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116TH CONGRESS
2D SESSION
S. 3287
AN ACT
To modify the governmentwide financial management plan,
and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
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† S 3287 ES
SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘CFO Vision Act of
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2020’’.
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SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE
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FINANCIAL MANAGEMENT PLAN.
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(a) CHIEF FINANCIAL OFFICER AND DEPUTY CHIEF
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FINANCIAL OFFICER.—Chapter 9 of title 31, United
7
States Code, is amended—
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(1) in section 902(a)—
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(A) in the matter preceding paragraph (1),
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by striking ‘‘An’’ and inserting ‘‘It shall be the
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duty and responsibility of each agency Chief Fi-
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nancial Officer to oversee and provide leader-
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ship in the areas of budget formulation and
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execution, planning and performance, risk man-
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agement, internal controls, financial systems,
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accounting, and other areas as the Director of
17
the Office of Management and Budget may des-
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ignate. In carrying out the preceding sentence,
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each’’;
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(B) in paragraph (3)—
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(i) in subparagraph (C), by inserting
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‘‘areas and’’ before ‘‘systems’’; and
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(ii) in subparagraph (D)—
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(I) in clause (iii), by striking
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‘‘and’’ at the end;
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† S 3287 ES
(II) in clause (iv), by striking
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‘‘performance;’’ and inserting ‘‘per-
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formance and integration of perform-
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ance and cost information; and’’; and
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(III) by adding at the end the
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following:
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‘‘(v) annual agency financial state-
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ments prepared in accordance with United
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States generally accepted accounting prin-
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ciples;’’.
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(C) by redesignating paragraph (8) as
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paragraph (10);
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(D) by redesignating paragraphs (5)
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through (7) as paragraphs (6) through (8), re-
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spectively;
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(E) by inserting after paragraph (4) the
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following:
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‘‘(5) prepare, in consultation with financial manage-
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ment and other appropriate experts, an agency plan to im-
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plement the 4-year financial management plan prepared
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by the Director of the Office of Management and Budget
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under section 3512(a)(2) of this title and to achieve and
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sustain effective financial management in the agency,
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which shall—
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† S 3287 ES
‘‘(A) be completed within 90 days of the
1
issuance of a governmentwide plan under section
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3512(a)(2) of this title;
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‘‘(B) be revised as determined necessary by the
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Chief Financial Officer;
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‘‘(C) include performance-based financial man-
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agement metrics against which the financial man-
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agement performance of the agency shall be as-
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sessed; and
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‘‘(D) be submitted upon completion or revision
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to the head of the agency, the Director of the Office
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of Management and Budget, the Comptroller Gen-
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eral, and appropriate committees of Congress, and
13
be made publicly available;’’;
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(F) in paragraph (6), as so redesignated—
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(i) by striking subparagraph (A);
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(ii) by redesignating subparagraphs
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(B) through (E) as subparagraphs (A)
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through (D), respectively; and
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(iii) in subparagraph (C), as so redes-
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ignated, by adding ‘‘and’’ at the end;
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(G) in paragraph (7), as so redesignated—
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(i) in the matter preceding subpara-
23
graph (A), by striking ‘‘and the Director of
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the Office of Management and Budget,’’
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† S 3287 ES
and inserting ‘‘, the Director of the Office
1
of Management and Budget, the Comp-
2
troller General, and appropriate commit-
3
tees of Congress, which shall be made pub-
4
licly available and’’;
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(ii) in subparagraph (A), by striking
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‘‘agency;’’ and inserting ‘‘agency, includ-
7
ing—
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‘‘(i) the progress of the agency in imple-
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menting the agency plan described in paragraph
10
(5);
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‘‘(ii) the progress of the agency in imple-
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menting the governmentwide 4-year financial
13
management plan prepared by the Director of
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the Office of Management and Budget under
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section 3512(a)(2) of this title; and
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‘‘(iii) the performance of the agency
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against financial management metrics estab-
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lished by the Director of the Office of Manage-
19
ment and Budget;’’; and
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(iii) in subparagraph (D)—
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(I) by striking ‘‘of the reports’’
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and inserting ‘‘of—
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‘‘(i) the reports’’;
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† S 3287 ES
(II) in clause (i), as so des-
1
ignated, by striking ‘‘the amendments
2
made by the Federal Managers’ Fi-
3
nancial Integrity Act of 1987 (Public
4
law 97–255); and’’ and inserting ‘‘sec-
5
tion 3512(d) of this title;’’; and
6
(III) by adding at the end the
7
following:
8
‘‘(ii) agency spending data published under
9
the Federal Funding Accountability and Trans-
10
parency Act of 2006 (31 U.S.C. 6101 note);
11
and
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‘‘(iii) the reporting of the agency under the
13
Federal Financial Management Improvement
14
Act of 1996 (31 U.S.C. 3512 note); and’’;
15
(H) in paragraph (8), as so redesignated—
16
(i) by striking ‘‘monitor the’’ and in-
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sert ‘‘manage the formulation and’’; and
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(ii) by striking ‘‘, and prepare and
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submit to the head of the agency timely
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performance reports; and’’ and inserting a
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semicolon;
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(I) by inserting after paragraph (8), as so
23
redesignated, the following:
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† S 3287 ES
‘‘(9) be responsible for linking performance and cost
1
information, including the preparation and submission to
2
the head of the agency of timely performance reports that
3
incorporate cost information;’’;
4
(J) in paragraph (10), as so redesig-
5
nated—
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(i) by inserting ‘‘inflation and’’ before
7
‘‘costs’’; and
8
(ii) by striking the period at the end
9
and inserting ‘‘; and’’; and
10
(K) by adding at the end the following:
11
‘‘(11) coordinate with senior agency personnel,
12
including the Chief Data Officer, Chief Information
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Officer, Chief Performance Officer, Chief Acquisition
14
Officer, Chief Risk Officer, and Chief Evaluation Of-
15
ficer of the agency on—
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‘‘(A) the exercise of authorities under this
17
subsection; and
18
‘‘(B) the strategic planning, performance
19
measurement and reporting, and risk manage-
20
ment functions of the agency.’’; and
21
(2) in section 903—
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(A) in subsection (a), by inserting ‘‘and
23
who shall assist the agency Chief Financial Of-
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ficer in the performance of each of the duties
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† S 3287 ES
of the agency Chief Financial Officer under this
1
chapter’’ after ‘‘matters’’; and
2
(B) by adding at the end the following:
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‘‘(c) Notwithstanding subchapter III of chapter 33 of
4
title 5, in the event of a vacancy in the position of Chief
5
Financial Officer of an agency, the Deputy Chief Finan-
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cial Officer of the agency shall serve as the acting Chief
7
Financial Officer.’’.
8
(b) GOVERNMENTWIDE FINANCIAL MANAGEMENT
9
PLAN.—Section 3512 of title 31, United States Code, is
10
amended—
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(1) in subsection (a)—
12
(A) in paragraph (1), by striking ‘‘a finan-
13
cial management status report and a govern-
14
mentwide 5-year financial management plan’’
15
and inserting ‘‘a governmentwide 4-year finan-
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cial management plan and a financial manage-
17
ment status report’’;
18
(B) by striking paragraph (2);
19
(C) by redesignating paragraph (3) as
20
paragraph (2);
21
(D) in paragraph (2), as so redesignated—
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(i) in subparagraph (A)—
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(I) by striking ‘‘5-year’’ and in-
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serting ‘‘4-year’’;
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† S 3287 ES
(II) by striking ‘‘shall describe’’
1
and inserting the following: ‘‘shall—
2
‘‘(i) describe’’;
3
(III) in clause (i), as so des-
4
ignated, by striking ‘‘5 fiscal years to
5
improve the financial management of
6
the Federal Government.’’ and insert-
7
ing ‘‘4 fiscal years to improve the fi-
8
nancial management of the Federal
9
Government in a manner that is stra-
10
tegic, comprehensive, and cost-effec-
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tive; and’’; and
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(IV) by adding at the end the fol-
13
lowing:
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‘‘(ii) be developed in consultation with the
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Chief Financial Officers Council, the Chief In-
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formation Officers Council, the Chief Data Offi-
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cer Council, the Chief Acquisition Officers
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Council, the Council of the Inspectors General
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on Integrity and Efficiency, the Government
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Accountability Office, and, as appropriate, other
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councils and financial management experts.’’;
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and
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(ii) in subparagraph (B)—
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† S 3287 ES
(I) in the matter preceding clause
1
(i), by striking ‘‘5-year’’ and inserting
2
‘‘4-year’’;
3
(II) in clause (iii)—
4
(aa) by striking ‘‘for devel-
5
oping’’ and inserting ‘‘for im-
6
proving
financial
management
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systems, including—
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‘‘(I) developing’’; and
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(bb) by adding at the end
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the following:
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‘‘(II) linking performance and cost in-
12
formation to facilitate effective and effi-
13
cient decision making;
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‘‘(III) eliminating duplicative and un-
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necessary systems and activities; and
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‘‘(IV) identifying opportunities for
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agencies to share systems and services and
18
encouraging agencies to do so where prac-
19
ticable;’’;
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(III) by striking clause (iv);
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(IV) by redesignating clause (v)
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as clause (iv);
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(V) by inserting after clause (iv),
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as so redesignated, the following:
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† S 3287 ES
‘‘(v) provide a strategy for reporting per-
1
formance and cost information;’’;
2
(VI) in clause (vi), by striking
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‘‘5-year’’ and inserting ‘‘4-year’’;
4
(VII) in clause (vii), by striking
5
‘‘identify’’ and inserting ‘‘provide a
6
strategy for strengthening the Federal
7
financial management workforce, in-
8
cluding identification of’’;
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(VIII) in clause (viii), by striking
10
‘‘and’’ at the end;
11
(IX) by redesignating clause (ix)
12
as clause (x);
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(X) by inserting after clause
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(viii) the following:
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‘‘(ix) include comprehensive financial man-
16
agement performance-based metrics against
17
which the financial management performance of
18
executive agencies can be assessed; and’’; and
19
(XI) in clause (x), as so redesig-
20
nated, by striking ‘‘5-year’’ and in-
21
serting ‘‘4-year’’;
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(E) by inserting after paragraph (2) the
23
following:
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† S 3287 ES
‘‘(3) A financial management status report under this
1
subsection shall include—
2
‘‘(A) a description and analysis of the status of
3
financial management in the executive branch, in-
4
cluding the progress made towards implementing the
5
governmentwide 4-year financial management plan,
6
the status of remaining challenges, and, as necessary
7
based on obligations or expenditures, any updates or
8
revisions to the cost estimates included in the most
9
recent governmentwide 4-year financial management
10
plan;
11
‘‘(B) a summary of the performance of agencies
12
against the metrics developed and identified by the
13
Director of the Office of Management and Budget in
14
the governmentwide 4-year financial management
15
plan;
16
‘‘(C) a summary of the most recently completed
17
financial statements—
18
‘‘(i) of Federal agencies under section
19
3515 of this title; and
20
‘‘(ii) of Government corporations;
21
‘‘(D) a summary of the most recently completed
22
financial statement audits and reports—
23
‘‘(i) of Federal agencies under subsections
24
(e) and (f) of section 3521 of this title; and
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† S 3287 ES
‘‘(ii) of Government corporations;
1
‘‘(E) a summary of reports on internal account-
2
ing and administrative control systems submitted to
3
the President and Congress under subsection (d);
4
‘‘(F) a listing of agencies whose financial man-
5
agement systems do not comply substantially with
6
the requirements of section 803(a) of the Federal
7
Financial Management Improvement Act of 1996
8
(31 U.S.C. 3512 note), and a summary statement of
9
the efforts underway to remedy the noncompliance;
10
and
11
‘‘(G) any other information the Director con-
12
siders appropriate to fully inform Congress regard-
13
ing the financial management of the Federal Gov-
14
ernment.’’;
15
(F) in paragraph (4)—
16
(i) in subparagraph (A)—
17
(I) by striking ‘‘15 months after
18
the date of the enactment of this sub-
19
section’’ and inserting ‘‘6 months
20
after the date of enactment of the
21
CFO Vision Act of 2020’’; and
22
(II) by striking ‘‘5-year’’ and in-
23
serting ‘‘4-year’’; and
24
(ii) in subparagraph (B)—
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† S 3287 ES
(I) in clause (i)—
1
(aa) by striking ‘‘Not later
2
than January 31 of each year
3
thereafter’’ and inserting ‘‘At a
4
minimum, concurrently with the
5
submission of the budget of the
6
United States Government under
7
section 1105(a) of this title made
8
in the first full fiscal year fol-
9
lowing any year in which the
10
term of the President commences
11
under section 101 of title 3’’;
12
(bb) by striking ‘‘financial
13
management status report and a
14
revised governmentwide 5-year’’
15
and inserting ‘‘governmentwide
16
4-year’’; and
17
(cc) by striking ‘‘5 fiscal
18
years’’
and
all
that
follows
19
through the period at the end
20
and inserting ‘‘4 fiscal years.’’;
21
and
22
(II) in clause (ii)—
23
(aa) by striking ‘‘revised
24
governmentwide 5-year’’ and in-
25
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† S 3287 ES
serting ‘‘governmentwide 4-year’’;
1
and
2
(bb) by striking ‘‘paragraph
3
(3)(B)(viii)’’ and inserting ‘‘para-
4
graph (2)(B)(viii)’’; and
5
(iii) by adding at the end the fol-
6
lowing:
7
‘‘(C) Each year, concurrently with the submis-
8
sion of the budget of the United States Government
9
under section 1105(a) of this title, the Director of
10
the Office of Management and Budget shall submit
11
to the appropriate committees of Congress and the
12
Comptroller General a financial management status
13
report.’’; and
14
(G) by striking paragraph (5);
15
(2) in subsection (d)(2)—
16
(A) in subparagraph (A), by striking
17
‘‘and’’ at the end;
18
(B) in subparagraph (B), by striking the
19
period at the end and inserting ‘‘; and’’; and
20
(C) by adding at the end the following:
21
‘‘(C) a separate report on the results of the as-
22
sessment and conclusion required under subsection
23
(e)(2).’’;
24
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† S 3287 ES
(3) by redesignating subsections (e), (f), and
1
(g) as subsections (f), (g), and (h), respectively; and
2
(4) by inserting after subsection (d) the fol-
3
lowing:
4
‘‘(e) The head of each executive agency shall—
5
‘‘(1) in establishing the internal accounting and
6
administrative controls under subsection (c), identify
7
the key financial management information needed
8
for effective financial management and decision
9
making; and
10
‘‘(2) annually assess and make a conclusion on
11
the effectiveness of the internal controls of the exec-
12
utive agency over financial reporting and key finan-
13
cial management information identified under para-
14
graph (1).’’.
15
(c) AUDITS BY AGENCIES.—Section 3521 of title 31,
16
United States Code, is amended—
17
(1) in subsection (e)—
18
(A) by redesignating paragraphs (1) and
19
(2) as subparagraphs (A) and (B), respectively,
20
and adjusting the margins accordin
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