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  • Book: Chief Financial Officers Act Compliance and Financial Management in the Department of Commerce: Hearing Before the Commerce, Consumer, and Monetary … House of Representatives, One Hundred Third
  • Author: Unknown Author
  • Number of pages: 154
  • E-book file-sizes: 1.85 – 6.36 Mb

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Excerpt from Chief Financial Officers Act Compliance and Financial Management in the Department of Commerce: Hearing Before the Commerce, Consumer, and Monetary Affairs Subcommittee of the Committee on Government Operations House of Representatives, One Hundred Third Congress, Second Session, July 28, 1994The subcommittee met, pursuant to notice, at 9:34 a.m., in room 2203, Rayburn House Office Building, Hon. John M. Spratt, Jr. (chairman of the subcommittee), presiding.Present: Representatives John M. Spratt, Jr., Gene Green, C. Christopher Cox, Christopher Shays, and Stephen Horn.Also present: Thomas S. Kahn, chief counsel; Donald P. Tucker, chief economist; Faye Ballard, clerk; and Doug Riggs, minority professional staff, Committee on Government Operations.Opening Statement Of Chairman SprattMr. Spratt. Let me call the hearing to order.Today, we will hold the first of two scheduled hearings on the implementation of the Chief Financial Officers Act of 1990. Today’s hearing deals with the Department of Commerce. On July 13, we will take up the Treasury Department.The Chief Financial Officers Act, the CFO Act, is a landmark piece of legislation, and the work being done at the executive agencies to implement modern financial management throughout the government is in our opinion absolutely critical work. This measure and its full implementation are especially important to this committee because we helped author the bill.The CFO Act calls on agencies to develop integrated financial management information systems, something which most Federal agencies lack now in the best sense of the word. More specifically, each agency Chief Financial Officer is directed under this act to develop a single financial information system to assure that executive branch officials and the Congress have access to detailed cost information, systematic measurements of agency performance, integrated accounting and budgeting information – this is the statutory language – and financial records in a form that supports the decisionmaking needs of the agency’s management.These requirements will bring modern information technology and financial accountability, or at least they are intended to, to Federal agency management.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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