118th Congress Government Operations and Politics
S. 4716: Financial Management Risk Reduction Act
Became Law
- Introduced (completed)
- Passed Senate (completed)
- Passed House (completed)
- To the President (completed)
- Became law (completed)
Summary
This act increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity.
Specifically, the act requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of enactment and every six years thereafter.
OMB must develop a strategy, and the General Services Administration must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.
Read the full summary
Within four years of enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Ron Johnson R-WIOriginal
Who scored on this bill
- 1Gary Peters SponsorDrew cross-party cosponsors, introduced, reported, passed Senate, passed House, became law6 events+156
- 2Ron JohnsonCosponsored; cosponsored bill passed2 events+4
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Gary Peters
History
- Presented to the President. Signed by the President. Became Public Law 118-207.
- Passed the House by voice vote.
- Passed the Senate with an amendment by unanimous consent.
- Introduced in the Senate by Gary Peters.
Show the full action history (19 actions)
- Presented to President.
- Signed by President.
- Became Public Law No: 118-207.
- Mr. Burlison moved to suspend the rules and pass the bill.
- Considered under suspension of the rules. (consideration: CR H7211-7212)
- DEBATE - The House proceeded with forty minutes of debate on S. 4716.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
- On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
- Motion to reconsider laid on the table Agreed to without objection.
- Received in the House.
- Held at the desk.
- Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
- Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587)
- Message on Senate action sent to the House.
- Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.
- Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Introduced in Senate
- Read twice and referred to the Committee on Homeland Security and Governmental Affairs.