Build capacity in federal financial management, including through federal financial assistance, to catalyze American industrial strategy, address climate-related risks, and deliver equitable results.

Strengthen and formalize the governance of areas of federal financial assistance common across Federal agencies to advance the Federal Government’s ability and capacity to effectively and efficiently implement the President’s vision and statutory requirements through Federal programs. This includes the creation of a new Federal Financial Assistance governance body known as the Council on Federal Financial Assistance (COFFA).
In October 2023, the Council on Federal Financial Assistance (COFFA) convened its inaugural meeting. Representatives from the Office of Management and Budget (OMB) and the Department of Health & Human Services (HHS) chaired the meeting with the Senior Financial Assistance Officers (SFAOs) from the Chief Financial Officer (CFO) Act and representatives from the Small Agencies Council in attendance. The first meeting focused on networking among the SFAOs and learning about how each agency administers federal financial assistance. In addition, the Chair and Co-Chair facilitated a group discussion about potential priorities for the Council based on conversations held with each SFAO prior to the meeting. Over the course of the next few meetings, the Chair and Co-Chair will be working with the COFFA members to select the first-year priorities and establish operating routines.