Chief Financial Officer Act

The Chief Financial Officer Act, enacted in 1990, established the position of Chief Financial Officer (CFO) within several U.S. federal agencies. Its purpose is to enhance financial management and accountability in government by requiring agencies to have a qualified CFO. The Act empowers the CFO to oversee financial practices, improve budgeting, and ensure accurate financial reporting. This helps promote transparency and efficient use of taxpayer funds within the federal government, leading to better fiscal discipline and governance.