Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Became law without a recorded vote. It passed by voice vote or unanimous consent, which don't record how each member voted.
D
PetersSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- Senate Introduced Jul 11, 2024
- Senate Passed Nov 14, 2024
- House Passed Dec 16, 2024
- President To the President Dec 23, 2024
- President Signed Dec 23, 2024
- Law Dec 23, 2024
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.
What it does: CRS summary · Public Law · Dec 23, 2024
Financial Management Risk Reduction Act
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.
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Management Risk Reduction Act
Latest action (Dec 23, 2024): Became Public Law No: 118-207.
Policy area: Government Operations and Politics · Origin: Senate · Introduced: Jul 11, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- Senate Introduced Jul 11, 2024
- Senate Passed Nov 14, 2024
- House Passed Dec 16, 2024
- President To the President Dec 23, 2024
- President Signed Dec 23, 2024
- Law Dec 23, 2024
No recorded floor vote found.