A bill to modify the governmentwide financial management plan, and for other purposes.
CFO Vision Act of 2020
This bill establishes or modifies provisions to provide for standardized government-wide financial management requirements.
Each agency Chief Financial Officer must oversee and provide leadership in the areas of budget formulation and execution, planning and performance, risk management, internal controls, financial systems, and accounting.
The bill requires the government-wide financial management plan to include actions for improving financial management systems, strengthening the federal financial management workforce, and linking performance and cost information to budget decision-making.
The bill requires (1) the development of financial management performance-based metrics, and (2) an assessment of performance by such metrics to be included in the government-wide and agency-level financial management plans and status reports. Specifically, each agency shall annually assess and make a conclusion on the effectiveness of its internal controls over financial reporting and key financial management information.
Introduced in Senate
Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S1043-1044)
Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Homeland Security and Governmental Affairs. Reported by Senator Johnson with an amendment in the nature of a substitute. With written report No. 116-278.
Committee on Homeland Security and Governmental Affairs. Reported by Senator Johnson with an amendment in the nature of a substitute. With written report No. 116-278.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 572.
Measure laid before Senate by unanimous consent. (consideration: CR S7558-7561)
The committee substitute as amended agreed to by Unanimous Consent. (text: CR S7558-7560)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text: CR S7560-7561)
Passed Senate with an amendment by Unanimous Consent. (text: CR S7560-7561)
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
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