The group aims to provide input on budgeting and fiscal issues, among other goals. The Bipartisan Congressional CPA Caucus was announced on February 9, 2011, by Congressman Brad Sherman (D-CA) and Michael Conaway (R-TX), its co-chairs.

The Caucus will "serve as an informal, bipartisan group of members who are CPAs, dedicated to discussing and formulating innovative policy approaches to the issues affecting CPAs, including tax administration and compliance," the two said in a release. In addition, the Caucus will work to reduce the current burdens taxpayers face in complying with Uncle Sam's massive tax code.

Before entering Congress, Sherman was a tax law specialist and CPA. He is a senior member of the Financial Service Committee and the top Democrat on the House Foreign Affairs Sub-committee on International Terrorism, Nonproliferation and Trade. According to his official biography, Sherman helped lead the effort to prevent unlimited bailouts to Wall Street firms, and supported the formation of the Consumer Financial Protection Agency.

Conaway, also a CPA, previously worked for Price Waterhouse. He is a member of the House Agriculture, Intelligence, Armed Services and Ethics Committees. In December, his "cut-as-you-go" language was included in the new House rules for the 112th Congress. Essentially, this means that any new programs established by Congress would need to be offset with dollar-for-dollar cuts in existing programs.

A total of eight CPAs are members of the 112th Congress. These are John Campbell (R-CA), Bill Flores (R-TX), Lynn Jenkins (R-KS), Steven Palazzo (R-mS), Collin Peterson (D-MN), and James Renacci (R-OH), along with Sherman and Conaway.