104 STAT. 2848 PUBLIC LAW 101-576 —NOV. 15, 1990 "(iv) identify and make proposals to eliminate duplicative and unnecessary systems, including encouraging agencies to share systems which have sufficient capacity to perform the functions needed; "(v) identify projects to bring existing systems into compliance with the applicable standards and requirements; "(vi) contain milestones for equipment acquisitions and other actions necessary to implement the 5-year plan consistent with the requirements of this section; "(vii) identify financial management personnel needs and actions to ensure those needs are met; "(viii) include a plan for ensaring the annual audit of financial statements of executive agencies pursuant to section 3521(h) of this title; and "(ix) estimate the costs of implementing the governmentwide 5-year plan. "(4)(A) Not later than 15 months after the date of the enactment of this subsection, the Director of the Office of Management and Budget shall submit the first financial management status report and governmentwide 5-year financial management plan under this subsection to the appropriate committees of the Congress. "(B)(i) Not later than January 31 of each year thereafter, the Director of the Office of Management and Budget shall submit to the appropriate committees of the Congress a financial management status report and a revised governmentwide 5-year financial management plan to cover the succeeding 5 fiscal years, including a report on the accomplishments of the executive branch in implementing the plan during the preceding fiscal year. "(ii) The Director shall include with each revised governmentwide 5-year financial management plan a description of any substantive changes in the financial statement audit plan required by paragraph (3)(B)(viii), progress made by executive agencies in implementing the audit plan, and any improvements in Federal Government financial management related to preparation and audit of financial statements of executive agencies. "(5) Not later than 30 days after receiving each annual report under section 902(a)(6) of this title, the Director shall transmit to the Chairman of the Committee on Government Operations of the House of Representatives and the Chairman of the Committee on Governmental Affairs of the Senate a final copy of that report and any comments on the report by the Director.". (b) CLERICAL AMENDMENT.—The table of contents at the beginning of chapter 35 of title 31, United States Code, is amended by striking the item relating to section 3512 and inserting the following: "3512. Executive agency accounting and other financial management reports and plans. ". 31 USC 901 note. SEC. 302. CHIEF FINANCIAL OFFICERS COUNCIL. (a) ESTABLISHMENT. —There is established a Chief Financial Officers Council, consisting of— (1) the Deputy Director for Management of the Office of Management and Budget, who shall act as chairperson of the council; (2) the Controller of the Office of Federal Financial Management of the Office of Management and Budget; (3) the Fiscal Assistant Secretary of Treasury; and
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