Which act established CFOs in specified agencies to oversee financial management?

Which act established CFOs in specified agencies to oversee financial management?

• A. GPRA
• B. 1987 Balanced Budget Act
• C. 1990 Chief Financial Officers (CFOs) Act
• D. 1990 Budget Enforcement Act

Answer: (C)

The key idea is that an act established Chief Financial Officers in major federal agencies to oversee financial management. The correct act is the 1990 Chief Financial Officers Act. It created CFO positions within specified agencies and assigned them responsibility for the agency’s financial management, including producing reliable financial statements, maintaining strong internal controls, and ensuring proper accounting systems. This move was aimed at improving accountability and the quality of financial information by centralizing leadership over financial operations and tying reporting to Congress and the Office of Management and Budget. The other acts deal with budgeting and fiscal controls rather than creating CFO roles, so they don’t fit the question.

The key idea is that an act established Chief Financial Officers in major federal agencies to oversee financial management. The correct act is the 1990 Chief Financial Officers Act. It created CFO positions within specified agencies and assigned them responsibility for the agency’s financial management, including producing reliable financial statements, maintaining strong internal controls, and ensuring proper accounting systems. This move was aimed at improving accountability and the quality of financial information by centralizing leadership over financial operations and tying reporting to Congress and the Office of Management and Budget. The other acts deal with budgeting and fiscal controls rather than creating CFO roles, so they don’t fit the question.