OMB POLICY STATEMENTS
OMB Overhauls The Federal Financial Management System
The Obama administration is overhauling the federal financial management system and prohibit agencies from placing task orders or contracts for modernization efforts.The federal government has roughly 30 financial systems projects that will be affected by this policy, according to Orszag. The total cost expended on these projects is anticipated to be $20 billion over the life of the projects, with an addition $3 billion spent annually to maintain them. Jeffrey Zients, deputy director for management and federal chief performance officer, said these changes—which may include ending some projects—will decrease that annual spending.