Federal IT Capital Planning and Investment Control (with CD)

APPENDIX

Legislative and Regulatory Requirements

Chief Financial Officers Act of 1990

The Chief Financial Officers Act (CFO Act), enacted in 1990, established the foundation for agencies to produce more accurate financial information.¹ The CFO Act gives OMB broad authority and responsibility for directing federal financial management, modernizing the government’s financial management systems, and strengthening financial reporting.

The CFO Act also created a new position in OMB—the deputy director for management—to act as the government’s chief official responsible for financial management. The deputy director for management is responsible for overseeing many of the federal government’s general management functions, including information policy, ...