This project arose from a request by the Chair of the House Subcommittee on government Management, Finance and Accountability, who asked the National Academy to examine ways to strengthen the financial management of the federal government in the 21st century.
To address these issues, the Academy formed a workgroup of Academy Fellows and expert staff to examine potential reforms. The workgroup members and staff have significant background in the financial management environment and brought their expertise to bear on this effort. The workgroup conducted 10 meetings with approximately 50 management experts from the federal government and private industry and received input on how best to improve federal financial management. These experts were drawn from among chief and deputy chief financial managers, financial management systems designers and implementers, private sector representatives, and the inspector general and program management communities.
The Chair sought wide-ranging analysis focused on 10 key issues:
Seven recommendations were made to improve financial management in the federal government. They are intended to help clarify roles, document effective practices, and enhance leadership development: