Federal Financial Management Improvement Act of 1997

Federal Financial Management Improvement Act of 1997 - Requires each Federal agency to: (1) implement and maintain financial management systems that comply with Federal requirements, Federal accounting standards, and the U.S. Government Standard General Ledger at the transaction level; and (2) give priority in funding and provide sufficient resources to implement this Act. Requires: (1) audit reporting of whether an agency's financial management systems comply with requirements; (2) compliance determination by the Director of the Office of Management and Budget (OMB), acting through the Controller of the Office of Federal Financial Management; and (3) if there is noncompliance with the standards, a remediation plan. Sets forth a limitation on the time period for bringing the agency's financial management systems into compliance.

Allows the transfer of up to two percent of agency funds for priority financial management system improvements.

Requires a report by the Director of OMB if an agency fails to bring its financial management systems into compliance within the period described. Sets forth penalties.

Directs: (1) the Secretary of the Senate and the Clerk of the House, jointly, to study and report to the Congress on how each entity in the legislative branch may comply; and (2) the Chief Justice of the United States to study and report to the Congress on how the judicial branch may achieve compliance.