Chief Financial Officers Council

Chief Financial Officers Council
Name	Chief Financial Officers Council
Formation	1990s
Type	Federal interagency body
Headquarters	Washington, D.C.
Leader title	Chair
Parent organization	Office of Management and Budget

Chief Financial Officers Council

The Chief Financial Officers Council is an interagency assembly of senior financial officials formed to coordinate policy, promote financial management reform, and improve fiscal accountability across United States Department of the Treasury, Congress of the United States, Executive Office of the President, Office of Management and Budget, and federal bureaus such as the United States Department of Defense, United States Department of Homeland Security, and Department of Veterans Affairs. It serves as a forum linking chiefs of finance from agencies including the Internal Revenue Service, Social Security Administration, Environmental Protection Agency, Department of Justice, and Department of Health and Human Services with policy makers in bodies like the Government Accountability Office and the General Services Administration.

Overview

The Council convenes chief financial officers and senior executives from executive branch entities—authors of strategic plans and stewards of resources from Department of Energy programs, National Aeronautics and Space Administration budgets, and United States Agency for International Development portfolios—to align implementation of statutes such as the Chief Financial Officers Act of 1990 and the Federal Financial Management Improvement Act of 1996. It interacts with oversight offices including the Office of Inspector General networks and coordinates with standards bodies like the Federal Accounting Standards Advisory Board and the Financial Accounting Standards Board when federal accounting intersects private-sector standards.

History and Formation

The Council emerged during a period of reform linked to legislative action and executive initiatives in the late 20th century, responding to audits, reports, and recommendations from entities such as the Government Accountability Office and leaders in the Executive Office of the President. Influences included high-profile events involving fiscal crises, blue-ribbon panels formed by the National Academy of Public Administration, and modernization efforts advocated by figures associated with the Office of Management and Budget and congressional committees like the United States House Committee on Oversight and Reform and the United States Senate Committee on Homeland Security and Governmental Affairs.

Membership and Organization

Membership comprises chief financial officers and their designees from cabinet departments including United States Department of Agriculture, Department of Commerce, Department of Education, and independent agencies such as the Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Federal Reserve Board. The Council structure includes working groups and subcommittees modeled after interagency bodies like the Federal CIO Council and coordinated with career leadership from the Senior Executive Service and political appointees confirmed by the United States Senate. Chairs and vice-chairs rotate and liaison roles are maintained with the Office of Management and Budget and the Office of Personnel Management.

Roles and Responsibilities

Responsibilities include promulgating guidance to support implementation of accounting systems compliant with standards promulgated by the Federal Accounting Standards Advisory Board, advising on internal control frameworks influenced by reports from the Government Accountability Office and Office of Inspector General inspections, and developing policies that affect financial systems used by agencies such as the Department of Defense and Department of Veterans Affairs. The Council provides a venue for harmonizing practices across agency finance functions, coordinating training often delivered in partnership with organizations like the National Academy of Public Administration and Association of Government Accountants, and aiding compliance with statutes tied to budget execution overseen by the Congressional Budget Office.

Key Initiatives and Programs

Initiatives have included modernization of financial management systems in the vein of enterprise resource planning projects undertaken by Department of the Interior, implementation of shared service centers similar to programs at the General Services Administration, and development of debt collection and receivables management policies akin to efforts at the Social Security Administration. The Council has sponsored working groups on audit readiness responding to high-profile audits of the Department of Defense and major agency financial statements, supported implementation of payment integrity reforms linked to Centers for Medicare & Medicaid Services operations, and advanced cross-agency training with institutions such as George Washington University and American University.

Governance and Meetings

Governance is anchored by charters and operating procedures coordinated with the Office of Management and Budget and often reflected in guidance to agencies issued after interagency consultations involving senior staff from the Office of Management and Budget, Department of the Treasury, and the Government Accountability Office. Meetings—held in venues in Washington, D.C. and via secure teleconferencing—feature agenda items ranging from audit follow-ups for departments like Energy and Homeland Security to policy briefings involving officials from the Office of Personnel Management and the Federal Emergency Management Agency.

Impact and Criticism

The Council has influenced improvements in auditability of federal accounts, contributed to reductions in improper payments spotlighted in reports by the Government Accountability Office, and facilitated cross-cutting reforms recognized by think tanks such as the Brookings Institution and Heritage Foundation. Criticisms mirror broader debates about interagency coordination raised by members of the United States Congress and watchdogs like the Project on Government Oversight, focusing on challenges including uneven implementation across agencies, legacy information technology issues evident in Department of Defense systems, and limitations in enforcement where mandates intersect with congressional appropriations overseen by committees such as the House Appropriations Committee.

Category:United States federal boards, commissions, and committees