Mike Enzi: “I rise to introduce the Chief Financial Officer Vision Act of 2020, shortened to be the CFO Vision Act of 2020. I am…”

“I rise to introduce the Chief Financial Officer Vision Act of 2020, shortened to be the CFO Vision Act of 2020. I am pleased to have Senators Warner, Grassley, Johnson, Lankford, and Perdue join me as cosponsors of this bill to strengthen Federal financial management and improve financial and performance data. Improved financial management--this is numbers; I know this puts people to sleep--improved financial management and better data can help us make more informed budget decisions and ensure that taxpayer money is wisely and appropriately spent. Effective financial management helps to safeguard taxpayer money and ensure that it is used lawfully, efficiently, and effectively for the purposes intended. Thirty years ago, Congress passed the Chief Financial Officers Act of 1990, known as the CFO Act. This law laid a new foundation for Federal financial management. It established a financial management leadership structure, provided for long-range planning, required audited financial statements, and strengthened accountability reporting, among other reforms. The CFO Act also called for improvements in the integration of agency accounting and financial management systems, in performance measurement and cost information, and in our financial management workforce. Since enactment of that act, we have seen substantial improvements in Federal financial management.…”