Chief Financial Officers (CFO) Act

The CFO Act, enacted in 1990, was designed to improve accountability and transparency in the U.S. federal government’s financial management. It requires chief financial officers in federal agencies to establish strong financial systems, produce regular financial reports, and ensure accurate tracking of government spending. Essentially, it formalized the role of CFOs to oversee financial operations, improve budget accuracy, and help prevent waste or fraud. The Act aims to make government financial activities more efficient and trustworthy, fostering better decision-making and public confidence in government financial practices.