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AICPA urges member support for CFO act.

The American Institute of CPAs appealed for strong member support and the support of state societies in opposition to Congressman Jamie Whitten (D-Miss.), who is attempting to prevent implementation of the Chief Financial Officers Act of 1990 by the denying federal agencies funding for it.

The Bush administration considers the CFO act to be an important part of a campaign to improve government controls and is in the midst of appointing CFOs for all 22 federal agencies. Whitten, chairman of the House Appropriations Committee, has said that the new CFOs would add "another layer" to government and would "make our job harder, would result in less control by Congress of its own operations and would, to a degree, further turn congressional decisions over to the executive branch of government." He is adding riders to appropriations bills that prohibit agencies from using funds to implement the CFO act.

AICPA President Philip B. Chenok said, "We are, quite frankly, shocked at this turn of events. This legislation was an important first step forward fiscal responsibility on the part of the federal government. For the first time since the birth of the republic, accountability in a designated financial officer would become a reality. To see a law that promotes good government practices fall by the wayside now would be unconscionable."

Chenok concluded, "Thomas Jefferson called for federal financial oversight 200 years ago. The Chief Financial Officers Act of 1990 is the first time Congress has responded to that call. We can't afford to back down on it now. With all due respect, we believe Mr. Whitten has got it wrong. He is against a law that will, after 200 years, finally bring accountability to government."
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Publication:Journal of Accountancy
Date:Aug 1, 1991
Previous Article:Boucher reintroduces investment adviser bill.
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