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Council Announcements and Events >Founding Documents

CFO Act of 1990
Issued By: CFO Council - Effective Date: 11.15.1990, 1052.672k, pdf
Abstract: The Congress mandated financial management reform by enacting the CFO Act, which was signed into law by President George H.W. Bush. It is the most comprehensive and far-reaching financial management improvement legislation since the Budget and Accounting Procedures Act of 1950 was passed over 40 years ago. The CFO Act will lay a foundation for comprehensive reform of federal financial management. The act establishes a leadership structure, provides for long-range planning, requires audited financial statements, and strengthens accountability reporting.

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