The Council was established by the Chief Financial Officers (CFO) Act of 1990
(Public Law 101-576). It is an organization composed of the CFOs and Deputy CFOs of the largest
agencies, senior officials of the Office of Management and Budget, and the Department of the Treasury who
work collaboratively to improve financial management in the U.S. Government.
The Council was established to advise and coordinate the activities of the member agencies on matters,
- Consolidating and modernizing of financial systems;
- Improving the quality of financial information;
- Financial data and information standards;
- Internal controls;
- Legislation affecting financial operations and organizations; and,
- Any other financial management matters.
The membership of the Chief Financial Officers Council includes:
- Deputy Director for Management of the Office of Management and Budget, who shall act as chairperson of
- Controller of the Office of Federal Financial Management of the Office of Management and Budget;
- Fiscal Assistant Secretary of Treasury; and
- Chief Financial Officers of the agencies listed below.