Sec. 1002. Revision of Department of Defense Financial Management Regulation
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Not later than September 30, 2026, the Under Secretary of Defense (Comptroller) shall revise the Department of Defense Financial Management Regulation 7000.14–R to— provide updated guidance for current legislative and regulatory requirements, including the annual Department of Defense appropriations Act; streamline and deconflict guidance throughout the Financial Management Regulation to ensure consistency and clarity; and remove outdated guidance. In conducting the revision required under subsection (a), the Under Secretary shall— prioritize clarity and accessibility in the language and direction provided, including improvements to the coordination and approval process for recommended changes; review and adopt modern financial practices that better align to current development and production cycles; consider information technology solutions to improve the accessibility and usability of the Financial Management Regulation; and consider the recommendations of the Commission on Planning, Programming, Budgeting, and Execution Reform.
Not later than February 1, 2025, and every 180 days thereafter, the Under Secretary of Defense (Comptroller), in coordination with the service comptrollers, shall provide to the congressional defense committees a briefing on the efforts to update the Financial Management Regulation, including— a description of the progress in updating the Financial Management Regulation; a plan and timeline for completing revisions to the Financial Management Regulation; a description of any barriers to the ability of the Department of Defense to update the Financial Management Regulation as directed; recommendations for legislative changes required to complete revisions of the Financial Management Regulation; and any other information deemed relevant by the Under Secretary.
The Under Secretary shall notify the congressional defense committees not later than 10 days after completing the revisions required under subsection (a). The Under Secretary shall— conduct a comprehensive review of the Financial Management Regulation not less than every two years after fiscal year 2027; and notify the congressional defense committees of the completion of the comprehensive review with the budget submission.