The record

LegislationLegislation· Dec 2024
S 4716 Signed into law

Sponsored by Gary C. Peters (D)

Financial Management Risk Reduction Act

Adds federal oversight of single audits, the independent checks on how grant recipients spend federal money.

Tradeoff

Requires federal agencies to review how well single audits are done, every six years. Also requires a Government Accountability Office (GAO) study of paperwork burdens on auditors and the groups they audit.

What's in it

See official bill text
S. 4716, Financial Management Risk Reduction Actwww.cbo.gov/publication/60718 · Sep 2024

Passed the Senate by on November 14, 2024. Passed the House by on December 16, 2024. Signed into law on December 23, 2024.

  1. Senate

    Introduced

    (Jul 11, 2024)

  2. Senate

    Committee on Homeland Security and Governmental Affairs(Jul 11, 2024)

  3. Senate

    The Committee on Homeland Security and Governmental Affairs voted to send it to the floor

    Reported(Jul 31, 2024)

    Committee report S. Rept. 118-226.

  4. Senate

    Passage of the bill

    Passed by (Nov 14, 2024)

    No individual votes were recorded.

  5. House

    Received from the Senate

    Received(Nov 15, 2024)

  6. House

    Passage of the bill

    Passed by (Dec 16, 2024)

    No individual votes were recorded.

  7. House

    Sent to the President

    (Dec 23, 2024)

  8. White House · Signature

    Signed

    Joe Biden (D)

  9. Enacted

    Became law(Dec 23, 2024)