Federal agency heads would have the authority to consolidate an assortment of legally-required financial and performance management reports under a bill that cleared the Senate Governmental Affairs Committee Wednesday.
The bill, S. 2712, which would take effect in fiscal year 2002, would affect such reports as the audited financial statements required under the Chief Financial Officers Act and performance reports under the Government Performance and Results Act. Deadlines for submitting single consolidated reports would be set at 150 days after the end of an agency's fiscal year, generally March 1.
Under the bill, an agency head could consolidate various legally-required reports into one annual report to the President if this "will enhance the usefulness of the reported information to decision-makers." The agency head would have to consult first with the Office of Management and Budget and the relevant Congressional committees.
Committee Chairman Fred Thompson, R-Tenn., and Ranking Member Joseph Lieberman, D-Conn., introduced the measure only two days ago.