104 STAT. 2838 PUBLIC LAW 101-576—NOV. 15, 1990 Public Law 101-576 101st Congress An Act Nov. 15, 1990 To amend title 31, United States Code, to improve the general and financial manage- [H.R. 5687] ment of the Federal Government. Be it enacted by the Senate and House of Representatives of the Chief United States of America in Congress assembled, Financial rf?m ^"^ TITLE I—GENERAL PROVISIONS 31 USC 501 note. SEC. 101. SHORT TITLE. This Act may be cited as the "Chief Financial Officers Act of 1990". 31 USC 501 note. SEC. 102. FINDINGS AND PURPOSES. (a) FINDINGS.— The Congress finds the following: (1) General management functions of the Office of Management and Budget need to be significantly enhanced to improve the efficiency and effectiveness of the Federal Government. (2) Financial management functions of the Office of Management and Budget need to be significantly enhanced to provide overall direction and leadership in the development of a modern Federed financial management structure and associated systems. (3) Billions of dollars are lost each year through fraud, waste, abuse, and mismanagement among the hundreds of programs in the Federal Government. (4) These losses could be significantly decreased by improved management, including improved central coordination of internal controls and financial accounting. (5) The Federal Government is in great need of fundamental reform in financial management requirements and practices as financial management systems are obsolete and inefficient, and do not provide complete, consistent, reliable, and timely information. (6) Current financial reporting practices of the Federal Government do not accurately disclose the current and probable future cost of operating and investment decisions, including the future need for cash or other resources, do not permit adequate comparison of actual costs among executive agencies, and do not provide the timely information required for efficient management of programs. OJ) PURPOSES.— The purposes of this Act are the following: (1) Bring more effective general and financial management practices to the Federal Government through statutory provisions which would establish in the Office of Management and Budget a Deputy Director for Management, establish an Office of Federal Financial Management headed by a Controller, and designate a Chief Financial Officer in each executive depart-
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