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CFO Vision Act of 2022
12/29/2022, 10:03 PM
Summary of Bill HR 7164
The CFO Vision Act of 2022 seeks to enhance the effectiveness of CFOs by requiring them to develop and implement strategic plans for financial management within their respective agencies. These plans must align with the agency's overall mission and goals, and include specific objectives and performance measures to track progress.
Additionally, the bill mandates that CFOs conduct regular assessments of their agency's financial management systems and practices, and make recommendations for improvements as needed. This is intended to ensure that federal agencies are operating efficiently and effectively in terms of financial management. Furthermore, the CFO Vision Act of 2022 emphasizes the importance of transparency and accountability in financial reporting. It requires CFOs to provide regular reports to Congress and the public on the financial status of their agencies, including any challenges or areas for improvement. Overall, the CFO Vision Act of 2022 aims to strengthen the role of CFOs in federal agencies and improve financial management practices across the government. By promoting transparency, accountability, and strategic planning, this legislation seeks to enhance the overall effectiveness and efficiency of federal financial operations.
Congressional Summary of HR 7164
CFO Vision Act of 2022
This bill establishes or modifies provisions to provide for standardized government-wide financial management requirements.
Each agency Chief Financial Officer must oversee and provide leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, accounting, and other areas as the Office of Management and Budget may designate.
The bill requires the government-wide financial management plan to include actions for improving financial management systems, strengthening the federal financial management workforce, and linking performance and cost information to budget decision-making.
The bill requires (1) the development of financial management performance-based metrics, and (2) an assessment of performance by such metrics to be included in the government-wide and agency-level financial management plans and status reports.
