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Equivalency standards for financial management positions

Division A · Title X: General Provisions · Subtitle A: Financial Matters

Plain-language summaryAI

The Department of Defense must create and maintain standards that recognize certain professional certifications or credentials for financial management jobs as equivalent to some department requirements. These standards will identify accepted certifications, any additional department requirements for certified individuals, and rules to avoid duplicate requirements. The standards must be reviewed and updated at least once a year, with the initial standards established within 180 days after the law is enacted.

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Section Text · Sec. 1003.
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(a) Equivalency standards

Section 1599d of title 10, United States Code, is amended—

(1)

by redesignating subsections (b) through (f) as subsections (c) through (g), respectively;

(2)

by inserting after subsection (a) the following new subsection (b):

(b) Equivalency standards

(1)

The Secretary shall include, as part of the standards prescribed under subsection (a), equivalency standards for financial management positions that are applicable across the Department. Such equivalency standards shall include—

(A)

an identification of any test-based professional certification or credential issued by an authority other than the Department that the Secretary recognizes as satisfying, in whole or in part, a standard prescribed under subsection (a);

(B)

an identification of any training or other requirement of the Department for financial management positions required for persons holding a professional certification or credential recognized pursuant to subparagraph (A); and

(C)

rules to prevent duplicative requirements of the Department for such positions with respect to such persons.

(2)

On a basis that is not less frequent than annually, the Secretary shall review the equivalency standards under paragraph (1) and update such standards as may be necessary to reflect changes in the professional certifications or credentials recognized pursuant to such paragraph or modifications to the requirements of the Department for financial management positions.

(3)

in subsection (e), as so redesignated, by inserting , and shall establish, review, and update the equivalency standards under subsection (b), after standards under subsection (a) .

(b) Deadline for initial establishment

The Under Secretary of Defense (Comptroller) shall establish the equivalency standards required under section 1599d(b) of title 10, United States Code, as amended by subsection (a), by not later than 180 days after the date of enactment of this Act.