225:" (b)(1) The agencies referred to in subsection (a)(1) are the following: `(A) The Department of Agriculture. `(B) The Department of Commerce. `(C) The Department of Defense. `(D) The Department of Education. `(E) The Department of Energy. `(F) The Department of Health and Human Services. `(G) The Department of Homeland Security. `(H) The Department of Housing and Urban Development. `(I) The Department of the Interior. `(J) The Department of Justice. `(K) The Department of Labor. `(L) The Department of State. `(M) The Department of Transportation. `(N) The Department of the Treasury. `(O) The Department of Veterans Affairs. `(P) The Environmental Protection Agency. `(Q) The National Aeronautics and Space Administration. `(2) The agencies referred to in subsection (a)(2) are the following: (A)The Agency for International Development. (B)The General Services Administration. (C)The National Science Foundation. (D)The Nuclear Regulatory Commission. (E)The Office of Personnel Management. (F)The Small Business Administration. (G)The Social Security Administration.
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The CFO Act was authored by staff of the House of
Representatives Committee on Government Operations, now the Committee of Government Oversight and Reform, under the leadership of Committee Chairman John Conyers (D-MI) and Ranking Minority Member Frank Horton (R-NY). The CFO Act passed the House of
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For a discussion of the history and motivation underlying the CFO Act - with particular emphasis on the difficulties the U.S. Department of
Defense has experienced attempting to comply with the financial-statement reporting requirements of the Act - see "Financial Accountability at the DOD:
158:(OFFM), to carry out government-wide financial management responsibilities. The OFFM's chief officer was designated as the newly created Controller position. Both the Deputy Director for Management and the Controller are appointed by the President with the advice and consent of the Senate.
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Federal agencies not listed above, including at least 75 small or "micro" agencies, are not subject to the CFO Act. These agencies may be subject to other financial reporting standards under provisions such as the
Accountability of Tax Dollars Act of 2002.
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was created. In accordance with the CFO Act, each agency or department vests its financial management functions in its chief financial officer. The following is a list of the 24 affected agencies, which includes all 15
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58:(OMB) was given greater authority over federal financial management. For each of 24 federal departments and agencies, the position of
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Reviewing the
Bidding," published in the July 2009 issue of the Defense Acquisition Review Journal, pgs. 181–196.
154:, who is the government's chief financial management official. It also created a new sub-division of the OMB, the
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oversees the management and infrastructure of the federal agencies, including those covered by the CFO Act.
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United States federal law concerning accountability of government financing
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United States federal government administration legislation
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This United States federal legislation article is a
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Federal
Accounting Standards Advisory Board (FASAB)
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313:Federal Financial Reporting: An Overview
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156:Office of Federal Financial Management
50:intended to improve the government's
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127:Agency for International Development
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168:The CFO Act also established the
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67:whose heads are included in the
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133:General Services Administration
121:Environmental Protection Agency
94:Department of Homeland Security
56:Office of Management and Budget
321:Congressional Research Service
163:Committee on Government Reform
152:Deputy Director for Management
142:Office of Personnel Management
130:Social Security Administration
118:Department of Veterans Affairs
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145:Small Business Administration
139:Nuclear Regulatory Commission
65:federal executive departments
42:signed into law by President
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235:CFO.gov About Council Page
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48:United States federal law
32:Chief Financial Officers
310:Hatch, Garrett (2013).
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60:chief financial officer
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425:1990 in American law
343:Guide to the CFO Act
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88:Department of Energy
52:financial management
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
