An Act To modify the governmentwide financial management plan, and for other purposes.

H.R. 8340 is legislation introduced in the Senate that changes how the Federal Government plans, reports, and oversees financial management. It updates the duties of agency Chief Financial Officers and Deputy Chief Financial Officers so they must lead budget, risk, internal control, and financial reporting work more directly (Sec. 2(a)). It also replaces the governmentwide 5-year financial management plan with a 4-year plan and requires more public reporting on progress, challenges, and agency performance (Sec. 2(b)). This matters to everyday people because it aims to improve how the Federal Government tracks taxpayer money and spots waste, errors, and fraud.