Today I have signed H.R. 5687, the "Chief Financial Officers Act of 1990." The Act provides new tools to improve the management of the Federal Government. It establishes Chief Financial Officers in 23 major executive agencies as well as a new Deputy Director for Management and a Controller in the Office of Management and Budget. The establishment of a Deputy Director for Management in OMB will strengthen and institutionalize the "M" in OMB.
Improving the Government's stewardship over public funds is critically important. The Act will help us to strengthen the systems that provide the President, the Congress, and the American people with the information necessary to make informed decisions on how public funds are spent. It will also help ensure that these data are timely and reflect more accurately the true costs of running the Federal Government.
The Act reinforces my Administration's efforts to establish Federal accounting standards, integrate and modernize the Government's financial systems, and produce audited financial statements. The operations and financial condition of Government must be accurately and publicly reported. I am pleased to note that the Act's priorities for management improvements coincide with those of my Administration. We look forward to working with the Congress on implementing the Act.
I also want to thank Congressmen Conyers and Horton and Senators Glenn and Roth for working with us in developing H.R. 5687.
George Bush
The White House,
November 15, 1990.
Note: H.R. 5687, approved November 15, was assigned Public Law No. 101 - 576. The statement was released by the Office of the Press Secretary on November 16. An original was not available for verification of the content of this statement.
George Bush, Statement on Signing the Chief Financial Officers Act of 1990 Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/264844