; and (2) by inserting after subsection (a) the following new subsection (b): (b) Responsibilities In carrying out the responsibilities, authorities, and functions specified in section 902 of title 31, United States Code, the Chief Financial Officer shall— (1) oversee Department budget formulation and execution; (2) lead and provide guidance on performance-based budgeting practices for the Department to ensure that the Department and its components are meeting missions and goals; (3) lead cost-estimating practices for the Department, including the development of policies on cost estimating and approval of life cycle cost estimates; (4) coordinate with the Office of Strategy, Policy, and Plans to ensure that the development of the budget for the Department is compatible with the long-term strategic plans, priorities, and policies of the Secretary; (5) develop financial management policy for the Department and oversee the implementation of such policy, including the establishment of effective internal controls over financial reporting systems and processes throughout the Department; (6) provide guidance for and over financial system modernization efforts throughout the Department; (7) lead the efforts of the Department related to financial oversight, including identifying ways to streamline and standardize business processes; (8) oversee the costs of acquisition programs and related activities to ensure that actual and planned costs are in accordance with budget estimates and are affordable, or can be adequately funded, over the life cycle of such programs and activities; (9) fully implement a common accounting structure to be used across the entire Department by fiscal year 2022