Description:
S. 3287 would revise requirements for the Office of Management and Budget (OMB) and federal agencies to prepare government-wide financial plans. Under current law, those plans cover five years; S. 3287 would replace those with four-year financial plans and would expand the information to be measured and reported. The bill also would broaden the requirements to audit each agency’s internal controls. Under S. 3287, the duties of each agency’s Chief Financial Officer (CFO) would be expanded to: Implement the new four-year financial management plan, Evaluate the agency’s performance against the financial metrics established in the plan, and Prepare performance reports that link performance and cost information.

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