Annual Report To 

Congress

Office of Minority Office of Minority and Women Inclusion and Women Inclusion

FY20

DEPARTMENT OF THE TREASURY DEPARTMENT OF THE TREASURY

TABLE OF CONTENTS

MESSAGE FROM THE CHIEF DIVERSITY & INCLUSION OFFICER..............................................................................1

EXECUTIVE SUMMARY .....................................................................................................................................................3

OVERVIEW..........................................................................................................................................................................5

U.S. Department of the Treasury.....................................................................................................................................6

Office of Minority and Women Inclusion.........................................................................................................................7

BUSINESS DIVERSITY & INCLUSION

Minority-Owned and Women-Owned Business Utilization..............................................................................................9

 Trends in Minority-Owned Business Utilization .........................................................................................................10

 Trends in Women-Owned Business Utilization ..........................................................................................................11

 Trends in MWOB Small Business Utilization ..............................................................................................................12

 MWOB Participation in Specific Acquisition Categories..............................................................................................13

 MWOB Participation in COVID-19 Related Contracting...............................................................................................15

Good Faith Effort Mandate...........................................................................................................................................16

Financial Agent Authority ..............................................................................................................................................17

INITIATIVES & ACCOMPLISHMENTS

Capacity Building..........................................................................................................................................................19

 Treasury Bank Mentor Protégé Program....................................................................................................................19

 COVID-19 Related Support through Minority Depository Institutions.........................................................................20

 Industry Outreach .....................................................................................................................................................20

Economic Empowerment .............................................................................................................................................22

 Community Development Financial Institutions Fund................................................................................................22

 Small Business Lending Fund ...................................................................................................................................22

Accountability......................................................................................................................................................................23

Challenges ..........................................................................................................................................................................23

Fiscal Year 2021 Plans .........................................................................................................................................................24

WORKFORCE DIVERSITY & INCLUSION

Workforce Demography ...............................................................................................................................................25

 Racial/Ethnic and Sex Profiles...................................................................................................................................25

 Benchmark Comparisons..........................................................................................................................................26

 Senior and Executive Management ...........................................................................................................................27

 All Grade Groupings..................................................................................................................................................28

 Hiring and Attrition ...................................................................................................................................................29

 Mission Critical Occupations......................................................................................................................................31

 Student Employment ................................................................................................................................................33

Workplace Inclusion .....................................................................................................................................................35

 Inclusion Quotient Index...........................................................................................................................................35

 Best Places to Work Ranking......................................................................................................................................36

INITIATIVES & ACCOMPLISHMENTS

Diversity and Inclusion Strategic Plan............................................................................................................................37

Student Outreach..........................................................................................................................................................37

Quantitative and Qualitative Analysis.............................................................................................................................38

Diversity and Inclusion Education, Training, and Awareness Programs..........................................................................38

Employee Resource Group ...........................................................................................................................................40

Financial Literacy ..........................................................................................................................................................40

Accountability......................................................................................................................................................................41

Challenges...........................................................................................................................................................................42

Fiscal Year 2021 Plans..........................................................................................................................................................43

APPENDIX

List of Abbreviations......................................................................................................................................................45
& 
“Unprecedented” was one of the most recurring words used to describe the year 2020. Our 

nation joined the world in facing the global COVID-19 pandemic, which utterly changed the 

way Americans lived daily lives. Masks, physical distancing, maximum telework, and virtual 

meetings became ways of life and work for most of us. But, one thing that did not change 

within Treasury was the productivity of our work and our commitment to our mission. 

Some of our work pivoted to address new priorities in response to the pandemic and other 

external events. For instance, our efforts to support small and minority depository institutions 

(MDIs) through the Treasury Mentor Protégé Program pivoted to include support for their 

“unprecedented” role as lenders in the Paycheck Protection Program (PPP). When the first 

round of the Paycheck Protection Program closed in 2020, 175 MDI lenders had made more 

than 123,000 PPP loans totaling over $10.3 billion that provided financial relief to small 

businesses within the communities they serve. 

A new category of procurement activity was created to track “unprecedented” COVID-19 related purchases of goods and services, 

such as personal protection supplies and equipment for employees and new technology to manage Economic Impact Payments to 

American citizens. Through the end of Fiscal Year (FY) 2020, Treasury obligated nearly $14 million (10 percent of all COVID-19 related 

purchases) with minority-owned businesses; and nearly $15 million (11 percent of all COVID-19 related purchases) with womenowned small businesses.

The nation experienced a heightened environment of racial awareness in the year 2020. The horrific killing of George Floyd sparked 

“unprecedented” world-wide protests and renewed demands for racial justice. It also led to more Americans seeking to deepen 

their understanding of systemic racism and join the quest for racial reckoning. In response, the Offices of Minority and Women 

Inclusion (OMWI) within the eight federal financial services agencies pivoted our activities and jointly convened a virtual dialogue 

about these issues, which was attended by more than 9,000 federal employees. 

As FY 2020 ended, the eight OMWI Directors testified before the House Financial Services Subcommittee on Diversity and Inclusion 

to discuss our respective efforts within the context of the legislative mandates of our offices. This tenth annual OMWI Report to 

Congress amplifies that testimony by chronicling the progress and challenges toward greater diversity, equity, and inclusion within 

Treasury’s headquarters during FY 2020. Although our lives as Americans have been forever altered by the events of 2020, the need 

for greater unity and fairness for all people remains paramount as life returns to more “precedented” times. 

MESSAGE FROM THE

CHIEF DIVERSITY &

INCLUSION OFFICER 

Lorraine Cole

Lorraine Cole, Ph.D. 

Chief Diversity and Inclusion Officer

Office of Minority and Women Inclusion

U.S. Department of the Treasury 

Departmental Offices

Lorraine Cole, Ph.D.

Chief Diversity and Inclusion Officer

Office of Minority and Women Inclusion

FY2020 Annual Report to Congress 1
2020

26

44 37

 October 1, 2019 – September 30, 2020

BY THE NUMBERS

PERCENTAGE OF WOMEN PERMANENT 

EMPLOYEES AT THE SENIOR EXECUTIVE 

SERVICE (SES) LEVEL

PERCENTAGE OF 

WOMEN PERMANENT 

EMPLOYEES

 TOTAL AMOUNT OF CONTRACT 

DOLLARS OBLIGATED WITH 

MINORITY-OWNED BUSINESSES

PERCENTAGE OF 

RACIAL/ETHNIC MINORITY

 PERMANENT EMPLOYEES

15.6

PERCENTAGE OF CONTRACT

OBLIGATIONS WITH 

WOMEN-OWNED BUSINESSES

19.8

PERCENTAGE OF CONTRACT 

OBLIGATIONS WITH 

MINORITY-OWNED BUSINESSES

FEVS

 FAIRNESS 

SCORE

FEVS INCLUSION

QUOTIENT SCORE

2019 - Latest available statistic

2019 - Latest available statistic

PERCENTAGE OF MINORITY PERMANENT EMPLOYEES AT THE SENIOR EXECUTIVE SERVICE (SES) LEVEL

TOTAL AMOUNT OF CONTRACT DOLLARS OBLIGATED WITH WOMEN-OWNED BUSINESSES

1,883

63.49

54.75

$71,075,884

TOTAL NUMBER OF 

PERMANENT EMPLOYEES

FY
 EXECUTIVE 

SUMMARY

BUSINESS DIVERSITY and INCLUSION. Despite the absence of mandated 

contracting goals for other than small businesses, Treasury Departmental 

Offices’ commitment to minority-owned and women-owned business (MWOB) 

utilization has remained strong. In FY 2020, Treasury Departmental Offices’ 

total procurement contracts for goods and services represented $359 million 

in obligations (with 1,798 contract actions), with over one-quarter (26 percent) 

of contract dollars totaling $92 million going to either minority-owned or 

women-owned businesses. A total of $71 million, or 20 percent of total contract 

obligations, was awarded to minority-owned businesses. A total of $56 million, 

or 16 percent of total contract obligations, was awarded to women-owned businesses of all sizes. Among the small business 

categories, contract obligations to small disadvantaged businesses represented 17 percent of all Departmental Offices contracts; and 

contract obligations to women-owned small businesses represented 15 percent – both above the 5 percent statutory goal.

Since OMWI first began tracking MWOB contracting in 2011, there has been an upward trajectory in MWOB utilization. However, 

in FY 2020, the percentage of minority-owned and women-owned contract obligations by Treasury Departmental Offices dipped 

by 5.2% and 7.5% respectively. While these drops are notable, we do not consider them systemic, as they were primarily due to 

a specific contract expiring and a long-standing industry partner successfully being acquired by a larger business and losing its 

women-owned status. Unlike specific small business categories, MWOBs do not have mandated goals as incentives. However, we 

will continue to work with procurement officers to ensure MWOB receive consideration for new awards to ensure utilization of 

MWOBs returns to a growth pattern.

In FY 2020, MWOBs played an important role in Treasury Departmental Offices’ contractual response to COVID-19. Treasury 

Departmental Offices obligated $20,966,528 in COVID-19 recovery related funding in FY 2020. Of this amount, $3,734,367 (18%) 

were awarded to women-owned businesses and $2,619,744 (12%) were awarded to minority owned businesses.

Treasury Departmental Offices will also monitor the implementation of category management strategies as a recent directive for the 

government-wide acquisition community. To the extent category management shifts buying behaviors, there is the potential for a 

negative impact on contracting with minority-owned and women-owned businesses as an unintended consequence, particularly in 

specific industries where such businesses are not abundantly present. Therefore, even though no particular challenge in this regard 

was noted in FY 2020 for the third consecutive year, this is an area where continued monitoring will be important.

The Office of Minority and Women Inclusion (OMWI) in the Department of the Treasury Departmental 

Offices was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) § 342 (P.L. 

111-203) and is responsible for all matters relating to diversity in management, employment, and Treasury’s business 

activities in Departmental Offices, excluding the enforcement of statutes, regulations, or executive orders pertaining to 

civil rights. This tenth report is submitted to Congress pursuant to the Dodd-Frank Act regarding the actions taken by 

Treasury and the OMWI during Fiscal Year (FY) 2020. 

FY2020 Annual Report to Congress 3
WORKFORCE DIVERSITY and INCLUSION. In FY 2020, the Treasury Departmental Offices permanent workforce of 1,883 

represented about 2 percent of the total Treasury-wide workforce. More than one-third (37%) of Treasury Departmental Offices 

permanent employees across all grade levels are people of color. Black employees represent the largest group of people of color 

at 21 percent. Asians and Hispanics comprise 10 percent and 5 percent, respectively. Native Hawaiian or Other Pacific Islanders, 

American Indian or Alaska Natives, and those who identify themselves as Two or More Races each represent less than 1 percent 

of the total Treasury Departmental Offices permanent workforce. Regarding representation by sex within Treasury Departmental 

Offices, 44 percent are women and 56 percent are men.

Treasury Departmental Offices is committed to adopting leading edge strategies to maintain accountability, transform the workplace 

culture, analyze data, and conduct outreach as we aim to secure a high performing workforce drawn from a diverse pool of 

candidates. The biggest challenges to implementing the workforce diversity provisions of Dodd-Frank Act § 342 have been identifying 

and mitigating underlying root causes for underrepresentation of specific racial/ethnic categories and women in higher level 

positions and improving employee perspectives regarding workplace culture. 

Diversity. Overall, the Departmental Offices' workforce is racially diverse with Black and Asian employees represented at or above 

nearly all relevant benchmarks. Regarding ethnic diversity, Hispanic employee remain underrepresented. The representation of 

women is lower across three of the four benchmarks.

Hiring. In FY 2020, there was a +/- 2 percent one-year change in the hiring rate among women and people of color compared to FY 

2019. Treasury Departmental Offices had one-year increases in hiring for Black employees (+2 percent) and Hispanic employees (+ 2 

percent) and one-year decreases in hiring for women employees (-2 percent) and Asian employees (-2 percent). 

Retention. in FY 2020, the separation rate of Black employees was the highest in five years at 20 percent and the highest among 

any underrepresented group. For women, there was a 41 percent hiring rate and a 48 percent separation rate, resulting in a net loss 

of -7 percent. 

Hispanic Employees. Among all people of color, Hispanic employees are underrepresented on most of the relevant benchmarks. 

On the positive side, the hiring rate for Hispanic employees was 8 percent which was 2 percent higher than FY 2019 (6 percent), 

respectively. Hispanic employees separated at a rate of 2%, resulting in a net gain of 6 percent. The challenge will be to maintain 

such incremental net gains.

Senior and Executive Management. In FY 2020, the representation of people of color and women in permanent GS-15 and 

SES level positions are below their representation within the Treasury Departmental Offices permanent workforce; and there also 

was an underrepresentation of Black employees at the GS-14 level. 

Mission Critical Occupations. There are five occupations that are considered mission critical: economist, attorney, 

financial analyst, information technology, and intelligence analyst. Over the past five years, there has remained a consistent 

underrepresentation of Hispanics employees among financial analysts and information technology position and Black employees 

among economists and intelligence analysts, compared to their representation in the Occupational Civilian Labor Force. 

Inclusion. The questions that assess employee perspectives about workplace inclusion (known as the New IQ) were not included 

in the FY 2020 administration of the Federal Employee Viewpoint Survey. However, it is important to note that the Treasury 

Departmental Offices New IQ scores have remained generally consistent since the New IQ was first utilized by OMWI in FY 2013. The 

FY 2019 scores for Treasury Departmental Offices were below the minimally acceptable score of 65 percent as established by the 

Office of Personnel Management. 

4 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
This tenth annual report is submitted to Congress pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 

2010 (Dodd-Frank Act) § 342 (P.L. 111-203) regarding the actions taken by Treasury and the Office of Minority and Women Inclusion, 

Departmental Offices (OMWI) during Fiscal Year (FY) 2020.1

1. Refer to https://legcounsel.house.gov/Comps/Dodd-Frank%20Wall%20Street%20Reform%20and%20Consumer%20Protection%20Act.pdf. For the purposes of this report and 

consistent with Dodd Frank Act § 342 (g) (3), the standards employed by the Office of Personnel Management (OPM), and the Equal Employment Opportunity Commission (EEOC), 

the definition used for the term “minority” is: Hispanic or Latino; Black or African American; Asian; Native Hawaiian or Other Pacific Islander; and American Indian or Alaska Native.

OVERVIEW

FY2020 Annual Report to Congress 5
U.S. DEPARTMENT OF THE TREASURY

Throughout its rich history, Treasury’s core mission has not changed. With nearly 100,000 employees in its ranks, Treasury is still 

the steward of the U.S. economy – taking in revenue, paying bills, and, when appropriate, borrowing and investing public funds. In 

more recent years, Treasury’s role has expanded to being a leader in safeguarding and growing the nation’s economy. 

Treasury is organized into the Departmental Offices (i.e., Treasury’s headquarters), seven operating bureaus, and four inspectors 

general. The Departmental Offices are primarily responsible for policy formulation, while the bureaus are primarily the operating 

units of the organization. 

Treasury Departmental Offices 

• Domestic Finance works to preserve confidence in the U.S. Treasury market, 

effectively manage federal fiscal operations, strengthen financial institutions and 

markets, promote access to credit, and improve financial access and education in 

service of America’s long-term economic strength and stability. 

• Economic Policy reports on current and prospective economic developments 

and assists in the determination of appropriate economic policies.

• The Office of General Counsel provides legal and policy advice to the 

Secretary and other senior Departmental officials. 

• International Affairs protects and supports U.S. economic prosperity 

and national security by working to help ensure the most favorable external 

environment for sustained jobs and economic growth in the United States.

• Legislative Affairs develops strategies to implement legislative initiatives, 

communicates Treasury’s positions to the Congress, and keeps the Department 

informed of Congressional objectives, concerns, activities, and interests. 

• Management is responsible for managing the Department’s financial resources 

and overseeing Treasury-wide programs, including human capital, information 

technology, acquisition, civil rights, and diversity and inclusion issues. 

• Public Affairs develops and implements communications strategy for the Department and advises officials within the 

Department and its bureaus how best to communicate issues and priorities of public interest.

• Tax Policy develops and implements tax policies and programs, reviews regulations and rulings to administer the Internal 

Revenue Code, negotiates tax treaties, and provides economic and legal policy analysis for domestic and international tax policy 

decisions. Tax Policy also provides revenue estimates for the President’s Budget.

• Terrorism and Financial Intelligence marshals the Department’s intelligence and enforcement functions with the twin 

aims of safeguarding the financial system against illicit use and combating rogue nations, terrorist facilitators, weapons of mass 

destruction (WMD) proliferators, money launderers, drug kingpins, and other national security threats. The office is responsible 

for the review and analysis of domestic economic issues and developments in the financial markets.

• The Treasurer of the United States has direct oversight of the U.S. Mint and Fort Knox and is a key liaison with the Federal 

Reserve. Additionally, the Treasurer oversees the Office of Consumer Policy at Treasury and serves as a senior advisor to the 

Secretary on community development and engagement.

The Office of Domestic Finance

The Office of Economic Policy 

The Office of General Counsel

The Office of 

International Affairs 

The Office of Legislative Affairs

The Office of Management 

The Office of Public Affairs 

The Office of Tax Policy 

The Office of Terrorism 

and Financial Intelligence 

The Treasurer 

of the United States 

6 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
OFFICE OF MINORITY & WOMEN INCLUSION

The Office of Minority and Women Inclusion (OMWI) was established on January 21, 2011 in accordance 

with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) § 342 (P.L. 111-203). The express 

statutory authority of OMWI covers Treasury Departmental Offices. For Treasury Departmental Offices, OMWI is responsible for 

all matters relating to diversity in management, employment, and 

business activities, excluding the enforcement of statutes, regulations, 

or executive orders pertaining to civil rights. OMWI is required to 

develop standards for equal employment opportunity and the racial, 

ethnic, and gender diversity of the workforce. OMWI is also required 

to take steps to seek diversity, in a manner consistent with applicable 

law, in the workforce of Treasury Departmental Offices at all levels 

of the organization, but particularly within senior management. 

In addition to workforce diversity, OMWI is charged with seeking 

increased participation of minority-owned and women-owned 

businesses in the programs and contracts of the agency. OMWI 

is responsible for establishing procedures to determine if agency 

contractors and their subcontractors have made good faith efforts to 

include people of color and women in their workforce. 

The Chief Diversity and Inclusion Officer for Treasury Departmental 

Offices is the Director of OMWI and serves as the chief strategist to 

the Treasury Secretary and chief advisor to the Assistant Secretary 

for Management on efforts pertaining to workforce and business 

diversity and inclusion. The OMWI Director reports to Secretary of the 

Treasury through the Deputy Secretary and has a direct reporting line 

to the Assistant Secretary for Management on day-to-day matters. 

Throughout FY 2020 and in accordance with Dodd Frank § 342, 

Lorraine Cole, Chief Diversity and Inclusion Officer, held quarterly 

meetings with the Treasury Deputy Secretary to provide briefings on 

relevant aspects of workforce and business diversity and inclusion, 

consult on new initiatives, and recommend leadership action, 

as necessary. 

Office of Minority 

and Women Inclusion 

Primary Duties

Develop standards for diversity of the 

workforce and senior management 

Support recruitment/advancement 

efforts toward workforce diversity at all 

levels 

Develop standards for increased 

minority-owned and women-owned 

business contracts

Develop standards for technical 

assistance to businesses 

Develop procedures for contracting that 

considers the diversity of the applicant 

Develop standards to determine whether 

contractors and subcontractors are 

making a good-faith effort to include 

people of color and women in their 

workforce

Submit an annual report to Congress 

Conduct data analysis and produce 

internal reports

Provide advice and advocacy

2. It should be noted that Treasury Departmental Offices is not a financial regulatory agency. Thus, the requirement in the Dodd-Frank Act § 342 to assess the diversity 

policies and practices of entities regulated by the agency is not applicable to the Treasury Departmental Offices OMWI.

FY2020 Annual Report to Congress 7
“The global COVID-19 

pandemic...utterly 

changed the way 

Americans lived 

daily lives. But, 

one thing that did 

not change within 

Treasury was the 

productivity of 

our work and our 

commitment to our 

mission.”

Lorraine Cole, 

Chief Diversity and Inclusion Officer

8 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
BUSINESS DIVERSITY 

& INCLUSION 

MINORITY-OWNED AND WOMEN-OWNED BUSINESS UTILIZATION

Of the twenty agencies and federal reserve banks with an OMWI, Treasury Departmental Offices is one of the few required to adhere 

to the Federal Acquisition Regulation (FAR) for the procurement of goods and services. The FAR requires a full and open competitive 

process for federal procurements, with some exceptions for small business set-asides under specific circumstances. Additionally, it 

is important to note that, due to legal restrictions pertaining to civil rights, no specific goals can be established for contracting with 

minority-owned businesses regardless of size or women-owned businesses, with the exception of certain small business parameters.

Treasury-wide, the total (appropriated and non-appropriated) contract procurement increased from $4.7 billion in FY 2019 to $6.5 

billion in FY 2020. Within Treasury Departmental Offices, procurement for products and services increased from a total of $329 million 

in FY 2019 (with 1,754 contract actions) to $359 million in FY 2020 (with 1,798 contract actions). Despite the absence of mandated 

contracting goals for other than small businesses, the commitment to minority-owned and women-owned business utilization within 

Treasury Departmental Offices remained strong in FY 2020, with 26 percent of contract dollars totaling $92 million going to either 

minority-owned or women-owned businesses (MWOB). Specifically, $56 million (16 percent) of contract obligated award dollars went 

to women-owned businesses and $71 million (20 percent) went to minority-owned businesses (dollar amounts awarded to minority 

women-owned businesses are included within each category). (Refer to Table 1) This level of contracting with minority-owned 

businesses and women-owned businesses declined from FY 2019 levels, however both remain high relative to historical levels. 

Table 1

F Y 2020 Treasury Departmental Offices 

Contract Obligations by Demographic Groups, Total Awards, and Percentages of Awards*

Category Total Awards in Dollars Percentage of Awards

All Departmental Offices Awards $358,696,013 100.0%

Neither Minority-owned nor Women-owned $266,915,457 74.4%

Minority-owned or Women-owned $91,780,557 25.6%

Woman-owned $56,084,322 15.6%

Minority-owned3 $71,075,884 19.8%

 Asian American4 $50,781,177 14.2%

 Black American $3,031,706 0.8%

 Hispanic American $14,252,244 4.0%

 Native American $8,035,216 2.2%

 Other Minority 5 $5,048,763 1.4%

*Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted December 8, 2020 for FY20 using the following filters:

 Awarding Agency Name: 20 Department of the Treasury | Awarding Sub Agency Name: 2001 Departmental Offices, 2050 Internal Revenue Services

 Funding Agency Name: 20 Department of Treasury | Funding Sub Agency Name: 2001 Departmental Offices

3. The sum of the award dollars to businesses within the minority-owned sub-categories does not equal the total minority-owned award amount because several awards under the 

minority categories were not identified in the reporting system as minority-owned businesses.

4. “Asian American” includes both Subcontinent Asian (Asian-Indian) American-owned businesses and Asian Pacific American-owned businesses.

5. “Other minority” means those businesses designating “minority-owned” in the System for Award Management, but not designating Asian American, Black American, Hispanic 

American, or Native American.

FY2020 Annual Report to Congress 9
TRENDS IN MINORITY-OWNED 

BUSINESS UTILIZATION

In FY 2020, utilization of minority-owned 

businesses overall within Treasury 

Departmental Offices has decreased relative 

to total spending compared to FY 2019 

($82 million or 25 percent). A total of $71.1 

million or 20 percent of the total in contract 

obligations were awarded to minority-owned 

businesses (Figure 1). This drop is primarily 

due to a single contract which expired in FY 

2020.

Contract obligations to minority-owned businesses by specific racial and ethnic designation of the ownership for the five most recent 

consecutive years are listed in Table 26

Table 2

Treasury Departmental Offices 

Overall Contract Obligations by Specific Racial/Ethnic Minority Group* - FY 2016 - 2020

Category FY 2020 FY 2019 FY 2018 FY 2017 FY 2016

Minority-owned 

Businesses 

$71 million 

(20%)

$82 million 

(25%)

$87 million 

(28%)

$72 million 

(24%)

$59 million 

(18%)

Black-owned $3 million $17 million $16 million $14 million $14 million

Hispanic-owned $14 million $15 million $14 million $16 million $10 million

Asian-owned $51 million $50 million $51 million $42 million $24 million

American Indian-owned $8 million $1 million $7 million $1 million $1 million

Non-minority 

Businesses

$288 million 

(80%)

$247 million 

(75%)

$226 million 

(72%)

$230 million 

(76%)

$274 million 

(83%)

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted December 8, 2020 for FY20; dollars and percentages are rounded.

6 Some businesses have self-identified in more than one category; their contract amounts are reflected within all categories indicated.

Minority-owned

$71.1M

Non-minority Owned

$287.6M

80%

20%

Figure 1

FY 2020 Treasury Departmental Offices 

 Overall Contract Obligations by Minority Status*

 *Percentages have been 

rounded to whole numbers

10 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
TRENDS IN WOMEN-OWNED 

BUSINESS UTILIZATION

In FY 2020, there was a decrease in the contracts awarded to women-owned 

businesses within Treasury Departmental Offices compared to FY 2019 ($76 

million or 23 percent). In FY 2020, a total of $56 million or 16 percent of 

the total contract obligations were awarded to women-owned businesses, 

including minority women (Figure 2). This drop is primarily due to two 

individual contracts – a contract that expired in FY 2020 and a long-standing 

industry partner successfully acquired by a larger business and losing its 

women-owned status.

Contract obligations to women-owned businesses, including minority status, 

for the five most recent consecutive years are listed in Table 3. Percentage 

and dollar amounts of contract obligations with women-owned businesses 

decreased in FY 2020 (16 percent and $56 million) compared to FY 2019 

(23 percent and $76 million), however, it is noteworthy that, for the fourth 

consecutive year, the percentage and dollar amounts of contract obligations 

with minority women-owned business (10 percent and $35 million) exceeded 

that with non-minority women-owned businesses (6 percent and $21 million). 

Table 3

Treasury Departmental Offices 

Overall Contract Obligations by Gender-specific Business* - FY 2016–2020

Category FY 2020 FY 2019 FY 2018 FY 2017 FY 2016

Women-owned 

Businesses

$56 million 

(16%)

$76 million 

(23%)

$70 million 

(22%)

$76 million 

(25%)

$57 million 

(17%)

Minority Women $35 million 

(10%)

$46 million 

(14%)

$42 million 

(13%)

$42 million 

(14%)

$15 million 

(4%)

Non-minority Women $21 million 

(6%)

$30 million 

(9%)

$29 million 

(9%)

$34 million 

(11%)

$42 million 

(13%)

Non-women-owned 

Businesses

$303 million 

(84%)

$253 million 

(77%)

$243 million 

(78%)

$226 million 

(75%)

$276 million 

(83%)

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted December 8, 2020 for FY20; Dollars and percentages are rounded.

Since OMWI first began tracking MWOB contracting in 2011, there has been an upward trajectory in MWOB utilization with a notable 

increase in the past two years. In FY 2018, the percentage and dollar amounts of minority-owned business contract obligations by Treasury 

Departmental Offices was the highest ever and among the highest in contract obligations with women-owned businesses. (Figure 3)

Figure 3

Treasury Departmental Offices MWOB Contracting Trends Overall Percentages of Contract Obligations by Year - FY 2011–2020.

84%

10%

6%

Non-women

Owned $302.6M

Minority Women $35.4M

Non-minority 

Women 

$20.8M

 *Percentages have been 

rounded to whole numbers

Figure 2

FY 2020 Treasury Departmental Offices 

Overall Contract Obligations by Gender Categories*

FY11

10%

15%

20%

25%

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

10

12

15

21

12

17

25 25

20

23

16

22

20

19 18 18 17

18

24

Minority-owned Women-owned 28

FY2020 Annual Report to Congress 11
74%

 11%

9%

 6%

Other than 

WOSB or SDB 

$264.3M

Small Disadvantaged Businesses (SDB) 

$41.1M 

 Women-owned Small 

 Businesses (WOSB)

 $32.6M

 Both WOSB & 

SDB $20.7M

 *Percentages have been 

rounded to whole numbers

Figure 4

FY 2020 Treasury Departmental Offices 

Small MWOB Contract Obligations * 

TRENDS IN MWOB SMALL 

BUSINESS UTILIZATION

The vast majority of minority-owned businesses and 

women-owned businesses (MWOB) in the United 

States are small businesses with 98 percent of all 

MWOBs earning revenue under $1 million, according 

to the most recently available census data. Consistent 

with the Dodd-Frank Act § 342 mandate to focus on 

minority-owned and women-owned businesses, 

there are statutory goals set by the Small Business 

Administration (SBA) for small disadvantaged 

businesses (which are largely minority-owned) and 

women-owned small businesses.

In FY 2020, contract obligations to small businesses 

by Treasury Departmental Offices comprised 47 

percent of the value of contracts awarded, exceeding 

the 39 percent statutory goal. Contract obligations to 

small disadvantaged businesses represented 17.2 

percent, far exceeding the 5 percent statutory goal; 

similarly, contract obligations to women-owned small businesses 

represented 14.9 percent, almost triple the 5 percent statutory 

goal. (Table 4 and Figure 4)

Contract obligations to small minority-owned and women-owned businesses (MWOB) for the five most recent consecutive years are 

listed in Table 4.

Table 4

Treasury Departmental Offices 

Overall Contract Obligations to Small MWOB*, FY 2016-2020

Category FY 2020 FY2019 FY 2018 FY 2017 FY 2016

Total Contract Obligations 

(regardless of size) $359 million $329 million $313 million $301 million $333 million

Overall Small Businesses 

Contract Obligations

$167 million 

(47%)

$163 million 

(49%)

$154 million 

(49%)

$135 million 

(45%)

$134 million 

(40%)

Small Disadvantaged 

Businesses (SDB)**

$62 million 

(17%)

$21 million 

(6%)***

$69 million 

(22%)

$36 million 

(12%)

$42 million 

(13%)

Women-owned Small 

Businesses

$53 million 

(15%)

$55 million

(17%)

$47 million

(15%)

$70 million

(23%)

$51 million

(15%)

 *Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted December 8, 2020 for FY20; Dollars and percentages are rounded.

 **SDB is used in this context as a proxy for small minority-owned businesses; contracting includes overlap between categories. 

***Small Disadvantaged Businesses (SDB) includes both Self-Certified Small Disadvantaged Businesses and -Small Business Administration (SBA) 

12 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
MWOB PARTICIPATION IN SPECIFIC ACQUISITION CATEGORIES

In FY 2019, 95 percent of all Treasury Departmental Offices contracts tendered were for services (i.e., not including products), 

representing $311 million in spending. Thirty-four percent of Departmental Offices service contract obligated award dollars were 

awarded to minority-owned or women-owned businesses: 23 percent of service contract obligated award dollars went to womenowned businesses and 25 percent of service contract obligated award dollars went to minority-owned businesses. 

The North American Industry Classification System (NAICS) is used by the United States, Canada, and Mexico to classify businesses by 

industry. Each business is classified into a six-digit NAICS code number based on the majority of activity at the business. Within 

Treasury Departmental Offices, approximately 78 percent of contract award dollars are made in seven NAICS code categories and 

minority-owned or women-owned business utilization is highest among five of those categories. The highest utilization of minorityowned or women-owned businesses is in “Custom Computing Programming Service” (NAICS 541511), for $24 million (97% of the 

category obligations). (Table 5)

FY2020 Annual Report to Congress 13
Total Departmental Office Annual 

Obligated Dollars $358,696,013 

and processed 1,798 actions

NAICS Codes and Descriptions

541519 517110 541512

Other Computer 

Related Services

Wired 

Telecommunications 

Carriers

Computer Systems 

Design Services 

Unique Vendor Count 69 1 20

Award Category $ % $ % $ %

Total DO Awards in NAICS 96,930,948 27.0 68,412,535 19.1 32,142,807 9.0

Minority-owned or 

Women-owned7 16,442,387 17.0 0 0 17,997,225 56.0

 • Women-owned 9,162,982 9.5 0 0 7,118,959 22.1

 • Minority-owned 7,733,140 8.0 0 0 17,997,225 56.0

Asian American 3,438,699 3.5 0 0 17,853,579 55.5

Black American 152,772 0.2 0 0 2,169,166 6.7

Hispanic American 177,983 0.2 0 0 -1,509,191 -4.7

Native American 3,732,932 3.9 0 0 0 0

Other Minority 254,698 0.3 0 0 0 0

Neither Minority-owned 

nor Women-owned 80,488,561 83.0 68,412,535 100 14,145,582 44.0

*Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted December 8, 2020 for FY20.

**Percentages are greater than 100% or less than 0% due to funding that is deobligated from contracts. 

Table 5 

FY 2020 Treasury Departmental Offices (DO) Awards by Demographic Groups

in Dollars and Percentage of Dollar Awards in the DO Top Seven NAICS Codes*

7. Awards to businesses that are both minority-owned and women-owned are counted within the Federal Procurement Data System (FPDS-ng) in all applicable individual 

minority- and women-owned individual categories. To ensure there was no duplicate counting of overlapping categories of race/ethnicity and gender, the total dollars and 

percentages have been reduced.

14 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
493110 541511 541611 928120

General Warehousing 

and Storage

Custom Computer 

Programming Services

Administrative 

Management and 

General Management 

Consulting Services

International 

Affairs

1 10 32 211

$ % $ % $ % $ %

31,025,241 8.6 25,166,421 7.0 14,855,472 4.1 13,991,954 3.9

0 0.0 24,325,881 96.7 4,125,707 27.8 1,905,838 13.6

0 0 24,261,983 96.4 571,611 3.8 1,497,054 10.7

0 0 19,495,755 77.5 3,601,860 24.2 631,177 4.5

0 0 21,203,277 84.3 6,416,341 43.2 0 0.0

0 0 0 0 702,915 4.7 0 0

0 0 63,899 0.3 351,723 2.4 608,910 4.4

0 0 0 0 0 0 22,268 0.2

0 0 0 0 144,987 0 0 0

31,025,241 100 840,540 3.3 10,729,765 72.2 12,086,116 86.4

MWOB PARTICIPATION IN COVID-19 RELATED CONTRACTING 

Since March of 2020, Treasury also began tracking contracts made specifically for COVID-19 related purchases. This included 

purchases for such goods and services as information technology design, wired telecommunications services, medical and cleaning 

supplies, and legal services. Nearly $14 million (10 percent) for such purchases were from minority-owned businesses and nearly 

$15 million (11 percent) has been from women-owned small businesses.8

 Treasury Departmental Offices obligated $20,966,528 in 

COVID-19 recovery related funding in FY 2020. Of this amount, $3,734,367 (18%) were awarded to women-owned businesses and 

$2,619,744 (12%) were awarded to minority owned businesses.967

8. Data extracted from Federal Procurement Data System (FPDS-ng) on August 27, 2020 including cumulative contract actions from March 13 through August 24, 2020. 

9. Data extracted from Federal Procurement Data System (FPDS-ng) on December 8, 2020 for FY20.

 NAICS Codes and Descriptions

FY2020 Annual Report to Congress 15
GOOD FAITH EFFORT MANDATE

The contracts provision in the Dodd-Frank Act § 342 requires OMWI agencies to establish a procedure to evaluate whether an agency 

contractor has failed to make a good faith effort to include people of color and women in their workforce. In accordance with the 

mandate regarding the diversity of the contractor’s workforce, the Treasury Departmental Offices OMWI, in collaboration with other 

OMWI agencies, developed language for inclusion in Departmental Offices service contracts in excess of $150,000. The final rule was 

published in the Federal Register on March 20, 201410 and, subsequently, this clause has been included in applicable contracts. 

The Department of Labor (DOL) Office of Federal Contract Compliance Programs (OFCCP) conducts diversity-related reviews on 

a subset of contractors across the federal government, including good faith effort assessments of contractor workforce diversity. 

Treasury determined that reliance on OFCCP’s good faith effort assessments and findings would reduce overlapping reviews and 

leverage OFCCP’s expertise. Utilizing OFCCP evaluation and investigation data, OMWI has developed and implemented a procedure 

to determine whether applicable Departmental Offices contractors have failed to make a good faith effort to include people of color 

and women in their workforce. 

From OFCCP’s assessments, OMWI uses OFCCP’s binary (yes/no) findings of the five categories used to establish “good faith effort”: 

1) hiring, 2) recruitment, 3) systemic discrimination, 4) salary, and 5) other. A vendor would fail to demonstrate a good faith effort 

to achieve workforce diversity if there is a violation found in one or more of these categories: 

• Hiring – failure to actively monitor the demographic data of new hires and make an unbiased hiring decision

• Recruitment – failure to conduct appropriate outreach and recruitment activities that avoid excluding any specific group

• Systemic Discrimination – systematic discrimination against any group

• Salary – indication that any a group has been unfairly compensated

• Other – a violation that does not fall into one of the categories listed above.

If no violations are found in any of the areas assessed by OFFCCP, including the good faith effort categories, the contractor will 

receive a Notice of Compliance to denote compliance with all regulations. If the evaluated vendor is found to have one or more 

violations, OFCCP may enter into an agreement with the contractor to remedy the violation within a set period of time, typically 

6 months. Otherwise, OFCCP may issue a Consent Decree with the vendor by reaching a settlement with no admission of guilt. 

Alternatively, OFCCP may enter a financial arrangement with the vendor to rectify identified violations. In the case that a Treasury 

Departmental Offices contractor evaluated by OFCCP does not receive a Notice of Compliance, OMWI will accept as final the specific 

remedy conferred by OFCCP. 

In addition to its regular review of federal contractors based on random sampling, OFCCP will conduct individual investigations 

in response to a specific allegation of discrimination by a federal contractor that is reported to OFCCP. A vendor would be found 

in violation if there was indication of discrimination based on color, national origin (Hispanic), race (American Indian/Alaskan, 

Asian/Pacific, Black), religion, sex (women, men), veteran, disability, or “other.” In the case that a Treasury Departmental Offices 

contractor is investigated by OFCCP, OMWI will accept as final the specific remedy conferred by OFCCP.

Treasury Departmental Offices had 284 contracts in FY 2020 that met the requirements for a good faith effort review. Of those 

contracts, there were 161 unique Treasury Departmental Offices contractors. Thirteen percent (21) of these contractors had 

undergone either OFCCP comprehensive compliance evaluations or OFCCP investigations for discrimination in response to a specific 

allegation within the past 5 years. 

The comprehensive OFCCP compliance evaluation included 12 percent (20) of the 161 contractors. These 20 contractors represented 

49 percent of the FY 2020 contract dollars obligated by Treasury Departmental Offices for vendors with contracts that met the 

threshold for good faith effort reviews ($171 million out of $348 million in vendors with GFE-eligible contracts). OFCCP evaluations 

10. Refer to http://www.gpo.gov/fdsys/pkg/FR-2014-03-20/html/2014-05846.html.

16 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
for violations in the five categories showed that 75 percent (15 contractors) received a Notice of Compliance. Of the five 

contractors that did not receive a Notice of Compliance, four were cited for Record Keeping violations ($81 million in contracts) 

and two were cited for lack of a written Affirmative Action Plan (AAP) ($36 million in contracts). Other cited violations included 

Recruiting, Record Keeping, Hiring, and Systemic Discrimination. OFCCP ultimately conferred conciliation agreements as the 

remedy for these violations. 

OFCCP conducted investigations for seven reported allegations of discrimination, four percent of the 161 contractors ($77 million in 

total contracts). The reported allegations against the seven contractors included discrimination against one or more of the following: 

Color, Black, Religion, Veteran, Disabled Employees, or a reported allegation cited as “other discrimination.” The outcomes of these 

investigations resulted in no violations being confirmed.

FINANCIAL AGENT AUTHORITY

In addition to the procurement of goods and services through processes governed by the Federal Acquisition Regulation (FAR), 

Treasury also has financial agent authority (FAA). Unique to the Treasury and granted by the National Bank Acts of 1863 and 1864, 

the FAA allows Treasury to designate financial institutions to provide certain services on the government’s behalf. These firms act 

on behalf of the government during the performance of their duties under an agent-principal relationship with Treasury. Financial 

agents also have the fiduciary obligation to protect the interests of the United States.

During the height of the financial crisis that began in 2008, Treasury made greater use of its FAA authority in the management of the 

Troubled Asset Recovery Program (TARP) and the Small Business Lending Fund (SBLF), engaging external broker-dealers and asset 

managers, including minority-owned and women-owned financial services firms. With the active wind-down of the TARP program 

and SBLF since FY 2017, FAA opportunities have been limited. There had been only one financial agent serving as an asset manager 

to support both portfolios and that financial agent agreement ended effective December 1, 2020. Therefore, there have been no 

substantial opportunities for Treasury to engage women-owned, minority-owned, or minority women-owned financial agents to 

provide broker-dealer, asset management, or underwriting services for the period 2015-2020.

FY2020 Annual Report to Congress 17
“Although our lives 

as Americans have 

been forever altered 

by the events of 

2020, the need for 

greater unity and 

fairness for all people 

remains paramount 

as life returns to more 

“precedented” times.” 

Lorraine Cole, 

Chief Diversity and Inclusion Officer

18 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
INITIATIVES & 

ACCOMPLISHMENTS 

CAPACITY BUILDING 

TREASURY’S BANK MENTOR-PROTÉGÉ PROGRAM. 

Treasury has a unique financial agent authority granted by the National Banks Acts of 1863 and 1864 that allows Treasury to 

designate financial institutions to provide certain services on the government’s behalf. In FY 2018, OMWI and the Bureau of Fiscal 

Services Office of Collections collaborated to launch a new program to facilitate the inclusion of a broader segment of the financial 

institution community to serve as Treasury financial agents. Several large banks perform revenue collections and deposits activities 

as financial agents on behalf of Treasury. This program has sought that these large financial agent banks establish mentor-protégé 

agreements with small financial institutions (with assets under $2 billion) in order to provide technical assistance to the participating 

protégé institutions to build their capacity to serve as conduits for financial agent work. This first-of-its-kind program was officially 

launched in August 2018 when the first mentor-protégé agreement was signed between a small minority-owned bank and a 

Treasury financial agent bank. 

Although the original aim of the Bank Mentor Protégé Program was to engage only the limited number of existing Treasury financial 

agent banks to serve as mentors, the program subsequently expanded to include more than only financial agent banks. The Treasury 

Bank Mentor Protégé Program now works to establish relationships between the largest U.S. commercial banks as mentors and 

small and minority-owned banks as protégés. This expanded program scope is intended to increase the capacity of small and 

minority-owned banks to better serve their customers and potentially Treasury, strengthen their ability to withstand the rigors of 

the rapidly changing banking industry and economic environment, and create new partnerships with Treasury across the banking 

industry. 

It has been the experience that the “courtship” process between prospective mentor protégé dyads has been deliberative, 

methodical, and lengthy. In the past two years, the program has grown to include 14 banks and among them nine formalized 

mentor-protégé relationships. Several additional large banks are in varying stages of formalizing agreements with small and 

minority-owned banks.

Treasury is not involved in matchmaking between specific mentor and protégé banks, does not determine specific parameters of 

the agreements between them, and does not offer any incentives or compensation for participation as either a mentor or protégé 

in the program. The goals between each mentor protégé dyad is independently and uniquely determined based on the capacity 

and expertise of the respective banks. The types of technical assistance and growth strategies are either narrowly specialized or 

broadly encompassing, as mutually determined during the early development of the mentor-protégé arrangement. Technical 

support provided could range from operations, such as expanded banking offerings, fraud monitoring, and emerging technologies 

to business development, such as access to capital, mergers and acquisitions, and contracted work specific to Treasury operations. 

Therefore, there is no single standard or measure of success of each bank in the program because each relationship is unique.

The potential benefits of the mentor-protégé program to the growth and sustainability of protégé banks are evident. For example, 

after Citi and Industrial Bank established their mentor-protégé agreement, Industrial Bank expanded its line of business to support 

work for Treasury and recently expanded its geographic footprint beyond Washington DC by assuming the ownership of banks in 

New Jersey and New York.

Moving forward, Treasury will continue to work to increase the number of participating mentor and protégé banks, expand networks 

within the financial-services industry, as well as to facilitate the inclusion and diversity of a broader range of financial institutions 

in Treasury business opportunities. Treasury also will explore new initiatives and actionable policy recommendations to help MDIs 

improve their operations and/or product offerings to better serve consumers and the communities in which they operate.

FY2020 Annual Report to Congress 19
The Treasury Bank Mentor Protégé Program is a collaborative effort between Treasury’s Office of Minority and Women Inclusion and 

the Bureau of the Fiscal Service. The two employees who were responsible for developing the mentor protégé program, Lorraine 

Cole and Corvelli McDaniel, were honored for their role with the 2020 Service to America Medal People Choice Award11 (known as 

the Oscar’s of federal government service).

COVID-19 RELATED SUPPORT THROUGH MINORITY DEPOSITORY INSTITUTIONS

In FY 2020, the focus of diversity in Treasury business activities pivoted to ensure that minority depository institutions (MDIs) were 

represented among lenders as part of the Paycheck Protection Program (PPP), Treasury’s economic response to the COVID-19 

pandemic. During the unprecedented pandemic this year, MDIs played a key role in delivering needed capital and relief to 

underserved communities. When the initial round of the PPP closed on August 8, 2020, 175 MDI lenders had made more than 

123,000 PPP loans totaling over $10.3 billion. 

INDUSTRY OUTREACH

Treasury typically engages with small, minority-owned, and women-owned businesses through substantial outreach efforts, both 

conducted by Treasury and in partnership with external organizations and agencies. In FY 2020, due to the COVID-19 pandemic, 

many outreach activities were postponed or canceled. However, Treasury participated in several onsite events in the first two 

quarters of the fiscal year and some virtual activities throughout the remainder of the year. Ironically, those that were held virtually 

rather than onsite provided the opportunity to reach larger and more geographically diverse audiences than would have been 

otherwise possible. 

Joint OMWI Industry Technical Assistance Event. In FY 2020 (December 2019), the eight OMWI agencies (Treasury, Office 

of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Federal Housing Financial 

Agency, National Credit Union Association, and the Securities and Exchange Commission) held a joint technical assistance event 

for minority-owned and women-owned businesses. Entitled Connections that Count, the event featured former small businesses 

that that shared their successful growth strategies and provided guidance for creating winning teaming arrangements, There were 

also opportunities to network with representatives from the federal financial services agencies, the Minority Business Development 

agency, the Northern Virginia Procurement Technical Assistance Center (PTAC), and fellow vendors. The onsite event attracted 138 

attendees and eight exhibitors. 

Freedman’s Bank Forum. The Freedman’s Savings and Trust Company, commonly referred to as the Freedman’s Bank, was 

created to provide banking services for formerly enslaved Americans in 1865. Although the bank came to an unfortunate end only 

nine years later, its history stands as an important legacy of the nation’s efforts to promote financial inclusion, particularly among 

African Americans. 

The last major outreach event conducted onsite at the main Treasury headquarters building prior to restrictions due to the COVID-19 

pandemic was the Freedman’s Bank Forum.12 This event was held on March 3, 2020 in commemoration of the 155th anniversary of 

the Freedman’s Savings and Trust Company’s charter. Approximately 200 participants attended, representing minority depository 

institutions and various other facets of the financial and banking industries and financial education and counseling. Treasury 

Secretary Steven Mnuchin, Deputy Secretary Justin Muzinich and other key Treasury officials participated on the program, as well as 

leaders from other federal financial services agencies. 7

Beyond discussing the history and legacy of Freeman’s Bank, key topics of the forum included:

• Preserving Minority Depository Institutions

• Expanding banking opportunities through financial innovation and partnerships

11 https://ourpublicservice.org/publications/partnership-for-public-service-honors-corvelli-mcdaniel-and-lorraine-cole-as-2020-service-to-america-medal-winners/

12 The video of the entire Freedman’s Bank Forum is available on demand at: https://treas.yorkcast.com/webcast/Play/4baa66eec3fc4c6caa75b80826eb62491d

20 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
• Investing in minority entrepreneurs and minority-owned businesses

• Increasing financial literacy and wealth building 

The speakers included prominent regulatory officials and private and non-profit sector leaders who discussed the important role 

that Minority Depository Institutions play in broad-based economic growth, and public and private strategies to address the financial 

inclusion and community and economic development. The dialogue both informed and highlighted Treasury’s and other federal 

government programs and policies related to Minority Depository Institutions; and promoted opportunities that support economic 

development for all American communities. In follow-up to this event, a Treasury cross-agency MDI Brain Trust was established 

to explore potential initiatives to address the needs and challenges of Minority Depository Institutions based on the information 

gathered at this and other meetings with MDI representatives. 

Treasury-SBA-MDI Roundtable. OMWI conducted a virtual Treasury-SBA-MDI Roundtable to receive important industry 

intelligence about challenges, insights, needs, and recommendations of minority-owned banks and the communities they serve in 

implementing the Paycheck Protection Program (PPP). This roundtable provided a rare opportunity for the leadership of Treasury 

and the Small Business Administration to hear first-hand from the Presidents/CEOs of minority-owned banks that were PPP lenders. 

This Roundtable was hosted by Deputy Secretary Justin Muzinch, SBA Administrator Jovita Carranza, and Chair of the National 

Bankers Association, Kenneth Kelly, with the Chief Diversity & Inclusion Officer/OMWI Director serving as the moderator for the 

program. Presidents/CEO of minority-owned banks that are part of the Treasury Mentor Protégé Program led detailed discussions 

about their experiences as PPP lender and provided recommendations to impacted policy pertaining to the program. For instance, 

one of the concerns raised during the session was the inordinate administrative time and high costs to process low dollar loan 

applications and concerns that this burden would be repeated during the application process for loan forgiveness. Among the many 

recommendations emanating from this session was for a minimally burdensome PPP loan forgiveness process, which subsequently 

was accomplished. 

ChallengeHer. ChallengeHer is a national initiative to boost government contracting opportunities for women entrepreneurs with 

a special focus on the Women-owned Small Business (WOSB) Federal Contracting Program. From FY 2018 through FY 2020, the 

Treasury Office of Small Disadvantaged Business Utilization (OSDBU) has partnered with Women Impacting Public Policy, American 

Express, and U.S. Small Business Administration ChallengeHer program to deliver free workshops, mentoring, and direct access for 

women-owned and economically disadvantaged women owned small businesses. 

Vendor Outreach. The Treasury Office of Small Disadvantaged Business Utilization (OSDBU) hosted three vendor outreach 

sessions in FY 2020, which included a session for all vendors, as well as specialized sessions exclusively for women-owned small 

businesses, historically underutilized business zones (HUBZone), and service-disabled veteran-owned businesses. In addition, 

OSDBU participated in several onsite and virtual outreach events sponsored by government and external organizations that 

represent the vendor community, serving as panelists, speakers, facilitators, planning committee members, and exhibitors. Those 

sponsored events are listed below:

• ChallengeHer Conference – Arlington, Virginia

• Connections that Count: Joint OMWI Industry Technical Assistance Event – Arlington, VA

• National 8(a) Association Small Business Conference – New Orleans, Louisiana

• The Catalyst Virtual Event for HUBZone – Virtual Matchmaking

• National HUBZone Conference (HUBZone Contractors National Council) – Virtual Matchmaking

FY2020 Annual Report to Congress 21
ECONOMIC EMPOWERMENT

In addition to supporting the minority-owned and women-owned businesses through federal contracting, Treasury takes a 

leadership role in supporting economic development in underserved communities through funding programs designed to support 

community investment and access to capital for small businesses. 

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND

Access to affordable financial products and services is a staple of economically sound communities. Yet, one quarter of American 

households are unbanked (6.5 percent) or underbanked (18.7 percent) and rely on more costly financial products and services 

outside of the banking system.13 In recent years, the lack of access to capital investment for small businesses and other community 

development projects has led to increased need for alternative and reliable sources of financing. Mission-driven organizations called 

Community Development Financial Institutions (CDFIs) fill these gaps by offering affordable financial products and services that meet 

the unique needs of economically underserved communities. Through awards and training, Treasury’s Community Development 

Financial Institutions Program (CDFI Program) invests in and builds the capacity of CDFIs, empowering them to grow, achieve 

organizational sustainability, and contribute to the revitalization of their communities.

Since its creation in 1994, the CDFI Fund has awarded more than $2.6 billion in Financial Assistance and Technical Assistance 

awards through the CDFI Program, including the Healthy Food Financing Initiative-Financial Assistance and Disability Funds-Financial 

Assistance awards. In FY 2020, 357 organizations received $142.8 million in Financial Assistance (FA) and Technical Assistance (TA) 

awards, consisting of 230 FA and 127 TA awards. Recipients of the awards included 207 loan funds, 108 credit unions, 36 depository 

institutions/holding companies, and 6 venture capital funds. The CDFI Fund also awarded $22 million in Healthy Food Financing 

Initiative-FA and $4 million in Disability Funds-FA awards in FY 2020. 

The Consolidated Appropriations Act for Fiscal Year 2020 required that 10 percent of the funds awarded by the CDFI Fund under 

the appropriation “shall be used for awards that support investments that serve populations living in Persistent Poverty Counties 

(PPCs).”  PPCs are defined as counties where 20 percent or more of the population has lived in poverty over the past 30 years. These 

counties can be found in the United States in both rural and urban areas. For the FY 2020 round, 106 organizations received $18.5 

million in awards specifically for investments in PPCs, which is in addition to the work that CDFIs already do in PPCs. Historically, past 

CDFI Program awardees made 17 percent of their loans and investments in PPCs. 8

SMALL BUISINESS LENDING FUND

Established by the Small Business Jobs Act of 2010 (the Act), the Small Business Lending Fund (SBLF) is a fund specifically dedicated 

to provide capital to qualified community banks and community development loan funds (CDLFs) in order to encourage small 

business lending. The purpose of the SBLF is to encourage community-based banks and small businesses to work together, help 

create jobs, and promote economic growth in communities across the nation. The Act defines “small business lending” as business 

loans that are (i) $10 million or less to businesses with $50 million or less in revenue, and (ii) included in one of the following 

categories: 

• Commercial and industrial loans 

• Owner-occupied nonfarm, nonresidential real estate loans

• Loans to finance agricultural production and other loans to farmers

• Loans secured by farmland

Treasury invested over $4.0 billion in 332 institutions through the SBLF program. These amounts include investments of $3.9 

billion in 281 community banks and $104 million in 51 development loan funds. Collectively, these institutions operate in over 

3,000 locations across 47 states and the District of Columbia. Through the end of September 2020 (the fourth quarter of FY 2020), 

institutions participating in SBLF have made important progress in increasing their small business lending, helping to support small 

businesses and local economies across the nation. Since the program's inception, the total increase in small business lending 

reported by current and former SBLF participants is $19.1 billion over the 2010 baseline of approximately $35 billion.

13. https://www.fdic.gov/householdsurvey/2017/2017report.pdf

22 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Increases in small business lending are widespread among remaining SBLF participants. Through September 2020, five of six (or 83 

percent) currently participating community banks and both CDLFs have increased their small business lending. In addition, seven of 

the eight current SBLF participants (or 88 percent) have increased their small business lending by 10 percent or more.

Treasury does not collect racial/ethnic or sex information on the SBLF participant’s borrowers. However, in a survey of SBLF 

participants for the year ended June 30, 2014 (the most recent available), 92 percent of participants reported engaging in outreach 

or advertising activities targeting women, veteran, or minority communities. In total, 83 percent of SBLF participants reported that 

they are members of, or participate in, community organizations and/or trade associations that target women, veteran, or minority 

communities; 59 percent reported using paid advertisement or notices in print, radio, or electronic media to target women, veteran, 

or minority communities; and, 52 percent indicated that they distributed marketing materials targeting women, veteran, or minority 

communities. In total, participants reported expenditures of $15.4 million associated with small business-related outreach activities 

and allocated approximately $5.0 million (32 percent) to activities targeting women, veteran, or minority communities.

ACCOUNTABILITY

Leadership Monitoring. OMWI develops detailed weekly reports of MWOB contracting for the senior leadership and staff. 

Each bureau’s small business and MWOB contracting performance also is reported to the senior leadership in performance review 

sessions with Bureau Heads. The Senior Procurement Executive uses monthly Treasury Acquisition Council meetings with Bureau 

Chief Procurement Officers to review and discuss the status of Treasury’s overall small business contracting performance against its 

goals and examine the MWOB contracting rate. 

Performance Elements. The performance criteria for the Chief Procurement Officers in each Treasury bureau include elements 

pertaining to the achievement of small business contracting goals and the fair utilization of minority-own and women-owned 

businesses, without regard to size. At minimum, Chief Procurement Officers are required to demonstrate the following: 

 Small Business Goals. Actively promote and support early market research and acquisition planning activities to 

foster business strategies that maximize small business contracting opportunities and small business set asides with 

overall small business, small disadvantaged business, service disabled veteran owned small business, women-owned 

small business and HUBZone Small business, when the research and planning indicate that the small business community 

is capable of performing the work at a reasonable cost or price. 

 Minority-owned and Women-owned Business (MWOB) Utilization. Actively support efforts to ensure 

fair inclusion and utilization of minority-owned and women-owned businesses, without regard to size, in contracting 

opportunities to the maximum extent possible. Develop and implement strategies for diversification of the vendor base, 

including early acquisition planning, regular procurement forecasting, strategic market research, and outreach. 

CHALLENGES

Category management strategies have been employed by the government-wide acquisition community to streamline and manage 

entire categories of spending across government as a single enterprise. The purpose of category management is to better leverage 

the government’s buying power, reduce unnecessary contract duplication, increase efficiency, and deliver more value and savings. 

Safeguards have been put in place to promote small business utilization within the context of category management. For example, 

small business utilization is one of the five key performance indicators of the category management initiative, and each of the 

ten Common Spend Category strategic plans must include small business utilization. No safeguards are mandated regarding the 

utilization of MWOB businesses (other than specific small business categories). As a result, there were concerns about the potential 

for more limited use of MWOB businesses resulting from the creation of new acquisition vehicles, such as “Best in Class” contract 

vehicles for mandatory sourcing to specified pools of businesses that contain only a small number of MWOB vendors. However, 

after the implementation of category management strategies, there has been no appreciable changes recorded in MWOB utilization 

since FY 2018, the first year of implementation. OMWI will continue monitoring for possible changes resulting from category 

management of MWOB utilization.

FY2020 Annual Report to Congress 23
FISCAL YEAR 2021 PLANS

Since OMWI first began tracking MWOB contracting in 2011, there has been an upward trajectory in MWOB utilization within 

Treasury Departmental Offices and the commitment to MWOB contracting has remained strong. In FY 2020, 20 percent of contract 

dollars totaling $71 million went to minority-owned; and 16 percent of contract dollars totaling $56 million went to women-owned 

businesses. 

Although there are no goals for MWOB contracting, the congressionally mandated small business goals can serve as useful 

benchmarks to gauge performance. The Treasury Departmental Offices MWOB contracting performance of exceeds the 

benchmarked goals for contracting with comparable small businesses categories. Contracting with minority-owned businesses was 

20 percent in FY 2020, which is well above the benchmarked 5 percent goal as mandated for contracting with small disadvantaged 

businesses (and are largely minority-owned). Additionally, contracting with women-owned businesses was 16 percent in FY 2020, 

which exceeds the benchmarked 5 percent goal as mandated for contracting with small women-owned businesses. It is also 

important to note that MWOB contracting is not limited to less prominent business categories. There is strong MWOB representation 

among contracts in five of the Treasury Departmental Offices top seven industry codes. 

OMWI will strive to support efforts that will not only maintain but continually improve this performance. Specific efforts that will be 

undertaken in FY 2020 include the following: 

Accountability. OMWI will continue to monitor and develop regular reports on the utilization of minority-owned and womenowned businesses by each of the Bureaus. Such reports will track progress for use by the acquisition community and leadership, 

including periodic performance reviews conducted by senior leadership. Additionally, OMWI will continue to explore the use of 

new metrics and benchmarks to increase understanding of possible barriers and aspirational standards for business diversity and 

inclusion. 

MWOB Utilization. For ten consecutive years, utilization of minority-owned and women-owned businesses of all sizes by 

Treasury Departmental Offices has been well above government benchmark standards. In addition, Treasury Departmental Offices 

has met or exceeded aggressive goals in contracting with small disadvantaged businesses and women-owned small businesses. In 

FY 2021, Treasury will strive to maintain its strength in MWOB utilization and small business goal attainment by continuing to employ 

the strategies that have proven successful for Treasury since FY 2011. This has included targeted outreach, leadership oversight 

and accountability, new policies when necessary, regular monitoring and reporting, new tools and resources for the acquisition 

community, and regular intra-agency communication. 

Financial Agent Authority (Non-FAR). Treasury will continue to build relationships and actively engage with stakeholder 

groups that represent minority-owned and women-owned financial institutions and professional who are people of color and 

women. This open dialogue and engagement will support diverse participation in future program opportunities that may arise under 

the Treasury financial agent authority. Treasury will continue to ensure that requests for proposals or other solicitation processes for 

financial agent opportunities are fair and will encourage meaningful participation of minority-owned and woman-owned businesses 

either as financial agents or contractors to financial agents. 

In FY 2021, OMWI and the Bureau of Fiscal Service will continue its collaborative work to expand the Bank Mentor-Protégé Program 

between large and small banks. The long-term programmatic aim is for approximately 20 percent of all minority-owned banks (30 

banks) to become protégés and 20 of the largest banks to become mentors with 1 to 2 protégés each. 

Outreach: OMWI is committed to conducting robust and effective outreach to minority-owned and women-owned small 

businesses, in collaboration with the Office of Small Disadvantaged Business Utilization. In addition to public posting on the Federal 

Business Opportunities website, OMWI and OSDBU will continue to conduct listening sessions, roundtables, vendor outreach 

sessions, and presentations at conferences and events conducted by industry organizations and federal agencies. 

24 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
WORKFORCE DIVERSITY 

& INCLUSION 

WORKFORCE DEMOGRAPHY 

All Treasury Departmental Offices employees play important roles in the fulfillment of the overall Treasury mission. All employees 

bring perspectives to their work that are influenced by their backgrounds, culture, and experiences. From analyses of the racial, 

ethnic, and sex diversity within Treasury Departmental Offices, OMWI has developed workforce profiles, trends, benchmark 

comparisons, hiring and attrition rates, pipeline profiles, and demographic differentiation at upper and senior levels and in missioncritical occupations in FY 2020.14 However, just as importantly, OMWI has compiled survey results and benchmark comparisons 

of employee perspectives of the Treasury Departmental Offices workplace environment relative to inclusion. This comprehensive 

examination informs the recommendations for the work of OMWI going forward.9

RACIAL/ETHNIC AND SEX PROFILES

The total Treasury-wide workforce across all bureaus and the Departmental Offices in FY 2020 was 94,654 permanent employees 

(compared to 90,319 in FY 2019). The Treasury Departmental Offices permanent workforce represents about 2 percent of the total 

Treasury-wide workforce. As of the close of FY 2020, Treasury Departmental Offices had 1,883 permanent employees, an increase of 

123 (7 percent net change) from FY 2019 (1,760). Permanent employees comprised 93 percent and temporary employees (including 

non-career employees) comprised 7 percent of the total DO workforce.

More than a third (37 percent) of Treasury Departmental Offices permanent employees across all grade levels are people of color. 

The overall percentage of people of color increased by 1 percent from FY 2019 to FY 2020. Each underrepresented group had an 

increase in the number within their respective representation. However, the increase in number was insignificant to realize an 

increase in the percentage of Asian, Hispanic and “Other” groups and only a 1 percent increase in the percentage of Black employees 

compared to FY 2019. (Figure 5)

Figure 5

FY 2020 Treasury Departmental Offices Permanent Workforce by Race/Ethnicity

14. Analyses do not include the racial ethnic categories, Native Hawaiian or Other Pacific Islanders, American Indian or Alaskan Natives, or Two or More Races because the 

representation of each of these groups is zero to less than one percent of the total Departmental Offices permanent workforce. 

Other

White

Black

Asian

Hispanic

 *Percentages have been rounded to whole numbers

63%

21%

10%

1%

5%

FY2020 Annual Report to Congress 25
The percentages of employees by sex in Treasury 

Departmental Offices in FY 2020 remained unchanged 

compared to the FY 2019 representation of women and 

men. The representation of women and men were 44 

percent and 56 percent, respectively. (Figure 6)

BENCHMARK COMPARISON

To assess the relative status of the diversity profile 

of Treasury Departmental Offices, the Treasury 

Departmental Offices workforce was compared with the 

federal government-wide workforce (FWF), Treasurywide workforce (TWF), Civilian Labor Force (CLF), and 

the Relevant Civilian Labor Force for Departmental 

Offices (DO/RCLF) by race/ethnicity and sex 

participation.15 Table 6 depicts the racial/ethnic and 

sex comparison of the Treasury Departmental Offices 

permanent workforce for FY 2020 with the demography of 

these benchmarks.10

Table 6

FY 2020 Treasury Departmental Offices (DO) Permanent Workforce Demography by Race/Ethnicity and Sex Compared to Federal 

Government, Treasury-Wide, Civilian Labor Force, and Relevant Civilian Labor Force Demography*

Demographic 

Groups

Treasury 

Departmental 

Offices

Federal 

Government 

Workforce 

(FWF)***

Treasury-wide 

Workforce 

(TWF)

Civilian 

Labor Force 

(CLF)

Relevant 

Civilian Labor 

Force (DO/

RCLF)

Men 56%/1059 57% 39% 52% 55%

Women 44%/824 43% 62% 48% 45%

Hispanic Men 3%/58 5% 4% 5% 3%

Hispanic Women 2%/44 4% 8% 5% 3%

White Men 39%/736 39% 24% 38% 44%

White Women 24%/445 25% 29% 34% 33%

Black Men 8 %/142 8% 7% 5% 4%

Black Women 13%/245 11% 21% 7% 5%

Asian Men 6%/110 4% 3% 2% 3%

Asian Women 4%/83 3% 4% 2% 3%

Other 1%/20 3% 1% 2% 1%

Key: Highlighted cells denote benchmarks for which the racial/ethnic or sex group within the Treasury Departmental Office permanent workforce is lower by comparison.

*Percentages have been rounded to whole numbers.

**Table 6 ‘Other’ includes the racial ethnic categories, Native Hawaiian or Other Pacific Islanders, American Indian or Alaskan Natives, or Two or More Races that combined total 

approximately one percent of the total Departmental Offices permanent workforce.

*** Federal Workforce data is derived from the OPM Federal Employment Reports, (Executive Branch Employment by Gender and Race/National Origin (opm.gov))

15. For the purpose of this analysis, Relevant Civilian Labor Force (RCLF) refers to the Civilian Labor Force (CLF) data that are directly comparable to the main occupations in Treasury 

Departmental Offices.

Men

56% 44%

Women

Figure 6

FY 2020 Treasury Departmental Offices Permanent Workforce 

by Sex

26 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Across the four benchmarks (FWF, TWF, CLF, DO/RCLF), the Treasury Departmental Offices representation of women overall is lower 

except for the FWF representation and the representation of White women is lower than all four benchmarks. The representation 

of White men is equal or greater than the FWF, TWF, CLF, and below the DO/RCLF. Among underrepresented groups, the 

representation of Hispanic men is lower compared to the FWF, TWF, CLF, and equal to the DO/RCLF. The representation of Hispanic 

women is lower compared to each of the four benchmarks, a 6 percent lower difference (2 percent) when compared to the TWF 

(8 percent). The representation of Black men is equal to or higher than each of the four benchmarks; and the representation of 

Black women is higher across three of the four benchmarks, with the exception being the TWF. (However, it is noteworthy that the 

representation of Black women in the Treasury-wide workforce is considerably higher at 21 percent.) The representation of both 

Asian men and Asian women are equal to or higher than each of the four benchmarks.

SENIOR AND EXECUTIVE MANAGEMENT

Consistent with the EEOC definition of senior management as Federal General Schedule (GS)-15 and above, the Treasury 

Departmental Offices’ focus has been oversight and monitoring of recruitment/outreach, hiring, advancement, and attrition in GS-15 

and Senior Executive Service (SES) positions. Treasury Departmental Offices also tracked and monitored the racial/ethnic and sex 

representation of the GS-13 and GS-14 grade level workforce, which can serve as the pipeline for senior management. Although 

there are no specific goals for demographic representation by race/ethnicity and sex, comparison to the total Treasury Departmental 

Offices permanent workforce representation provides a general benchmark for the relative inclusion by group at upper and senior 

management levels (Table 7).

Table 7

FY 2020 Treasury Departmental Offices (DO) Permanent Workforce by 

Upper Management Grade Groupings Compared to the Total Treasury DO Workforce*

Demographic 

Groups

Treasury 

Departmental 

Offices

Treasury 

DO 

SES

Treasury 

DO

GS-15

Treasury 

DO

GS-14

Treasury 

DO 

GS-13

Treasury DO 

GS-12 & 

below

Men 56%/1059 74% 58% 58% 52% 45%

Women 44%/824 26% 42% 42% 48% 55%

Hispanic 5%/102 2% 3% 5% 7% 9%

White 63%/1181 87% 79% 61% 55% 41%

Black 21%/387 6% 9% 18% 27% 40%

Asian 10%/193 5% 8% 15% 10% 9%

Other 1%/20 0% 1% 1% 2% 1%

Key: Highlighted cells denote benchmarks that are lower than the percentage of the racial/ethnic or sex group within the Treasury Departmental Office permanent workforce.

*Percentages have been rounded to whole numbers.

Permanent Positions. For FY 2020, the representation of each underrepresented group and women in permanent GS-15 and 

SES level positions continues to be below the representation within the total Treasury Departmental Offices permanent workforce. 

There are no civilian labor force data comparable to SES level positions.

People of color represent 37 percent of the total Treasury Departmental Offices permanent workforce but represent only 21 percent 

of the GS-15 level positions and 13 percent of the SES level positions. There is greater representation of people of color in positions 

below the GS-15 level, i.e., 59 percent in the GS-12 & below levels and 45 percent at the GS-13 level. For each racial/ethnic group, 

underrepresentation compared to their respective total workforce benchmarks exists for Black employees in GS-14, GS-15, and SES 

positions and Hispanic and Asian employees in GS-15 and SES positions. 

Women represent 44 percent of the total Treasury Departmental Offices permanent workforce but represented only 42 percent in 

GS-14, 42 percent in GS-15, and 26 percent at SES level positions. The representation of women at the GS-15 level increased by 1 

FY2020 Annual Report to Congress 27
percent in FY 2020 (42 percent) compared to FY 2019 (41 percent); at the GS-14 level decreased by 3 percent in FY 2020 (42 percent) 

compared to FY 2019 (45 percent); and increased at the SES level by 2 percent in FY 2020 (26 percent) compared to FY 2019 (24 

percent). The representation of women in positions below GS-14 exceeds their overall representation in the total workforce, i.e., 48 

percent at the GS-13 levels and 55 percent at GS-12-below levels. This underrepresentation of people of color and women at senior 

positions and executive levels and overrepresentation in positions at GS-13 and GS-12 and below are consistent trends since OMWI 

began annual reporting in 2011. 

Presidentially Appointed Positions. In FY 2020, one woman, who is also Hispanic, was among the highest ranking 

Presidentially appointed positions in Treasury Departmental Offices until January 2020 when she was appointed to a Cabinet 

level position heading a different federal agency. Appointed positions are not included by the Equal Employment Opportunity 

Commission in calculations of the permanent workforce census.

ALL GRADE GROUPINGS

A comparison of the representation by sex and racial/ethnic group status across all grade groups within the Treasury Departmental 

Offices permanent workforce shows the greatest number of employees among women and people of color are in GS-12 and lower 

positions, at 55 percent and 59 percent, respectively (Figures 7 and 8).

Figure 7

FY 2020 Departmental Offices 

Permanent Workforce Grade Comparison By Sex

Figure 8

FY 2020 Treasury Departmental Offices 

Permanent Workforce Grade Comparison By Racial/Ethnic Group Status

55%

42%

GS 12 & below GS-13 – 15

Men

Women

SES

44%

56%

24%

74%

0%

80%

60%

40%

20%

White

Minorities

59%

41%

GS 12 & below GS-13 – 15 SES

32%

68%

13%

87%

80%

100%

60%

40%

20%

0%

28 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
HIRING AND ATTRITION 

Hiring. In FY 2020, the hiring rate for Hispanic employees was 8 percent and Black employees was 16 percent, both of which 

were hired at rates that were 2 percent higher than the prior year (6 percent and 14 percent, respectively). The hiring rate for Asian 

employees was 11 percent and women was 41 percent, both of which was 2 percent lower than the prior year (13% and 42 percent 

respectively). Compared to FY 2019, there was no change in the rate of hiring of men and a one percent decrease in the hiring of 

White employees in FY 2020. (Table 8)

Table 8

Treasury Departmental Offices

New Hire Trends of Permanent Workforce by Percentage of Employees Hired*

FY 2016 - FY 2020

Fiscal year Men Women Hispanic White Black Asians 

% of total new hires % of total new hires

2016 53% 47% 7% 58% 20% 12%

2017 63% 37% 7% 64% 15% 13%

2018 58% 42% 5% 75% 11% 7%

2019 57% 43% 6% 66% 14% 13%

2020 57% 41% 8% 65% 16% 11%

*Percentages have been rounded to whole numbers

Attrition. In FY 2020, the largest attrition rates were among Black employees (20 percent), White employees (71 percent), and 

women employees (48%), increasing by 3 percent, 7 percent, and 6 percent respectively compared to FY 2019. These were the 

highest attrition rates from Black, White, and women employees in five years. The attrition rates for Hispanic employees (2 percent), 

Asian employees (6 percent), and men employees (52 percent) decreased by 3 percent, 4 percent and 6 percent respectively 

compared to FY 2019. These were the lowest attrition rates for Hispanic, Asian, and men employees in five years. (Table 9).

Table 9

Treasury Departmental Offices Attrition Analysis:

Percentage by Sex and Race/Ethnicity*

FY 2016 - FY 2020

Fiscal year Men Women Hispanic White Black Asians 

% of total leaving % of total leaving

2016 56% 44% 2% 68% 18% 12%

2017 60% 40% 7% 64% 16% 12%

2018 56% 44% 7% 64% 17% 10%

2019 58% 42% 5% 64% 17% 10%

2020 52% 48% 2% 71% 20% 6%

*Percentages have been rounded to whole numbers

Attrition by Type. In FY 2020, there was an attrition of 189 employees (compared to 224 employees in FY 2019). Resignations 

and transfers combined accounted for the highest attrition rates within Treasury Department Offices for two consecutive years, at 74 

percent combined attrition in FY 2020 and 81 percent combined attrition in FY 2019. (Table 10)

FY2020 Annual Report to Congress 29
Table 10

FY 2020 Treasury Departmental Offices 

Attrition by Type and Demographic Group 

Demographic 

Group Resignations Retirements Transfers Deaths Discharge Deaths Total # Total %

Men 35 22 39 0 1 2 99 52%

Women 28 22 38 1 1 0 90 48%

Hispanics 2 0 2 0 0 0 4 4%

Whites 48 30 54 0 0 2 134 71%

Blacks 8 13 16 1 0 0 38 20%

Asians 5 1 4 0 2 0 12 6%

Other 0 0 1 0 0 0 1 1%

Total Attrition 63 44 77 1 2 2

189 100%

Percentages 33% 23% 41% 1% 1% 1%

*Percentages have been rounded to whole numbers

Among all groups, White employees separated most from resignations than from retirement or transfers, representing 71 percent 

of their attrition. Overall, attrition by race/ethnicity and sex was generally proportionate to their overall representation within the 

Treasury Departmental Offices workforce. White employees accounted for 64 percent of total attrition (144) and people of color 

accounted for approximately 36 percent of total attrition (80). 

Net Attrition or Gain of Among People of Color. Change in overall representation among people of color due to the 

combination of hires and separation rates were compared across the past five fiscal years (FY 2016 through 2020). The successive net 

attrition rates were 10 percent, 0 percent, -11 percent, -2 percent in the respective years with 2 percent net gain in FY 2020. (Table 11)

Table 11

Treasury Departmental Offices 

Net Attrition or Gain of People of Color * | FY 2016 - FY 2020

Employment Status Rates of People of Color 2016 2017 2018 2019 2020

Rate of Hire 42% 36% 25% 33% 31%

Rate of Separation 32% 36% 36% 35% 29%

Net Attrition or Gain 10% 0% -11% -2% 2%

*Percentages have been rounded to whole numbers

Net Attrition or Gain of Women Employees. Changes in the representation among women employees due to the combination 

of hires and separation rates were compared across the past five fiscal years (FY 2016 through FY 2020). The successive net attrition rates 

were 3 percent, -3 percent, -2 percent, -1 percent in the respective years with -7 percent net loss in FY 2020. The -7 percent net attrition in 

FY 2020 was the largest loss of women in five years with a 41 percent hiring rate and a 48 percent separation rate. (Table 12).

Table 12

Treasury Departmental Offices

Net Attrition or Gain of Women Employees | FY 2016 - FY 2020

Women Employment Status Rates 2016 2017 2018 2019 2020

Rate of Hire 47% 37% 42% 43% 41%

Rate of Separation 44% 40% 44% 42% 48%

Net Attrition or Gain 3% -3% -2% 1% -7%

*Percentages have been rounded to whole numbers

30 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
MISSION CRITICAL OCCUPATIONS TRENDS BY RACE/ETHNICITY AND GENDER

Within Treasury Departmental Offices (DO), there are five occupational series that are regarded as critical to supporting the mission 

and vision of Treasury. They are: Economist, General Attorney, Financial Analyst, Information Technology Specialist, and Intelligence 

Analyst. In this section, comparisons of the representation by sex and people of color within each of these occupations in Treasury 

Departmental Offices permanent workforce from FY 2016 through FY 2020 and Occupational Civilian Labor Force (OCLF) data.1611

 Economist: Trends within the Economist (GS-0110) occupational series reveal a consistently lower representation of Hispanics 

and Blacks when compared to their OCLF. However, for the first time in the five-year period from FY 2016 through FY 2020, 

Hispanics exceeded the OCLF in this occupational series in FY 2020. The percentage of Hispanics increased to 3.92 percent (FY 

2020, 8 employees; FY 2019, 4 employees. Although, it is worthy of note that no Hispanic women have been hired in this five-year 

period within this occupational series. Additionally, the representation of Black economists has been consistently below the OCLF 

across this five-year period. (Table 13).)

Table 13

Treasury Departmental Offices 

Economist Series Trends: Percent Employment by Race/Ethnicity and Sex | FY 2016 - FY 2020

Fiscal 

Year

% Hispanic % White % Black % Asian % Total M W M W M W M W

FY 2016 2.46 0 58.62 25.12 0.99 0.49 8.89 3.45 100

FY 2017 1.97 0 57.64 26.11 0.99 0.49 6.4 6.4 100

FY 2018 1.68 0 57.54 27.37 1.12 0 5.59 6.7 100

FY 2019 2.05 0 58.97 25.64 0.51 0 4.62 7.69 100

FY 2020 3.92 0 58.33 24.02 0 0.98 4.9 7.35 100

OCLF 3.34 1.85 55.78 25.2 2.84 2.66 4.46 3.02 100

Key: Highlighted cell denotes that the percentage is below the OCLF;M-Men, W-Women.

 General Attorney: In the General Attorney (GS-0905) occupational series, trends reveal that Hispanic and White men continue 

to be employed at a rate below their respective OCLF rates during the five-year period from FY 2016 through FY 2020. Overall, it is 

striking to report all other groups were employed in FY 2020 at rate above their respective OCLF. (Table 14)

Table 14

Treasury Departmental Offices 

General Attorney Series Trends: Percent Employment by Race/Ethnicity and Sex | FY 2016 - FY 2019

Fiscal 

Year

% Hispanic % White % Black % Asian % Total M W M W M W M W

FY 2016 0.87 2.61 50.43 33.91 1.74 2.61 1.74 4.36 100

FY 2017 0.93 2.8 55.14 31.78 0.93 2.8 1.87 1.87 100

FY 2018 0.91 2.73 54.55 30 0.91 2.73 2.73 3.64 100

FY 2019 0.95 2.86 41.9 39.05 1.9 3.81 3.81 3.81 100

FY 2020 1.72 2.59 38.79 39.66 2.59 4.31 4.31 4.31 100

OCLF 2.52 1.85 59.68 26.68 2.13 2.6 1.82 1.74 100

Key: Highlighted cell denotes that the percentage is below the OCLF;M-Men, W-Women.

16. The OCLF, derived from the census, is the benchmark for the segments of society for the applicant pool. It includes those who 

are employed or seeking employment within that specific occupation who are 18 years of age or older, excluding the military 

and taking citizenship into consideration.

FY2020 Annual Report to Congress 31
 Information Technology (IT) Specialist: In the IT Specialist (GS-2210) occupational series, trends reveal that 

representation of Hispanics and Whites have been substantially below the OCLF rate across the five year period from FY 2016 

through FY 2020, while Black and Asian employees have been employed consistently well above the OCLF respective rates in that 

same time period. (Table 15)

Table 15

Treasury Departmental Offices 

Information Technology Specialist Series Trends: Percent Employment by Race/Ethnicity and Sex | FY 2016 - FY 2020

Fiscal 

Year

% Hispanic % White % Black % Asian % Total M W M W M W M W

FY 2016 3.32 1.87 36.9 12.55 13.28 7.01 16.97 5.54 100

FY 2017 3.19 1.42 36.52 11.7 12.41 6.74 18.09 6.74 100

FY 2018 3.07 1.53 40.23 11.11 11.88 6.13 17.24 5.75 100

FY 2019 2.10 1.26 39.08 10.50 13.03 7.56 16.39 7.14 0

FY 2020 2.68 1.92 37.16 9.20 13.41 8.05 18.01 7.28 0

OCLF 5.39 2.17 52.21 20.89 6.61 4.5 5.14 1.55 100

Key: Highlighted cell denotes that the percentage is below the OCLF;M-Men, W-Women.

 Financial Analyst: Trends within the Financial Analyst (GS-1160) occupational series across a five-year period from FY 2016 

through FY 2020 reveal a consistently lower representation of Hispanic men and women, White men, and Asian men when 

compared to the respective OCLF representation. It is worth noting that the representation of Black employees has consistency 

been above the respective OCLF across the five-year period from FY 2016 through FY 2020. However, it is noteworthy that the 

percentage of Black men has substantially decreased from its highest representation in FY 2018 (10 percent) to 5.77 percent in 

FY 2020. (Table 16)

Table 16

Treasury Departmental Offices 

Financial Analyst Series Trends: Percent Employment by Race/Ethnicity and Sex | FY 2016 - FY 2020

Fiscal 

Year

% Hispanic % White % Black % Asian % Total

M W M W M W M W

FY 2016 3.39 0 40.68 27.12 6.78 15.25 1.69 3.39 100

FY 2017 3.33 0 40.00 23.33 10.00 13.33 3.33 3.33 100

FY 2018 1.89 0 33.96 24.53 9.43 18.87 3.77 5.66 100

FY 2019 1.67 0 38.33 31.67 5.00 11.67 1.67 6.67 100

FY 2020 1.92 0 36.54 36.54 5.77 9.62 1.92 5.77 100

OCLF 3.10 1.97 53.98 22.01 3.55 3.96 6.14 4.40 100

Key: Highlighted cell denotes that the percentage is below the OCLF;M-Men, W-Women.

 Intelligence Analyst. Trends within the Intelligence Analyst (GS-0132) occupational series across a five-year period from 

FY 2016 through FY 2020 reveal a lower representation of Black men, Hispanic women, White women, and women overall 

when compared to the respective OCLF representation. In FY 2020, Hispanic men, White men, and Asian men were above the 

respective OCLF representation. FY 2020 marked the first year that Asian women surpassed the OCLF since FY 2017. Three Asian 

intelligence analyst were hired in FY 2020 increasing the representation to 3.55 percent. (Table 17

32 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Table 17

Treasury Departmental Offices 

Intelligence Analyst Series Trends: Percent Employment by Race/Ethnicity and Sex | FY 2016 - FY 2020

Fiscal 

Year

% Hispanic % White % Black % Asian % Total

M W M W M W M W

FY 2016 2.43 2.22 39.23 24.82 7.44 13.89 5.70 3.22 100

FY 2017 2.08 0 60.42 26.04 2.08 3.13 3.13 1.04 100

FY 2018 2.94 1.96 53.92 27.45 2.94 5.88 3.92 0 100

FY 2019 4.55 1.52 55.30 22.73 3.79 6.82 3.03 1.52 100

FY 2020 5.67 0.71 53.19 26.24 2.84 4.26 2.13 3.55 100

OCLF 2.81 3.36 38.77 40.68 4.16 4.59 1.52 2.3 100

Key: Highlighted cell denotes that the percentage is below the OCLF;M-Men, W-Women.

STUDENT EMPLOYMENT 

Internship and fellowship programs offer an excellent opportunity for Treasury Departmental Offices hiring officials to assess 

the qualifications and performance of promising students who may prove to be candidates for future positions. Treasury 

Departmental Offices offers three opportunities for student internships: an unpaid student volunteer internship program, 

the Pathways Program that provides paid internships for recent college graduates, and a long-standing outreach effort to 

recruit diverse groups of students for paid internships through partnerships with minority-serving organizations and academic 

institutions. This latter effort is known as the Treasury Scholars Program, aiming to further expand the diversity of highly 

qualified candidates interested in internships in the Treasury Departmental Offices. 

It should be emphasized that interns in the student volunteer program are unpaid and Treasury Scholars internships are paid 

through a contractual arrangement with minority student serving organizations. However, the number of students supported 

by the Treasury Scholars Program is largely dependent on available program funding, which can vary considerably from year to 

year. In FY 2020, the COVID-19 pandemic led to hiring limitations within Treasury, affecting both the student volunteer program 

and the Treasury Scholars internships. For the first time, Treasury Departmental Offices offered virtual internships for students 

through the Treasury Scholars and unpaid student volunteer internship programs, adhering to contact restrictions. 

In FY 2020, there were 142 student interns who served in Treasury Departmental Offices: 17 percent Asian (21), 8 percent Black 

(10), 4 percent Hispanic (5), and 72 percent White (91). The greatest proportion of all the 142 total student interns in Treasury 

Departmental Offices came through the volunteer program. Twenty-four percent (36) of the 127 volunteer program students 

were people of color: 17 percent Asian (21), 8.0 percent Black (10), 4 percent Hispanic (5), while 72 percent were White (91). 

One hundred percent of the 15 Treasury Scholars program students were people of color: 13.3 percent Asian (2), 67 percent 

Black (10), and 20 percent Hispanic (3). Students came from leading colleges and universities, including Historically Black 

Universities (Howard University, Morgan State University, University of Maryland – Eastern Shore, and Bowie State University), 

a Hispanic Serving Institution (Florida International University), and an Asian American and Native American Pacific IslanderServing Institution (Northern Virginia Community College). These students were placed in policy and program offices throughout 

Treasury Departmental Offices, including International Affairs, Office of Federal Program Finance, and Office of the Chief 

Information Officer to work on projects that will provide interns with marketable career experiences. In FY 2020, the Treasury 

Scholars program accounted for 10.6 percent (15 of 142) of the placements of interns who were people of color. (Table 18)

FY2020 Annual Report to Congress 33
Table 18 

Student Employment

(Volunteer & Treasury Scholars Programs)

Student 

Programs Asian Black Hispanic AmericanIndian

Total

People of Color White Total

# % # % # % # % # % # %

Volunteer

fall, spring & 

summer

21 17% 10 8% 5 4% 0 0% 36 24% 91 72% 127

Treasury 

Scholars

summer only

3 20% 10 67% 3 20% 0 0% 15 100% 0 0 15

# and % 23 16% 20 14% 8 6% 0 0 51 36% 91 64% 142

Over the past five years, Treasury has hosted a total of 510 students through volunteer student program (440) and the Treasury 

Scholars program (70) combined. (Table 19 and Table 20) The Treasury Scholars program has been important in increasing the 

diversity of the overall number of student interns each year in Treasury Departmental Offices. On average over the past five years, 20 

percent of the total number of interns who were people of color have been directly attributable to the Treasury Scholars program. As 

much as 21 percent of the total number of interns who are people of color were attributable to the Treasury Scholars program in a 

single year (15 of 51 students in FY 2020). 

Table 19 

FY 2016 - 2020 Treasury Departmental Offices

Volunteer Student Employment

Student 

Programs Asian Black Hispanic AmericanIndian

Total

People of Color White Overall Total

# % # % # % # % # % # %

FY 2016 45 18% 22 9% 13 5% 0 0 80 33% 165 67% 245

FY 2017 20 10% 24 12% 8 4% 0 0 52 26% 143 74% 195

FY 2018 30 15% 13 6.5% 10 5% 1 0.5% 54 27% 144 73% 198

FY 2019 24 13.5% 17 9.6% 13 7% 0 0 54 30.5% 123 69.5% 177

FY 2020 21 17% 10 8% 5 4% 0 0% 36 24% 91 72% 127

Table 20 

FY 2016 - 2020 Treasury Departmental Offices

Treasury Scholars Program

Student 

Programs Asian Black Hispanic AmericanIndian

Total

People of Color White Overall Total

# % # % # % # % # % # %

FY 2016 1 6% 11 61% 5 27% 0 0 17 94% 1 6% 18

FY 2017 1 7% 10 72% 3 21% 0 0 14 100% 0 0 14

FY 2018 1 9% 5 45.5% 5* 45.5% 0 0 10* 100% 0 0 10

FY 2019 3 23% 6 46% 2 15% 1 8% 12 92% 1 8% 13

FY 2020 3 20% 10 67% 2 20% 0 0% 15 100% 0 0 15

*In FY 2018, one Treasury Scholars student self-identified as both Black and Hispanic and, therefore, counted in both category columns. However, in the total minority and overall 

total columns, the student was accounted for only once. New IQ Inclusion Quotient

34 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Participation in the Pathways internship program for recent college graduates has been limited in recent years due to funding 

limitations. In FY 2020, there were seven recent graduates hired through the Pathways program of which six (86%) were White and 

one (14%) was Asian. 

WORKPLACE INCLUSION

INCLUSION QUOTIENT INDEX (NEW IQ) 

The Federal Employee Viewpoint Survey (FEVS) is a government-wide tool that measures employee perspectives about whether, and to 

what extent, conditions characterizing successful organizations are present in their agencies. Survey results provide valuable insight into 

the challenges agency leaders face in ensuring the federal government has an effective civilian workforce and employees’ perspectives 

about their workplace experience. The Office of Personnel Management (OPM) developed the Inclusion Quotient Index (also referred 

to as the New IQ) consisting of a subset of 20 questions derived from a rigorous statistical factor analysis. These 20 questions clustered 

around five factors that are associated with inclusive management behaviors: fairness, open mindedness, cooperation, supportiveness, 

and empowerment. Scores can be derived for each of these factors to comprise the Inclusion Quotient Index. 

The FY 2020 administration of the FEVS did not include the questions that comprise the New IQ because several questions were 

replaced by OPM with new questions to assess the impact of the COVID-19 pandemic on employees. The most recent survey 

administered that contained the New IQ questions was in FY 2019 and those results are included in this report. It is important to note 

that the Treasury Departmental Offices New IQ scores, including those in FY 2019, have remained generally consistent since the New IQ 

was first utilized by OMWI in FY 2013. However, it is unknown what, if any, impact the COVID-19 pandemic may have had on employee 

perspectives about inclusion within the work environment, which has been largely remote for most employees throughout the last half 

of FY 2020.

Scores below 65 percent on the Inclusion Quotient Index are regarded as areas of challenge. Treasury Departmental Offices had an 

overall New IQ score of 63.49 percent in FY 2019, a 1.61 percent increase from the score of 61.84 percent in FY 2018. By comparison, 

the overall FY 2019 New IQ scores Treasury-wide and government-wide were 62.93 percent and 62.07, respectively. 

For the specific factors associated with inclusion, the Treasury Departmental Offices FY 2019 scores on four of the five factors of inclusion 

are higher than those in FY 2018, however, below the 65 percent that Office of Personnel Management regards as minimally acceptable 

(Table 21). The highest factor increase was empowerment from the score of 56.61 percent in FY 2018 to 61.21 percent in FY 2019, a 

4.60 percent increase. 

Table 21

FY 2019 Treasury Departmental Offices (DO)

Comparison to Government-wide, Treasury-wide, and DO FY 2018 Scores on the Inclusion Quotient Index

Inclusion 

Factors Gov Treasury DO FY 2018

DO 

FY 2019

Fairness 49.45% 51.59% 53.28% 54.75%

Open-mindedness 61.29% 61.81% 60.34% 60.48%

Cooperation 59.46% 61.35% 57.86% 60.31%

Supportiveness 79.05% 81.37% 81.12% 80.70%

Empowerment 61.11% 58.54% 56.61% 61.21%

Average 62.07% 62.93% 61.84% 63.49%

FY2020 Annual Report to Congress 35
BEST PLACES TO WORK RANKING

The annual Best Places to Work in the Federal Government17 rankings, produced by the nonprofit, nonpartisan Partnerships 

for Public Service, measures employee engagement government-wide as well as at individual departments, agencies, and 

subcomponents. The rankings provide a means of holding leaders accountable for the health of their organizations, shining the 

spotlight on agencies that are successfully engaging employees, as well as on those that are falling short. It provides deep insight 

into the dynamics of the workforce, and opportunities to identify our most critical challenges and focus on transformation.12

The Best Places to Work rankings are also derived from the FEVS responses and, as described regarding the in FY 2020 FEVS, the 

specific questions that assess employee perspectives of workplace inclusion were omitted and unavailable for use in the rankings. 

Therefore, instead, the FY 2019 Best Places to Work findings are included in this report. 

In the FY 2019 overall rankings of the Best Places to Work employee engagement score, Treasury Departmental Offices is third 

quartile (312 out of 420) among federal agency subcomponents. This category is calculated based on responses to three different 

questions in the FEVS:

Q. 40 - I recommend my organization as a good place to work

Q. 69 - Considering everything, how satisfied are you with your job?

Q. 71 - Considering everything, how satisfied are you with your organization?

The 2019 employee engagement score of 57.9 represents a 2.5-point increase from 2018, suggesting Treasury Departmental Offices 

management practices and initiatives are helping to promote greater employee engagement. However, such practices and initiatives 

must continue to derive substantial change. 

The Best Places to Work subcategory “Support for Diversity” measures the extent to which employees believe that actions and 

policies of leadership and management promote and respect diversity. In this category, Treasury Departmental Offices is ranked in 

the third quartile (308 out of 414) among federal agency subcomponents, dropping 1.2 points to a rating of 58.1 percent from 2018. 

The “Effective Leadership: Fairness” subcategory measures the extent to which employees believe disputes are resolved fairly in their 

work units, whether employees believe arbitrary action and personal favoritism are tolerated, and if employees feel comfortable 

reporting illegal activity without fear of reprisal. In this subcategory, Treasury Departmental Offices is ranked in the third quartile 

(259 of 413) among federal agency subcomponents, dropping 0.3 points to a rating of 57.1 percent from 2018 (Table 22). 

Table 22

Treasury Departmental Offices 

Best Places to Work Agency Rankings and Score | FY 2018 - FY 2019

Treasury Departmental Offices

Rank Quartile 2019 Score 2018 Score Change

Best Places to Work

312 of 420 3rd 57.9 55.4 2.5

Support for Diversity

308 of 414 3rd 56.9 58.1 -1.2

Effective Leadership: Fairness

259 of 413 3rd 56.8 57.1 -0.3

17. https://bestplacestowork.org/rankings/overall/sub

36 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
INITIATIVES & 

ACCOMPLISHMENTS 

DIVERSITY AND INCLUSION STRATEGIC PLAN 

In FY 2017, the Office of Civil Rights and Diversity developed an Inclusive Diversity Strategic Plan for the period of FY 2017 – FY 

2020. This plan requires Treasury Bureaus, including Departmental Offices, to establish an implementation plan for carrying out the 

strategic objectives outlined. The Inclusive Diversity Strategic Plan provides a framework to ensure that:

• Recruitment policies are sufficiently broad to afford maximum flexibility and enable recruitment of well-qualified candidates from 

a wide variety of sources;

• Internal barriers do not impede the hiring, promotion, or retention of any candidate or employee because of his or her race, 

sex, national origin, age, color, religion, disability, sexual orientation, parental status, protected genetic information, or any other 

non-merit factor;

• The Department develops a culture of inclusiveness, where every employee is given the opportunity to contribute; and

• Managers and leaders are accountable for the success of this initiative.

Considering that the agency-wide strategic plan ends in FY 2020, OMWI, Office of Equal Employment Opportunity, and Office of 

Human Resources will partner in 2021 to establish a new implementation plan under the new Treasury-wide Diversity and Inclusion 

and Equal Employment Strategic Plan for Fiscal Years FY 2021 – 2024. The framework for the new strategic plan has been refocused 

to address three aspects of the agency: People, Culture, and Mission. 

• People - Workforce Diversity. Achieve a workforce that is representative of people from diverse backgrounds at all levels of 

the agency and in all positions in the workforce.

• Culture - Workplace Inclusion. Create a culture that encourages collaboration, learning from differences, flexibility, 

fairness, and equal opportunity where workplace structures, policies, and practices enhance organizational effectiveness. 

• Mission – Agency Mission. Leverage Diversity and Inclusion to grow and enhance an agency brand in an increasingly 

changing marketplace to effectively and efficiently meet the public’s needs.

This new implementation plan will hold the agency leadership accountable for results in diversity efforts, ensuring those efforts are 

not only aligned with mission needs, but are also effective, efficient, and merit based. 

STUDENT OUTREACH

Treasury Departmental Offices has had long standing partnerships with existing external internship programs that attract diverse and 

highly qualified students. OMWI established the Treasury Scholars Program in 2012 as a paid internship program in collaboration 

with organizations serving minority students, such as the National Association for Equal Opportunity in Higher Education, Hispanic 

Association of Colleges and Universities National Internship Program, the Washington Center, the International Leadership 

Foundation, the Congressional Hispanic Caucus Institute, and others. However, because of the recent increase in the number of 

new organizations with similar capabilities, it is no longer permissible to use sole source contracting with specific organizations. 

In preparation for the expiration of a five-year blanket purchase agreement for the Treasury Scholars Program at the end of FY 2020, 

OMWI reissued a competitive solicitation for such minority student serving organizations to become part of a new five-year blanket 

purchase agreement. Three organizations responded to the solicitation: INROADS, the Hispanic Association of Colleges, and The 

Washington Center. To the extent possible by available funding, OMWI will work through these organizations to continue to place 

students in marketable career experiences within Treasury Departmental Offices policy and program office throughout the coming 

five-year period of the new blanket purchase agreement. 

FY2020 Annual Report to Congress 37
QUANTITATIVE AND QUALITATIVE ANALYSIS

Diversity in the Hiring Process. OMWI conducts an applicant flow analysis to determine the percentage of people of color 

and women candidates participating at various stages of the hiring process. OMWI examines the aggregated flow of all applicants, 

the qualified applicants, the best qualified applicants and selections, men versus women, and people of color minority versus White 

applicants. The purpose of this monitoring is to identify disparities at each hiring stage.

Representational Diversity. OMWI conducts quantitative “deep dive” analysis of the workforce demography of the major policy 

and program offices that includes such metrics as:

• Representation within Major Occupations

• Diversity of Applicant Pools

• Diversity of Applicants at Each Stage of Hiring

• Diversity among of Direct Hires

• Diversity among Interns

• Disparities among Promotions

• Gaps in Career Mobility

• Disparities in Performance Ratings

• Differences in Attrition

OMWI briefs offices about the results of the analysis. OMWI subsequently works with program and policy offices to review any 

disparities in representation and areas of concern pertaining to workplace culture to determine the potential sources of problem 

areas and strategies to address them. 

Inclusion Quotient Index. The Office of Personnel Management developed the Inclusion Quotient Index (New IQ), a subset 

of the Federal Employee Viewpoint Survey (FEVS), for use by federal agencies to assess factors within the workplace that are 

closely associated with an inclusive environment. Using the New IQ, OMWI provides policy and program offices within Treasury 

Departmental Offices with a qualitative measure of employee perspectives of their workplace environment. So, in addition to 

providing data on representational diversity, OMWI also provides an assessment of the extent to which the workplace culture is 

viewed as inclusive. FY 2020 was an unusual year for the administration of the FEVS because the New IQ questions were omitted to 

allow for the addition of questions to assess the impact of COVID-19 on employees. It is anticipated that the New IQ items will be 

included in FY 2021. 

DIVERSITY AND INCLUSION EDUCATION, TRAINING, AND AWARENESS PROGRAMS

The comprehensive data-driven approach to assessing diversity and inclusion undertaken by OMWI under the mandates of DoddFrank Act § 342 led to the conclusion that improvements in workplace culture to create a more inclusive environment is a greater 

priority within Treasury Departmental Offices than efforts to increase overall workforce diversity. Therefore, since FY 2013, OMWI has 

sponsored numerous multi-tiered diversity and inclusion training sessions with a focus on unconscious bias. These sessions have 

been for senior leaders, managers and supervisors, as well as all other employees. The aim of this training is cultural transformation 

of the workplace by creating a cadre of like-minded diversity and inclusion champions who can serve as catalysts for change, leading 

development of improved management behaviors with the goal a more inclusive workplace environment. 

Urgent Response. On May 31, 2020, people across this nation and the world witnessed the horrific killing of George Floyd, a 

tragedy that sparked national outrage, protests, and demands for racial justice. Although this event and the actions that followed 

were external to the Treasury workplace, the impact of this tragic event had a profound effect on people everywhere. It was 

recognized that employees, being human first, can bring feelings about such a weighty incident into the workplace. Within days, 

the eight OMWI Directors developed their plans and pooled resources to convene a joint virtual event entitled “Beyond Words: 

38 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Race, Work, and Allyship amid the George Floyd Tragedy.” The program discussion was led to two of the leading voices on the topics of 

diversity, inclusion, unconscious bias, and belonging, Dr. Johnnetta B. Cole and Howard Ross, and was moderated by Rodney E. Hood, 

Chairman of the National Credit Union Administration and the first African American ever appointed to lead a federal banking agency. 

The discussion explored the effects of racism – systemic, overt, or implicit – on people of color, especially in the workplace environment. 

The discussion also addressed the practice of allyship, using privilege and power to achieve equity and inclusion. Practical steps and 

tools were provided to address the all-important questions, “What can we do?” 

This program demonstrated the ability of the Offices of Minority and Women Inclusion to pivot from their planned programming 

to jointly address an imminent need. Participation in this two-hour virtual event was entirely voluntary and open to employees of 

the eight sponsoring federal financial agencies. Over 9,000 employees chose to participate, 30 percent of whom were Treasury 

employees. 

Unconscious Bias Training. Dr. Steve Robbins, an internationally recognized diversity and inclusion consultant, was engaged 

by OMWI for four years (2014 through 2017) to provide intensive training in the neuroscience of unconscious bias. In total, he has 

conducted 11 onsite sessions for approximately 550 Treasury Departmental Offices participants. In FY 2018, OMWI began offering 

an online version of Dr. Robbins’ training through a video series available on-demand to all Treasury employees. Titled Inclusion 

Insights, a new short video segment in this 25-episode series is posted to the Treasury intranet periodically. Earlier episodes 

remain archived and available for reviewing. With the announcement of each new episode, discussion questions are provided, and 

managers are encouraged to incorporate them in their staff meetings. The series was relaunched in FY 2020. 

Manager Training. In FY 2020, the Treasury Executive Institute (TEI) established a curriculum and hosted diversity and inclusion 

training sessions for Departmental Offices employees and managers at the GS-14 through SES levels. These sessions included the 

following seminars:

• Leadership Essentials Cohort

• Gender Inequality in the Workplace 

• Couples that Work: How Dual-Career Couples Can Thrive in Love and Work 

• Coaching Skills in the Workplace: Fully Human—3 Steps to Grow Your Emotional Fitness in Work, Leadership, and Life 

(Book Discussion) 

• Coaching Skills in the Workplace: The Human Equity Advantage: Beyond Diversity to Talent Optimization (Book Discussion)

• Coaching Skills in the Workplace: The Human Equity Advantage: Beyond Diversity to Talent Optimization (Book Discussion) 

• Coaching Training #3 S1: A Conversation Among Coaches: Processing Current Events 

• Global Diversity and Cultural Competency

Commemorative Months. In commemoration of the federally designated heritage months, OMWI develops personal profiles 

of members of the Treasury staff who represent the specific cultural heritage celebrated. The profiles are featured on the Treasury 

intranet and posted on the electronic bulletin boards throughout the various Treasury facilities. 

Effect of Executive Order 13950. On September 22, 2020, Executive Order 13950 “Combating Race and Sex Stereotyping” 

was issued out of an overabundance of concern that diversity training provided for federal employees and employees of federal 

contractors was “divisive.” As a result, all forms of educations, training, awareness and resource material and activity was halted 

throughout Treasury. Per the Executive Order, all training related material was compiled for submission to the Office of Personnel 

Management for review and approval for use. By the end of FY 2020, there was uncertainty about what type of diversity and 

inclusion programming would be deemed acceptable or when programming could resume. 

FY2020 Annual Report to Congress 39
EMPLOYEE RESOURCE GROUP

In FY 2017, OMWI established an employee resource group within Treasury Departmental Offices, called ‘The & Council,’ to advance 

and leverage diversity within the organization’s culture and workforce by increasing workforce engagement, performance, diversity, 

and inclusion. The & Council, a single entity that focuses on the interests of various groups, serves as an innovative alternative to 

the traditional model of having separate Special Emphasis Program Managers for each of the different special emphasis groups. 

Members of The & Council serve as an idea factory to infuse cultural intelligence into the workplace on diversity and inclusion. 

Membership in The & Council is voluntary and consists of Treasury Departmental Offices employees at all levels who bring a broad 

range of perspectives to shape inclusive diversity efforts, representing a microcosm of the workforce: White; Black; Hispanic; Asian/

Pacific Islander; American Indian; Alaska Native; women; lesbian, gay, bisexual and transgender; persons with disabilities; age 40+; 

and early career employees. 

The & Council consists of an Executive Committee and subcommittees. The & Council agreed by consensus on its framework and four 

areas of work: 1) cultural transformation efforts to create a more inclusive work environment; 2) critical conversations to promote 

important but often difficult dialogues; 3) career advancement recommendations to mitigate demographic hierarchical distinctions 

or disparities; and 4) civil rights and equal opportunity issues to identify barriers to representational diversity and fairness. 

FINANCIAL LITERACY

The Secretary of the Treasury serves as Chair of the Financial Literacy and Education Commission (FLEC), comprising 23 federal 

government entities, created in 2003 to improve “the financial literacy and education of persons in the United States.”  The Office of 

Consumer Policy provides expertise and support to the FLEC and leads the Treasury Department’s work to empower more Americans 

to create financially secure futures for themselves and for their families, with access to safe and affordable financial products and 

services and the right information and knowledge for making sound financial choices.

COVID-19 Response. In FY 2020, the FLEC members directed financial education activities to meet consumer needs in response 

to the COVID-19 national emergency as well as ongoing financial education activities. COVID-19’s impact on the economic wellbeing of many Americans reinforces the need to support greater financial education and a coordinated national approach to 

providing consumers with resources to make informed financial decisions. In the face of dramatic changes in employment, business 

operations, and housing security, Americans turned to trusted resources to provide information, assistance, and guidance to 

navigate economic challenges. FLEC agencies responded by providing valuable information and tools on a range of topics, including 

information on accessing Economic Impact Payments (EIP), understanding mortgage forbearance and student loan relief, weathering 

volatile markets for retirement investments, and avoiding frauds and scams that unfortunately often follow unexpected events. FLEC 

members leveraged their relationships with the private sector and state, local, and tribal governments, among others, to deliver vital 

information and resources directly to the communities that need them most. The FLEC held two virtual public meetings in May and 

October (the combined attendance exceeded 700) that focused on agency responses and opportunities to promote greater financial 

security and resilience following the pandemic. 13

National Strategy for Financial Literacy 2020. In 2020, the FLEC developed and released a new National Strategy for Financial 

Literacy 2020.

18 This new National Strategy clearly identifies the role for the federal government in financial education. That is, through 

policy development, research coordination, and focused program and resource development, the federal government will support, 

inform, and improve the broader financial education field in its work to equip Americans with the skills, knowledge, and tools to make 

decisions that enhance their financial well-being. The National Strategy lays out priorities of federal financial education activity and 

a structure for the FLEC that will enable it to better coordinate activities to avoid fragmentation, overlap, and duplication, measure 

performance and outcomes, and identify financial education resources consistent with Americans’ needs. The National Strategy

describes how the FLEC will implement activities appropriate for the federal government and consistent with the FLEC’s primary role, 

including coordinating outreach and communications and develop a research and learning agenda. Throughout these tasks, the FLEC 

expects to promote partnerships among federal, state, tribal, and local governments, nonprofit organizations, and private enterprises.

18. https://home.treasury.gov/system/files/136/US-National-Strategy-Financial-Literacy-2020.pdf

40 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
ACCOUNTABILITY

Leadership Commitment. Secretary Mnuchin was confirmed by the United States Senate on February 13, 2017 to serve as 

the 77th Secretary of the Treasury. Secretary Mnuchin issued a Diversity and Inclusion Commitment Statement on November 17, 

2017 that was disseminated to all Treasury employees and invited employees to display their own statement of commitment with 

a personalized Diversity and Inclusion Certificate. The Secretary issued this statement separately from the mandatory annual equal 

employment opportunity (EEO) policy statement, thus making a clear distinction between strategic diversity management and EEO 

compliance. In his statement, he set his expectations for the shared values of all Treasury employees, as follows: 

We are committed to diversity, inclusion, and dignity for all people. We value the many ways people are different, 

including their social identity, training, experiences, and interest. We aspire to have a workplace environment 

within Treasury where all people feel their unique talents, ideas, perspectives, and contributions are valued, 

respected and fully utilized

SES Performance Plans. To establish accountability relative to workforce diversity and inclusion, the Leading People 

performance element on which all SES level Treasury employees are evaluated includes the following criteria: 

Recruits, retains, and develops the talent needed to achieve a high quality, diverse workforce that reflects the nation, with 

the skills needed to accomplish organizational performance objectives while supporting workforce diversity, workplace 

inclusion, and equal employment policies and programs. 

Throughout Treasury, the Leading People performance element, which is one of the four Executive Core Qualifications for senior 

executives in the federal government, has twice the weight of the other three elements, i.e., Leading Change, Business Acumen, 

and Building Coalitions. This higher value accounts for the diversity component of the Leading People element in addition to other 

leadership characteristics. 

Supervisor and Employee Performance Plans. OMWI and the Office of Civil Rights and Diversity have drafted diversity and 

inclusion performance elements for the performance plans of all managers, supervisors, and employees in Treasury Departmental 

Offices. It has been proposed that the Diversity and Inclusion Critical Element would account for at least 10 percent of the total 

weight for employees and for supervisors. 

As proposed, the Diversity and Inclusion Critical Element would, at a minimum, contain language that requires the supervisor/

manager to:

• Advance the goals of the Treasury Diversity and Inclusion and Equal Employment Strategic Plan;

• Effectively and collaboratively work with employees, senior leaders, customers, peers, and stakeholders from diverse 

backgrounds;

• Regularly exhibit behaviors that demonstrate respect and professional courtesy towards others within the workplace, by 

maintaining fair and impartial delivery of programs, work products, and services; and,

• Consistently demonstrate respect for employees within the workplace and interact in a manner that demonstrates professional 

courtesy and does not include harassing or bullying behaviors.

As proposed, the Diversity and Inclusion element would, at a minimum, contain language that requires all other employees to:

• Participate in creating and maintaining an inclusive work environment; and,

• Interact with peers, supervisors, customers and stakeholders from all backgrounds in a manner that demonstrates professional 

courtesy and does not include harassing or bullying behaviors toward any group of employees.

These performance elements are still under consideration by the human capital team and the employee’s union with anticipation 

that they can be finalized before the end of FY 2021.

FY2020 Annual Report to Congress 41
CHALLENGES

Treasury Departmental Offices is committed to adopting leading edge strategies to secure a high performing workforce drawn from 

a diverse pool of candidates. The continuing challenges to implementing the workforce diversity provisions of Dodd-Frank Act § 342 

have been retaining Black employees, identifying and mitigating the root causes for underrepresentation of Hispanic employees in 

multiple areas, determining the systemic barriers to the employment and advancement of people of color and women in senior and 

executive level positions and specific mission critical occupations, and changing the workplace culture to one that is perceived as 

more inclusive by employees. 

Diversity. Overall, the Departmental Offices workforce is racially diverse with Black and Asian employees represented at or above 

nearly all relevant benchmarks. The one exception is the representation of Black women in the Departmental Offices, which is lower 

than the notably higher benchmark prevalence of Black women in the Treasury-wide workforce of 20 percent. Regarding ethnic 

diversity, Hispanic employee remain underrepresented (refer to description below). Regarding sex, the Treasury Departmental 

Offices representation of women overall is below three of the four benchmarks, with the exception being the federal workforce 

benchmark; the representation of White women is lower than all four benchmarks. Therefore, mitigating the barriers to the 

representative diversity among Hispanic employees and women continue to be a challenge.

Hiring. Hiring restrictions were imposed in FY 2017 and FY 2018, limiting opportunity for Treasury Departmental Offices to hire 

and to impact workforce diversity. Subsequently, the hiring freeze was lifted in early 2019, but resulted in only small differences in 

the overall hiring rates of women and people of color compared to the average hiring rates in the preceding four years (only +/– 1 

percent differences). In FY 2020, most of Treasury Departmental Offices was operating under staffing “caps” that created a ceiling on 

the number of staff an office could have, which caused hiring limitation. In FY 2020, there was a +/- 2 percent one-year change in 

the hiring rate among women in and people of color compared to FY 2019. Treasury Departmental Offices had the greatest one-year 

increase in hiring for Black employees (+2 percent) and the greatest one-year decrease in hiring for women employees (-2 percent), 

Hispanic (-2 percent) and Asian employees (-2 percent). 

Retention. The hiring rate of Black employees was 14 percent in FY 2020, which was an increase of 2 percent compared to FY 

2019 (14 Percent) and an increase of 5 percent compared to FY 2018 (11 percent). But the attrition rate of Black employees was 

the highest in five years at 20 percent and the highest among any group of people of color. For women in FY 2020, there was a 41 

percent hiring rate and a 48 percent separation rate resulting in a net loss of -7 percent, which was the largest loss of women in five 

years. Therefore, the retention of Black employees and women remains a challenge. 

Hispanic Employees. The low representation of Hispanic employees in Treasury Departmental Offices has been an apparent 

challenge in several areas. Among all people of color, Hispanic employees are underrepresented on most of the relevant 

benchmarks. Among underrepresented groups, the representation of Hispanic men is lower compared to the FWF, TWF, CLF, and 

equal to the DO/RCLF. The representation of Hispanic women is lower compared to each of the four benchmarks, a 6 percent lower 

difference (2 percent) when compared to the TWF (8 percent).

Hispanic employee representation at senior management (GS-15) and senior executive (SES) levels is below their overall 

representation in the Departmental Offices workforce. Similarly, Hispanic employee representation among the mission critical 

occupations of Financial Analysts and Information Technology is below benchmarks. 

On the positive side, the hiring rate for Hispanic employees was 8 percent which was 2 percent higher than FY 2019 (6 percent), 

respectively. Hispanic employees separated at a rate of 2%, resulting in a net gain of 6 percent. The challenge will be to maintain 

incremental net gains.

Senior and Executive Management. In FY 2020, the representation of each group of people of color and women in 

permanent GS-15, and SES level positions are below their representation within the Treasury Departmental Offices permanent 

workforce; and there also was an underrepresentation of Black and Hispanic employees at the GS-14 level. People of color 

represent 37 percent of the Treasury Departmental Offices permanent workforce, but only 13 percent of SES and 19 percent of GS15 positions. 

42 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
Women represent 44 percent of the total Treasury Departmental Offices permanent workforce but represented only 42 percent at 

the GS-14 level, 42 percent at the GS-15 level, and 26 percent of the SES positions. The representation of women at the GS-15 level 

increased by 1 percent in FY 2020 (42 percent) compared to FY 2019 (41 percent); at the GS-14 level decreased by 3 percent in FY 

2020 (42 percent) compared to FY 2019 (45 percent); and increased at the SES level by 2 percent in FY 2020 (26 percent) compared 

to FY 2019 (24 percent). The representation of women in positions below GS-14 exceeds their overall representation in the total 

workforce, i.e., 48 percent at the GS-13 levels, and 55 percent at GS-12-below levels. 

This underrepresentation of people of color and women at senior positions and executive levels and overrepresentation in positions 

at GS-13 and GS-12 and below are consistent trends since OMWI began annual reporting in 2011. Therefore, the representation of 

people of color and women at the senior and executive management levels remains a challenge. 

Mission Critical Occupations. There are five occupations that are considered mission critical: economist, attorney, financial 

analyst, information technology, intelligence analyst. Economists and financial analysts are the occupations that present the 

greatest challenges with race/ethnicity and sex diversity with representation below the occupational civilian labor force (OCLF). In 

FY 2020, for the first time, Hispanic and Black employees were above the respective OCLF in four occupations in which they have 

been consistently underrepresented. Hispanic employees were above the OCLF among economists and intelligence analysts and 

Black employees were above the OCLF among general attorneys. However, over the past five years, there has remained a consistent 

underrepresentation of Hispanics employees among financial analysts and information technology position and Black employees 

among economists and intelligence analysts, compared to their representation in the OCLF. Therefore, the representation of specific 

groups among people of color continue to be a challenge within some mission critical occupations.

Inclusion. The government-wide scores derived from the FEVS Inclusion Quotient Index show that employee perspectives 

about inclusion in workplace environment have been a consistent challenge across most federal agencies, including Treasury 

Department Offices. Although the questions that relate to the inclusion scores were not included in the FY 2020 administration of 

the FEVS, there is no reason to conclude that they would have been dramatically different from prior years. The FY 2019 scores for 

Treasury Departmental Offices were below the minimally acceptable score of 65 percent as established by the Office of Personnel 

Management (OPM). The overall Inclusion Quotient Index score of 63.49 percent in FY 2019 and also were below the minimally 

acceptable level on four of the five factors that comprise the overall inclusion score. The continuing challenge is to create a 

workplace environment that is perceived by employees as being more inclusive. Specifically, emphasis will be on mitigating 

underlying causes for negative perspectives about fairness, open mindedness, cooperation, and empowerment in the workplace. 

OMWI will be exploring new tools and methods to better understand the sources of these perspectives and develop appropriate 

interventions, such as interim pulse surveys at the office level in addition to the annual government-wide employee survey

FISCAL YEAR 2021 PLANS 

OMWI will continue to lead efforts to increase workplace diversity at the higher levels, i.e., GS-14 and GS-15 and SES, and in mission 

critical occupations. Programs will be continued to train employees with the goal of changing the workplace culture to one that is 

regarded as more inclusive, as measured by the Federal Employment Viewpoint Survey and Best Places to Work rankings. OMWI’s 

efforts toward greater workforce diversity and inclusion in FY 2021 will include the following:

Accountability. OMWI will continue to monitor and develop regular reports on the racial/ethnic and sex demography of the 

workforce across Treasury Departmental Offices and within the major policy and program offices to identify areas of disparity. Such 

reports will provide ongoing tracking for use by policy and program offices and leadership, including the regular performance 

reviews conducted by senior leadership. 

Additionally, OMWI will continue to explore the use of new metrics, benchmarks, and scorecard methods to increase understanding 

of possible barriers and establish aspirational standards for workplace diversity and inclusion. In collaboration with the Treasury 

Human Capital Office and the Office of Civil Rights and Diversity, OMWI will support efforts to implement the specific performance 

elements for diversity and inclusion for supervisors, managers, and all other employees.

FY2020 Annual Report to Congress 43
Workplace Culture. OMWI will continue to offer varied programs to promote a culture of inclusion within Treasury Departmental 

Offices, specifically focused for senior leadership, managers and supervisors, as well as all other employees. The aim is to produce 

an overall cultural transformation within Treasury Departmental Offices and to increase the number of employees throughout the 

policy and program offices who have common mindset, core knowledge, and specific competencies regarding workplace inclusion.

Hiring/Outreach. OMWI will seek to use social media outreach efforts to increase the number of professionals among people 

of color who are made aware of all position announcements, particularly upper management, senior executive, and mission-critical 

positions in Treasury Departmental Offices. OMWI will continue to track the hiring rates of women and people of color to develop 

strategies to reverse negative trajectories and sustain or raise the neutral and positive trajectories. OMWI will work to identify and 

mitigate factors that may be the source of under-identification, hiring, and retention of Hispanics.

OMWI will continue to utilize its blanket purchase agreement contract vehicle to access recruitment services from organizations and 

institutions that serve underrepresented students for internships to increase the diversity of interns within Treasury Departmental 

Offices and, thereby, offer opportunities to the American public.

44 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
APPENDIX

LIST OF ABBREVIATIONS

CDFI Community Development Financial Institutions Fund

CDFI Program Treasury's Community Development Financial Institutions Program 

CDLF Community development loan funds

CLF Civilian labor force

DO Departmental Offices

DO/RCLF Relevant civilian labor force for Departmental Offices

Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act 

DOL Department of Labor

EEO Equal Employment Opportunity

FAA Financial Agent Authority

FAR Federal Acquisition Regulation

FEVS Federal Employee Viewpoint Survey

FLEC Financial Literacy and Education Commission 

FWF Federal government-wide work force

FY Fiscal Year

GSA General Services Administration

HBCU Historically Black Colleges and Universities

HUBZone Historically underutilized business zones 

MWOB Minority-owned and Women-owned Businesses

NAICS North American Industry Classification System

New IQ Inclusion Quotient Index

OCLF Occupational civilian labor force

OFCCP Office of Federal Contract Compliance Programs 

OHR Office of Human Resources

OMWI Office of Minority and Women Inclusion 

OPM Office of Personnel Management

PPC Persistent poverty counties

PPP Paycheck Protection Program

SBLF Small Business Lending Fund 

SDB Small disadvantaged businesses

SMWOB Small, minority-owned, and women-owned businesses

TARP Troubled Asset Relief Program

TEI Treasury Executive Institute

the Act Small Business Jobs Act of 2010

TWF Treasury-wide work force

WOSB Women-owned small businesses 

WOSB Women-owned small businesses

FY2020 Annual Report to Congress 45

&