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The Chief Financial Officers (CFO) Act of 1990 (Public Law 101–576) signed into law by President George H. W. Bush on November 15, 1990, is a United States federal law intended to improve the government's financial management, outlining standards of financial performance and disclosure.
OFFM's mission is to support the effective and transparent use of Federal financial resources. OFFM's responsibilities includes implementing the financial management priorities of the President, establishing government-wide financial management policies of executive agencies and carrying out the financial management functions of the CFO Act of 1990.
The Chief Financial Officers Act of 1990 (CFO Act) was signed into law by President George H. W. Bush. For each of 23 federal agencies, the position of chief financial officer was created. Since that time, federal efforts have been intended to improve the government's financial management and develop standards of financial performance and ...
Pages for logged out editors learn more. Contributions; Talk; Chief Financial Officers Act of 1990
The Act does not impose any specific regulations regarding the compensation of a Chief Financial Officer (CFO), unless they serve on the Board of Directors or hold additional managerial responsibilities alongside their role as CFO. Additionally, the Act does not outline any specific qualifications required for the appointment of a CFO.
The Chief Financial Officers Act of 1990 mandated the establishment of Chief Financial Officers (CFO) [1] in federal agencies at the Assistant Secretary level. Historically, the Assistant Secretary for Management is also appointed by the President as the CFO, creating the position of ASM/CFO.
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In November 1990, President Bush signed into law the Chief Financial Officers Act of 1990 which had been embodied by the AGA. It defined the concept with the creation of the Federal Financial Management Task Force in 1983. [3]
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