Bills · 118th Congress · Government Operations and Politics

Financial Management Risk Reduction Act

Passed by voice vote or unanimous consent — no individual positions were recorded.

Official summary (CRS)

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.

Full text on congress.gov ↗

Sponsor
Sen. Gary C. Peters ( Democrat · MI)

Cosponsors
1

Introduced
7/11/24

Policy area
Government Operations and Politics

Status

7/11/24Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

7/11/24Introduced in Senate

7/31/24Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

9/19/24Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.

9/19/24Committee 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.

11/14/24Message on Senate action sent to the House.

11/14/24Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587)

11/14/24Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

11/15/24Held at the desk.

11/15/24Received in the House.

12/16/24Motion to reconsider laid on the table Agreed to without objection.

12/16/24On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)

12/16/24Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)

12/16/24DEBATE - The House proceeded with forty minutes of debate on S. 4716.

12/16/24Considered under suspension of the rules. (consideration: CR H7211-7212)

12/16/24Mr. Burlison moved to suspend the rules and pass the bill.

12/23/24Became Public Law No: 118-207.

12/23/24Signed by President.

12/23/24Presented to President.