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Financial Management Risk Reduction Act
1/17/2025, 3:06 AM
Summary of Bill S 4716
One key provision of the bill is the establishment of a Financial Management Risk Reduction Task Force, which would be responsible for identifying and addressing potential risks in the federal government's financial management practices. This task force would work to develop strategies to mitigate these risks and improve the efficiency and effectiveness of financial management across all government agencies.
Additionally, the bill includes measures to enhance transparency and accountability in government spending. It requires federal agencies to regularly report on their financial management practices and to provide detailed information on how taxpayer dollars are being used. This increased transparency is intended to help prevent waste, fraud, and abuse in government spending. Overall, the Financial Management Risk Reduction Act aims to strengthen the financial management practices of the federal government and ensure that taxpayer dollars are being used responsibly and effectively. By identifying and addressing financial risks, increasing transparency, and promoting accountability, this bill seeks to improve the overall management of federal funds and protect the interests of the American people.
Congressional Summary of S 4716
Financial Management Risk Reduction Act
This act increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity.
Specifically, the act requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of enactment and every six years thereafter.
OMB must develop a strategy, and the General Services Administration must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.
Within four years of enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.
Read the Full Bill
Current Status of Bill S 4716
Bipartisan Support of Bill S 4716
Total Number of Sponsors
18Democrat Sponsors
18Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
3Democrat Cosponsors
0Republican Cosponsors
3Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4716
Primary Policy Focus
Government Operations and PoliticsAlternate Title(s) of Bill S 4716
Comments
Yaakov Whitley
11 months ago
I don't think this bill is a good idea. It's just going to make things worse for everyone. This is a big mistake and we need to stop it before it's too late. This is going to hurt a lot of people and we need to do something about it.
Lainey Rao
1 year ago
I heard about this new bill, and I'm not sure how it will impact me. What do you think?
Lakelyn Currin
11 months ago
I don't know much about this bill, but it seems like it could be good for our country. Will it really help reduce financial risks in the long run?
Truett Hines
1 year ago
This bill helps reduce financial risks, good move for our economy.
Maeve McCarthy
11 months ago
I'm so sad about this new bill, it's really going to help with our financial management. Do you think this will make a big difference in the long run?
