Congress’ Role in Federal Financial Management: Is it Efficient, Accountable, and Transparent in the Way it Appropriates Funds?

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Three decades ago, the 1974 Congressional Budget Act gave Congress the tools it needed to develop budget priorities independent of the Executive Branch. Since then, the process has been changed in an attempt to ensure fiscal restraint in the passage of each year’s budget resolution. Congress plays a critical role in determining the financial management of agencies through the funds that it appropriates. But Congress itself has a powerful role in Federal Financial Management through the financial controls it sets on itself. What is Congress’ role in ensuring efficiency, accountability, solvency, and stewardship of the federal government? This hearing will discuss Congress’ role and effectiveness in the federal budget process, as well as ways it can improve the management of federal funds.