Mr. Jefferson wrote about the "great importance to simplify our system of finance and bring it within the comprehension of every member of Congress," and his goal was that "the finances of the Union be as clear and intelligible as a merchant's books, so that every member of Congress, and every man of any mind in the Union, should be able to comprehend them to investigate abuses, and consequently to control them."
Unfortunately, 211 years later, to the month, "impenetrable fog" can still be used to describe the state of financial management in the federal government.
The key to this revamping lies in a single letter of the office's acronym: putting the "M" back in OMB by fully implementing the CFO Act of 1990 in all Cabinet agencies and strengthening the CFO structure within the agency leadership team accordingly.
A quick examination of the current OMB organizational chart will reveal that there is no CFO for the entire federal government, but there is a federal CTO, CIO, etc. Furthermore, the staffing and resources given to the "controller" pale in comparison to those of the budget examiners organization. The Controller of the United States at OMB is like the Treasurer of the United States. Both have grandiose titles, but no real authority over key management operations or programs. The OMB Controller's Office is so thinly staffed and sparsely resourced that it is severely limited in its ability to function as an effective first among equals within the cabinet CFO community.
-Sam Mok, FederalNewsRadio.com