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).

The COFFA achieved several milestones in the last quarter, including finalizing its charter and publishing a website. New milestones have been established to document progress on the Notice of Funding Opportunity (NOFO) Simplification project that launched publicly in April 2024. As of the beginning of June 2024, eight agencies committed to piloting several efforts to simplify NOFOs in FY24. They have committed to simplify 21 NOFOs this year, which will lower burden on more than 2,600 grant applicants. The anticipated result is a better experience for more than 1,000 grant recipients who will receive approximately $14 billion in federal grant awards. The lessons learned from the experiences of these agencies will be used to inform the remaining grant making agencies plans for FY25 NOFO simplification efforts.