What does the CFO Act of 1990 mandate for major executive branch agencies?

The Chief Financial Officers (CFO) Act of 1990 was a significant piece of legislation aimed at improving the financial management of federal agencies. One of its primary mandates was the requirement for major executive branch agencies to appoint a Chief Financial Officer. This role is crucial as it establishes a dedicated position within the agency responsible for overseeing the agency's financial activities, including budgeting, accounting, and financial reporting.

The introduction of a CFO in these agencies helps to enhance accountability, improve financial management practices, and ensure compliance with applicable laws and regulations. By having a designated financial leader, the federal agencies can better align their goals with effective financial governance, thus improving the overall fiscal health of the government.

This requirement was part of a broader effort to ensure transparency and accountability in federal financial management, which also included additional measures to improve the accuracy and timeliness of financial reporting among federal agencies. The designation of CFOs has contributed significantly to the improvement of fiscal practices within federal agencies since the act was implemented.