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Improved Federal Spending Oversight: New Audit Rules

This act aims to improve how the government oversees federal spending to ensure taxpayer money is used correctly. It introduces new audit rules to help detect irregularities and increase transparency. This gives citizens greater assurance that their money is managed responsibly.
Key points
Increased Transparency: Federal agencies must identify and report entities that received large amounts of federal funds but did not undergo required audits.
Better Oversight: Government-wide analyses of audit quality will be conducted to ensure controls are effective and identify risks.
New Tools: Tools will be developed to analyze audit data, helping to identify cross-governmental risks to federal award funds.
Effectiveness Evaluation: An independent body will assess whether the new tools and strategies effectively improve public financial management.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_10155
Sponsor: Rep. Greene, Marjorie Taylor [R-GA-14]
Process start date: 2024-11-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Management Risk Reduction Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10155.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-18.

What are the main provisions?

Key points include:

  • Increased Transparency: Federal agencies must identify and report entities that received large amounts of federal funds but did not undergo required audits.
  • Better Oversight: Government-wide analyses of audit quality will be conducted to ensure controls are effective and identify risks.
  • New Tools: Tools will be developed to analyze audit data, helping to identify cross-governmental risks to federal award funds.
  • Effectiveness Evaluation: An independent body will assess whether the new tools and strategies effectively improve public financial management.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Greene, Marjorie Taylor [R-GA-14].

What is the latest detailed status?

The latest detailed status is: Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 38 - 0.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy Public Investments