Summary: H.R.5687 — 101st Congress (1989-1990)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed Senate amended (10/27/1990)

Chief Financial Officers Act of 1990 - Title I: General Provisions - Sets forth congressional findings with respect to the financial management systems of the Federal Government. Declares the purposes of this Act to be to improve such systems.

Title II: Establishment of Chief Financial Officers - Amends Federal law to create a Deputy Director for Management within the Office of Management and Budget (OMB), appointed by the President. Requires the Deputy Director, under the general supervision of the Director of OMB, to coordinate and supervise OMB's general management functions.

Establishes in OMB an Office of Federal Financial Management, headed by a Controller who shall be appointed by the President. Places the Office under the direction and control of the Deputy Director for Management and requires it to carry out specified financial management functions.

Establishes within each specified agency a Chief Financial Officer. Sets forth the duties of such Officer regarding financial management matters. Establishes within each such agency an agency Deputy Chief Financial Officer to report directly to the agency Chief Financial Officer.

Requires the head of each such agency to submit to the Director of OMB a proposal for reorganizing the agency with respect to financial management functions. Requires implementation of such proposal upon the Director's approval.

Title III: Enhancement of Federal Financial Management Activities - Requires the Director of OMB to submit to the appropriate congressional committees a Government-wide financial management plan describing the activities the Director, the Controller, and the agency CFOs will conduct over the next five fiscal years to improve the financial management of the Government. Prescribes the contents of such plan. Requires the Director to report to the appropriate committees of the Congress annually with a revised plan to cover the succeeding five fiscal years.

Establishes a Chief Financial Officers Council consisting of the Deputy Director for Management of OMB, the Controller, the Fiscal Assistant Secretary of Treasury, and the agency CFOs to advise and coordinate financial management matters.

Requires each executive agency to prepare annual financial statements for submission to the Director.

Prescribes a procedure for congressional approval by joint resolution of the agencies designated by the President.

Requires the Director to report to the Congress on which executive agencies perform substantial commercial functions for which financial statements practicably can be prepared. Provides for audits of such statements.

Sets forth requirements for specified departments, agencies, and bureaus to report a financial statement to the Director of OMB and requires the Director to report an analysis of such statements to the Congress.

Requires an audit of each financial statement prepared under this Act.

Revises the mandate and general procedures for: (1) the audit of financial statements of Government corporations; and (2) the annual management reports of such corporations.

Declares that no capital accounting standard or principle, including any human capital standard or principle, shall be adopted for use in an executive department or agency until it has been reported to the Congress and 45 days of continuous congressional session have expired.