1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Chief Financial Officers (CFO) Act of 1990: 30th Anniversary and Potential Issues for Congress September 3, 2020 Congress has demonstrated sustained interest in federal financial management and improvement through lawm
2、aking and oversight. The Chief Financial Officers (CFO) Act of 1990, enacted in November 1990, established both processes and institutions to address federal financial management. With the laws 30th anniversary approaching, this Insight discusses related statutory provisions, their implementation, a
3、nd potential issues for Congress. CFO Act Overview Precursors to Enactment The CFO Act arrived in the wake of growing interest in federal financial management over the preceding decades. In 1982, for example, Congress passed the Federal Managers Financial Integrity Act, which led executive branch ag
4、encies to report over 2,200 material internal control weaknesses by 1988. Financial scandals at federal agencies in the 1980s further highlighted a perceived need for reform. Ultimately, with the CFO Act, Congress established institutions and processes within agencies and across the executive branch
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