FY2022 Annual Report to Congress i

FY22

DEPARTMENT OF THE TREASURY

ANNUAL REPORT TO CONGRESS

Office of Minority OMWI & Women Inclusion
ii OMWI • Office of Minority and Women Inclusion • Department of the Treasury
FY2022 Annual Report to Congress iii

TABLE OF CONTENTS

Executive Summary ...................................................................................................................................... 3

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

• U.S. Department of the Treasury........................................................................................................... 5

 Treasury Departmental Offices

 Office of Minority and Women Inclusion

• Prioritization of Diversity, Equity, and Inclusion..................................................................................... 5

 Leadership Commitment

 Executive Orders and Presidential Memoranda

• DEIA Infrastructure.............................................................................................................................. 5

 Establishment of the Office of Diversity, Equity, Inclusion and Accessibility

 Counselor for Racial Equity

BUSINESS DIVERSITY, EQUITY and INCLUSION .......................................................9

• Business Representation and Utilization (Diversity and Equity)................................................................ 9

 Trends in Minority-owned Business Utilization 

 Trends in Women-owned Business Utilization

 Trends in Small MWOB Business Utilization 

 MWOB Participation in Specific Acquisition Categories

 MWOB Participation in COVID-19 Related Contracting

 Financial Agent Authority

• Business Industry Benchmarking (Equity).............................................................................................. 16

 MOB and WOB Utilization in Top 5 Industries

• Business Workforce Inclusion (Inclusion)............................................................................................... 18

 Contractor Good Faith Effort Analysis

INITIATIVES and ACCOMPLISHMENTS ...................................................................21

• Capacity Building................................................................................................................................. 21

 Prioritization of Procurement Equity

 American Rescue Plan

 Treasury Bank Mentor Protégé Program

 Industry Outreach

• Economic Equity .................................................................................................................................. 24

 Emergency Capital Investment Program

 Community Development Financial Institutions Fund 

 Small Business Lending Fund

 State Small Business Credit Initiative 

• Accountability ..................................................................................................................................... 26

 Agency-Specific SES Performance Element 

 Leadership Monitoring

CHALLENGES......................................................................................................28
iv OMWI • Office of Minority and Women Inclusion • Department of the Treasury

FISCAL YEAR 2023 PLANS ....................................................................................29

WORKFORCE DIVERSITY, EQUITY, and INCLUSION ..................................................31

• Workforce Representation (Diversity).................................................................................................... 31

 Racial/Ethnic and Sex Profiles

 Benchmark Comparisons

• Workforce Stratification (Equity)........................................................................................................... 33

 Senior and Executive Management

 4 Percent Phenomenon

 Presidential Appointed Positions

 All Grade Groupings

• Employment Patterns (Equity).............................................................................................................. 37

 Hiring

 Attrition

 Mission Critical Occupations 

 Student Employment

• Workplace Culture (Inclusion)............................................................................................................... 48

 Inclusion Quotient Index

 Best Places to Work Ranking and Scores 

INITIATIVES and ACCOMPLISHMENTS ...................................................................55

• Workforce DEI Strategy ........................................................................................................................ 55

 DEIA Strategic Plan

 Executive Diversity and Inclusion Advisory Council (EDIAC)

 Employee Resource Groups

 Student Programs 

• Competencies...................................................................................................................................... 57

 Practical Inclusion Competencies Framework

 On-Demand DEI Learning Journeys

 Unconscious Bias Training

 Virtual DEIA Manager Training

 Commemorative Month Activities

 Financial Literacy

• Accountability ..................................................................................................................................... 60

 Diversity, Equity, and Inclusion Data Map

 Treasury-specific Inclusion Quotient Index

 Agency-Specific SES Performance Element 

CHALLENGES......................................................................................................62

FISCAL YEAR 2023 PLANS ....................................................................................64

Appendices.......................................................................................................66

 Appendix A Treasury Secretary’s Statement of Diversity, Equity and Call for Unity

 Appendix B FY 2022 External Outreach Engagement

 Appendix C List of Abbreviations
FY2022 Annual Report to Congress 1

“...the ideal of “E Pluribus 

Unum” inscribed on the 

Great Seal of the United 

States..., which translates 

to “From many, one”, 

encapsulates what we 

have come to mean as 

‘diversity and inclusion’.”

Lorraine Cole, Ph.D. 

Chief Diversity and Inclusion Officer

Office of Minority and Women Inclusion
2 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

1.

2022

36

45 38

 October 1, 2021 – September 30, 2022

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

19

PERCENTAGE OF CONTRACT

OBLIGATIONS WITH 

WOMEN-OWNED BUSINESSES

21

PERCENTAGE OF CONTRACT 

OBLIGATIONS WITH 

MINORITY-OWNED BUSINESSES FAIRNESS 

SCORE

INCLUSION

QUOTIENT SCORE

(2022 Treasury Inclusion Survey)

(2022 Treasury Inclusion Survey) 

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

TOTAL AMOUNT OF CONTRACT DOLLARS OBLIGATED WITH WOMEN-OWNED BUSINESSES

2,108

75%

66%

$97,546,792

TOTAL NUMBER OF 

PERMANENT EMPLOYEES

FY
FY2022 Annual Report to Congress 3

EXECUTIVE 

SUMMARY

BUSINESS DIVERSITY, EQUITY, and INCLUSION. Despite the absence of mandated contracting goals for businesses categorized 

as ‘other than small,’ Treasury Departmental Offices’ commitment to minority-owned 

and women-owned business (MWOB) utilization has remained strong. In FY 2022, 

Treasury Departmental Offices’ total procurement contracts for goods and services 

represented $509 million in obligations (across 1,910 contract actions), with 31 percent 

of contract dollars totaling $160 million going to either minority-owned or womenowned businesses. A total of $108 million, or 21 percent of total contract obligations, 

was awarded to minority-owned businesses. A total of $98 million, or 19 percent of total 

contract obligations, was awarded to women-owned businesses of all sizes. Among the 

small business categories, contract obligations to small disadvantaged (SDB) businesses 

represented 20 percent of all contract obligations supporting Departmental Offices, which is double Treasury’s SDB goal of 10 percent; and 

contract obligations to women-owned small businesses represented 17 percent of contract obligations supporting Departmental Offices, 

which is more than three times the 5 percent statutory goal for this small business category.

WORKFORCE DIVERSITY, EQUITY, and INCLUSION. In FY 2022, the Treasury Departmental Offices permanent workforce of 2,108 

represented about 2 percent of the total Treasury-wide workforce. More than one-third (38 percent) 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 20 

percent. Asian and Hispanic employees comprise 11 percent and 6 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 1 percent of the total Treasury 

Departmental Offices permanent workforce. Regarding representation by sex within Treasury Departmental Offices, the percentage of women 

increased by 1 percent to 45 percent in 2022, while the percentage of men decreased by 1 percent to 55 percent compared to the prior year. 

It is a commitment within Treasury Departmental Offices to adopt 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 of workplace culture. 

• Diversity. Overall, the Departmental Offices workforce was diverse in FY 2022. With the exceptions of Hispanic men and women, people of 

color and women employees are represented at or above most relevant benchmarks. Therefore, mitigating the barriers to the representation 

among Hispanic employees remains a primary diversity challenge, with overall representation below most of the relevant benchmarks. 

• Senior and Executive Management. In FY 2022, there were substantial increases in the representation of people of color 

and women in permanent GS-15 and senior executive service (SES) level positions, although remain a challenge, falling below their 

benchmark representation within the Treasury Departmental Offices permanent workforce. The representation of people of color at the 

SES level in career and non-career senior executive positions combined increased from 17 percent in FY 2021 to 20 percent in FY 2022. 

The representation of women in SES level in career and non-career senior executive positions combined increased from 33 percent in 

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

Department of the Treasury Departmental Offices was established in 2011 under mandate of 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 twelfth annual report is submitted to Congress pursuant to the Dodd-Frank Act 

regarding the actions taken by Treasury and OMWI during Fiscal Year (FY) 2022. 
4 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

FY 2021 to 36 percent in FY 2022. Both increases were largely due to the representation of people of color (33 percent) and women (52 

percent) in non-career senior executive (politically appointed) positions. 

• Hiring. In FY 2022, the hiring of women remained strong with women representing 48 percent of permanent new hires. However, there has 

been a slight decline in hiring people of color, as their representation among permanent new hires decreased from 36 percent in 2021 to 35 

percent in 2022. While the hiring of women continues to progress, the hiring rate for people of color shows a decline since 2020. 

• Retention. In FY 2022, the attrition rate for women and Hispanic employees was unchanged and decreased slightly for Black employees 

compared to FY 2021. There was an increase in the attrition rate among Asian employees from 9 percent in FY 2021 to 15 percent in FY 2022. 

• 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 persistent underrepresentation of 

Hispanic and Black employees and women among these specific occupations compared to their representation in the Occupational 

Civilian Labor Force. 

• Inclusion. The Federal Employee Viewpoint Survey (FEVS) is an annual survey to gather feedback from federal employees about their 

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

included in the administration of the FEVS in FY 2020 and FY 2021. In 2022, Treasury Departmental Offices partnered with the Office of 

Personnel Management (OPM) to administer an Inclusion Survey using the New IQ. In 2022, the Treasury Departmental Offices exceeded 

the OPM threshold of 65 percent for inclusion, with an overall inclusion score of 75 percent. The scores for all characteristics in the 

Inclusion survey increased dramatically since 2019, with Fairness increasing by nearly 11 percent, reaching a score of 66 percent. The 

Cooperativeness characteristic had the greatest increase from 60 percent in 2019 to 77 percent in 2022. The Supportiveness characteristic 

continued to score highly at 85 percent. 
FY2022 Annual Report to Congress 5

OVERVIEW

This 12th 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 within Treasury Departmental Offices and the Office of Minority and 

Women Inclusion (OMWI) during Fiscal Year (FY) 2022.1 

U.S. DEPARTMENT OF THE TREASURY

TREASURY DEPARTMENTAL OFFICES. 

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. Internally, the Departmental Offices are responsible for overall management of Treasury.

OFFICE OF MINORITY AND 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.2 

PRIORITIZATION OF DIVERSITY, EQUITY, AND INCLUSION

LEADERSHIP COMMITMENT.

Secretary Janet L. Yellen was confirmed by the United States Senate and sworn in on January 26, 2021, to serve as the 78th Secretary of the 

Treasury, the first woman to lead the Department of the Treasury. Secretary Yellen issued a Diversity, Equity, and Inclusion Commitment 

Statement and Call for Unity to all Treasury employees. This statement was issued separately from the mandatory annual equal employment 

opportunity (EEO) policy statement, thus making a clear distinction between strategic diversity management and EEO compliance. In her 

statement, Secretary Yellen set her expectations for the shared values of all Treasury employees, as follows:

“...commitment to the values of diversity, equity, and inclusion is expected of every employee and is necessary to enable us to 

address our critical mission effectively. Therefore, our collective aim must be to build a workforce at all levels of the Department 

representative of the diversity of America and the people we serve. We each must be accountable for creating and maintaining an 

inclusive workplace culture in which all employees feel valued, trusted, treated fairly, and that their talents are fully utilized. The 

behaviors and characteristics that exemplify these values must be visible, intentional, and continual in all that we do every day.”

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. The term “people of color” also is used 

in this report to refer collectively to these groups. 

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.
6 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

The statement was disseminated to all Treasury employees on May 25, 2021, the one-year anniversary of the death of George Floyd, reaching 

headquarters staff at exactly 9:29 am to symbolize the last 9 minutes and 29 seconds before his life was ended. His death sparked an upsurge 

in the movement for racial justice that expanded worldwide. Within this context, Secretary Yellen’s statement included a call for unity with the 

following closing words: 

“Let us recommit to doing the hard work of closing the divides that exist between people, once and – for all.”

The complete Secretary’s Diversity, Equity, Inclusion Commitment Statement and Call for Unity is included in Appendix A. 

EXECUTIVE ORDERS AND PRESIDENTIAL MEMORANDA. 

On September 22, 2020, Executive Order (EO) 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 education, 

training, awareness and resource material, and related activity were 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. Throughout the first 

quarter of FY 2021, there was uncertainty about what type of diversity and inclusion programming would be deemed acceptable or when 

programming could resume. 

On January 20, 2021, Inauguration Day, EO 13950 was rescinded by what became the first of many Executive Orders and Presidential 

Memoranda issued and aimed at promoting diversity, equity, inclusion, and accessibility (DEIA) in the federal workforce, for underserved 

communities, pertaining to specific demographic populations, and in federal programs for the public. This action permitted OMWI to cease 

activities to implement the EO 13950 and immediately moved to reinstate all diversity and inclusion training, programs, and related activities 

within Treasury Departmental Offices.

The historic number of DEIA related Executive Orders and Presidential Orders that were issued throughout FY 2021 and beyond, beginning on 

the first day of the Biden-Harris Administration are summarized below:

January 20, 2021 – Executive Order 13985: Advancing Racial Equity and Support for Underserved Communities Through the Federal 

Government directs federal agencies to evaluate whether their policies produce racially inequitable results when implemented, and to make 

the necessary changes to ensure underserved communities are properly supported.

January 20, 2021 – Executive Order 13988: Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation

expands the discrimination protections previous offered solely on the basis of sex into the categories of gender identity and sexual 

orientation. 

January 26, 2021 – Presidential Memorandum Condemning and Combating Racism, Xenophobia, and Intolerance Against Asian Americans 

and Pacific Islanders in the United States, delineates steps to be taken by federal agencies to ensure that all members of AAPI communities 

— no matter their background, the language they speak, or their religious beliefs — are treated with dignity and equity.

February 4, 2021 – Presidential Memorandum on Advancing the Human Rights of Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex 

Persons Around the World, directs executive departments and agencies (agencies) engaged abroad to ensure that United States diplomacy 

and foreign assistance promote and protect the human rights of lesbian, gay, bisexual, and transgender persons everywhere.

May 28, 2021 – Executive Order 14031: Advancing Equity, Justice, and Opportunity for Asian Americans, Native Hawaiians, and Pacific 

Islanders establishes a White House initiative on Asian Americans, Native Hawaiians, and Pacific Islanders, as well as a Presidential Advisory 

Commission, both of which aim to advance equity, justice, and opportunity among these groups. 

June 25, 2021 – Executive Order 14035: Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce, creates a government-wide 

initiative and strategic plan to cultivate a workforce that draws from the full diversity of the Nation and to be a model for diversity, equity, 

inclusion, and accessibility, where all employees are treated with dignity and respect. 

OMWI has been actively engaged in fulfilling specific guidance that pertain to services provided by Treasury to underserved communities, 

assessing and eliminating barriers to procurement opportunities to underserved communities, and establishing new plans to continue 

advancing diversity, equity, inclusion, and accessibility within the Treasury Departmental Offices workforce. 
FY2022 Annual Report to Congress 7

DEIA INFRASTRUCTURE 

ESTABLISHMENT OF THE OFFICE OF DIVERSITY, EQUITY, INCLUSION, AND ACCESSIBILITY. 

In FY 2022, consistent with Executive Orders 13985 and 14035, Treasury stood up a new Office of Diversity, Equity, Inclusion, and Accessibility 

(ODEIA) to serve as a center of excellence to modernize the Department’s overall DEIA strategy and drive cohesive implementation and 

accountability across the Departmental Offices and bureaus. ODEIA is responsible for Treasury’s many diverse segments including employees 

of color, women, people with disabilities, military and veterans, members of the LGBTQ+ community, and others. ODEIA centralizes four 

essential functions: 1) Carrying out policy analysis on racial and economic issues, 2) Developing a Treasury workforce that reflects the diversity 

of the nation, 3) Ensuring fair and equitable business utilization, and 4) Guaranteeing compliance with civil rights laws and regulations.

Within this new organizational structure, OMWI now reports as one of three offices within ODEIA. The OMWI Director reports to the ODEIA 

Chief (who in turn reports to the Treasury Deputy Secretary). OMWI is responsible for ODEIA functions 2 and 3 (described above) pertaining 

to workforce and business diversity, equity, and inclusion and is now responsible for these functions Treasury-wide rather than primarily 

Departmental Offices. 

Also, within this new organizational structure, the Office of Civil Rights and Equal Employment Opportunity (OCRE) is responsible for ODEIA function 

4 (described above) pertaining to civil rights compliance. The new Equity Hub focuses on ODEIA function 1 (described above), encompassing 

economic analysis and public policy and ensuring DEIA is a focal point for reaching and providing services and resources to the public.

COUNSELOR FOR RACIAL EQUITY. 

To better understand Treasury’s starting point and opportunities for improvement at the start of the Biden-Harris Administration, Treasury 

conducted a top-to-bottom racial equity assessment over the first two hundred days of the administration. One critical finding of the review 

was the need to have more resources focused on innovative thinking about how to better use economic policy to advance racial equity. In 

response to the finding, a Counselor for Racial Equity was appointed by the Treasury Secretary in FY 2022. 

The purpose of this new role is to coordinate and lead efforts across the Department to inform Treasury decisions with a focus on racial 

equity and work to ensure Treasury programs create opportunity in communities of color. Further, this Counselor will engage with diverse 

communities throughout the country and work to identify and mitigate barriers to accessing benefits and opportunities with the Department. 

These will include improving access to the Child Tax Credit and understanding how Community Development Financial Institutions and 

Minority Depository Institutions can transform access to capital in communities of color. 

Among the Counselor’s first goals was to create a Treasury Advisory Committee on Racial Equity (TACRE) at the Treasury Department under the 

Federal Advisory Committee Act (FACA). The creation of this Committee provides the Department’s leadership with advice and expert counsel 

related to building an economy that leaves no one behind. Through the membership of the Committee, the Department will benefit from 

the perspectives and input from a range of individuals, including academics, researchers, industry leaders, community-based leaders and 

advocates, philanthropists, and others.
8 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

OMWI established the Business Diversity, Equity, and Inclusion (DEI) Framework to track and assess DEI within four key categories. These 

categories and associated metrics are shown in the DEI Framework Matrix in Figure 1.

• Business Representation includes measures the overall types of diversity that exists among the pools of contractors or 

businesses utilized.

• Business Utilization includes measures equity in the extent to which underrepresented businesses are utilized. 

• Business Utilization vs Benchmarks incudes measures of equity in contractor or business diversity in comparison to federal 

government, civilian, or other contracting standards and patterns; also in comparison to the diversity within specific industry categories. 

• Business Workplace Diversity includes measures of contractors’ good faith efforts to achieve workplace inclusion. 

The items listed within each quadrant in the DEI Framework correspond to topics detailed within the Business Diversity, Equity, and Inclusion 

section of this FY 2022 OMWI Annual Report to Congress.

FIGURE 1
FY2022 Annual Report to Congress 9

BUSINESS DIVERSITY 

EQUITY & INCLUSION

BUSINESS REPRESENTATION AND UTILIZATION (DIVERITY AND EQUITY) 

Of the 8 agencies and twelve 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 businesses3

regardless of size or women-owned businesses4, with the exception of certain small business parameters.

Treasury-wide, total (appropriated and non-appropriated) contract obligations remained relatively steady, decreasing from $9.4 billion in 

FY 2021 to $9.2 billion in FY 2022. Within Treasury Departmental Offices, procurement for products and services increased from a total of 

$473 million in FY 2021 (across 1,372 contract actions) to $509 million in FY 2022 (across 1,910 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 2022, with 31 percent of contract dollars totaling $160 million going to either 

minority-owned or women-owned businesses (MWOB). Specifically, $98 million (19 percent) of contract obligations went to womenowned businesses and $108 million (21 percent) went to minority-owned businesses (dollar amounts awarded to minority women-owned 

businesses are included within each category). (Table 1) While these percentages of contracting with minority-owned businesses and 

women-owned businesses are a slight decrease from FY 2021 levels, the decrease can be linked to the ending of a specific project and 

MWOB utilization levels remain high relative to historical levels. 

TABLE 1

 FY 2022 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 $509,466,054 100.0%

Neither Minority-owned nor Women-owned $349,877,837 68.7%

Minority-owned or Women-owned $159,588,217 31.3%

Women-owned $97,546,792 19.1%

Minority-owned5 $107,830,632 21.2%

 Asian American6 $85,085,312 16.7%

 Black American $24,890,186 4.9%

 Hispanic American $12,686,578 2.5%

 Native American $14,538,384 2.9%

 Other minority7 $1,686,998 0.3%

 * Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted February 26, 2023 for FY22 using the following filters: 

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

3 Minority-owned business is defined as having more than 50 percent of the ownership or control of which is held by one or more minority individuals; and more than 50 percent of the 

net profit or loss of which accrues to one or more minority individuals. The definition of the term ‘minority’ encompasses Black American, Hispanic American, Asian American (including 

Subcontinent Asian (Asian-Indian), Asian Pacific American), Native American (also, American Indian, Indian Tribe, Alaskan Native). Minority owned businesses include businesses regardless of 

size (both small, medium and large) and are not considered among the federal socioeconomic programs. 

4 Women-owned business is defined as being 51 percent owned, controlled, operated, and managed by a woman or women. A Women-owned small business also meets criteria for small 

businesses as defined and certified by the Small Business Administration. 

5 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.

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

7 “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.
10 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

TRENDS IN MINORITY-OWNED BUSINESS UTILIZATION. 

In FY 2022, utilization of minority-owned businesses overall within Treasury Departmental Offices has decreased relative to total spending 

compared to FY 2021 ($114 million or 24 percent). A total of $108 million or 21 percent of the total in contract obligations were awarded to 

minority-owned businesses in FY 2022. (Figure 2) 

FIGURE 2 

 FY 2022 Treasury Departmental Offices 

 Overall Contract Obligations by Minority-owned Business Status*

*Percentages have been rounded to whole numbers

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 2. 8

TABLE 2

Treasury Departmental Offices 

Overall Contract Obligations by Specific Racial/Ethnic Group* | FY 2018-2022 

FY2022 FY2021 FY2020 FY 2019 FY 2018

Minority-owned Businesses $108 million 

(21%)

$114 million 

(24%)

$71 million 

(20%)

$82 million 

(25%)

$87 million 

(28%)

Black-owned $25 million $16 million $3 million $17 million $16 million

Hispanic-owned $13 million $16 million $14 million $15 million $14 million

Asian-owned $85 million $85 million $51 million $50 million $51 million

Native American-owned $15 million $8 million $8 million $1 million $7 million

Non-Minority Businesses $401 million 

(79%)

$359 million 

(76%)

$288 million 

(80%)

$247 million 

(75%)

$226 million 

(72%)

 *Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted February 26, 2023 for FY22; dollars and 

percentages are rounded.

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

$107.8M $401.6M

79% 21%

Minority-Owned 

Businesses

Non-Minority-Owned 

Businesses
FY2022 Annual Report to Congress 11

TRENDS IN WOMEN-OWNED BUSINESS UTILIZATION.

In FY 2022, Treasury Departmental Offices increased contract obligations to women-owned businesses compared to FY 2021 ($90 million or 

19 percent). In FY 2022, a total of $98 million or 19 percent of the total contract obligations were awarded to women-owned businesses, 

including businesses owned by women of color. (Figure 3)

FIGURE 3

Treasury Departmental Offices 

 Overall Contract Obligations by Gender Categories* | FY 2022

*Percentages have been rounded to whole numbers

Contract obligations to women-owned businesses, including minority status, for the five most recent consecutive years are listed in Table 3. 

Dollar amounts of contract obligations to women-owned businesses increased by $8 million from FY 2021 to FY 2022. (Table 3)

TABLE 3

Treasury Departmental Offices 

Overall Contract Obligations to Women-owned +/- Minority-Owned and Non-Women-Owned Businesses* | FY 2018-2022

FY2022 FY2021 FY2020 FY 2019 FY 2018

Women-owned 

Businesses $98 million (19%) $90 million (19%) $56 million (16%) $76 million (23%) $70 million (22%)

Minority Women-owned $46 million (9%) $48 million (10%) $35 million (10%) $46 million (14%) $42 million (13%)

Women-owned (not also 

minority-owned) $52 million (10%) $41 million (9%) $21 million (6%) $30 million (9%) $29 million (9%)

Non-Women-owned 

Businesses $412 million (81%) $383 million (81%) $303 million (84%) $253 million (77%) $243 million (78%)

*Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted February 26, 2023 for FY22; dollars and percentages are 

rounded.

$51.8M

$45.8M

$411.9M

81 10 % %

9% Non-Minority 

Women-Owned Businesses

Minority Woman-Owned 

Businesses

Non-Woman-Owned 

Businesses
12 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

Since OMWI first began tracking MWOB contracting in 2011, there has been an upward trajectory in MWOB utilization. In FY 2022, the 

percentage and dollar amounts of minority-owned business contract obligations and women-owned business contract obligations by 

Treasury Departmental Offices continued a strong trend of increasing compared to historical averages. (Figure 4)

FIGURE 4 

Treasury Departmental Offices MWOB Contracting Trends 

Overall Percentages of Contract Obligations by Year | FY 2012-2022 

TRENDS IN SMALL MWOB UTILIZATION. 

Most MWOBs 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, OMWI tracks contracting toward the statutory goals set by the Small Business Administration (SBA) for small disadvantaged 

businesses9 (which are largely minority-owned) and women-owned small businesses. 

In FY 2022, contract obligations to small businesses by Treasury Departmental Offices comprised 53 percent of the value of contracts 

awarded, exceeding the Treasury Department’s 39 percent negotiated goal. Contract obligations to small disadvantaged businesses 

represented 20 percent, doubling the 10 percent negotiated goal; similarly, contract obligations to women-owned small businesses 

represented 17 percent, more than triple the 5 percent statutory goal. (Figure 5 and Table 4)

Contract obligations to small MWOBs for the five most recent consecutive years are listed in Table 4.

TABLE 4

Treasury Departmental Offices 

Overall Contract Obligations to Small MWOB* | FY 2018-2022

FY2022 FY2021 FY2020 FY 2019 FY 2018

Total Contract Obligations (regardless 

of size) $509 million $473 million $359 million $329 million $313 million

Overall Small Businesses Contract 

Obligations

$271 million 

(53%)

$216 million 

(46%)

$167 million 

(47%)

$163 million 

(49%)

$154 million 

(49%)

Small Disadvantaged Businesses 

(SDB)**

$101 million 

(20%)

$91 million 

(19%) $62 million (17%) $55 million (16%) $69 million (22%)

Women-owned Small Businesses $87 million 

(17%)

$77 million 

(16%) $53 million (15%) $55 million (17%) $47 million (15%)

 *Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted February 26, 2023 for FY22; 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 8(a) and both Self-Certified Small Disadvantaged Businesses and -Small Business Administration (SBA) Certified Small 

Disadvantaged Businesses.

9 A Small Disadvantaged Business (SDB) is a small business that is at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. The Small 

Business Administration (SBA) defines socially disadvantaged groups as those who have been, historically, subjected to "racial or ethnic prejudice or cultural bias" within the larger American 

culture. Identified groups include African Americans, Asian Pacific Americans, Hispanic Americans, Native Americans, and Subcontinent Asian Americans.
FY2022 Annual Report to Congress 13

MWOB PARTICIPATION IN SPECIFIC ACQUISITION CATEGORIES. 

In FY 2022, 91 percent of all Treasury Departmental Offices contracts were for services, representing $463 million in spending. Thirty-one 

percent of Departmental Offices service contract obligated award dollars were awarded to minority-owned or women-owned businesses: 

19 percent of service contract obligated award dollars went to women-owned businesses and 22 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 81 percent of contract award dollars are made in seven NAICS code categories: Other Computer Related 

Services (NAICS 541519), Custom Computer Programming Services (NAICS 541511), Wired Telecommunications Carriers (NAICS 517110), 

Administrative Management and General management Consulting Services (NAICS 541611), General Warehousing and Storage (NAICS 

493110), Computer Systems Design Services (NAICS 541512), and International Affairs (NAICS 928120). (Table 5) 
14 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

TABLE 5 

Treasury Departmental Offices (DO) Awards by Demographic Groups

in Dollars and Percentage of Dollar Awards in the DO Top Seven NAICS Codes* | FY 2022

Total Departmental Office Annual 

Obligated Dollars $473,134,576 and 

processed 1,372 actions

NAICS Codes and Descriptions

541519 541511 517110

Other Computer

 Re-lated Services

Custom Computer 

Programming 

Services

Wired 

Telecommunications 

Carriers

Unique Vendor Count 78 14 2

Award Category $ % $ % $ %

Total DO Awards in NAICS 148,276,243 29% 67,114,824 13% 62,433,933 12%

Minority- or womenowned10 31766627 21% 53,101,855 79% 0 0%

 • Women-owned 19762566 13% 49277650 73% 0 0%

 • Minority-owned 12800911 9% 28418817 42% 0 0%

Asian American 5,330,980 4% 49,699,609 74% 0 0%

Black American 712,077 0% 2,217,644 3% 0 0%

Hispanic American 1,489,710 1% 613,899 1% 0 0%

Native American 5,367,403 4% 0 0% 0 0%

Other Minority 21,143 0% 0 0% 0 0%

Neither Minority-owned nor 

Women-owned 116,509,616 79% 14,012,969 21% 62,433,933 100%

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted February 26, 2023 for FY22; dollars and 

percentages are rounded.

**Totals may be negative due to funding that is deobligated from contracts.

10 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-owned 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.
FY2022 Annual Report to Congress 15

NAICS Codes and Descriptions

541511 541611 493110 236220

Administrative 

Man-agement and 

General Management 

Consulting Services 

General Warehousing 

and Storage 

Computer Systems 

Design Services

International 

Affairs

35 1 21 192

$ % $ % $ % $ %

41,968,585 8% 41,054,090 8% 35,197,414 7% 16,064,698 3%

11,379,647 27% 0 0% 16,768,652 48% 2,155,603 13%

6569034 16% 0 0% 3,154,773 9% 1787144 11%

9934649.23 24% 0 0% 16,768,652 48% 590551 4%

10,220,784 24% 0 0% 17,575,945 50% 0 0%

-$23,105 0% 0 0% 10,930 0% 289,340 2%

-130,209 0% 0 0% 547,773 2% 197,410 1%

0 0% 0 0% 0 0% 103,801 1%

-132,821 0% 0 0% 665,650 2% 0%

30,588,938 73% 41,054,090 100% 18,428,761 52% 13,909,096 87%
16 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

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, totaling $219,087,661 in FY22. In FY 2022, nearly $30 million (13 percent) of such purchases were from minority-owned 

businesses and $7 million (2 percent) were from women-owned businesses. In FY 2022, Treasury Departmental Offices obligated $7,615,043 

in COVID-19 recovery related procurement dollars. Of this amount, $275,325 (4 percent) was awarded to women-owned businesses and 

$5,314,013 (70 percent) was awarded to minority-owned businesses.11 With the reduction in the incidence of COVID-19 cases in 2022, 

related purchases were lower than during the height of the pandemic in 2020 and 2021. 

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 national banks and other chartered financial institutions as financial agents to provide certain services on the federal 

government’s behalf. Specific legislation has sometimes expanded the designation authority in particular contexts to include other institutions 

such as asset managers, financial advisors, and broker-dealers. Financial agents 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.

In FY 2022, Treasury finalized enhancements to its Financial Agent Selection Process aimed at increasing the opportunities for small financial 

institutions, including small minority-owned or women-owned financial institutions. The following policy pertaining to the utilization of small 

financial institutions as financial agents has been established by the Treasury Bureau of Fiscal Service and applies to the Office of Financial 

Agents within the Office of the Fiscal Assistant Secretary: 

Of the programs at Departmental Offices (DO) and the bureau requiring financial agent services that are of a scale that could be 

provided by small financial institutions (i.e., institutions with under $10 billion in assets), that such institutions comprise at least 

30% of the financial institutions that are designated as financial agents or that partner with large financial institutions designated 

as financial agents to the extent practicable.

In FY 2021, with the establishment of the Emergency Capital Investment Program (ECIP), one of the two financial agents engaged to work with 

ECIP was a minority-owned firm. The engagement with that firm is still ongoing, and during FY 2022 it was expanded to include the remaining 

investment portfolio under the Troubled Asset Relief Program and the Small Business Lending Fund. 

In FY 2022, there were a total of six financial agents supporting five Treasury Departmental Offices programs. Two of the six (33 percent) are 

minority-owned financial institutions and provided support to the ECIP; and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

BUSINESS INDUSTRY BENCHMARKING (EQUITY) 

Representation of various groups of racial/ethnic minority-owned businesses, and representation of women-owned businesses (including 

the intersection of minority- and women-owned business) are the most common measures of Business Diversity. The extent of utilization in 

terms of dollars, percentages, trends, and comparison of utilization between different groups racial/ethnic minority businesses and women 

owned compared to non-women owned business can provide a general gauge of Procurement/Business Equity. However, the use of relevant 

benchmarks can provide greater insights into Procurement/Business Equity. 

Exploration of Treasury’s procurement equity in minority-owned business (MOB) and women-owned business (WOB) contracting was 

conducted. Comparisons were made using FY 2022 federal government procurement spend as external benchmarks in two categories: 1) 

federal government-wide (all agencies) and 2) civilian federal government agencies only (without the Department of Defense (DOD)). This 

distinction was made because DOD procurement spend comprises about 70 percent of all government contract spend, which tends to skew 

11 Data extracted from Federal Procurement Data System (FPDS-ng) on February 26, 2023 for FY22.
FY2022 Annual Report to Congress 17

the data. Comparisons were made in Treasury’s top five industry spend categories.12 The percentages of MOB and WOB representation 

within each of those top five industries (based in 2017 Census data) also were used as external benchmark comparisons. Such analysis has 

demonstrated areas where procurement equity is not likely to be possible because of the paucity of MOB or WOB and other areas that reveal 

either noteworthy accomplishment or promise.

MOB AND WOB UTILIZATION IN TOP 5 INDUSTRIES.

Largest Spend Category. Treasury’s largest spend category is Nonferrous Metal Production and Processing (NAICS 331400). Of all 

approximately 400 U.S. firms in this industry, 4.7 percent are minority-owned businesses. Treasury’s utilization of minority-owned businesses 

in this industry is 0 percent, which is comparable to federal government-wide MOB utilization (0.073 percent), civilian federal sector MOB 

utilization (0.002 percent), and the MOB representation in the industry. 

Of all approximately 400 U.S. firms in this industry, 15.8 percent are women-owned businesses. Treasury’s utilization of women-owned 

businesses in this industry is 0 percent, which is comparable to both federal government wide WOB utilization (0.062 percent) and civilian 

federal sector WOB utilization (0.015 percent) but is lower than WOB representation in the industry. 

Second Largest Spend Category. Treasury’s second largest spend category is Computer Systems Design Services (NAICS 541512). Of 

all approximately 45,000 U.S. firms in this industry, 31.6 percent are minority-owned businesses. Treasury’s utilization of minority-owned 

businesses in this industry is 13.0 percent, which is lower than federal government-wide MOB utilization (17.4 percent), civilian federal 

sector MOB utilization (19 percent), and the MOB representation in the industry. 

Of all approximately 45,000 U.S. firms in this industry, 28 percent are women-owned businesses. Treasury’s utilization of women-owned 

businesses in this industry is 6.8 percent, which is higher than both federal government wide WOB utilization (6 percent) and civilian federal 

sector WOB utilization (6.7 percent) but is lower than WOB representation in the industry. 

Third Largest Spend Category. Treasury’s third largest spend category is Administrative Management and General Management 

Consulting Services (NAICS 541611). Of all 70,000 U.S. firms in this industry, 16 percent are minority owned businesses percent. Treasury’s 

utilization of minority owned businesses in this industry is 28.2 percent, which is higher than both federal government-wide MOB utilization 

(27.8 percent) and civilian federal sector MOB utilization (26.6 percent), but higher than MOB representation in the industry. 

Of all 70,000 U.S. firms in this industry, 39.6 percent are women owned businesses. Treasury’s utilization of women owned businesses in this 

industry is 15.6 percent, which is comparable to federal government wide WOB utilization (15.7 percent), slightly lower than civilian federal 

sector WOB utilization (16.1 percent) and lower than WOB representation in the industry. 

Fourth Largest Spend Category. Treasury’s fourth largest spend category is Other Computer Related Services (NAICS 541519). Of all 

9,000 U.S. firms in this industry, 27.8 percent are minority owned businesses. Treasury’s utilization of minority owned businesses (MOB) 

in this industry is 15.3 percent, which is lower than federal government-wide MOB utilization (27.9 percent), civilian federal sector MOB 

utilization (25.7 percent), and the MOB representation in the industry. 

Of all 9,000 U.S. firms in this industry, 30 percent are women owned businesses. Treasury’s utilization of women owned businesses in this 

industry is 31.2 percent, which is higher than federal government wide WOB utilization (15.6 percent), federal civilian sector WOB utilization 

(15.5 percent), and WOB representation in the industry. 

Fifth Largest Spend Category. Treasury’s fifth largest spend category is Custom Computer Programming Services (NAICS 541511). Of all 

60,000 U.S. firms in this industry, 29.9 percent are minority owned businesses. Treasury’s utilization of minority owned businesses (MOB) 

in this industry is 15.3 percent, which is lower than federal government-wide MOB utilization (31.6 percent), civilian federal sector MOB 

utilization (38 percent), and the MOB representation in the industry. 

Of all 60,000 U.S. firms in this industry, 27.2 percent are women owned businesses. Treasury’s utilization of women owned businesses in this 

industry is 36 percent, which is higher than federal government wide WOB utilization (15.1 percent), civilian federal sector WOB utilization 

(17.5 percent), and WOB representation in the industry. 

12 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.
18 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

BUSINESS WORKFORCE INCLUSION (INCLUSION) 

CONTRACTOR GOOD FAITH EFFORT ANALYSIS. 

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, 201413 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 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 OFCCP, 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, 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 accepts as final the specific remedy conferred by OFCCP. 

In addition to its regular review of federal contractors based on random sampling, OFCCP conducts individual investigations in response to a 

specific allegation of discrimination by a federal contractor that is reported to OFCCP. A vendor is found in violation if there was indication of 

discrimination based on color, national origin (Hispanic), race (American Indian/Alaskan, Asian/Pacific Islander, Black), religion, sex (women, 

men), veteran, disability, or “other.” In the case that a Treasury Departmental Offices contractor is investigated by OFCCP, OMWI accepts as 

final the specific remedy conferred by OFCCP.

Good Faith Effort Compliance. Treasury Departmental Offices had 338 contracts in FY 2022 that met the requirements for a good faith 

effort review. Of those contracts, there were 168 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 4 years. 

The comprehensive OFCCP compliance evaluation included 11 percent (19) of the 168 contractors. These 19 contractors represented 32 

percent of the FY 2022 contract dollars obligated by Treasury Departmental Offices for vendors with contracts that met the threshold for 

good faith effort reviews ($168 million out of $476 million in vendors with GFE-eligible contracts). OFCCP evaluations for violations in the 

13 Refer to https://www.govinfo.gov/content/pkg/FR-2014-03-20/pdf/FR-2014-03-20.pdf
FY2022 Annual Report to Congress 19

five categories showed that 79 percent (15 contractors) received a Notice of Compliance. Of the four contractors that did not receive a Notice 

of Compliance, two were cited for Record Keeping violations ($1 million in contracts) and two were cited for hiring practices ($4 million in 

contracts). Other cited violations included lack of written Affirmative Action Plan (AAP), Salary, Recruiting, and Systemic Discrimination. OFCCP 

ultimately conferred conciliation or financial agreements as the remedy for these violations. 

Discrimination Allegations. OFCCP conducted investigations for seven reported allegations of discrimination, four percent of the 168 

contractors ($108 million in total contracts). The reported allegations against the seven contractors included discrimination against one or 

more of the following: Color, Veteran, or Disabled Employees. The outcomes of these investigations resulted in four violations found – for 

demotion, wages, harassment, and accommodations pertaining to veteran status, disability, or color.
20 OMWI • Office of Minority and Women Inclusion • Department of the Treasury
FY2022 Annual Report to Congress 21

INITIATIVES & 

ACCOMPLISHMENTS 

CAPACITY BUILDING

PRIORITIZATION OF PROCUREMENT EQUITY. 

Consistent with Executive Order 13985: Advancing Racial Equity and Support for Underserved Communities Through the Federal 

Government,

14 procurement diversity and equity was elevated as a priority in FY 2022 and codified in the Treasury Strategic Plan and 

within the strategic procurement priorities set for the Treasury Department by the Office of the Procurement Executive. As such, equity in 

procurement was advanced through many actions with Treasury Departmental Offices and throughout the bureaus, including the following: 

• Established the Treasury Procurement Equity Council (TPEC), chaired by the Senior Procurement Executive and including Treasury-wide 

representation, to serve as a clearinghouse for innovative equity-related procurement practices and replicate actions that lower barriers to 

entry for businesses in underserved communities

• Set aggressive small business achievement goals and wrote these goals into performance plans of Senior Executives and distributed 

strategic guidance to bureaus requiring establishment of strategies to advance equity in bureau procurement

• Issued revised agency policy and tools to require consideration of small disadvantaged businesses first in procurement strategies, trained 

bureaus on these changes, and made equity the focus of many councils and workgroups

• Analyzed individual contract actions for equity impacts with coordination across the Office of Small Disadvantaged Business Utilization, 

Office of the Procurement Executive, and Office of the Chief Information Officer

• Established a Major Acquisition Review process with a focus on equity and other Administration priorities for procurement

• Took action on industry feedback on barriers to entry by creating job aids to assist contracting personnel in providing relevant information 

to businesses, requiring bureaus to cross-post contract opportunities from the GSA portal to the governmentwide point of entry (SAM.gov) 

and hosting outreach events to teach new entrants how to do business with Treasury

• Established an equity recognition program to highlight positive practices and achievements in advancing equity

• Created a procurement equity dashboard and heat map to identify opportunities to transition work traditionally performed by large 

businesses to small businesses

• Created a market research catalog to provide resources for program and contracting personnel to find businesses from underserved 

communities for their requirements

• Collaborated with OMB and GSA to define new entrants and design metrics to track progress of new entrants in federal procurement

The TPEC created and continually maintained a logic model to guide and track progress in the implementation of procurement equity 

activities and initiatives. (Figure 5)

14 Executive Order On Advancing Racial Equity and Support for Underserved Communities Through the Federal Government | The White House
22 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

FIGURE 5

Procurement Diversity and Equity Logic Model

AMERICAN RESCUE PLAN. 

While the recent COVID-19 pandemic exacerbated systemic inequities in communities of color and low-income communities that 

long existed before this crisis, the American Rescue Plan (ARP) represents a historic commitment to support those communities most 

impacted by COVID-19. For this reason, the Treasury Department created an Office of Recovery Programs (ORP) to lead the Department’s 

implementation of more than $1 trillion in economic relief and recovery programs, with a particular focus on promoting an equitable 

economic recovery. Since its implementation, ORP has worked closely with the White House and across federal agencies to execute a 

coordinated strategy to support people in underserved communities across the country, especially communities of color. This approach 

improved the circumstances of vulnerable households across the country and created meaningful opportunities for small businesses, 

cities, and states across the country. The Department highlighted some of the successful work to center racial equity in policy making in the 

September 2021 blog post15 entitled The American Rescue Plan: Centering Racial Equity in Policymaking. 

By stabilizing our economy and tackling longstanding challenges, the ARP catalyzed investments in community development that will extend 

well beyond the deployment of federal resources and laid the foundation for other historic investments in our nation’s economic future, such 

as the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act. Key programs include16: 

• Emergency Rental Assistance (ERA). TheEmergency Rental Assistance (ERA) program has played a key role in preventing mass 

evictions and keeping families in their homes. ERA has made over $8 million household payments to assist renting families in need, 

with a large majority of assistance going to very low income renters – keeping eviction rates below historical averages even after the 

expiration of the CDC eviction moratorium. 

• Homeowner Assistance Fund (HAF). Treasury has disbursed over $9 billion through the Homeowner Assistance Fund (HAF) to 

state, territorial, and Tribal governments, providing a lifeline to homeowners at a time when refinancing or other workout options are 

limited given prevailing mortgage interest rates. 

15 American-Rescue-Plan-Centering-Equity-in-Policymaking.pdf (treasury.gov)

16 Data included in this section areas of December 31, 2022.
FY2022 Annual Report to Congress 23

• State and Local Fiscal Recovery Funds (SLFRF). TheState and Local Fiscal Recovery Funds (SLFRF) continue to help governments 

address the public health impacts of the pandemic and meet the needs of their communities through a range of investments, from 

affordable housing to job training to childcare to water and sewer infrastructure. 

• Capital Projects Fund (CPF): Treasury announced the approval of 26 state plans to invest over $3.7 billion for broadband, digital 

technology, and multi-purpose community center projects in all 50 states and three U.S. territories, which these states and territories 

estimate will reach over 936,000 locations with expanded internet access, in addition to the hundreds of thousands of individuals who will 

be served annually by multi-purpose community facilities. 

• State Small Business Credit Initiative (SSBCI). Treasury made significant progress in deploying funds from the nearly $10 

billion State Small Business Credit Initiative (SSBCI), reauthorized and expanded by the American Rescue Plan.

TREASURY 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 Service’s 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) to provide technical assistance to the participating protégé institutions and 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. 

Over the past four years, the bank mentor-protégé program has grown from two to thirteen mentor-protégé agreements with five mentor 

banks (Citi, JPMorgan Chase, US Bank, PNC, and BNY Mellon).

Examples of numerous program successes include:

• Two minority-owned institutions (Unity Bank and Industrial Bank) serve as vendors of designated financial agents on three Treasury 

programs.

• First Independence Bank, a Black-owned protégé bank, expanded its footprint outside of its state for the first time, with support of its 

mentor bank and other large partnering banks. Two new branches are being opened in Minnesota, which has never had a Black-owned 

bank in the entire state, in the underserved underbanked Minneapolis community where the George Floyd murder occurred. 

• Citi provided $150 million in equity investments through Minority Depository Institutions (MDIs) for minority-owned and women-owned 

entrepreneurs, as well as assumed $50 million in SBA Paycheck Protection Program (PPP) loans from MDIs. 

• Two protégé banks were among 14 minority-owned and -led financial institutions in which JPMorgan Chases made investments and 

commitments exceeding $100 million. 

• BNY Mellon recently provided its protégé, Optus Bank, with a $3 million deposit to supplement the institution’s investments in Low and 

Moderate Income (LMI) and minority communities. 

Mentor Banks have invested in their proteges in a variety of successful ways other than capital. For instance:

• Citi established a Rotation Program in which specialized staff talent from Citi have been placed on loan for a full year to protégé banks. 

• BNY Mellon provided account validation services to its protégé bank.
24 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

• Support has been provided in the form of loan syndications/participation, credit assignments, credit card program enhancements, 

support for various CARES Act loans, and other revenue opportunities or initiatives. This includes many activities such as: 

 Citi Bank providing pro bono legal support to help its proteges move forward with the PPP loan program in 2020; and

 US Bank providing First Independence Bank access to technology platforms to assist them with the development of new credit card 

offerings that are resulting in real revenue increases.

• Mentor Banks have teamed with proteges on various government (federal or local) program solicitations.

• Customers of protégé banks have been provided with free ATM services from mentor banks. 

• Access has been provided to mentors’ larger customers aligned with protégé business goals and objectives.

Moving forward, Treasury will continue 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 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.

The Treasury Bank Mentor Protégé Program remains 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, Chief 

Diversity and Inclusion Officer, Treasury OMWI, and Corvelli McDaniel, former Fiscal Service Assistant Commissioner, were honored for their 

role with the 2020 Service to America Medal People’s Choice Award17 (known as the Oscar’s of federal government service).

INDUSTRY OUTREACH. 

Vendor Outreach. In FY 2022, OMWI launched “TreasBizConnect,” a series of virtual outreach events in partnership with the Small 

Business Administration, the Black Chambers of Commerce, the Hispanic Chambers of Commerce, and the LGBTQ+ Chambers of Commerce 

to provide information about specific contract opportunities. Participants, primarily members of the partnering organizations, had the 

opportunity to engage directly with Treasury contract specialists who provided information about contract requirements. The TreasBizConnect 

series was conducted by OMWI in collaboration with the Treasury Procurement Equity Council. 

Throughout FY 2022, the Treasury Office of Small and Disadvantaged Business Utilization (OSDBU) and Treasury bureaus were engaged in 

various ways in more than 80 external outreach activities that reached women-owned small businesses, economically disadvantaged womenowned small businesses, historically underutilized business zones (HUBZone), and service-disabled veteran-owned businesses. Such events 

included virtual and onsite activities sponsored by government agencies and external organizations that represent the vendor community. 

OSDBU staff participated as panelists, speakers, facilitators, planning committee members, exhibitors, and participants. (Appendix B) 

ECONOMIC EQUITY 

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. 

EMERGENCY CAPITAL INVESTMENT PROGRAM. 

Established by the Consolidated Appropriations Act, 2021, the Emergency Capital Investment Program (ECIP) was created to encourage 

low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their 

communities. Under the program, Treasury has invested more than $8.5 billion in capital directly to depository institutions18 that are certified 

Community Development Financial Institutions (CDFIs) or designated minority depository institutions (MDIs). Among other things, these 

funds are designed to support low- and moderate-income community financial institutions in providing loans, grants, and forbearance 

for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, that may be 

disproportionately impacted by the economic effects of the COVID-19 pandemic.

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

18 ECIP-Participants-September-2022.xlsx (live.com)
FY2022 Annual Report to Congress 25

Through a rate reduction mechanism, ECIP incentivizes participating depository institutions to increase their lending and other investments in 

low- and moderate-income, rural and minority communities. The funding will provide long-term, low-cost equity and subordinated debt for 

participating institutions to support low and middle income (LMI) communities.

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND (CDFI FUND). 

Access to affordable financial products and services is a staple of economically sound communities. Yet, nearly 20 percent of American 

households are unbanked (4.5 percent) or underbanked (14.1 percent) and rely on more costly financial products and services outside of the 

banking system.19 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 Fund (CDFI Fund) 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 nearly $3 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 

2022, 470 organizations received $221.6 million in Financial Assistance (FA) and Technical Assistance (TA) awards, consisting of 252 FA and 

218 TA awards. Recipients of the awards included 244 loan funds, 178 credit unions, 45 depository institutions/holding companies, and 

three venture capital funds. These awards included $23 million in Healthy Food Financing Initiative-FA awards and $6.5 million in Disability 

Funds-FA awards in FY 2022. 

The Consolidated Appropriations Act for Fiscal Year 2022 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 2022 round, 147 organizations received $20.4 million in awards specifically for 

investments in PPCs. In addition, 59 organizations headquartered in PPCs received $7.4 million in TA awards.

SMALL BUSINESS 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 CDLFs.  Collectively, these institutions operate in over 3,000 locations across 47 states and the 

District of Columbia.

As of September 30, 2022, 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.

• As of Q3 2022, the total cumulative net impact on qualified small business lending (or QSBL) over baseline reported by current and 

former SBLF participants is $19.1 billion.  As established in the Small Business Jobs Act of 2010, the baseline is the average of the amounts 

reported for each of the calendar quarters ended June 30, 2010.

19 https://www.fdic.gov/analysis/household-survey/2021report.pdf
26 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

• As of Q3 2022, the total cumulative net increase in qualified small business lending over baseline reported by current SBLF participants is 

-$0.04 billion (-$35.9 million), which represents a decrease in lending of approximately $0.49 million quarter over quarter.

• As of December 1, 2022, 327 institutions with aggregate investments of $3.95 billion have fully redeemed their SBLF Treasury investment 

and exited the program, and 1 institution has partially redeemed $1.25 million (or 25 percent of its SBLF securities) while continuing to 

participate in the program.

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.

STATE SMALL BUSINESS CREDIT INITIATIVE. 

The State Small Business Credit Initiative (SSBCI) was originally established in 2010 and was highly successful in increasing access to 

capital for small businesses and entrepreneurs. The American Rescue Plan Act reauthorized and expanded the SSBCI, which provides 

nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities as 

the country emerged from the pandemic. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to 

promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in 

underserved communities. 

The new SSBCI builds on its successful model and is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, 

amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive.

Through SSBCI, jurisdictions provide funding to small businesses through equity/venture capital programs, loan participation programs, loan 

guarantee programs, collateral support programs, and capital access programs tailored to local market conditions. In addition, Treasury’s 

SSBCI program provides support to recipient jurisdictions and to the Minority Business Development Agency20 at the U.S. Department of 

Commerce, for technical assistance programs to help improve access to capital, including for traditionally underserved entrepreneurs.

ACCOUNTABILITY 

AGENCY-SPECIFIC SES PERFORMANCE ELEMENT. 

Required in OMB M-22-03 Advancing Equity in Federal Procurement, in FY 2022 Treasury added an agency-specific performance element to 

performance plans of all senior executives to advance procurement equity and the elimination of barriers to the utilization of small, minorityowned, and women-owned businesses (within Critical Element 3: Business Acumen): 

• Establish an organizational climate that advances procurement equity and is responsive to socio-economic priorities. Ensure that small 

business awareness, outreach, and support are incorporated as part of the organization’s overall mission and establish performance 

measures that reflect that commitment. Within span of control, develop a spend plan, procurement forecast, and/or operational plan that 

is structured to attain small business, category management, supplier diversity, climate, and equity in procurement goals established by 

the Administration and the Department.   

20 MBDA Capital Readiness Program Grant Competition | Minority Business Development Agency
FY2022 Annual Report to Congress 27

• Develop and implement effective strategies and management controls to advance equity in Treasury procurement and reduce barriers to 

small, minority-owned, and women-owned businesses serving as Treasury contractors. Manage acquisition forecasting, strategy, planning, 

and/or execution to make progress toward Treasury-wide small business contracting goals:

 39 percent of prime contracting dollars to small businesses 

 10 percent to small disadvantaged businesses (SDBs) 

 5 percent to women-owned small businesses (WOSBs)

 3 percent to service-disabled veteran-owned small businesses (SDVOSBs)

 3 percent to historically underutilized business zone businesses (HUBZones)

 26 percent of subcontracting dollars to small businesses 

LEADERSHIP MONITORING.

OMWI develops detailed periodic 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. 
28 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

CHALLENGES 

Absence of Procurement Diversity Goals. Treasury is committed to ensuring fair utilization of minority-owned and women-owned 

businesses regardless of size, which is monitored, tracked, and reported on a regular basis by the Treasury Office of Minority and Women 

Inclusion and in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act § 342 (H.R. 4173 / Public Law 111-

203). Legal precedent [Adarand Constructors, Inc. v. Pena, 515 U.S. 200 (1995)] established that Equal Protections provisions of the U.S. 

Constitution prohibit contract decisions based on race/ethnicity and gender. Therefore, no target/goal can be established for contracting with 

minority-owned and women-owned businesses (MWOB) without regard to size. The established exception is contracting with women-owned 

small business (WOSB) concerns, one of the socioeconomic categories for which contracting goals have been established. In the absence 

of diversity as a criterion for contracting decision-making, accomplishments in MWOB contracting are limited to measuring upward and 

downward trends in utilization and comparison to analogous statutory small business goals. More recently, the use of external benchmarks is 

being explored to assess equity in MWOB procurement, utilizing government-wide and civilian contracting and demographic representation 

within the industry population as comparators.

Barriers to New Entrants. Entry into the federal government contracting process can be daunting to businesses who have had no such 

experience, particularly small, minority-owned, and women-owned business with limited financial and resource capacity. Some of the top 

barriers expressed by vendors who are new to federal contracting include the following: 

• Contractor onboarding process is lengthy (over 90 days) and small businesses lack the infrastructure and cashflow while awaiting 

onboarding

• Small businesses lack the financial and/or human resources to create the infrastructure to comply with the myriad of complex legislative 

mandates affecting ability to do business with the federal government

• Opaque procurement processes without clear guidance on how to get started in federal government contracting

• Difficulty connecting with federal officials to discuss requirements and capabilities

• Large and complex requirements with multiple lines of business result in a lack of targeted opportunities for providers in a single line of 

business

Exploration into the feasibility of various strategies to mitigate such barriers to entry into the federal government procurement process is 

under consideration by Treasury to:

• Speed time to onboard contractors

• Centralize small business support to provide “wrap around” services 

• Provide new entrant education on developing compliant proposals

• Create avenues for businesses to connect with requirements owners in agencies

• Segment requirements into interrelated smaller requirements

• Streamline and simplify terms and conditions and legislative mandates affecting contracting
FY2022 Annual Report to Congress 29

FISCAL YEAR 

2023 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. Although there are no mandated goals for MWOB 

contracting, benchmarks established to gauge performance have been exceeded consistently. The Congressionally mandated small business goals 

serve as useful benchmarks to gauge performance. 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 2023 include the following: 

Accountability. OMWI will continue to monitor and develop regular reports on the utilization of minority-owned and women-owned 

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 twelve 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 2023, 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 financial services professionals 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 2023, 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 one to two 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. 
30 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

OMWI established the Workforce Diversity, Equity and Inclusion (DEI) Framework to track and assess DEI within four key categories. These 

categories and associated metrics are shown in the DEI Framework Matrix in Figure 6.

• Demographic Representation includes measures of workforce diversity.

• Demographic Stratification includes measures of equity pertaining to the hierarchy of position grades. 

• Employment Patterns incudes measures of equity pertaining to hiring, career advancement, attrition, representation within mission 

critical occupations. 

• Workplace Culture includes measures of employee perceptions of workplace inclusion. 

The items listed within each quadrant in the DEI Framework correspond to topics detailed within the Workforce Diversity, Equity and Inclusion 

section of this FY 2022 OMWI Annual Report to Congress. 

FIGURE 6

• Representation by Sex

• Representation by Race and Ethnicity

Employment Patterns

• Diversity in Hiring

• Attrition Among 

Different Group

• Demographic Representation 

within Major Occupations

• Diversity in Student Employment

• Representation by Sex at Various Position 

Levels

• Representation by Race and Ethnicity at 

Various Position Levels

• Inclusion Survey Scores 

of Employee Perceptions

• “Best Places to Work” 

Ranking and Scores
FY2022 Annual Report to Congress 31

WORKFORCE DIVERSITY, 

EQUITY, and INCLUSION 

WORKFORCE REPRESENTATION (DIVERSITY)

RACIAL/ETHNIC AND SEX PROFILES. 

In FY 2022, the Treasury-wide workforce21 across all bureaus and the Departmental Offices increased by 4 percent to 100,633 permanent 

employees, compared to 96,654 in FY 2021. The Treasury Departmental Offices permanent workforce accounted for 2 percent of the 

total Treasury-wide workforce. The Treasury Departmental Offices permanent workforce increased, including both career and non-career 

employees, by 143 (a 7 percent increase) totaling 2,108, compared to 1,965 in FY 2021. 

More than one-third (38 percent) of Treasury Departmental Offices permanent employees across all grade levels are people of color22. The 

overall percentage of people of color remained unchanged from FY 2021 to FY 2022. (Figure 7)

FIGURE 7 

Treasury Departmental Offices 

FY 2022 Demographics by Race and Ethnicity of the Permanent Workforce23

 Percentages above 1% have been rounded to whole numbers.

21 FY 2022 Treasury-wide and Departmental Office-wide workforces totals in this paragraph were retrieved from Data Insight on March 9, 2023. 

22 The data in this report consists of analysis of the following demographic groups within Treasury Departmental Offices, with the definitions in Table 1 as defined by the Management Directive 

715 (MD-715), which provides policy guidance and standards for sex categories of Men and Women, and racial/ethnic categories of White, Black or African American, Hispanic or Latino, 

Asian, and Other used in the EEO-1 Report for federal agencies to collect and report workforce data. The ‘Other’ category is comprised of individuals with Native Hawaiian or Other Pacific 

Islander origins, American Indian or Alaska Native origins, Two or More Races origins, and individuals with unspecified race/ethnic origins.

23 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023.

White

62%

Black

20%

Asian

11%

Hispanic

6%

Other

1%

White Black Asian Hispanic Other
32 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

In FY 2022, the percentage of women in the workforce increased 1 percentage point from 44 percent to 45 percent and the representation of 

men decreased by 1 percentage point from 56 percent to 55 percent compared to FY 2021. (Figure 8)

FIGURE 8

Treasury Departmental Offices

FY 2022 Demographics by Sex Composition of the Permanent Workforce24

Percentages above 1% have been rounded to whole numbers.

BENCHMARK COMPARISONS.

To assess the relative status of the diversity profile of Treasury Departmental Offices, the Treasury Departmental Offices workforce was 

compared with the Federal Government Workforce (FWF)25, Treasury-wide Workforce (TWF)26, Civilian Labor Force (CLF)27, and the 

Relevant Civilian Labor Force for Treasury Departmental Offices (DO/RCLF)28 by race/ethnicity and sex participation. These benchmarks 

provide standard comparisons of the relative representation of women and people of color that should be equitable within the Treasury 

Departmental Offices workforce for FY 2022. (Table 6)

• Sex. The representation of men at 55 percent is above three of the four benchmarks and matches the FWF. The representation of women 

at 45 percent in the Treasury Departmental Office workforce is below three of the four benchmarks and matches the FWF. 

• Hispanic. The representation of both Hispanic men at 3.5 percent and Hispanic women at 2.3 percent are lower than all four 

benchmarks. 

• White. The representation of White men at 37.8 percent is above three of the four benchmarks and matches the RCLF. The 

representation of White women at 24.2 percent is below three of the four benchmarks and matches the FWF. 

• Black. The representation of Black men at 7.1 percent is greater than three of the four benchmarks, except the FWF; and the 

representation of Black women at 12.16 percent 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 21.9 percent.)

• Asian. The representation of both Asian men at 6.3 percent and Asian women at 4.9 percent exceed all four benchmarks. 

• Other. Employees who identify as Other represent than 1 percent and are below all four benchmarks. 

24 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023.

25 The Federal Government Workforce (FWF) is the total number of employees working in various departments and agencies under the federal government, including both civilian and military 

personnel.

26 The Treasury-wide Workforce (TWF) is the entire workforce of the United States Department of the Treasury, including all personnel across its various offices, bureaus, and departments.

27 The Civilian Labor Force (CLF) is the total number of people in a country who are either employed or actively seeking employment, excluding active-duty military personnel and 

institutionalized individuals (e.g., those in prisons or mental hospitals).

28 The Treasury Departmental Offices Relevant Civilian Labor Force (DO/RCLF) is a specific segment of the Civilian Labor Force that is deemed relevant for comparison to the workforce within 

the Departmental Offices of the Treasury, considering factors such as job type, skill level, and geographic location.

Women Women Men

45%

Men

55%
FY2022 Annual Report to Congress 33

TABLE 6

Treasury Departmental Offices

FY 2022 Demographic Representation Compared to Federal Government, Treasury-wide, and Civilian Labor Forces29

Demographic 

Groups

Treasury 

Departmental Offices 

(DO)

Federal 

Government 

Workforce 

(FWF)

Treasury-wide 

Workforce 

(TWF)

Civilian 

Labor 

Force 

(CLF)

Relevant 

Civilian 

Labor 

Force (DO/

RCLF)

% # % # % # % %

Men 55% 1,170 55% 1,125,594 38% 38,406 52% 52%

Women 45% 938 45% 916,151 62% 62,227 48% 48%

Hispanic 5.8% 122 9.8% 200,624 14.0% 14,082 13.0% 10.0%

Hispanic Men 3.5% 74 5.6% 114,792 5.0% 5,072 6.8% 5%

Hispanic Women 2.3% 48 4.2% 85,832 9.0% 9,010 6.2% 5%

White 62.0% 1,307 60.3% 1,230,340 48.8% 49,152 67.5% 72.4%

White Men 37.8% 797 36.1% 737,776 22.5% 22,671 35.7% 38%

White Women 24.2% 510 24.1% 492,564 26.3% 26,481 31.8% 34%

Black 19.7% 416 18.7% 380,710 28.9% 29,036 12.3% 12.0%

Black Men 7.1% 150 7.5% 153,075 6.9% 6,965 5.7% 5%

Black Women 12.6% 266 11.2% 227,635 21.9% 22,071 6.6% 7%

Asian 11.2% 236 6.7% 136,194 6.8% 6,867 4.4% 3.9%

Asian Men 6.3% 133 3.5% 70,957 3.2% 3,188 2.2% 2%

Asian Women 4.9% 103 3.2% 65,237 3.7% 3,679 2.2% 2%

Other 1.3% 27 4.6% 93,877 1.5% 1,496 2.9% 2%

Other Men 0.8% 16 2.4% 48,994 0.5% 510 1.4% 0.9%

Other Women 0.5% 11 2.2% 44,883 1.0% 986 1.4% 0.9%

Total 100% 2,108 100% 2,041,745 100% 100,633 100% 100%

WORKFORCE STRATIFICATION [EQUITY]

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 of representation of a group within the total Treasury Departmental Offices permanent 

workforce provides a standard benchmark of the relative representation that should be considered equitable at upper and senior 

management levels. (Table 7)

SENIOR AND EXECUTIVE MANAGEMENT. 

• Sex. The representation of men in GS-15 positions (57 percent) and SES positions (64 percent) is above their representation in the total 

workforce (55 percent). The representation of women in GS-15 positions (43 percent) and SES positions (36 percent) within Treasury 

Departmental Offices is below their representation in the total workforce (45 percent).

29 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023. Percentages above 1 percent have been rounded to whole numbers, and 

Federal Government Workforce data for FY 2022 received from OPM on February 22, 2023.
34 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

• Hispanic. The representation of Hispanic men in GS-15 positions (2 percent) and SES positions (2.7 percent) within Treasury 

Departmental Offices is below their representation in the total workforce (3.5 percent). The representation of Hispanic women in GS-15 

positions (2.4 percent) and SES positions (2 percent) within Treasury Departmental Offices is above their representation in the total 

workforce (2.3 percent). 

• White. The representation of White men in GS-15 positions (44.9 percent) and SES positions (53.7 percent) within Treasury 

Departmental Offices is above their representation in the total workforce (37.8 percent). The representation of White women in GS-15 

positions (28.7 percent) and SES positions (26.2 percent) within Treasury Departmental Offices is below their representation in the total 

workforce (24.2 percent).

• Black. The representation of Black men in GS-15 positions (4.3 percent) and SES positions (3.4 percent) within Treasury Departmental 

Offices is below their representation in the total workforce (7.1 percent). The representation of Black women in GS-15 positions (6.5 

percent) and SES positions (6 percent) within Treasury Departmental Offices is below their representation in the total workforce (12.16 

percent).

• Asian. The representation of Asian men in GS-15 positions (5.6 percent) and SES positions (4.0 percent) within Treasury Departmental 

Offices is below their representation in the total workforce (6.3 percent). The representation of Asian women in GS-15 positions (5.4 

percent) is above their representation within Treasury Departmental Offices is below their representation in the total workforce (4.9 

percent); but their representation in SES positions (1.3 percent) is below their representation in the total workforce.

• Other. The representation of men and women who identify as Other GS-15 positions and SES positions within Treasury Departmental 

Offices are each less than 1 percent and their representation in the total workforce (1.3 percent). 

There has been a consistent trend of overrepresentation of women and people of color at GS-14, GS-13, GS-12, and below that also appears 

in FY 2022. (Table 7)

TABLE 7

Treasury Departmental Offices

FY 2022 Demographics by Position Level30

Demographic 

Groups SES GS-15 GS-14 GS-13 GS-12 and below

% # % # % # % # % #

Men 64% 95 57% 320 59% 391 50% 184 45% 162

Women 36% 54 43% 237 41% 267 50% 184 55% 196

Hispanic 4.7% 7 3.4% 19 5.6% 37 9.5% 35 6.1% 22

Hispanic Men 2.7% 4 2.0% 11 3.7% 24 5.7% 21 3.4% 12

Hispanic Women 2.0% 3 1.4% 8 2.0% 13 3.8% 14 2.8% 10

White 79.9% 119 73.6% 410 60.8% 400 54.4% 200 47.8% 171

White Men 53.7% 80 44.9% 250 39.5% 260 29.9% 110 25.1% 90

White Women 26.2% 39 28.7% 160 21.3% 140 24.5% 90 22.6% 81

Black 9.4% 14 10.8% 60 17.9% 118 23.6% 87 36.3% 130

Black Men 3.4% 5 4.3% 24 6.4% 42 7.6% 28 12.3% 44

Black Women 6.0% 9 6.5% 36 11.6% 76 16.0% 59 24.0% 86

Asian 5.4% 8 11.0% 61 13.7% 90 11.4% 42 9.5% 34

Asian Men 4.0% 6 5.6% 31 8.5% 56 6.3% 23 4.5% 16

Asian Women 1.3% 2 5.4% 30 5.2% 34 5.2% 19 5.0% 18

Other 0.7% 1 1.3% 7 2.0% 13 1.1% 4 0.3% 1

Other Men 0% 0 0.7% 4 1.4% 9 0.5% 2 0% 0

Other Women 0.7% 1 0.5% 3 0.6% 4 0.5% 2 0.3% 1

30 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 23, 2023. Percentages above 1% have been rounded to whole numbers.
FY2022 Annual Report to Congress 35

4 PERCENT PHENOMENON. 

The “4% Phenomenon,” described by Jamal Simmons in a 2021 article31, refers to the representation of Black men and women in high-level 

and leadership positions across various sectors, typically stalling at 4 percent. An in-depth analysis of demographic stratification data within 

Treasury Departmental Offices was conducted to examine the representation of people of color in SES and GS-15 positions.

The findings revealed the presence of the 4 percent Phenomenon among Black, Hispanic, and Asian men and women in SES positions, as 

well as Asian and Black men and Hispanic men and women at the GS-15 level. Notably, Asian men and women (6 percent and 5.4 percent, 

respectively) and Black women (6.5 percent) have exceeded the 4 percent threshold at the GS-15 level. Overall, people of color occupied 20.1 

percent (30 of 150) of SES positions and 26.4 percent (147 of 557) of GS-15 positions.

The 4% Phenomenon can serve as another benchmark to assess the status of diversity within high-level positions. The breakdown of people 

of color in SES and GS-15 positions in the Treasury Departmental Offices is shown in Table 8. 

TABLE 8

Treasury Departmental Offices

The 4% Phenomenon: FY 2022 Representation of People of Color in Senior Positions in the Permanent Workforce32

SES GS-15

% # % #

Hispanic Men 3% 4 2% 11

Hispanic Women 2% 3 1% 8

Black Men 3% 5 4% 24

Black Women 6% 9 6% 36

Asian Men 4% 6 6% 31

Asian Women 1% 2 5% 30

Other Men 0% 0 0.7% 4

Other Women 0.7% 1 0.5% 3

 Highlighted cells indicate demographic groups above the 4% threshold at the SES and GS-15 levels;

 Percentages above 1% have been rounded to whole numbers.

PRESIDENTIAL APPOINTED POSITIONS.

For the second consecutive year in FY 2022, there was a large representation of women and people of color appointed to non-career 

politically appointed senior executive positions. Of the 150 total executives as shown in Table 9, 46 are non-career political senior executives, 

and 104 are career senior executives. Women hold a higher percentage of non-career senior executive positions at 52 percent (24) compared 

to the 29 percent (30) representation among career senior executives. 

Among people of color, there is a larger representation among non-career executives, accounting for 33 percent (15) of the positions 

compared to only 14 percent (15) of career executives. For specific racial/ethnic groups, there is a similarly high representation among noncareer political appointed senior executives: Hispanic at 11 percent (5), Black at 9 percent (4), and Asian at 11 percent (5). In comparison, 

career executives’ figures are lower, with Hispanic at 2 percent (2), Black at 10 percent (10), and Asian at 3 percent (3). Among non-career 

politically appointed senior executives, 2 percent (1) are represented by an employee from other demographic groups. (Table 9)

31 Simmons, J. (2021, May 4). The 4 percent problem. Democracy Journal. Retrieved March 25, 2023, from https://democracyjournal.org/arguments/the-4-percent-problem/ 

32 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 23, 2023. Percentages above 1 percent have been rounded to whole numbers.
36 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

TABLE 9

Treasury Departmental Offices

FY 2022 Executive Demographics33

All Executives

(Career + Non-Career)

Non-Career

Political Executives Career Executives

% # % # % #

Total 

Executives* 100% 150 100% 46 100% 104

Men 64% 96 48% 22 71% 74

Women 36% 54 52% 24 29% 30

White 80% 120 67% 31 86% 89

People of Color 20% 30 33% 15 14% 15

Hispanic 5% 7 11% 5 2% 2

Black 9% 14 9% 4 10% 10

Asian 5% 8 11% 5 3% 3

Other 1% 1 2% 1 0% 0

 *Total numbers of executives include temporary and term executive employees in addition to permanent executive employees. Percentages 

have been rounded to whole numbers.

ALL GRADE GROUPINGS.

A pattern of inequitable representation is apparent in the comparison of sex at various pay grades and SES positions. Within GS-6 to GS-12 

level positions, women represent the majority at 55 percent and men comprise 45 percent. Within the higher GS-13 to GS-15 level positions, 

the proportionality is reversed with men representing the majority at 57 percent and women represent 43 percent. The disparity in the 

representation of men and women is even more pronounced at the SES level, with men representing 63 percent of senior executive positions 

and women representing only 37 percent. (Figure 9)

A similar pattern of disparity exists in the comparison of racial/ethnic groups at various pay grades and SES positions. Within the GS-6 to GS12 level position, people of color represent 52 percent of the workforce and White employees represent 48 percent. However, at the GS-13 to 

GS-15 level, the percentage of people of color drops to 36 percent and the representation of White employees increases to 64 percent. At the 

SES level, people of color are the least represented at only 20 percent, while White employees comprise 80 percent. (Figure 10)

FIGURE 9

Treasury Departmental Offices

FY 2022 Permanent Workforce Composition by Sex and Position Level34

Percentages above 1% have been rounded to whole numbers.

33 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 23, 2023. Percentages above 1 percent have been rounded to whole numbers.

34 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023. Percentages above 1 percent have been rounded to whole numbers.
FY2022 Annual Report to Congress 37

FIGURE 10

Treasury Departmental Offices

FY 2022 Permanent Workforce Composition by Race, Ethnicity, and Position Level35

 Percentages above 1% have been rounded to whole numbers.

EMPLOYMENT PATTERNS [EQUITY]

HIRING. 

5-Year Hiring Rates and Trends. The hiring trends from 2018 to 2022 shows a progressive increase in the total number of hires each 

year from FY 2018 to 2021, with 149 hires in 2018, 226 in 2019, 298 in 2020, and 373 in 2021. However, in FY 2022, the total number of hires 

decreased to 298, which matches the 2020 figures.

There were opposite trends in the hiring of men and women during the FY 2018-2022 five-year period. The percentage of men hired 

gradually decreased from 58 percent in 2018 to 52 percent in FY 2022, while the percentage of women hired increased from 42 percent in 

2018 to 48 percent in FY 2022. (Table 10, Figure 11)

Hiring trends among racial/ethnic groups varied over the 2018 through 2022 period. White employees remained the largest group in the 

workforce but hiring percentages decreased from 75 percent in 2018 to 65 percent in 2022. There were fluctuations in the hiring of Hispanic 

employees over the years. The percentage of Hispanic employees hired increased from 5 percent in 2018 to 8 percent in 2020. but decreased 

to 4 percent in 2022. Trends in the hiring of Black employees steadily increased from 11 percent in 2018 to 20 percent in 2020 but decreased 

to 17 percent in 2022. The hiring of Asian employees also increased from 7 percent in 2018 to 13 percent in 2021 but slightly decreases to 11 

percent in 2022. The hiring of individuals classified as Other was minimal in 2018, with a total of 0.7 percent but grew to 2 percent in 2022. 

(Table 10, Figure 12) 

In summary, the hiring data from 2018 to 2022 shows a trend towards a more diverse and gender-balanced workforce. While there have 

been fluctuations in the hiring percentages overall, hiring of women, Black, and Asian primarily increased from 2018 to 2022 within Treasury 

Departmental Offices. (Table 10)

35 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023. Percentages above 1 percent have been rounded to whole numbers.
38 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

TABLE 10

Treasury Departmental Offices

FY 2018 – FY 2022 Demographics of New Hires36

2018 2019 2020 2021 2022

% # % # % # % # % #

Men 58% 87 57% 129 58% 172 53% 198 52% 155

Women 42% 62 43% 97 42% 126 47% 175 48% 143

Hispanic 5% 8 6% 13 8% 25 6% 23 4% 13

Hispanic Men 3% 5 3% 6 5% 15 3% 13 2% 7

Hispanic Women 2% 3 3% 7 3% 10 3% 10 2% 6

White 75% 112 66% 150 61% 181 64% 239 65% 195

White Men 44% 66 42% 94 39% 117 37% 137 39% 115

White Women 31% 46 25% 56 21% 64 27% 102 27% 80

Black 11% 17 14% 32 20% 61 16% 59 17% 51

Black Men 5% 8 6% 14 7% 22 6% 22 6% 18

Black Women 6% 9 8% 18 13% 39 10% 37 11% 33

Asian 7% 11 12% 28 10% 29 13% 48 11% 33

Asian Men 5% 7 6% 13 5% 16 6% 24 5% 14

Asian Women 3% 4 7% 15 4% 13 6% 24 6% 19

Other 0.7% 1 1% 3 0.7% 2 1% 4 2% 6

Other Men 0.7% 1 0.9% 2 0.7% 2 0.5% 2 0.3% 1

Other Women 0% 0 0.4% 1 0% 0 0.5% 2 2% 5

Total 100% 149 100% 226 100% 298 100% 373 100% 298

 Percentages above 1% have been rounded to whole numbers.

FIGURE 11

Treasury Departmental Offices

FY 2018 - FY 2022 Hiring Trends for Women37

Percentages above 1% have been rounded to whole numbers.

36 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023. Percentages above 1 percent have been rounded to whole numbers.

37 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023.
FY2022 Annual Report to Congress 39

FIGURE 12

Treasury Departmental Offices

FY 2018 - FY 2022 Hiring Trends for People of Color in the Permanent Workforce38

Percentages above 1% have been rounded to whole numbers.

ATTRITION. 

5-Year Attrition Rates and Trends. There was an overall attrition rate of 10 percent in FY 2022, with a total of 212 (of 2,108) employees 

who left Treasury Departmental Offices, which was the same overall attrition rate as FY 2021. By sex, men and women had the same attrition 

rate in FY 2022 (10 percent); and in FY 2021 there was only a slight difference in attrition rates by sex (men 11 percent, women 10 percent). 

Among specified racial/ethnic groups in FY 2022, White employees had the highest attrition rate of 21 percent, followed by Black employees 

(19 percent), Asian employees (15 percent) and Hispanic employees (5 percent), respectively. The attrition rate in FY 2022 for employees who 

identified as Other was 24 percent.

The five-year average rate of attrition by sex between 2018 and 2022 was 11 percent for men and 12 percent for women. Among identified 

racial/ethnic groups, the five-year average rate of attrition between 2018-2022 varied considerably: White employees at 24 percent, followed 

by Black employees at 19 percent, Asian employees at 10 percent, and Hispanic employees at 5 percent. The five-year average rate of attrition 

for employees who identified as Other was 30 percent. 

Five-year trends in annual attrition show a general decline across sex and racial/ethnic demographic groups. 

• Women. The five-year trend in annual attrition among women was 13 percent in FY 2018 and FY 2019 and declined to 11 percent in FY 

2020 and 10 percent in both FY 2021 and FY 2022. 

• White. White employees declined from 26 percent and 28 percent in FY 2018 to FY 2019, respectively, to 23 percent in FY 2020 and 21 

percent in both FY 2021 and FY 2022. 

• Hispanic. There was a decline in the annual attrition rate among Hispanic employees from 7 percent to 2 percent from FY 2018 to FY 

2020. However, the attrition rate for this group rose to 6 percent in both FY 2021 and FY 2022, approaching the FY 2018 attrition rate. 

• Black. The trend in annual attrition of Black employees in both FY 2018 and FY 2019 was 17 percent, increasing to 20 percent in both FY 

2020 and FY 2021. But the attrition rates declined slightly to 19 percent in FY 2022. 

• Asian. The five-year trend in annual attrition of Asian employees decreased from 10 percent in FY 2018 and FY 2019 to 6 percent in FY 

2020, the lowest in the five-year period. The attrition rate rose to 9 percent in FY 2021 and increased to 15 percent in FY 2022. 

• Other. The trend in annual attrition of employees who identified as Other had the highest annual attrition rate in FY 2018 at 73 percent 

and declined over the past four years to 24 percent in 2022. However, this large percentages in attrition rates can be attributable to the 

small numbers in this group in which the loss of only a few employees can greatly affect the annual rate. 

38 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 24, 2023.
40 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

Overall, the attrition rates across nearly all demographic groups have decreased within Treasury Departmental Offices over the past five years. 

(Table 11)

TABLE 11

Treasury Departmental Offices

FY 2018 – FY 2022 Attrition Rate by Sex, Race, and Ethnicity39

Fiscal year Men Women Hispanic White Black Asian Other

% of total leaving % of total leaving

2018 13% 13% 7% 26% 17% 10% 73%

2019 15% 13% 5% 28% 17% 10% 31%

2020 9% 11% 2% 23% 20% 6% 14%

2021 11% 10% 6% 21% 20% 9% 7%

2022 10% 10% 6% 21% 19% 15% 24%

 *Percentages have been rounded to whole numbers

Total Attrition by Number and Demographic Group. In FY 2022, the total attrition for Treasury Departmental Offices was 212 

separations. Men account for 116 separations and women account for 96 separations. The largest number of separations was among White 

employees, with White men accounting for 91 separations. and White women accounting for 50 separations. The Black employees had the 

second highest attrition rate, with 40 separated in FY 2022. 

Black women accounted for a slightly larger number of separations than Black men, with 25 women separating compared to 15 men. 

Hispanic and Asian employees had relatively low attrition rates, with 11 employees and 17 employees, respectively, separating in FY 2022. 

The Other demographic group had the smallest number of separations, with only three employees separating in FY 2022. (Figure 13)

FIGURE 13

Treasury Departmental Offices

FY 2022 Separations by Number and Demographic Group40

* Workforce numbers and percentages are based on data extracted from Data Insight on March 10, 2023 for FY 2022.

39 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on March 10, 2023.

40 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on March 10, 2023.
FY2022 Annual Report to Congress 41

Attrition by Type. Resignation was the most common attrition type across all demographic groups, followed by transfers and retirements. 

Deaths, discharges, and reductions in force were relatively rare attrition types, with each accounting for less than 2 percent of total attrition. 

Separations by attrition type for each demographic group is shown in Table 12.

The largest demographic group experiencing attrition was White employees, accounting for 67 percent of total attrition. Among resignations, 

White employees had the highest resignation rate at 34 percent, followed by Black employees at 6 percent and the Asian employees at 5 

percent. Hispanic employees and employees in the Other demographic group had the lowest resignation rate at 3 percent and 1 percent, 

respectively. 

Retirement accounted for a relatively small proportion of overall attrition, with only 11 percent separations due to retirement. White 

employees had the highest retirement rate at 8 percent, followed by the Black employees at 2 percent, and Hispanic and Asian employees at 

0 percent. Women had a slightly higher retirement rate than men, at 4 percent compared to 7 percent, respectively.

Transfers accounted for the second largest attrition type, representing 37 of separations. Men had a higher transfer rate than women, at 17 

percent compared to 20 percent, respectively. White employees had the highest transfer rate at 23, followed by Black employees at 9 percent, 

and Hispanic and Asian employees at 2 percent. 

Death accounted for a very small proportion of overall attrition, with only 0.9 percent separations due to death. Men had a slightly higher 

death rate than women, at 0.9 percent compared to 0 percent, respectively. No deaths were reported for women or Hispanic, Asian, or Other 

employees. (Table 12) 

TABLE 12

Treasury Departmental Offices

FY 2022 Attrition by Type and Demographic Group41

Resignation Retirement Transfers Death Discharge Reduction in 

Force

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

Men 30% 64 7% 14 17% 35 0.9% 2 0.5% 1 0% 0

Women 19% 41 4% 9 20% 43 0% 0 1% 2 0.5% 1

Hispanic 3% 7 0% 0 2% 4 0% 0 0% 0 0% 0

Hispanic Men 1% 3 0% 0 0% 1 0% 0 0% 0 0% 0

Hispanic Women 2% 4 0% 0 1% 3 0% 0 0% 0 0% 0

White 34% 73 8% 17 23% 48 0.9% 2 0.5% 1 0% 0

White Men 23% 49 6% 12 13% 28 0.9% 2 0% 0 0% 0

White Women 11% 24 2% 5 9% 20 0% 0 0.5% 1 0% 0

Black 6% 13 2% 5 9% 19 0% 0 1% 2 0.5% 1

Black Men 3% 7 0.5% 1 3% 6 0% 0 0.5% 1 0% 0

Black Women 3% 6 2% 4 6% 13 0% 0 0.5% 1 0.5% 1

Asian 5% 10 0% 1 3% 6 0% 0 0% 0 0% 0

Asian Men 2% 4 0% 1 0% 0 0% 0 0% 0 0% 0

Asian Women 3% 6 0% 0 3% 6 0% 0 0% 0 0% 0

Other 1% 2 0% 0 0.5% 1 0% 0 0% 0 0% 0

Other Men 0.5% 1 0% 0 0% 0 0% 0 0% 0 0% 0

Other Women 0.5% 1 0% 0 0.5% 1 0% 0 0% 0 0% 0

Total 50% 105 11% 23 37% 78 0.9% 2 1.5% 3 0.5% 1

Percentages above 1% have been rounded to whole numbers.

41 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on March 10, 2023. Percentages above 1 percent have been rounded to whole numbers.
42 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

MISSION CRITICAL OCCUPATIONS. 

Within Treasury Departmental Offices, there are five occupational series that are regarded as critical to supporting the mission and vision of 

Treasury: Economist, General Attorney, Financial Analyst, Information Technology Specialist, and Intelligence Analyst. This section includes 

comparisons of the representation by sex and people of color within each of these occupations in the Treasury Departmental Offices 

permanent workforce from FY 2018 through FY 2022 compared to Occupational Civilian Labor Force (OCLF) data.42

Economist. In FY 2022, among men economists, 4.4 percent were Hispanic, 53.5 percent were White, 0 percent were Black, 6.6 percent 

were Asian, and none were of the Other demographic group. Among women economists, 0 percent were Hispanic, 25.7 percent were White, 

1.3 percent were Black, 8 percent were Asian, and 0.4 percent were of the Other demographic group.

When compared to the OCLF benchmark data, the percentage of Hispanic men economists is lower than the OCLF benchmark of 5.3 percent, 

while the percentage of White men economists is slightly higher than the OCLF benchmark of 52.3 percent. The percentage of Black men and 

women economists is lower than the OCLF benchmark of 3.9 percent and 1.7 percent, respectively. The percentage of Asian men and women 

economists is higher than the OCLF benchmark of 5.1 percent and 3.0 percent, respectively.

The data show a gradual increase in the percentage of Hispanic men and women economists from FY 2018 to FY 2022, while the percentage 

of Black men and women economists has remained relatively stagnant. The percentage of White men and women economists has decreased 

slightly, while the percentage of Asian men and women economists has increased. Asian men and women and men and women in the Other 

demographic group are above the OCLF benchmark. Overall, the data suggests that there is still a lack of representation of Black economists 

in Treasury Departmental Offices.

Table 12 provides data on the percentage distribution by race/ethnicity and sex among employees in the Economist occupation in Treasury 

Departmental Offices from FY 2018 to FY 2022. The last row provides data on the Occupational Civilian Labor Force (OCLF), which is the 

benchmark data to compare the Treasury-wide distribution of Economists by ethnicity and gender. (Table 13)

TABLE 13

Treasury Departmental Offices

FY 2018 – FY 2022 Demographics of the Economist Series43

0110 ECONOMIST

Hispanic White Black Asian Other % Total

M W M W M W M W M W

2018 1.7% 0% 57.5% 27.4% 1.1% 0% 5.6% 6.7% 0.0% 0.0% 100%

2019 2.1% 0% 59.0% 25.6% 0.5% 0% 4.6% 7.7% 0.0% 0.5% 100%

2020 3.9% 0% 58.3% 24.0% 0% 1.0% 4.9% 7.4% 0.0% 0.5% 100%

2021 4.3% 0% 54.3% 24.5% 0% 1.4% 6.3% 8.2% 0.0% 1.0% 100%

2022 4.4% 0.0% 53.5% 25.7% 0.0% 1.3% 6.6% 8.0% 0.0% 0.4% 100%

OCLF 5.3% 2.0% 52.3% 24.1% 3.9% 1.7% 5.1% 3.0% 1.4% 1.2% 100%

 (Key: Highlighted cell denotes a percentage below the OCLF benchmark; M-Men; W-Women).

General Attorney. In FY 2022, among men General Attorneys, 1.7 percent were Hispanic, 42.7 percent were White, 2.6 percent were 

Black, 4.3 percent were Asian, and none were of the Other demographic group. Among women General Attorneys, 0.9 percent were Hispanic, 

36.8 percent were White, 5.1 percent were Black, 5.1 percent were Asian, and 0.9 percent were of the Other demographic group.

When compared to the OCLF benchmark data, the percentage of Hispanic men General Attorneys is lower than the OCLF benchmark of 

3.1 percent, while the percentage of Hispanic women General Attorneys is much lower. The percentage of White men and women General 

Attorneys is higher than the OCLF benchmark of 54.7 percent and 28.5 percent, respectively. The percentage of Black men and women 

General Attorneys is lower than the OCLF benchmark of 2.2 percent and 3.0 percent, respectively. The percentage of Asian men and women 

General Attorneys is higher than the OCLF benchmark of 1.9 percent and 2.1 percent, respectively.

42 Occupational Civilian Labor Force (OCLF), data derived from the decennial census, refers to the segment of the population that is employed or seeking employment within that specific 

occupation and are 16 years of age and over, except those in armed forces, and is adjusted for citizenship. 

43 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 21, 2023. (Key: Highlighted cell denotes a percentage below the OCLF benchmark; 

M-Men; W-Women).
FY2022 Annual Report to Congress 43

The representation of Hispanic men and women in the General Attorney profession is still quite low. Although the percentage of Black men 

and women is above the OCLF benchmark, the percentage of Black men and women has been decreasing over the years. The percentage of 

White men and women has been relatively stable, while the percentage of Asian men and women has been increasing. 

Table 13 provides data on the percentage distribution of different ethnicities and genders among employees in the General Attorney 

occupation in Treasury Departmental Offices from FY 2018 to FY 2022. The last row provides data on the OCLF, which is the benchmark data 

to compare the Treasury-wide distribution of General Attorneys by race/ethnicity and sex. (Table 14)

TABLE 14

Treasury Departmental Offices 

FY 2018 – FY 2022 Demographics of the General Attorney Series44

0905 GENERAL ATTORNEY

Hispanic White Black Asian Other 

M W M W M W M W M W

2018 0.9% 2.7% 54.6% 30% 0.9% 2.7% 2.7% 3.6% 0.0% 1.7% 100%

2019 1.0% 2.9% 41.9% 39.1% 1.9% 3.8% 3.8% 3.8% 0.0% 1.9% 100%

2020 1.7% 2.6% 38.8% 39.7 2.6% 4.3% 4.3% 4.3% 0.0% 1.7% 100%

2021 1.7% 1.7% 39.1% 36.5% 2.6% 6.1% 4.4% 6.1% 0.0% 1.7% 100%

2022 1.7% 0.9% 42.7% 36.8% 2.6% 5.1% 4.3% 5.1% 0.0% 0.9% 100%

OCLF 3.1% 2.5% 54.7% 28.5% 2.2% 3.0% 1.9% 2.1% 1.0% 0.9% 100%

 (Key: Highlighted cell denotes a percentage below the OCLF benchmark; M-Men; W-Women).

Information Technology (IT) Specialist. In FY 2022, among men IT Specialists, 2.8 percent were Hispanic, 36.1 percent were White, 

12.8 percent were Black, 18.4 percent were Asian, and 1.7 percent were of the Other demographic group. Among women IT Managers, 

1.7 percent were Hispanic, 10.1 percent were White, 8.7 percent were Black, 6.9 percent were Asian, and 0.7 percent were of the Other 

demographic group.

When compared to the OCLF benchmark data, the percentage of Hispanic men and women IT Specialists is lower than the OCLF benchmark 

of 4.5 percent and 1.6 percent, respectively. The percentage of White men and women IT Managers is lower than the OCLF benchmark of 

54.3 percent and 21.6 percent, respectively. The percentage of Black men and women IT Specialists is much greater than the OCLF benchmark 

of 3.6 percent and 2.5 percent, respectively. The percentage of Asian men and women IT Specialists is higher than the OCLF benchmark of 7.0 

percent and 2.6 percent, respectively.

Although the percentage of Hispanic women is above the OCLF benchmark, representation of Hispanic men in IT Management is quite low. 

The percentage of Black IT Specialists has been increasing over the years, while the percentage of White IT Specialists has been decreasing. 

The percentage of Asian individuals has been relatively stable.

Table 14 provides data on the percentage distribution of by race/ethnicity and sex among employees in the IT Specialist occupation in 

Treasury Departmental Offices from 2018 to 2022. The last row provides data on the OCLF, which is the benchmark data to compare the 

Treasury-wide distribution of IT Specialists by race/ethnicity and sex. (Table 15)

44 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 21, 2023. (Key: Highlighted cell denotes a percentage below the OCLF benchmark; 

M-Men; W-Women).
44 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

TABLE 15

Treasury Departmental Offices

FY 2018 – FY 2022 Demographics of the Information Technology Specialist Series45

2210 INFORMATION TECHNOLOGY MANAGEMENT

Hispanic White Black Asian Other 

M W M W M W M W M W

2018 3.1% 1.5% 40.2% 11.1% 11.9% 6.1% 17.2% 5.8% 1.9% 0.8% 100%

2019 2.1% 1.3% 39.1% 10.5% 13.0% 7.6% 16.4% 7.1% 2.1% 0.8% 100%

2020 2.7% 1.9% 37.2% 9.2% 13.4% 8.1% 18.0% 7.3% 1.9% 0.4% 100%

2021 3.1% 1.9% 37.7% 9.2% 13.9% 8.1% 16.5% 7.3% 1.9% 0.4% 100%

2022 2.8% 1.7% 36.1% 10.1% 12.8% 8.7% 18.4% 6.9% 1.7% 0.7% 100%

OCLF 4.5% 1.6% 54.3% 21.6% 3.6% 2.5% 7.0% 2.6% 1.5% 0.8% 100%

Financial Analyst. In FY 2022, among men Financial Analysts, 1.6 percent were Hispanic, 39.3 percent were White, 6.6 percent were Black, 

4.9 percent were Asian, and none were of the Other group. Among women Financial Analysts, none were Hispanic, 29.5 percent were White, 

11.5 percent were Black, 6.6 percent were Asian, and none were of the Other demographic group.

When compared to the OCLF benchmark data, the percentage of Hispanic men and women Financial Analysts is lower than the OCLF 

benchmark of 3.6 percent and 3.3 percent, respectively. The percentage of White men Financial Analysts is lower than the OCLF benchmark of 

46.0 percent, while the percentage of White women Financial Analysts is higher. The percentage of Black men and women Financial Analysts 

is higher than the OCLF benchmark of 3.5 percent and 4.1 percent, respectively. The percentage of Asian men and women Financial Analysts 

is higher than the OCLF benchmark of 5.9 percent and 5.3 percent, respectively.

The representation of Hispanic men and women in the Financial Analyst occupation is quite low. The percentage of Black men and women 

has been increasing over the years, while the percentage of White men and women has been decreasing. The percentage of Asian men and 

women has been relatively stable.

Table 15 provides data on the percentage distribution by race/ethnicity and sex among employees in the Financial Analyst occupation in 

Treasury Departmental Offices from 2018 to 2022. The last row provides data on the OCLF, which is the benchmark data to compare the 

Treasury-wide distribution of Financial Analysts by race/ethnicity and sex. (Table 16)

TABLE 16

Treasury Departmental Offices

FY 2018 – FY 2022 Demographics of the Financial Analyst Series46

Hispanic White Black Asian Other and 

Unspecified

M W M W M W M W M W

2018 3.3% 0 40.0% 23.3% 10.0% 13.3% 3.3% 3.3% 1.9% 0.0% 100%

2019 1.9% 0 34.0% 24.5% 9.4% 18.9% 3.8% 5.7% 3.3% 0.0% 100%

2020 1.7% 0 38.3% 31.7% 5.0% 11.7% 1.7% 6.8% 1.9% 0.0% 100%

2021 1.9% 0 36.5% 36.5% 5.8% 9.6% 1.9% 5.8% 0.0% 0.0% 100%

2022 1.6% 0.0% 39.3% 29.5% 6.6% 11.5% 4.9% 6.6% 0.0% 0.0% 100%

OCLF 3.6% 3.3% 46.0% 26.2% 3.5% 4.1% 5.9% 5.3% 1.2% 0.9% 100%

 (Key: Highlighted cell denotes a percentage below the OCLF benchmark; M-Men; W-Women).

45 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 21, 2023. (Key: Highlighted cell denotes a percentage below the OCLF benchmark; 

M-Men; W-Women).

46 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 21, 2023. (Key: Highlighted cell denotes a percentage below the OCLF benchmark; 

M-Men; W-Women).
FY2022 Annual Report to Congress 45

Intelligence Analyst. In FY 2022, among men Intelligence professionals, 5.8 percent were Hispanic, 53.8 percent were White, 1.9 percent 

were Black, 3.2 percent were Asian, and 1.9 percent were of the Other demographic group. Among women Intelligence professionals, 

0.6 percent were Hispanic, 25.0 percent were White, 3.8 percent were Black, 3.2 percent were Asian, and 0.6 percent were of the Other 

demographic group.

When compared to the OCLF benchmark data, the percentage of Hispanic men Intelligence professionals is higher than the OCLF benchmark 

of 4.3 percent, while the percentage of Hispanic women Intelligence professionals is lower. The percentage of White men Intelligence 

professionals is higher than the OCLF benchmark of 40.1 percent, while the percentage of White women Intelligence professionals is lower. 

The percentage of Black men and women Intelligence professionals is higher than the OCLF benchmark of 3.7 percent and 2.2 percent, 

respectively. The percentage of Asian men and women Intelligence professionals is higher than the OCLF benchmark of 1.8 percent and 2.3 

percent, respectively.

The representation of Hispanic and Black employees in the Intelligence profession has been increasing over the years, while the 

representation of White employees has been decreasing. The percentage of Asian employees has remained relatively stable.

Table 16 provides data on the percentage distribution by race/ethnicity and sex among employees in the Intelligence Analyst occupation 

in Treasury Departmental Offices from 2018 to 2022. The last row provides data on the OCLF, which is the benchmark data to compare the 

Treasury-wide distribution of Intelligence Analysts by race/ethnicity and sex. (Table 17) 

TABLE 17

Treasury Departmental Offices

FY 2018 – FY 2022 Demographics of the Intelligence Analyst Series47

0132 INTELLIGENCE

Hispanic White Black Asian Other 

M W M W M W M W M W

2018 2.9% 2.0% 53.9% 27.5% 2.9% 5.9% 3.9% 0% 1.0% 0.0% 100%

2019 4.6% 1.5% 55.3% 22.7% 3.8% 6.8% 3.0% 1.5% 1.5% 0.0% 100%

2020 5.7% 0.7% 53.2% 26.2% 2.8% 4.3% 2.1% 3.6% 1.4% 0.0% 100%

2021 5.3% 0.7% 54.3% 23.2% 4.0% 3.3% 2.7% 4.0% 1.9% 0.6% 100%

2022 5.8% 0.6% 53.8% 25.0% 1.9% 3.8% 3.2% 3.2% 1.9% 0.6% 100%

OCLF 4.3% 4.5% 40.1% 35.9% 3.7% 3.6% 1.8% 2.2% 1.6% 2.3% 100%

 (Key: Highlighted cell denotes a percentage below the OCLF benchmark; M-Men; W-Women).

STUDENT EMPLOYMENT. 

Volunteers, Treasury Scholars, Presidential Management Fellows. 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 two main opportunities for student internships: an unpaid 

student volunteer internship program 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 and FY 2021, 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. This practice continued in FY 2022.

47 Workforce numbers and percentages are based on FY 2022 data extracted from Data Insight on February 21, 2023. (Key: Highlighted cell denotes a percentage below the OCLF benchmark; 

M-Men; W-Women).
46 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

In FY 2022, there were 124 student interns who served in Treasury Departmental Offices: 23 percent Asian (28), 8 percent Black (10), 6 

percent Hispanic (8), and 63 percent White (78). The greatest proportion of all the 124 total student interns in Treasury Departmental Offices 

came through the volunteer program. Thirty-two percent (35) of the 109 volunteer program students were people of color: 23 percent Asian 

(25), 7 percent Black (8), 2 percent Hispanic (2), while 68 percent were White (74). 

The Presidential Management Fellows (PMF) Program is a flagship leadership development program at the entry-level for candidates who 

are recent graduates with advanced degrees. The program attracts and selects from among the best candidates and is designed to develop a 

cadre of potential federal government leaders. Participation in the PMF Program has been limited in recent years due to funding limitations. 

In FY 2022, there were five PMF Fellows selected through the program of which four (80 percent) were White and one (10 percent) was 

Asian. (Table 21)

TABLE 18

Treasury Departmental Offices

Student Employment (Volunteer, Treasury Scholars Programs, and Presidential Management Fellows Program) | FY 2022

Student 

Programs Asian Black Hispanic NativeAmerican

Total

 People of Color White Total

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

Volunteer 

Student Program 25 23% 8 7% 2 2% 0 0% 35 32% 74 68% 109

Treasury Scholars 

Program 

2 20% 2 20% 6 60%  0 0% 10 100% 0 0 10

PMF Program 1 20% 0 0% 0 0% 0 0% 1 25% 4 75% 5

# and % 28 23% 10 8% 8 6% 0 0 46 37% 78 63% 124

Over the past five years, Treasury has hosted a total of 796 students through volunteer student program (698), Treasury Scholars Program 

(76), and Presidential Management Fellows Program (22) combined. (Tables 19 - 21)

TABLE 19

Treasury Departmental Offices

Volunteer Student Employment | FY 2018-2022

Volunteer

Student 

Program

Asian Black Hispanic Native

American Total

 People of Color

White Overall

TOTAL

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

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

FY 2021 11 16% 2 3% 5 7% 0 0% 18 27% 49 73% 67

FY 2022 25 23% 8 7% 2 2% 0 0% 35 32% 74 68% 109

Five-year 

TOTALS 111 16% 50 7% 35 5% 1 0.2 197 28% 501 72% 698
FY2022 Annual Report to Congress 47

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, 27 percent of the total number of interns who were people of color have been 

directly attributable to the Treasury Scholars program. As high as 60 percent of the total number of interns who were people of color were 

attributable to the Treasury Scholars program in a single year (28 of 47 POC interns in FY 2021). 

In FY 2022, One hundred percent of the 10 Treasury Scholars program students were people of color: 20 percent Asian (2), 20 percent Black 

(2), and 60 percent Hispanic (6). Students came from leading colleges and universities, including Historically Black Universities and Minority 

Student Serving Institutions. These students were placed in policy and program offices throughout Treasury Departmental Offices, including 

International Affairs, Office of Human Resources, Office of Economic Policy, and the Office of the Chief Information Officer to work on projects 

that provided interns with marketable career experiences. In FY 2022, the Treasury Scholars program accounted for 8 percent (10 of 119) 

of the placements of interns (volunteers and Treasury Scholars) and accounted for 29 percent of the interns (10 of 35) who were people of 

color. (Table 20)

TABLE 20

Treasury Departmental Offices

Treasury Scholars Program | FY 2018-2022

Treasury

Scholars

Program

Asian Black Hispanic Native

American

Total 

People of 

Color

White Overall

TOTAL

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

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

FY 2021 4 14% 19 68% 5 18% 0 0% 28 100% 0 0% 28

FY 2022 2 20% 2 20% 6 60%  0 0% 10 100% 0 0 10

Five-year 

TOTALS 13 17% 42 55% 20 26% 1 1% 75 99% 1 1% 76

*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 of people of color and overall total columns, the student was accounted for only once. 

TABLE 21

Treasury Departmental Offices

Presidential Management Fellows Program | FY 2020-2022

Presidential 

Management 

Fellows 

Program

Asian Black Hispanic Native

American Total

 People of Color

White Overall

TOTAL

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

FY 2020 1 14% 0 0% 0 0% 0 0% 1 14% 6 86% 7

FY 2021 1 10% 0 0% 0 0% 0 0% 1 10% 9 90% 10

FY 2022 1 20% 0 0% 0 0% 0 0% 1 25% 4 75% 5

Three-year 

TOTALS 3 14% 0 0% 0 0% 0 0% 3 14% 19 86% 22
48 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

American Economic Association Summer Training Program. Separate from the student employment program, OMWI has had a 

cooperative agreement with the Howard University Department of Economics since 2021, to promote the participation and increase diversity 

in the economics profession. Howard University, Historically Black University (HBCU), sponsors the American Economic Association (AEA) 

Summer Training Program. This prestigious program uniquely enables students to prepare for the rigors of graduate studies, particularly at 

the PhD level. 

Through this program, Treasury provides mentorship opportunities for students majoring in economics with Treasury senior economists. 

The Treasury Office of Economic Policy mentored two African American students from the 2022 AEA Summer Training Program session. The 

students were supervised by a senior economist who provided an Experiential Learning Plan during an intensive two-month residential 

program. Students earned academic credit for a project conducted under the direction of the Treasury mentors. 

WORKPLACE CULTURE (INCLUSION) 

INCLUSION QUOTIENT INDEX. 

Measuring Workplace Culture. The Federal Employee Viewpoint Survey (FEVS) is an annual survey administered by the U.S. Office of 

Personnel Management (OPM) to gather feedback from federal employees about their workplace experiences. The FEVS is used by agencies of 

the federal government to measure employee engagement, job satisfaction, leadership, work-life balance, communication, and other aspects of 

the work environment. From 2013 through 2019, the FEVS included a subset of 20 questions that comprised the Inclusion Quotient Index (also 

known as the New IQ) was used to assess employees to assess perceptions of workplace inclusion among the federal workforce. It consisted of a 

subset of 20 questions derived from a rigorous statistical factor analysis and addressed various aspects of inclusion in the workplace. 

Of all the categories in “DEIA,” inclusion is the most difficult to measure. Compared to diversity, equity and accessibility, inclusion is the 

only one the is based on qualitative perceptions rather than quantitative variables. The Inclusion Quotient of the FEVS had been the only 

comprehensive government-wide measure of employee perceptions of characteristics of an inclusive workplace culture. In 2020 and 2021, 

the Inclusion Quotient was deleted from the FEVS and replaced with questions related to the COVID 19 pandemic. In 2022, the Inclusion 

Quotient was replaced with a new set of questions designed to assess Diversity, Equity, Inclusion and Accessibility (DEIA Index). However, 

among the new set of questions that comprise the DEIA Index, only 5 questions address perceptions of workplace inclusion, compared to 

20 in the Inclusion Quotient Index. The introduction of the DEIA Index in 2020 represented a shift in focus from measuring the perception of 

employees to measuring the progress of agencies in promoting DEIA in the workplace.

Treasury Inclusion Survey. Following the removal of the Inclusion Quotient Index from the FEVS in 2020 and 2021, Treasury 

Departmental Offices partnered with OPM in FY 2022 to conduct a separate administration agency-wide of the Inclusion Quotient Survey. This 

separate survey consisted of the same 20 questions that formerly comprised Inclusion Quotient subset or the FEVS. The Inclusion Quotient 

measures five characteristics of an inclusive workplace: Fairness, Openness, Cooperation, Supportiveness, and Empowerment. 

It is important to note that the Treasury Departmental Offices Inclusion Quotient Index results generally remained consistent between 2013 

and 2019, with most characteristics scored below the threshold of 65 percent. With no administration of the Inclusion Quotient Index in 

2020 and 2021, it is unknown what, if any, impact the COVID 19 pandemic had on employee perceptions of the workplace culture. But, 

when Treasury conducted the Inclusion Survey again after the two-year hiatus, the improvement in scores compared to the earlier seven 

consecutive years (2013-2019) was remarkable, with double digit increases on nearly every characteristic. 

Pre- and Post-Pandemic Comparisons. In 2019, the Treasury Departmental Offices’ overall Inclusion Quotient Index score of 63 percent 

was slightly below the OPM 65 percent threshold. However, in 2022, the overall score dramatically increased to 75 percent, 12 percent the 

threshold. Fairness, typically scored least positively of the five components of workplace inclusion, had an 11 percent increase from 55 percent 

to 66 percent in score between 2019 and 2022. This was the first time this characteristic was ever scored above the threshold. There were 

notable increases on the other four components between 2019 and 2022: 60 percent to 72 percent for Openness; 60 percent to 77 percent for 

Cooperative; 81 percent to 85 percent for Supportiveness; and 61 percent to 74 percent for Empowering. (Figure 14) 
FY2022 Annual Report to Congress 49

FIGURE 14

Treasury Departmental Offices

Comparison of FY 201948 and FY 2022 Inclusion Quotient Index

Treasury-wide and Treasury Departmental Offices Comparisons. In comparison to Treasury-wide results on the FY 2022 

Inclusion Survey, Treasury Departmental Offices score more positively, ranging from 1 percent to 4 percent higher across all characteristics. 

All Treasury Departmental Offices and Treasury-wide scores were above the 65 percent threshold, with one exception. The overall Treasury 

Departmental Offices score was 75 percent compared to the Treasury-wide score of 74 percent. On Fairness, the Treasury Departmental 

Offices score was 66 percent (1 percent above the OPM threshold) compared to the Treasury-wide score of 62 percent (the only score below 

the OPM threshold). On Openness, Treasury Departmental Offices score was 73 percent compared to the Treasury-wide score of 72 percent. 

On Cooperative, Treasury Departmental Offices score was 77 percent compared to the Treasury-wide score of 73 percent. On Supportiveness, 

Treasury Departmental Offices score was 85 percent compared to the Treasury-wide score of 84 percent, the highest scoring characteristic for 

both. On Empowering, Treasury Departmental Offices score was 74 percent compared to the Treasury-wide score of 70 percent. (Figure 15) 

FIGURE 15

Treasury Departmental Offices

Comparison of Treasury-wide and Treasury Departmental Offices FY 2022 Inclusion Quotient Index

48 The FY 2019 Inclusion Quotient Index was a component of the 2019 FEVS administered by OPM.
50 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

Comparison by Sex. Comparing the perceptions of workplace inclusion by sex, women perceptions were less positive than those of 

men overall and on each of the five characteristics. The largest differences in perceptions between women and men were in Fairness (63% 

for women, 69 percent for men, the only score below the OPM threshold), Openness (71 percent for women, 76 percent for men), and 

Supportiveness (86 percent for women, 88 percent for men). (Figure 16)

FIGURE 16

Treasury Departmental Offices

FY 2022 Inclusion Quotient Index Responses by Sex

 

People of Color and White Comparison. Comparing the perceptions of workplace inclusion by race/ethnic, the perceptions of people 

of color were less positive than those of White employees overall and on three of the five categories. The largest differences in perceptions 

between people of color and White employees were in Openness (78 percent for POC, 70 percent for White), Fairness (69 percent for 

POC, 63 percent for White, the least positive scores for both), and Empowering (77 percent for POC, 74 percent for White). The smallest 

differences between people of color and White employees were in Supportiveness (87 percent for POC, 86 percent for White, the most 

positive scores for both) and Cooperative (78 percent for POC, 76 percent for White) (Figure 17)
FY2022 Annual Report to Congress 51

FIGURE 17

Treasury Departmental Offices

FY 2022 Inclusion Quotient Index Responses by Race and Ethnicity Composition

Race/Ethnicity Comparison. Comparing the perception of workplace inclusion among specific racial/ethnic groups, the greatest 

differences across all groups was on the characteristic of Fairness, with perceptions of Black and Hispanic employees the least positive (Black 

61 percent and Hispanic 64 percent) and perceptions of Asian and White employees more positive (Asian 67 percent, White 69 percent). 

Perceptions also differed among group on the characteristic of Empowering (Asian 70 percent, Black 76 percent, Hispanic 71 percent, White 

77 percent). Black employees had a more positive perception of the characteristic of Cooperative (82 percent) than other groups (Asian 78 

percent, Hispanic 76 percent, White 76 percent). Perceptions among groups were most similar among people of color on Openness (Asian 69 

percent, Black 69 percent, Hispanic 69 percent) in contrast to White employees (78 percent). Employees who identify as Two or more races 

perceived the workplace culture similarly or more positively than White employees. (Figure 18)

FIGURE 18

Treasury Departmental Offices

FY 2022 Inclusion Quotient Index Responses by Race and Ethnicity

Asian

Black or African American

Hispanic

Two or More Races

White
52 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

LGBTQ+ and Non-LGBTQ Comparison. Comparing the perceptions of workplace inclusion by sexual orientation and identity, LGBTQ+ 

employees perceive the workplace culture of inclusion much less positively than non-LGBTQ+ employees. There was a 13 percent gap in 

the overall scores between LGBTQ+ and non-LGBTQ+ employees and double-digit gaps between the two groups on Fairness (15 percent), 

Openness (18 percent), Cooperative (12 percent), and Empowering (18 percent). Also, the overall score and scores on four of the five 

characteristics of LGBTQ+ employees were below the 65 percent OPM threshold in contrast to non-LGBTQ employees with overall and scores 

in all five characteristics above the OPM threshold. In fact, LGBTQ+ employees had the least positive perceptions of workplace inclusion than 

any other demographic group. (Figure 19)

FIGURE 19

Treasury Departmental Offices

FY 2022 Inclusion Quotient Index Responses for Non-LGBTQ+ and LGBTQ+ Employees

Disability and Non-Disability Comparison. Comparing the perceptions of workplace inclusion by disability status, employees 

with disabilities perceive the workplace culture of inclusion less positively than employees without disabilities. The largest double-digit 

differences between the two groups were in the areas of Fairness (58 percent for employees with disabilities, 68 percent for those without) 

and Empowerment (62 percent for employees with disabilities, 76 percent for those without). Both groups score the characteristic of 

Supportiveness the same at 85 percent, the highest for both groups. (Figure 20)
FY2022 Annual Report to Congress 53

FIGURE 20

Treasury Departmental Offices

FY 2022 Inclusion Quotient Index Responses by Disability Status

In summary, Treasury Departmental Offices scores on the Inclusion Quotient Index were dramatically more positive in 2022 compared to the 

seven-year period between 2013 and 2019, with double digit increases overall and most characteristics of an inclusive workplace. Perceptions 

of workplace inclusion improved across all demographic groups, although such perceptions were less positive among women, people of 

color, LGBTQ+, and people with disabilities compared to their specific counterparts. 

BEST PLACES TO WORK RANKING AND SCORES. 

The annual Best Places to Work in the Federal Government49 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 the most critical challenges and focus on transformation.

The Best Places to Work rankings are derived from the Federal Viewpoint Survey (FEVS) responses to three questions that are used to 

determine an organization’s ability to retain an employee:

• I recommend my organization as a good place to work. (Q. 43)  

• Considering everything, how satisfied are you with your job? (Q. 68)  

• Considering everything, how satisfied are you with your organization? (Q. 70) 

The Departmental Offices demonstrated a strong performance in the Best Places to Work category, consistently ranking in the 2nd quartile 

for both 2021 and 2022. In 2022, the Treasury Departmental Offices rank was 181 out of 432, while in 2021, the rank was 176 out of 432. The 

score in 2021 was 73.8, which decreased slightly to 72.1 in 2022. Despite the decrease, the Treasury Departmental Offices outperformed the 

government-wide scores in 2021 and 2022.

The “Effective Leadership: Empowerment” category of the FEVS assesses the extent to which employees feel they have power and influence 

in their work environment. For this category, the Treasury Departmental Offices ranked 154 out of 432 in 2021 and 168 out of 432 in 2022, 

49 https://bestplacestowork.org/rankings/overall/sub
54 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

maintaining a 2nd quartile position in both years. The score decreased from 65.4 in 2021 to 59.1 in 2022. However, these scores were still 

higher than the government-wide scores in both 2021 and 2022. (Table 22) 

TABLE 22

Treasury Departmental Offices 

FY 2021 – FY 2022 Best Places to Work Rankings and Scores

Departmental Offices Rank Quartile Score Governmentwide Score

2021 2022 2021 2022 2021 2022 2021 2022

Best Places to Work 176 of 432 181 of 432 2nd  2nd 73.8 72.1 69 64.5

Effective Leadership: Empowerment 154 of 432 168 of 432 2nd  2nd 65.4 59.1  57.9 55.7 

Treasury Departmental Offices ranked 44 out of 356 agency subcomponents in the “DEIA” category, placing in the 1st quartile. Treasury 

Departmental Offices scored 77.9, outperforming the government-wide score of 69. In the “Diversity” category, the Treasury Departmental 

Offices ranked 257 out of 422 agency subcomponents, placing in the 3rd quartile with a score of 73.8, which was higher than the governmentwide score of 70.

Treasury Departmental Offices ranked 150 out of 422 agency subcomponents in the “Equity” category, placing in the 2nd quartile. Treasury 

Departmental Offices scored 81.5, which was much higher than the government-wide score of 65. In the Inclusion category, the Treasury 

Departmental Offices ranked 127 out of 422 agency subcomponents, placing in the 2nd quartile. Treasury Departmental Offices scored 74.2, 

which was slightly below the government-wide score of 75. The Treasury Departmental Offices excelled in the “Accessibility” category, ranking 

26 out of 356 agencies and placing in the 1st quartile. Treasury Departmental Offices scored 78.5, substantially higher than the governmentwide score of 67.

Overall, Treasury Departmental Offices consistently outperformed the government-wide scores in most categories. Treasury Departmental 

Offices maintained its 2nd quartile position in the Best Places to Work and “Effective Leadership: Empowerment” categories. Treasury 

Departmental Offices had a strong performance on the 2022 “DEIA” category, particularly in the “Equity” and “Accessibility” categories. 

However, there are opportunities for improvement in the “Diversity and Inclusion” categories. (Table 23)

TABLE 23

Treasury Departmental Offices 

FY 2022 Best Places to Work DEIA Rankings and Scores

Treasury Departmental Offices Government-wide

Rank Score Score

Overall DEIA 44 of 356 77.9 69

Diversity 257 of 422 73.8 70

Equity 150 of 422 81.5 65

Inclusion 127 of 422 74.2 75

Accessibility 26 of 356 78.5 67
FY2022 Annual Report to Congress 55

INITIATIVES AND 

ACCOMPLISHMENTS 

WORKFORCE DEI STRATEGY

DEIA STRATEGIC PLAN.

Executive Order 14035: Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce called for each federal agency to establish a 

Strategic Plan to advance Diversity, Equity, Inclusion, and Accessibility (DEIA) in the Federal Workforce. In FY 2022, OMWI in collaboration with 

the Office of Civil Rights and Equal Employment Opportunity (OCRE) developed the Treasury DEIA Strategic Plan 2022-2026. The plan is to 

be implemented Treasury-wide, including Treasury DO and each of the Treasury Bureaus. The plan includes goals, objectives, and actions in 

each of the four areas of Diversity, Equity, Inclusion and Accessibility. Key goals in each area include the following. 

Diversity - DEIA Program(s) Structure and Management 

• Establish a position of Diversity and Inclusion Officer (DIO), distinct from the Equal Employment Opportunity Officer

• Effectively resource DEIA programs 

• Reaffirm, develop, and issue policy(ies) to support DEIA programs

Equity - Internal Workforce Pay & Compensation, Recruiting, Hiring, and Retention

• Promote effective Pay and Compensation Programs

• Implement meaningful Department-wide investments in centralized recruitment efforts such as branding, sourcing, communication, 

analytics, certified recruiters, education of hiring officials, outreach partnerships, outward facing recruitment tools, and other means

• Employ measures to reach previously inaccessible talent

• Expand opportunities for employment of individuals from underserved communities, including individuals with past convictions

• Explore the use of blind hiring practices across Treasury

• Implement meaningful Department-wide investments in centralized recruitment efforts such as branding, sourcing, communication, 

analytics, certified recruiters, education of hiring officials, outreach partnerships, outward facing recruitment tools, and other means

• Retain a diverse and inclusive workforce that represents communities that Treasury serves

Inclusion - Professional Development, DEIA Training, and Inclusive Workplace Culture

• Provide a modern, equitable, and inclusive work experience utilizing a data driven approach to develop strategies that improve access and 

awareness to professional development and advancement opportunities 

• Equip the workforce with the knowledge, skills, ability, and awareness of DEIA through effective course offerings, practices, and 

evaluations 

• Advance DEIA for all employees by fostering an inclusive environment where the whole employee is respected
56 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

Accessibility50 - Reasonable Accommodation (disability & religion), Physical Accessibility, Culture of Accessibility, and Safe Workplaces and 

Sexual Harassment

• Create and implement effective workplace policies and programs for accessibility.

• Create and implement a framework to gauge safer workplace policies and programs.

This new plan replaces Diversity and Inclusion & Equal Employment Opportunity Strategic Plan established in FY 2021 developed for the 

period of FY 2021 – 2024 previously developed by the Office of Civil Rights and Diversity (now Office of Civil Rights and Equal Employment 

Opportunity (OCRE)) 

EXECUTIVE DIVERSITY AND INCLUSION ADVISORY COUNCIL (EDIAC).

OMWI has been part of a small group of executives at Treasury who convened periodically to address diversity and inclusion topics of mutual 

interest. In addition to the OMWI in Treasury Departmental Offices, participants included the OMWI in the Office of the Comptroller of the 

Currency, the Office of Equity, Diversity and Inclusion at the Internal Revenue Service, the Office of Civil Rights and Diversity, and the Chief 

Human Capital Office. Building upon this core group in FY 2021, the Office of Civil Rights and Diversity established the Executive Diversity 

and Inclusion Advisory Council (EDIAC) that included representative from all bureaus. The EDIAC is designed to help streamline and increase 

the efficiency of deliberations by identifying, framing, and proposing options for resolving diversity and inclusion issues for consideration, 

creating a more cohesive driver for high-level diversity and inclusion initiatives by ensuring a holistic approach is taken in achieving the 

Treasury’s vision and goals toward a more diverse and inclusive workplace. 

EMPLOYEE RESOURCE GROUPS.

In addition to several Treasury-wide Employee Resource Groups, there are two within Treasury Departmental Offices policy offices: 

OFAC Women’s Network. The Office of Foreign Asset Control (OFAC) Women’s Network (OWN) was the first program-office level 

employee resource group (ERG) launched within Treasury Departmental Offices in 2021. The group was created to focus on the interests and 

needs of women in the workplace. OWN aims to support the professional development, group mentoring, training, cultural exchange, and 

retention of women employees. The ERG provides a space where employees can actively engage in discussions of shared interest that help 

promote an engaged workforce and uncover issues that are specific to the needs of OFAC’s women community. OWN goals are to present a 

variety of career enhancement initiatives, to include, among others: speaker series, roundtable discussions, and networking opportunities.

Office of Intelligence and Analysis Unity Council. Treasury’s Office of Intelligence and Analysis (OIA) empowers Treasury and the 

national security community on threat finance and economic security issues through expert intelligence and counterintelligence support. 

OIA was created under the Intelligence Authorization Act of 2004. Since its creation, OIA has evolved from a handful of intelligence advisors 

providing current intelligence support to Treasury leadership and a small cadre of analysts supporting Treasury’s counterterrorism authorities 

to a multi-disciplinary enterprise staffed by subject-matter experts advancing Treasury’s broad national security efforts. To meet the unique 

needs of the OIA, the OIA created the Unity Council in 2015. The OIA Unity Council serves as an affinity network unique to the OIA workforce 

needs. The Unity Council is an employee-led, voluntary organization whose efforts align with the intelligence community’s outreach, 

recruitment, hiring, mentoring, career development of employees and fosters workplace inclusion and encourages fairness. 

STUDENT PROGRAMS.

Treasury Scholars Program. 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 racial/ethnic 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 an increase in the number of new 

organizations with similar capabilities, it became no longer permissible to use sole source contracting with specific organizations. 

50 Executive Order 14035 Section 2 (e) The term “accessibility” means the design, construction, development, and maintenance of facilities, information and communication technology, programs, 

and services so that all people, including people with disabilities, can fully and independently use them. Accessibility includes the provision of accommodations and modifications to ensure 

equal access to employment and participation in activities for people with disabilities, the reduction or elimination of physical and attitudinal barriers to equitable opportunities, a commitment to 

ensuring that people with disabilities can independently access every outward-facing and internal activity or electronic space, and the pursuit of best practices such as universal design.
FY2022 Annual Report to Congress 57

In 2021, OMWI established a fixed priced five-year Blanket Purchase Agreement (BPA) that is available for use by all of Treasury bureaus and 

Departmental Offices to recruit students for internship through the Treasury Scholars Program. Three minority student serving organizations (The 

Washington Center, INROADS, and HACU) participate on this Blanket Purchase Agreement to refer students for internships throughout Treasury. 

To the extent possible by available funding, the Office of Minority and Women Inclusion will continue to work with these organizations to place 

students in the Treasury Departmental Offices policy and program offices throughout the duration of the BPA (through 2025).

American Economic Association Summer Training Program. Howard University is a Historically Black University (HBCU) located in 

Washington, D.C. To promote the participation and increase diversity in the economics profession, OMWI entered a cooperative agreement 

with the Howard University Department of Economics to participated in their American Economic Association (AEA) Summer Training Program 

in 2021. The AEA Summer Training Program is a prestigious program that prepares students for the rigors of graduate studies, particularly at 

the PhD level. Through this program, Treasury provides mentorship opportunities with Treasury senior economists for students majoring in 

economics. Students earn academic credit for a project conducted under the direction of the mentor. OMWI will continue to support the AEA 

Summer Training Program providing experiential learning opportunities to economic students among people of color.

COMPETENCIES

PRACTICAL INCLUSION COMPETENCIES FRAMEWORK.

In 2019, OMWI developed the concept of “Practical Inclusion” to delineate a set of management competencies and actions to promote 

an inclusive workplace culture. The Practical Inclusion Competencies Framework is a combination of ideology (mindset), mechanisms for 

learning (toolset), knowledge sources (dataset), and behaviors and actions (skillset) that allow a person to interact effectively with people 

from and within different cultural groups in everyday situations. OMWI vetted the Practical Inclusion concept with the EEO/Diversity and 

Human Capital community within the bureaus for consideration as a framework for management training, which was positively received. In 

FY 2021, the Department’s Diversity and Inclusion Advisory Council (EDIAC) adopted the practical inclusion framework to evaluate potential 

training programs for an online curriculum for managers Treasury-wide. 

ON-DEMAND DEI LEARNING JOURNEYS.

OMWI ascribes to the philosophy that DEIA is not the sole responsibility of one office, or staff with DEI embedded in their title or position 

description but rather diversity, equity, inclusion, and accessibility is the responsibility of every employee. Leaders, managers, and 

supervisors have the responsibility to drive DEIA efforts, but every employee has a critical role in the creation of an inclusive workplace 

environment. 

In FY 2022, OMWI developed the DEIA Learning Journeys to help employees build their DEI knowledge, skills, and abilities. It is a set of online 

training available to all employees on the internal Treasury learning platform. The DEIA Learning Journey consists of three custom curated 

curricula containing a total of more than 15 hours of training materials. 

DEIA 101 – This curriculum contains of 3 courses + supplemental resources. It covers fundamental concepts of the DEI discipline and teaches 

basic vocabulary, issues, and practices. It shows what DEI looks like in action, helps to develop a mindset for inclusion, and addresses such 

important topics as microaggressions. 

About this Learning Journey

• Designed to address recurring thoughts such as, “I know that more can be done to improve DEIA, but I don’t know what to do.”

• Increases understanding and ability to take personal responsibility to advance DEIA in the workplace, as well as in your day-to-day life. 

• Includes a Personal Guide with sections for both individual reflections and group discussion activities.

• Includes Optional Resources to expand the learning experience. 

Conscious Inclusion Competencies – Conscious Inclusion is an intentional, strategic, and practical approach to create an inclusive workplace 

culture where employees feel genuinely included and a sense of belonging. This curriculum it contains 8 video courses and an audiobook 
58 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

with supplemental material. The Inclusion Index of earlier versions of the FEVS measured five characteristics of an inclusive workplace: 

fairness, open-mindedness, cooperation, supportiveness, and empowerment. The courses in the Conscious Inclusion Competencies 

curriculum cover five competency areas that align with those five workplace characteristics. They are: 

• Bias Management (2 courses + supplemental resource)

• Allyship (2 courses + supplemental resources)

• Cultural Intelligence (2 courses + supplemental resource)

• Emotional Intelligence (2 courses + supplemental resource)

• Ubuntu – a philosophy that community is central to humanity

About this Learning Journey

• This learning path was designed to promote specific competencies in areas that are aligned with the characteristics of an inclusive 

workplace, i.e., one that is fair, open, cooperative, supportive, and empowering. 

• Includes a Personal Guide with sections for both individual reflections and group discussion activities.

• Includes Optional Resources to expand the learning experience. 

Leading DEIA for Managers – Building a diverse team is an initial step in the DEIA process. Managing a diverse team successfully requires 

equitable employment practices, cultivating an inclusive culture, and ensuring accessibility throughout the workplace. This curriculum 

contains 9 courses related to the management of diverse teams. It covers topics from ‘hire to retire’ across the entire employee lifecycle. It 

includes topics such as psychological safety, managing multigenerational employees, and facing the challenges that come with having a 

diverse team. 

About this Learning Journey

• Designed to focus on the management of diverse teams throughout the employee life cycle and the cultural transformation of the 

workplace environment to be conducive to DEIA.

• Includes a Personal Guide with sections for both individual reflections and group discussion activities.

There are no internal mandates related to when, how, who, or in what order these trainings should be taken. Managers are starting to use 

the DEIA Learning Journey in various ways, such as either strongly encouraging their employees to take at least the DEIA 101; requiring their 

managers to take the DEIA for Managers series; Promoting an ala carte approach to taking only parts of the various trainings; or formalizing 

these trainings as part of the Individual Development Plans (IDPs). Most of the courses also have discussion guides, providing opportunities 

to conduct these trainings as group activities. 

UNCONSCIOUS BIAS TRAINING.

Comprehensive data-driven approach to assessing diversity and inclusion undertaken by OMWI 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. 

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 had 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 series of 

short videos available on-demand to all Treasury employees. Titled Inclusion Insights, a new video 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 
FY2022 Annual Report to Congress 59

FY 2020 and continued through FY 2022. OMWI created the Inclusion Insights Discussion Guide webpage on the Treasury intranet making the 

discussion guides accessible to all employees. The availability of the discussion guides offers a convenient way for managers to incorporate 

training into regular staff meetings to build practical inclusion competencies and or for self-initiated reflection by employees. 

VIRTUAL DEIA MANAGER TRAINING.

In FY 2022, 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: 

• Micro Messaging

• The Case for Rage: Why Anger is Essential to Anti-Racist Struggle

• Bias Interrupted

• Arise Africa, Roar China: Black and Chinese Citizens of the World in the Twentieth Century

• Self-Study and Submit Paper: Meeting Inclusion at the U.S. Supreme Court

• Self-Study and Submit Paper: LA Steals Its Water

• Spreading Hate: The Global Rise of White Supremacist Terrorism

• Majority Minority 

• Learning From History: Case Study with the US Holocaust Memorial Museum

• Inclusion Activation: Welcoming Diverse Talent and Perspectives

• Afro-Atlantic Histories

• Executive Roundtable: Cultivating Belonging 

• Actions Speak Louder: A Step-by-Step Guide to Becoming an Inclusive Workplace

• Stars and Shadows: The Politics of Interracial Friendship from Jefferson to Obama

• Cultural Humility

• Allies for Equity 

• The Introverted Networker

• Book Discussion: The Genius of Opposites: How Introverts and Extroverts Achieve Extraordinary Results Together

• Panel on Psychological Safety in the Federal Workplace 

COMMEMORATIVE MONTH ACTIVITIES.

In commemoration of the federally designated heritage months, the Treasury Secretary issued statements that were sent to all Treasury 

employees. Throughout FY 2022, such cultural awareness programs of various types were conducted in conjunction with specific months 

involving Treasury leadership. Additionally, OMWI developed personal profiles of members of the Treasury staff who represent the specific 

cultural heritage celebrated. The profiles are featured permanently on the Treasury intranet. 

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. 

 
60 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

ACCOUNTABILITY

DIVERSITY, EQUITY, AND INCLUSION DATA MAP.

OMWI developed and instituted the use of a Diversity, Equity, and Inclusion (DEI) Data Map in FY 2021 as an overarching DEI performance 

management tool to provide an overview of workforce diversity and equity and workplace inclusion within Treasury Departmental Offices 

policy and program offices. The DEI Data Map includes objective measures for workforce representation, stratification, employment patterns, 

and workplace culture within Treasury Departmental Offices. It provides program and policy offices with and efficient means to identify gaps 

in workforce representation, stratification, employment patterns, and perceptions of inclusion.

The FY 2021 version of the DEI Data Map was a manual process, requiring about 10 hours to create for a single office. This process was 

automated in FY 2022, reducing the process to a matter of seconds. The automated DEI Data Map provides a comprehensive display of 96 

metrics and over 600 data points of demographic representation, stratification, employment patterns by sex, race, and ethnicity. The DEI Data 

Map contains data on employee perceptions of workplace inclusion based on results from the Inclusion Quotient Survey. All data can be 

displayed at the overall Treasury level, bureau level and at four suboffice levels within each bureau.

Analyses are based on comparative benchmarks using top level metrics of the representation of women and people of color. Measures 

include percentages of employees compared to relevant benchmarks, prior year performance, gaps/excesses, and upward/downward 

trends. Analyses are conducted to identify metrics that are above the corresponding benchmarks, meets the corresponding benchmarks, 

and below corresponding benchmarks. Patterns that are below benchmarks are indicative of areas in need of further probing to determine 

barriers or sources for disparities and gaps. Benchmark comparisons allow DEI practitioners to identify gaps and develop comprehensive 

evidence-based mitigation strategies to achieve greater workforce diversity and a more inclusive workplace culture.  

OMWI briefs program and policy offices about the results of the DEI Data Map analysis. OMWI subsequently works with offices to review any 

areas of concern pertaining to diversity, equity, and workplace culture to determine the potential sources of problem areas and strategies to 

address them. 

The results pinpoint areas that require deeper analysis and create a blueprint for mitigation strategies. Deeper analysis would include 

probing policies and practices in recruitment, hiring, use of special hiring authorities, diversity of applicant pools, analysis of applicants 

at each stage of the hiring process, promotion, career mobility, performance ratings, retention and attrition, training, reasonable 

accommodation, and other management areas that impact diversity, equity, inclusion, and accessibility within the workforce and workplace. 

TREASURY-SPECIFIC INCLUSION QUOTIENT INDEX.

In the absence of recent OPM FEVS measures of diversity and inclusion since 2020, OMWI established a working group comprised of 

members of the Office of the Deputy Assistant Secretary for Human Resources and Chief Human Capital Officer and the Office of Civil Rights 

and Equal Employment Opportunity to develop and implement a Treasury-wide Diversity and Inclusion Survey. Through the Inclusion Survey, 

Treasury will continue the collection and analysis of employees’ perceptions of inclusion within the workforce. 

AGENCY-SPECIFIC SES PERFORMANCE ELEMENT. 

To establish accountability relative to workforce diversity and inclusion, the Leading People performance element on which all senior 

executive (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. 
FY2022 Annual Report to Congress 61

In addition to this standard Leading People performance element (Critical Element 2) above that appears in all SES performance plans 

governmentwide, in FY 2022, Treasury added an agency specific performance element pertaining to workforce DEIA to the annual 

performance plans of all senior executives: 

Utilize comprehensive data analysis to identify aspects of diversity, equity, inclusion, and accessibility that need improvement 

and employ mitigation strategies. Promote diverse workforce representation across the spectrum and intersection of social 

identities (such as race, ethnicity, sex, sexual orientation, gender identity, abilities, beliefs, marital status, veteran status, age, 

or persons from other OPM designated underserved communities). Ensure equity across all aspects of employment, including 

hiring, promotions, performance ratings, awards, and developmental opportunities. Foster an inclusive workplace culture that 

provides a sense of empowerment, belonging, respect, trust, recognition, appreciation, and engagement of all employees 

within the workplace environment. Ensure accessibility in the physical/sensory environment, electronic space, and advancement 

opportunities that allows for full and independent participation of employees with disabilities. Promote compliance to prevent 

misconduct, illegal discrimination, and sexual harassment within the workplace.     

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 (20 percent) of the other three elements, i.e., Leading Change, Business Acumen, and Building 

Coalitions (10 percent each). This higher value accounts for the diversity component of the Leading People element in addition to other 

leadership characteristics. 
62 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

CHALLENGES

Diversity. There is representative racial/ethnic diversity within the overall workforce of Treasury Departmental Offices, except for Hispanic 

employees. The representation of Black employees is above at least three of the four relevant benchmarks. But the representation of Hispanic 

employees is below all four relevant benchmarks. Women are underrepresented in the overall workforce of Treasury Departmental Offices. 

The representation of women is below three of the four relevant benchmarks. 

Hiring. The hiring data for FY 2022 indicate challenges in achieving a more balanced sex and racial composition in new hires. There has been 

no significant improvement in the overall gender balance compared to 2021, with 52 percent men and 48 percent women hired in FY 2022. 

Moreover, a decrease in the hiring of Hispanic men (from 3 percent to 2 percent) and women (from 3 percent to 2 percent) was observed, as well 

as a decline in the hiring of other individuals (from 1 percent to 0.3 percent for men and from 1 percent to 2 percent for women). 

Retention and Attrition. The retention of women in the Treasury Departmental Offices workforce resulted in increased representation 

between FY 2021 and FY 2022 of women overall (from 44 percent to 45 percent), Hispanic women (from 2 percent to 3 percent), and Asian 

women (from 4 percent to 6 percent). In 2022, the attrition rate for women and Hispanic employees was unchanged and decreased slightly 

for Black employees compared to FY 2021. There was an increase in the attrition rate among Asian employees from 9 percent in FY 2021 to 15 

percent in FY 2022. 

Executive and Senior Management. With an overall representation of women in the Treasury Departmental Offices workforce of 45 

percent in FY 2022, the representation of women among senior executives (36 percent of all executives) is below what should be expected. 

The representation of women appears even lower when data are disaggregated to separate career senior executives (20 percent) from noncareer senior executives (political appointees). The higher-than-expected representation of women among those appointed to non-career 

senior executive positions (52 percent) positively skewed the overall representation of women executives more positively. 

Similarly, with the overall representation of people of color in the Treasury Departmental Offices workforce of 38 percent, the representation 

of people of color (20 percent of all executives) in FY 2022 is below what should be expected. Likewise, the representation of people of 

color appears even lower when data are disaggregated to separate career senior executives (14 percent) from non-career senior executives 

(political appointees). Among specific racial/ethnic groups, Black, Hispanic, and Asian employees are also underrepresented in all senior 

executive positions compared to their overall representation in the workforce, with 9 percent Black, 5 percent Hispanic, and 5 percent Asian 

representation among senior executives compared to 20 percent, 11 percent, and 6 percent in the overall Treasury Departmental Offices 

workforce, respectively. (Refer to Tables 6 and 7 and Figures 8 and 9) 

Similar gaps among women and people of color appear in senior management GS-15 positions. The overall representation of women in the 

Treasury Departmental Offices workforce is 45 percent in FY 2022, but the representation of women among in GS-15 senior management 

positions (43 percent) is 2 percent below what should be expected. The overall representation of people of color in the Treasury 

Departmental Offices workforce is 38 percent, but the representation of people of color among GS-15 senior management positions (26 

percent) in FY 2022 is 13 percent below what should be expected. There has been a consistent trend of overrepresentation of women and 

people of color at GS-14, GS-13, GS-12, and below that also appears in FY 2022. (Refer to Table 7 and Figures 8 and 9) 

Mission Critical Occupations. The five mission critical occupations in Treasury Departmental Offices are Economist, General Attorney, 

Information Technology Specialist, Financial Analyst, and Intelligence Analyst. Overall, the data highlights specific challenges in achieving 

representative diversity among in the Treasury Departmental Offices mission critical occupations. The greatest disparities are among Hispanics 

with representation lower than benchmarks in all mission critical occupations (except for Hispanic women among Information Technology 

Specialists at 0.1 percent above the OCLF benchmark). Black and Asian employees with representation is higher than OCLF benchmarks in all 

mission critical occupations, with two exceptions: Black men among Intelligence Analysts at 1.8 percent below the OCLF benchmark and Asian 

men among Financial Analysts at 1.0 percent below the OCLF benchmark). Despite White employees having the greatest representation in 

all mission critical occupations, White men fall below OCLF benchmarks among General Attorneys, Information Technology Specialists, and 

Financial Analysts; and White women fall below OCLF benchmarks among Information Technology Specialist and Intelligence Analysts. 
FY2022 Annual Report to Congress 63

Inclusion. The New IQ scores for Treasury Departmental Offices remained generally consistent between FY 2013 and FY 2019. The questions 

that relate to the inclusion scores were not included in the FY 2020 or FY 2021 administrations of the FEVS, so there is no way to determine 

if scores would have been dramatically different during those two years or if widespread remote work during those years impacted 

employee perceptions of workplace inclusion. The FY 2019 scores for Treasury Departmental Offices were below the threshold of 65 percent 

as established by the Office of Personnel Management (OPM) on four of five factors, however, the scores for all five factors dramatically 

increased in FY 2022. Despite the improvement in inclusion scores, with an overall score of 75 percent in 2022, up from 63 percent in 2019, 

challenges persist in employee perceptions of workplace inclusion, particularly in the “Fair” (66 percent in FY 2022) and “Open” (73 percent 

in FY 2022) categories. 

Consideration is underway to conduct an Inclusion Quotient Index survey for Treasury employees in FY 2023 in collaboration with the Office of 

Personnel Management. OMWI will explore new tools and methods to better understand the perceptions of workplace, such as interim pulse 

surveys at the office level. 

On the assessment of “Best Places to Work” conducted by the Partnership for Public Service, Treasury Departmental Offices achieved high 

rankings in the Best Places to Work and Effective Leadership: Empowerment categories for both FY 2021 and FY 2022. But despite high scores, 

there were slight decrease from FY 2021 to FY 2022 for Best Places to Work (from 73.8 to 72.1) and Effective Leadership: Empowerment (from 

65.4 to 59.1). This decrease in scores is consistent with decreases observed from FY 2021 and FY 2022 on the Treasury Inclusion Survey of 

employee perceptions of workplace inclusion. 
64 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

FISCAL YEAR 

2023 PLANS 

OMWI’s efforts toward greater workforce diversity, equity, and inclusion in FY 2023 will include the following:

DEIA Strategic Plan. Executive Order 14035: Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce calls for the establishment of 

a government-wide DEIA strategic plan. The Treasury DEIA Strategic Plan 2022-2026 was finalized and approved in FY 2022. The OMWI, Office 

of Equal Employment Opportunity, and Office of Human Resources will collaborate on an implementation plan for Treasury Departmental 

Offices in support of the new Treasury DEIA Strategic Plan. 

Workforce Representation/Diversity. OMWI will seek to expand 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 underrepresentation, 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. 

OMWI will recruit and place students for the summer 2023 Treasury Scholars Program, a paid internship program aim to increase diversity 

within Treasury’s student employment program. OMWI also will collaborate with the Howard University Economics Department to participate 

in the 2023 American Economic Association Summer Training Program. This program provides mentorship opportunities with senior 

economists at Treasury for economic students who are people of color, while earning academic credit for a project conducted under the 

direction of the mentor. 

Workforce Stratification/Equity. OMWI will continue to lead efforts to increase greater equity in workplace representation 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 promoting a workplace culture that is regarded as more inclusive, as measured by the Treasury Inclusion Survey, the Federal Employment 

Viewpoint Survey, and Best Places to Work rankings.

Workplace Culture/Inclusion. 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 a common mindset, core knowledge, and specific competencies regarding workplace inclusion. Treasury 

Departmental Offices will develop and implement a 2023 Inclusion Survey designed to continue the collection and analysis of employees’ 

perceptions of inclusion within the workforce.

Accountability Measures. OMWI will continue to explore the use of new metrics, benchmarks, and assessment methods to increase 

understanding of possible barriers and establish aspirational standards for workplace diversity and inclusion. OMWI also plans to digitize 

the DEI Data Map to provide much faster analysis with on-demand data for leaders and managers on the state of DEI. The ability to provide 

faster, regular, detailed DEI analyses across more offices and suboffices with Treasury Departmental Offices will promote greater awareness 

and accountability about workforce diversity and workplace inclusion. Ultimately, it is planned to expand the use of the DEI Data Map beyond 

Treasury Departmental Offices to include all Treasury bureaus. 

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 will be useful in assessment of DEIA commitments as part of the performance reviews of senior 

leadership. 
FY2022 Annual Report to Congress 65

APPENDIX A 
66 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

APPENDIX B

FY 2022 External Outreach Engagement

Office of Small Disadvantaged Business Utilization and Treasury Bureaus

October 2021

• October 4, 2021 - WIPP Intersectionality Series

• October 7, 2021 - Working Capital Funding Options for GovCons - Catalyst Center (7j Technical Assistance Program recipient) webinar

• October 8, 2021 - Engage in Entrepreneurship - Catalyst Center (7j Technical Assistance Program recipient) webinar

• October 11 – 13, 2021 - AUSA 2021 - Association of the United States Army

• October 12, 2021 - Government Contracting 101 - Catalyst Center (7j Technical Assistance Program recipient) webinar

• October 14, 2021 - Small Business Certifications and FAR 19 - things you didn’t know - (7j Technical Assistance Program recipient) webinar

• October 28, 2021 - ChallengeHER: Charge It! When Agencies use the GSA SmartPay® Purchase Card – Webinar (GSA Provided Resources 

– Treasury/GSA MOU collaborative effort)

November 

• November 2 – 5, 2021 - Veteran Entrepreneur Training Symposium 2021 (VETS’21)

• November 4, 2021 - Veteran’s VIRTUAL Small Business Summit - - (7j Technical Assistance Program recipient) webinar

• November 8, 2021 - USPAACC CelebrASIAN Business Development Conference Part 2

• November 8 - 9, 2021 - AGC 2021 Federal Contractors Conference

• November 9, 2021 – National 8(a) Association - How to Handle Contract Administration Issues Associated with COVID-19 Vaccine Mandate 

• November 15 – 19, 2021 - SAME 2021- Society of American Military Engineers Small Business Conference

• November 18, 2021 - IRS Enterprise Development, Operations Services (EDOS) Pre-Proposal Industry Day

January 2022

• January 27, 2022 - Taking the Pentagon to The People (University of Texas San Antonio)

• January 27, 2022 - Getting on the GSA Schedule: What You Need to Know

February 

• February 17, 2022 – U.S. Department of Education OSDBU HUBZone Conference

• February 28, 2022 - The Urgency of the Racial Wealth Divide

March 

• March 2, 2022 – Disrupt the Incumbent Virtual Workshop

• March 4, 2022 – National Minority Supplier Diversity Council - Business Connection Matchmaker Virtual Event

• March 8, 2022 - Greater Washington Hispanic Chamber of Commerce

• March 10, 2022 – Initiative for a Competitive Inner City (Member of the SBA Underserved Communities Council) Webinar 

• March 11, 2022 – National 8(a) Association Small Business Federal Contracting Summit, DC Spring 2022 – Virtual

• March 15, 2022 – National Veteran’s Small Business Coalition - What every SDVOSB should know about the SBA’s Mentor Protégé and 

Joint Venturing Programs

• March 15, 2022 – Maryland Women Business Center (MWBC)- MCPL: Introduction to Entrepreneurship to MWBC

• March 16, 2022 – General Services Administration – Federal Acquisition Service Training (FAST) Virtual Monthly Conference Series
FY2022 Annual Report to Congress 67

• March 16, 2022 – Women Impacting Public Policy Community Connections

• March 16, 2022 – Financial Women Association - How Diversity, Equity and Inclusion Drives Business Growth

• March 17, 2022 – National HUBZone Council – How can you improve your company’s CAPTURE MANAGEMENT process?

• March 20, 2022 – U.S. Black Chambers of Commerce - Wells Fargo: Open for Business! Part 1

• March 28, 2022 - Ohio Procurement Technical Assistance Center (PTAC) - Webinar 

• March 30, 2022 – National Association of Women Business Owners - HERstory in the Making Virtual International Summit

• March 31, 2022 – National HUBZone Council - Disrupt the Incumbent Virtual Workshop

April 

• April 4, 2022 - PRO Table Talk - Overcoming the Gender Lending Gap with Live Oak Bank

• April 5, 2022 – ATRAC - Government-Wide Category Management Industry Day

• April 8, 2022 - NLC / CGI Webinar: Using Cost-Free Programs to Elevate Your City’s Website

• April 14, 2022 – Women Impacting Public Policy (WIPP) - Scheduling for the Future - Lend Your Voice to the GSA (GSA Provided Resources 

– Treasury/GSA MOU collaborative effort)

• April 15, 2022 - Alabama MBDA B2B Networking Event

• April 21, 2022 - GSA & SBA Presents: A MONEY SMART series for Small Businesses 

Module #3: Record Keeping

• April 26, 2022 - Government Contracting: Doing business with the Department of HUD

• April 27, 2022 - MBDA AANHPI Business Series - How to Do Business with Government/ Contract Readiness 101

• April 27, 2022 – National 8(a) Association - Buy American: What Government Contractors Need to Know

• April 28, 2022 - Women Veteran Entrepreneurs (WVE) Initiative under the Women Owned & Managed Enterprise Network (WOMEN) 

platform of the Morgan State University (MSU) Entrepreneurial Development & Assistance Center (EDAC) – Webinar

• April 28, 2022 - GSA & SBA Presents: A Money Smart series for Small Businesses Module #4: Managing Cash Flow

• April 29, 2022 - Washington Technology’s April 29 Power Breakfast, “Doing Business with Treasury” - Virtual

May 

• May 2, 2022 – Women Impacting Public Policy (WIPP) Matchmaker Madness 

• May 2-5, 2022 – U.S. Small Business Administration National Small Business Week Virtual Summit

• May 5, 2022 - GSA & SBA Presents: A MONEY SMART series for Small Businesses Module #5: Strong Business Credit

• May 11, 2022 – Defense Logistics Agency - Deep Dive into the Small Business Innovative Research Program (SBIR)

• May 17 – 20, 2022 - Veteran Entrepreneur Training Symposium 2022 (VETS22)

• May 19, 2022 - IRS Tech Roundtable** - Meet Prospective New Entrants to Fed Marketplace

• May 25, 2022 – U.S. Small Business Administration America’s Seed Fund Startup Expo 2022 – Virtual 

• May 25 – May 27, 2022 - USPAACC’s CelebrASIAN Business + Procurement Conference 2022

• May 26 – May 27, 2022 - GSA’s Small Business Works 2022: Navigating Equity in Procurement
68 OMWI • Office of Minority and Women Inclusion • Department of the Treasury

June

• June 6, 2022 - 2022 WBENC National Conference

• June 8, 2022 - IRS Enterprise Development, Operations Services (EDOS) Industry Day

• June 15, 2022 - White House Initiative on Asian Americans, Native Hawaiians and Pacific Islanders (WHIAANHPI) Panel - Virtual    

• June 16, 2022 - 31st Annual Government Procurement Conference

• June 20 – 22, 2022 - National 8(a) Association 2022 Alaska Regional Conference

• June 21, 2022 – National 8(a) Association - Essential Subcontracting Considerations on Federal Projects

• June 29, 2022 - U.S. Department of Education “Conversations with Cal #8: Albert Lee” Podcast

July

• July 14, 2022 - Women-Owned Small Business Federal Contracting Program and Ascent for Women

• July 15, 2022 - Small Business Webinar “Doing Business with GSA”

• July 15, 2022 - SBA Hour with Veterans

• July 19, 2022 - NIH Reverse Industry Day

• July 19, 2022 - Discover Lockheed Martin Ventures - Small Business Advocacy Day

• July 21, 2022 - Growing Your Business Lunch & Learn with BBB and SBA: Introducing the U.S. Department of Transportation

• July 21, 2022 – U.S. Department of the Treasury and U.S. Small Business Administration – Doing Business with Treasury Inaugural Spanish 

Speaking Event

• July 26, 2022 – National 8(a) Association GET STARTED - Doing Business with the Federal Government

• July 26, 2022 - U.S. Department of the Treasury and General Services Administration – Advancing Small Businesses Series

August

• August 22, 2022 – 2022 National HUBZone Conference, Chantilly, VA

• August 24, 2022 - U.S. Department of the Treasury - Advancing Small Businesses – Access to Capital

• August 25, 2022 - ChallengeHER Silver Spring (DMV)

• August 30, 2022 – Catalyst Center (7j Technical Assistance Program recipient) webinar

September

• September 7, 2022 – National 8(a) Association - Straight Talk on the 8(a) Business Development Program

• September 8, 2022 - Amazon Business’ Small Business Summit

• September 14, 2022 - Virginia MBDA Webinar – Doing Business with Treasury

• September 19 – 22, 2022 - National MED Week
FY2022 Annual Report to Congress 69

APPENDIX C 

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

OSDBU Office of Small Disadvantaged Business Utilization

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

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