S.75 - Improving Federal Financial Management Act (119th Congress)
Summary
S.75, the "Improving Federal Financial Management Act," aims to enhance the efficiency and transparency of federal financial management. The bill modifies the government-wide financial management plan, emphasizing strategic, comprehensive, and cost-effective improvements. It also focuses on linking performance and cost information for better decision-making.
Expected Effects
The act will likely lead to more rigorous oversight of federal spending and improved financial reporting. Agencies will be required to develop and implement plans aligned with the government-wide financial management plan. This includes establishing performance-based metrics and making financial information more accessible to the public.
Potential Benefits
- Enhanced transparency and accountability in federal spending.
- Improved efficiency in government operations through better financial management.
- More informed decision-making based on linked performance and cost data.
- Strengthening of the federal financial management workforce.
- Reduction of duplicative and unnecessary systems and activities.
Most Benefited Areas:
Potential Disadvantages
- Potential for increased administrative burden on federal agencies in implementing the new requirements.
- Risk of inconsistent application of financial management metrics across different agencies.
- Possible delays in the implementation of programs due to increased scrutiny and reporting requirements.
- The act may not address underlying issues that lead to financial mismanagement.
- Potential for increased costs associated with compliance and reporting.
Constitutional Alignment
The bill aligns with the Constitution's emphasis on government accountability and efficient use of taxpayer money. Article I, Section 9 requires regular statements and accounts of receipts and expenditures of all public money. The bill seeks to improve the accuracy and accessibility of these statements, promoting transparency and responsible governance.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).