Federal Management Reform Act of 1990

Federal Management Reform Act of 1990 - Establishes within the Office of Management and Budget (OMB) the Chief Financial Officer of the United States. Sets forth financial management and general management functions of the Chief Financial Officer. Directs the Chief Financial Officer to prepare for each five-year period a Government-wide financial management plan for submission to the President and the Congress which describes financial management activities to be conducted by the Chief Financial Officer, the Chief Financial Officers of departments and independent establishments, and Federal agencies to improve the financial management of the Government. Sets forth requirements for such plans.

Establishes in OMB the Office of Federal Financial Management to be headed by an Administrator who shall be the deputy to and principal advisor of the Chief Financial Officer.

Establishes in each Federal department and independent establishment an Office of the Chief Financial Officer to be headed by the Chief Financial Officer of the department or independent establishment. Sets forth the functions of such Chief Financial Officers which include cooperating with the Chief Financial Officer of the United States in preparing the five-year financial management plans authorized by this Act. Specifies the Federal agencies that constitute an "independent establishment" for purposes of this Act.

Requires the heads of each department and independent establishment to annually prepare and submit audited financial statements to the Chief Financial Officer of the United States. Requires the Inspector General of each department and independent establishment to submit an annual report on the audit of the financial statements to the head. Permits the Comptroller General to review any audit of a financial statement conducted under this Act by an Inspector General or external auditor. Requires the Comptroller General to report to the Congress, the Chief Financial Officer of the United States, and the head of each department or independent establishment which prepared the statement regarding the results of the review along with appropriate recommendations.

Directs the President to order the transfer to the Office of Federal Financial Management of Federal executive agency powers which the President determines are properly related to the functions of that Office along with personnel, property, and records as appropriate.

Requires the head of each department and independent establishment to submit to the OMB Director for approval a proposal for reorganizing the department or establishment. Requires such heads to implement the proposals upon approval.