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ii Office of Minority and Women Inclusion H U.S. Department of the Treasury

May 2015
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Office of Minority and Women Inclusion H U.S. Department of the Treasury iii

Diversity and Inclusion 

Call to Action Statement 

Our mission at Treasury is crucial to the nation, and our success in that 

mission is due in part to our commitment to diversity and inclusion. 

Throughout my career, I’ve had the pleasure of working with people from 

a variety of backgrounds and have seen how diverse perspectives and an 

inclusive environment can lead to greater productivity and innovation. 

This means that a diverse and inclusive workplace culture is an 

operational imperative: it allows us to better serve the American people. 

To achieve this inclusive workplace culture, I encourage every Treasury 

employee to promote a culture of fairness, respect, empowerment, and 

open-mindedness and to make a commitment to these values visible, intentional, and continuous. 

It starts with personal accountability. We must each act in accordance with fairness, respect, and mutual 

understanding. It continues with education. We’ve made available new resources that advance a workplace 

culture that values and respects every employee’s unique talents and perspectives. And, it must be put into 

practice. We must all work to address vestiges of unintentional bias and other obstacles to inclusion that 

may exist in our workplace and business activities. 

Treasury continues to strengthen its commitment to diversity and inclusion at every level and across its 

bureaus. While we have made progress, we still have more work to do. We must continually gauge our 

progress in these areas, and this report provides a transparent overview of our efforts to increase diversity 

and inclusion in our operations. 

Jacob J. Lew

Secretary of the Treasury
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iv Office of Minority and Women Inclusion H U.S. Department of the Treasury
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Office of Minority and Women Inclusion H U.S. Department of the Treasury v

TABLE OF CONTENTS

 Statement from the Treasury Secretary...................................................... iii

 Message from the Chief Diversity and Inclusion Officer ................................. vi

 Executive Summary.............................................................................. 1

 Overview.......................................................................................... 3

 Leadership Commitment and Strategic Plan................................................ 5

 BUSINESS DIVERSITY and INCLUSION .

 Minority Owned, Women Owned and Small Business Utilization ........................ 7

• Trends in Minority Owned Business Utilization.................................... 8 

• Trends in Women Owned Business Utilization....................................... 9

• Trends in Small Business Utilization................................................... 10

• MWOB Participation in Specific Acquisition Categories........................... 11

 Making Change: Initiatives and Accomplishments.......................................... 13

• Outreach.................................................................................... 13

• Accountability........................................................................... 15

• Good Faith Effort Contract Language................................................ 16

 Challenges............................................................................................. 16

 Conclusions and Fiscal Year 2015 Plans......................................................... 17

 WORKFORCE DIVERSITY and INCLUSION .

 Workforce Demography...........................................................................19

• Racial/Ethnic and Gender Profiles...................................................... 19

• Benchmark Comparisons............................................................... 20

• Senior Management..................................................................... 22

• All Grade Groupings..................................................................... 24

• Hiring and Attrition..................................................................... 25

• Applicant Flow Analysis.................................................................. 28

• Mission Critical Occupations............................................................ 28

• Student Employment..................................................................... 31

• Inclusive Environment Index............................................................ 31

 Initiatives and Accomplishments 

• Outreach.................................................................................... 32

• Accountability.............................................................................. 33

• Quantitative and Qualitative Analysis................................................ 33

• Diversity and Inclusion Awareness and Training .................................... 33

 Challenges.......................................................................................... 34

 Conclusions and Fiscal Year 2015 Plans......................................................... 35
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vi Office of Minority and Women Inclusion H U.S. Department of the Treasury

Message from the Chief Diversity 

and Inclusion Officer – Departmental 

Offices

The year 2014 marked the 50th anniversary of the signing of the Civil 

Rights Act of 1964, which many heralded as a pivotal moment in the 

quest for social justice and equality in the United States of America. The 

photographs of President Lyndon Johnson in the Oval Office signing 

the Act, witnessed by the “Who’s Who” of the Civil Rights Era that 

surrounded him, have become iconic historical images of hope and 

promise for social change in this country. Ironically, 2014 also brought 

new phrases into the American lexicon — “Black Lives Matter,” “Hands 

up, don’t shoot,” and “I can’t breathe.” Surely, those standing as witnesses to history 50 years ago never would 

have envisioned that protests against social injustices would dominate the headlines five decades later.

Although the day-to-day economic policy work and operational 

management conducted within the Treasury headquarters 

(Departmental Offices) may seem far afield from the turmoil 

and unrest that occurred across the nation in 2014, our agency 

can and is taking positive steps that foster social change in 

America. For instance, in FY 2014, Treasury Departmental 

Offices spent 35 percent of the procurement budget, worth $86 

million dollars, with businesses that were either minority-owned 

or women-owned. These businesses not only provided important 

products and services to Treasury headquarters, but also created jobs that support families and build 

communities. Additionally, a growing cadre of Treasury headquarters employees has learned about the 

neuroscience of human interactions for the purpose of promoting a more inclusive workplace culture. A 

recurring comment from these employees is that they gained new perspectives about social interactions that 

also help them outside of the workplace. 

That is how diversity and inclusion promotes social changes — one business, one person, one interaction at 

a time. 

This fourth annual report to Congress, detailing the diversity and inclusion efforts within the Treasury 

headquarters, touts successes and describes challenges that still need to be addressed. It is our aim to 

ensure that those who work at Treasury, as either employees or contractors, represent every face of America 

and make a good faith effort to contribute to an inclusive society. 

 

 

 

Lorraine Cole, PhD

Chief Diversity and Inclusion Officer

Office of Minority and Women Inclusion, Departmental Offices

U.S. Department of the Treasury
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 1

EXECUTIVE SUMMARY

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

Departmental Offices was established by the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) § 342 (P.L. 111-203) and is responsible for all matters relating to 

diversity in management, employment, and Treasury’s business activities in Departmental Offices, 

excluding the enforcement of statutes, regulations, or executive orders pertaining to civil rights. This 

fourth annual report is submitted to Congress pursuant to the Dodd-Frank Act regarding the actions 

taken by Treasury and the OMWI during Fiscal Year (FY) 2014. 

In FY 2011, OMWI, in collaboration with the Treasury Office of the Procurement Executive, set 

out to improve small business contracting performance by initiating a Treasury-wide campaign. This 

campaign has resulted in Treasury meeting, or exceeding, all small business goals for four consecutive 

years from FY 2011 through FY 2014. Particularly noteworthy is that we exceeded our contracting 

goals for all socioeconomic small business categories, including those for women-owned small 

businesses and small disadvantaged businesses (which are largely minority-owned). In FY 2014, 

contract obligations to small disadvantaged businesses represented 14 percent of all Departmental 

Offices contracts, and contract obligations to women-owned small businesses represented 18 

percent, both well above the 5 percent goal.

In FY 2014, a total of $45 million, or 19 percent of total contracts, was awarded to minority-owned 

businesses. Furthermore, $52 million or 21 percent was awarded to women-owned businesses, 

regardless of size.

A challenge to implementing the contractor diversity provisions of Dodd-Frank Act § 342 is the 

outlook for opportunities in the foreseeable future. Overall reduced budgets for discretionary 

spending are likely to have an impact on available contracting opportunities. Similarly, strategic 

sourcing initiatives to increase efficiencies may further reduce spending and may reduce the number 

of vendors receiving awards. In addition, as programs related to the recent financial crisis continue 

to wind down, such as the Troubled Asset Relief Program, there will be a continued reduction in 

related contracts. 

As always, Treasury assures that all contracting is conducted in a manner consistent with the Equal 

Protection Clause of the Constitution, which prohibits many forms of affirmative action and the 

establishment of quotas based on race and gender, among other things.

OMWI is committed to conducting robust and effective outreach to small businesses, as well as to 

minority-owned and women-owned businesses, regardless of size. Achievement of small business goals is 

included in the performance plans of all Treasury acquisition staff and all senior executive service (SES) 

staff. Although there are no specific goals regarding contracting with minority-owned and women-owned 

business overall, our performance in such contracting across Treasury is monitored, tracked, and reported 

to leadership on a periodic basis. OMWI also will continue activities related to the implementation of 

requirements pertaining to contractor workforce diversity for Treasury Departmental Offices. 
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2 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Notably, of the twenty agencies and Federal Reserve banks that have 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. OMWI monitors Treasury Departmental Offices’ overall small 

business contracting, including contracting within small business socioeconomic categories, and 

also minority-owned and women-owned businesses, regardless of size. In FY 2014, Treasury 

Departmental Offices’ total procurement contracts for goods and services represented $248 million 

in obligations. 

Workforce Diversity: In FY 2014, the Treasury Departmental Offices permanent workforce of 1,691 

represented about 2 percent of the total Treasury-wide workforce. Nearly one-third of Treasury 

Departmental Offices permanent employees across all grade levels are racial or ethnic minorities. 

Blacks represent the largest of the minority groups at 21 percent. Asians and Hispanics comprise 8 

percent and 4 percent, respectively. Native Hawaiian or Other Pacific Islanders, American Indian 

or Alaska Natives, and those who identify themselves as Two or More Races each represent less 

than 1 percent of the total Treasury Departmental Offices permanent workforce. Within senior 

management positions, minorities represent 14 percent of the permanent GS-15 level, and 10 

percent of the permanent senior executive service (SES) positions.

The percentages of men and women in Treasury Departmental Offices are 46 percent women and 54 

percent men. Within senior management positions, women fill 38 percent of the permanent GS-15 

level and 32 percent of the permanent SES positions. 

Treasury Departmental Offices has faced significant challenges to implementing the workforce 

diversity provisions of the Dodd-Frank Act § 342. The three most prominent challenges have been 

budgetary restraints, retention rates, and perceptions of the existing workplace culture. First, the 

tight budget environment that Treasury has been operating within in recent years has had a direct 

impact on hiring. Therefore, although there will be a continued need for proactive strategies to 

ensure broad reach to diverse candidate pools, there will be fewer available positions. In addition, 

Treasury must ensure that all hiring practices are conducted in a manner consistent with federal law, 

which conflicts with some forms of affirmative action and prohibits the establishment of quotas 

based on race and gender. Second, the respective attrition rates of women and Blacks exceed their 

hire rates in the Treasury Departmental Offices permanent workforce. Third, based on the Inclusive 

Environment Assessment Index developed by the Office of Personnel Management, it is evident 

that workplace inclusion is challenging across federal agencies. Therefore, building a more inclusive 

workplace environment within Treasury Department Offices must be part of a coordinated effort to 

transform the workplace culture across the federal government.

OMWI is focusing closely on increasing participation of women and racial and ethnic minorities 

in mission-critical occupations, particularly at the senior management levels (GS-15 and SES) 

and in policy and program offices that utilize excepted appointing authorities that allow hiring 

on a non-competitive basis. These occupations include economists, financial analysts, attorneys, 

information technology specialists, and intelligence specialists. Additionally, using new qualitative 

and quantitative measures, OMWI will facilitate the development of strategies to further build and 

maintain a more inclusive and diverse work environment.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 3

OVERVIEW

This fourth annual report is submitted to Congress pursuant to the Dodd-Frank Wall Street Reform 

and Consumer Protection Act of 2010 (Dodd-Frank Act) § 342 (P.L. 111-203) regarding the actions 

taken by Treasury and the Office of Minority and Women Inclusion, Departmental Offices (OMWI) 

during Fiscal Year (FY) 2014.1 

U.S. DEPARTMENT OF THE TREASURY MISSION

Maintain a strong economy and create economic and job opportunities by promoting 

conditions that enable economic growth and stability at home and abroad; strengthen 

national security by combating threats and protecting the integrity of the financial system; 

and manage the U.S. government’s finances and resources effectively.

Goals

1. Promote domestic economic growth and stability while continuing reforms of the financial system

2. Enhance U.S. competitiveness and job creation, and promote international financial stability and 

more balanced global growth

3. Fairly and effectively reform and modernize federal financial management, accounting, and tax 

systems

4. Safeguard the financial system and use financial measures to counter national security threats

5. Create a 21st century approach to government by improving efficiency, effectiveness, and 

customer interaction

U.S. Department of the Treasury 

Throughout its rich history, Treasury’s core mission has not changed. With more than 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, seven operating bureaus, and three inspectors general. The Departmental Offices are primarily 

responsible for policy formulation, while the bureaus are primarily the operating units of the organization.

Treasury Departmental Offices • The Office of Domestic Finance

• The Office of Economic Policy 

• The Office of General Counsel 

• The Office of International Affairs 

• The Office of Legislative Affairs 

• The Office of Management 

• The Office of Public Affairs 

• The Office of Tax Policy 

• The Office of Terrorism and Financial 

Intelligence 

• The Treasurer of the United States 

Treasury Departmental Offices (Headquarters)

Domestic Finance works to preserve confidence in the U.S. Treasury market, effectively manage federal fiscal 

1 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. 
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4 Office of Minority and Women Inclusion H U.S. Department of the Treasury

operations, strengthen financial institutions and markets, promote access to credit, and improve financial 

access and education in service of America’s long-term economic strength and stability. International Affairs

protects and supports U.S. economic prosperity and national security by working to help ensure the most 

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

Financial Intelligence marshals the Department’s intelligence and enforcement functions with the twin aims of 

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

of mass destruction (WMD) proliferators, money launderers, drug kingpins, and other national security threats. 

Economic Policy reports on current and prospective economic developments and assists in the determination of 

appropriate economic policies. The office is responsible for the review and analysis of domestic economic issues 

and developments in the financial markets. Tax Policy develops and implements tax policies and programs, 

reviews regulations and rulings to administer the Internal Revenue Code, negotiates tax treaties, and provides 

economic and legal policy analysis for domestic and international tax policy decisions. Tax Policy also provides 

revenue estimates for the President’s Budget. The Treasurer of the United States chairs the Advanced Counterfeit 

Deterrence Steering Committee and is a key liaison with the Federal Reserve. In addition, the Treasurer serves 

as a senior advisor to the Secretary in the areas of community development and public engagement. Internally, 

the Departmental Offices are responsible for overall management of Treasury. The Office of Management and 

the Chief Financial Officer are responsible for managing the Department’s financial resources and overseeing 

Treasury-wide programs, including human capital, information technology, acquisition, and diversity issues.

OMWI Primary Duties

• Develop standards for diversity of the 

workforce and senior management 

• Support recruitment/advancement efforts 

toward workforce diversity at all levels 

• Develop standards for increased minorityowned and women-owned business 

contracts

• Develop standards for technical 

assistance to businesses 

• Develop procedures for contracting that 

considers the diversity of the applicant 

• Develop standards to determine whether 

contractors and subcontractors are 

making a good-faith effort to include 

minorities and women in their workforce

• Submit an annual report to Congress 

• Conduct data analysis and produce 

internal reports

• Provide advice and advocacy

Office of Minority and Women Inclusion 

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

the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) § 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 minorities and women in their workforce.2 

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.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 5

LEADERSHIP COMMITMENT and STRATEGIC PLAN 

Early approaches to diversity in the American workforce centered on affirmative action, emphasizing 

racial and gender parity. The aim of this social justice approach was to promote the tolerance of 

differences and increasing the numeric representation of these and other social groups within the 

workforce. More recently, public and private organizations have shifted their approach to diversity 

away from the social justice toward the practice of strategic diversity management.3 Such leading 

diversity and inclusion practices were articulated in the 2005 U.S. Government Accountability 

Office (GAO) report on diversity management. These practices include: (1) commitment to 

diversity as demonstrated and communicated by an organization’s top leadership, (2) the inclusion of 

diversity management in an organization’s strategic plan, (3) diversity linked to performance, making 

the case that a more diverse and inclusive work environment could help improve productivity and 

individual and organizational performance, (4) measurement of the impact of various aspects of 

a diversity program, (5) management accountability for the progress of diversity initiatives, (6) 

succession planning, (7) recruitment, (8) employee involvement in an organization’s diversity 

management, and (9) training for management and staff about diversity management. OMWI has 

made efforts to move beyond a social justice model and incorporate strategic diversity management 

practices in its planning and implementation under the Dodd-Frank Act § 342. 

Demonstrated Commitment from Treasury Leadership

Secretary of the Treasury, Jacob Lew, affirmed his commitment to the principles of diversity and 

inclusion by issuing a Diversity and Inclusion Call to Action Statement. The date of his issuance of 

this statement, August 28, 2013, held symbolic significance because it was the 50th anniversary of 

the historic March on Washington for Jobs and Freedom. Secretary Lew emphasized the importance 

of a work environment that fosters fairness, open mindedness, cooperation, supportiveness, and 

empowerment. He called on employees to participate in educational activities and introspective 

discussions to further advance a workplace culture of inclusion. He stressed the need to work to 

help address vestiges of unintentional bias and other obstacles to inclusion. He also called for 

support of the established socio-economic programs that improve business diversity. This statement 

was made separate from the mandatory annual equal employment opportunity (EEO) policy 

statement, thus making a clear distinction between strategic diversity management and EEO. In 

the EEO statement, however, Secretary Lew instituted a “zero tolerance” standard for all types of 

discrimination and harassment in the workplace. Both written policy statements were disseminated 

to all Treasury employees. 

In support of Executive Order 13583, “Establishing a Coordinated Government-wide Initiative to 

Promote Diversity and Inclusion in the Federal Workforce” (E.O. 13583), Treasury established a 

Diversity Council comprised of senior staff from each Treasury bureau. The purpose of the Diversity 

Council is to consider policies, strategies, and initiatives to strengthen a coordinated Department-wide 

diversity and inclusion program and identify resources that can be leveraged to support such efforts.

3 GAO, Diversity Management: Expert-Identified Leading Practices and Agency Examples, GAO-05-90 

(Washington, DC: January 14, 2004). 
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6 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Strategic Plan

The values, principles, and practices of diversity and inclusion have been institutionalized into 

Treasury’s strategic planning at multiple levels, including the Strategic Plan of the Office of the 

Secretary, the priorities of the Office of the Assistant Secretary for Management, the Department’s 

Diversity and Inclusion Strategic Plan developed by the Treasury Office of Civil Rights and 

Diversity, as well as the Diversity and Inclusion Implementation Plans of Treasury Departmental 

Offices and each of Treasury’s bureaus.

OMWI developed strategies and an action plan that encompass the requirements of both the DoddFrank Act § 342 and E.O. 13583. The aim is to strengthen Treasury’s activities, policies, and 

processes to address lower-than-expected participation rates of minorities and women. Plans also 

include monitoring fair inclusion and strengthening outreach opportunities for small, minorityowned, and women-owned businesses. Key areas that were addressed by the Treasury Departmental 

Offices Diversity and Inclusion Implementation Plan in FY 2014 were: 

• Business Diversity and Outreach: Ensure small business access and fair inclusion in the business 

opportunities of Departmental Offices, particularly with minority-owned and women-owned 

businesses (MWOB). 

• Business Inclusion and Utilization: Strengthen agency accountability to small business and 

MWOB contracting, with an important focus on small disadvantaged businesses, women-owned 

small businesses, Historically Underutilized Business Zones (HUBZone) businesses, and service 

disabled veteran-owned small businesses.

• Workforce Diversity: Recruit from a diverse and well-qualified group of potential applicants 

to secure a high performing workforce drawn from all segments of society, including targeted 

sourcing at minority- and women-serving institutions, career fairs and expos, online and printed 

advertisement materials, and community outreach activities to fully attract minorities and women 

candidates to our applicant pool. 

• Workplace Inclusion: Further cultivate a culture of inclusion and strengthen collaboration efforts, 

flexibility, and fairness by enabling employees to contribute to their full potential. 

• Sustainability: Develop structures and strategies to equip leaders with the ability to manage 

diversity, be accountable, measure results, refine approaches on the basis of such data, and foster a 

culture of inclusion. 
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BUSINESS DIVERSITY and INCLUSION 

Minority Owned, Women Owned and Small Business Utilization

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

few required to adhere to the Federal Acquisition Regulation (FAR) for the procurement of goods and services. 

The FAR requires a full and open competitive process for federal procurements, with some exceptions for small 

business set asides under specific circumstances. Additionally, it is important to note that, due to legal restrictions 

pertaining to civil rights, no specific goals can be established for contracting with minority-owned businesses 

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

Treasury-wide, the total (appropriated and non-appropriated) contract procurement was reduced by more than 

a billion dollars from $6.8 billion in FY 2013 to $5.6 billion in FY 2014, which represents less than 1 percent 

of total federal government procurement. Within Treasury Departmental Offices, procurement for products 

and services was reduced from a total of $255 million in FY 2013 to $248 million in FY 2014 (with 1,982 

contract actions). Despite budget reductions and the absence of mandated contracting goals, the commitment to 

disadvantaged business utilization within Treasury Departmental Offices remained strong in FY 2014, with more 

than one-third (35 percent) of contract dollars totaling $86 million going to either minority-owned or womenowned businesses (MWOB). Additionally, $51 million (21 percent) of contract obligated award dollars went to 

women-owned businesses and $45 million (18 percent) went to minority-owned businesses (dollar amounts to 

minority women-owned businesses are included within each category). [Table 1]4 

 

Table 1. Departmental Offices FY 2014 Contract Obligations56

by Demographic Groups, Total Awards and Percentages of Awards* 

Category Total Awards in Dollars Percentage of Awards

All Departmental Offices Awards $248,166,223.03 100.0%

Minority-owned or women-owned4 $85,700,297.27 34.53%

• Woman-owned $51,579,550.17 20.78%

• Minority-owned5 $45,419,701.00 18.30%

 Asian American $18,236,440.82 7.35%

 Black American $16,025,888.99 6.46%

 Hispanic American $4,939,937.60 1.99%

 American Indian $3,951,368.13 1.59%

 Other minority6 $2,336,357.42 0.94%

Neither Minority-owned nor 

Woman-owned $162,465,925.42 65.47%

4 The total amount of awards to minority women-owned businesses was $11,298,953.90. However, awards to 

businesses that are both minority- and women-owned are counted within Federal Procurement Data System 

(FPDS-ng) in all applicable individual minority- and women-owned individual categories. Therefore, to ensure 

there was no duplicate counting of overlapping categories of race/ethnicity and gender, the total dollars and 

percentages have been reduced to adjust for the $11,298.953.90.

5 The sum of the award dollars to business within the minority-owned sub-categories ($45,489,993.23) does not 

equal the total minority-owned award amount ($45,419,701) because five awards under the minority categories 

totaling $70,292.23, were not identified in the reporting system as minority-owned businesses.

6 Other minority” means those businesses designating “minority-owned” in the System for Award Management, but 

not designating Asian American, Black American, Hispanic American, or American Indian.
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8 Office of Minority and Women Inclusion H U.S. Department of the Treasury

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 1, 2015 for 

FY14

Trends in Minority Owned Business Utilization

Utilization of minority-owned businesses overall within Treasury Departmental Offices has been 

relatively steady. In FY 2014, a total of $45 million or 18 percent of the total in contract obligations 

were awarded to minority-owned businesses. [Figure 1] Comparatively, in FY 2012, a total of $42 

million or 19 percent of total contract obligations was awarded to minority-owned businesses; and 

in FY 2013, a total of $45 million or 18 percent of the total contract obligations was awarded to 

minority-owned businesses. 

Figure 1. Departmental Offices FY 2014

 Overall Contract Obligations by Minority Status*

Minority-owned Non Minority-owned

82%

18%

*Percentages have been rounded to whole numbers

Contract obligations to minority-owned businesses by specific racial and ethnic designation of the 

ownership are delineated in Table 2.7

Table 2. Departmental Offices FY 2012-2014

Overall Contract Obligations by Specific Racial/Ethnic Minority Group*

FY 2014 FY 2013 FY 2012

Minority Owned 

Businesses $45 million (18%) $45 million (18%) $42 million (19%)

• Black-owned $16 million $15 million $23 million

• Hispanic-owned $ 5 million $12 million $ 4 million

• Asian-owned $18 million $14 million $ 9 million

• American Indian-

 owned $4 million $ 3 million $ 2 million

*Non-Minority 

 Businesses $203 million (82%) $ 210 million (82%) $223 million (81%)

7 Some businesses have self-identified in more than one category; their contract amounts are reflected within all 

categories indicated.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 9

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 1, 2015 for 

FY14; Dollars and percentages are rounded.

Trends in Women Owned Business Utilization 

There has been an upward trend in the utilization of women-owned businesses within Treasury 

Departmental Offices. In FY 2014, a total of $52 million or 21 percent of the total in contract 

obligations were awarded to women-owned businesses (including minority women). Comparatively, 

in FY 2012, a total of $31 million or 12 percent of the total contract obligations was awarded to 

women-owned businesses; and in FY 2013, a total of $40 million or 15 percent of the total contract 

obligations was awarded to women-owned businesses (including minority women) [Figure 2]

Figure 2. Departmental Offices FY 2014

 Overall Contract Obligations by Minority Status*

Minority Women Non Minority Women

15% 75%

10%

Non-Women Owned

*Percentages have been rounded to whole numbers

Table 3. Departmental Offices FY 2012-2014

Overall Contract Obligations by Gender-specific Business*

FY 2014 FY 2013 FY 2012

Women-owned 

Businesses $51 million (21%) $40 million (15%) $31 million (12%)

• minority women $11 million (5%) $15 million (5.5%) $15 million (6%)

• non-minority women $40 million (16%) $25 million (9.5%) $16 million (6%)

Non-Women-owned 

Businesses $197 million (79%) $222 million (85%) $223 million (88%)

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 1, 2015 for 

FY14; Dollars and percentages are rounded.
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10 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Trends in MWOB Small Business Utilization

The vast majority of minority-owned businesses and women-owned businesses (MWOB) in the 

United States are small businesses with 98 percent of all MWOB earning revenue under $1 million, 

according to the most recently available census data. Consistent with the Dodd-Frank Act § 342 

mandate to focus on minority-owned and women-owned businesses, there are statutory goals set 

by the Small Business Administration (SBA) for small disadvantaged businesses (which are largely 

minority-owned) and women-owned small businesses. 

In FY 2014, for the fourth consecutive year, Treasury and Treasury Departmental Offices met 

or exceeded the overall small business contracting statutory goal, as well as goals for small 

disadvantaged businesses and women-owned small businesses. In FY 2014, contract obligations to 

small businesses by Treasury Departmental Offices were 51 percent, exceeding the 35.07 percent 

statutory goal. Contract obligations to small disadvantaged businesses represented 14 percent, 

almost triple the 5 percent goal; similarly, contract obligations to women-owned small businesses 

represented 18 percent, almost quadruple the 5 percent goal.8 [Figure 3] 

Figure 3. Departmental Offices FY 2013

 Total Contract Obligations by MWOB Status*

Disadvantaged Women

18% 68%

14%

Other

*Percentages have been rounded to whole numbers

8 Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 11, 

2015 for FY14.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 11

Table 4. Departmental Offices FY 2012-2014

Overall Contract Obligations to Small MWOB*

FY 2014 FY 2013 FY 2012

Total Contract Obligations 

(regardless of size $248 million $255 million $223 million

Overall Small Businesses 

Contract Obligations $125 million (51%) $119 million (47%) $95 million (42%)

Small Disadvantaged Businesses 

(SDB) $25 million (14%) $37 million (14%) $40 million (18%)

Women-owned Small Businesses $44 million (18%) $32 million (13%) $20 million (9%)

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

Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 1, 2015 for 

FY14; Dollars and percentages are rounded.

MWOB Participation in Specific Acquisition Categories

Each year, lists are posted online of the top acquisition categories, by North American Industry 

Classification System (NAICS) codes, of contracts awarded by the Department of Treasury, Treasury 

Departmental Offices, and the individual Treasury bureaus.9 The aim is to encourage firms that 

provide products or services within those categories to market their firms’ capabilities to Treasury 

bureaus. In FY 2014, 62 percent of all Treasury Departmental Offices contracts were in the area 

of services. 28 percent of Departmental Offices service contracts were awarded to minority-owned 

or women-owned businesses: 19 percent went to women-owned businesses and 12 percent went 

to minority-owned businesses. This resulted in $66.9 million in contracts to minority-owned or 

women-owned businesses for services.

Within Treasury Departmental Offices, approximately 70 percent of contract awards are made in 

only seven NAICS code categories and minority or women-owned business utilization is highest 

among six of those categories. The highest utilization of minority or women-owned businesses is in 

“Other Computer Related Services” (NAICS 541519) in the amount of $29 million and receiving 57 

percent of the awards. In one category, “All Other Professional, Scientific and, Technical Services” 

(NAICS 541990), women-owned business utilization is at 99 percent of contract awards in the 

amount of $9.7 million. [Table 5] 

9 Refer to www.treasury.gov/about/organizational-structure/offices/Mgt/Pages/dcfo-osdbu-mp-top25.aspx.
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12 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Total Departmental Office Annual Obligated Dollars $248,242,174 and processed 1,982 actions

NAICS Codes and Descriptions541519 541611 493110 541512 541511 928120 541990Other Computer Related Services

Administrative Management and General Management Consulting Services

General Warehouse and Storage

Computer Systems Design Services 

Custom Computer Programming Services 

International Affairs

All Other Professional, Scientific, and Technical Services

Number of 

businesses with DO 

awards in NAICS

269 185 13 73 78 412 8

Category

$ Awards 

% Awarded 

$ Awards 

% Awarded 

$ Awards 

% Awarded 

$ Awards 

% Awarded 

$ Awards 

% Awarded 

$ Awards 

% Awarded 

$ Awards 

% Awarded 

Total DO Awards in NAICS 51,643,205 21.81% 42,702,048 17.21% 23,889,166 9.63% 16,518,791 6.66% 14,980,604 6.04% 11,719,286 4.72% 9,827,408 3.96%Minority- or women-owned10 28,854,979 55.87% 9,374,935 21.95% 0 0.0% 7,259,171 43.94% 1,830,031 12.22% 1,592,902 13.59% 9,759,759 99.31%Women-owned 20,827,271 40.33% 2,895,254 6.78% 0 0.0% 6,341,491 38.39% 100,444 0.67% 1,522,845 12.99% 9,759,759 99.31%Minority-owned 8,589,344 16.63% 8,313,188 19.47% 0 0.0% 2,696,725 16.33% 1,806,431 12.06% 70,057 0.60% 0 0.0%Asian American 6,664,918 12.91% 4,385,856 10.27% 0 0.0% 2,187,191 13.24% 1,513,691 10.10% 0 0.0% 0 0.0%Black American 1,079,935 2.09% 1,803,735 4.22 0 0.0% 201,469 1.22% 0 0.0% 0 0.0% 0 0.0%Hispanic American 233,624 0.45% 1,360,772 3.19% 0 0.0% 308,065 1.86% 258,561 1.73% 0 0.0% 0 0.0%Native American 122,395 0.24% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 70,057 0.60% 0 0.0%Other minority 488,472 0.95% 762,825 1.79% 0 0.0% 0 0.0% 34,179 0.23% 0 0.0% 0 0.0%Neither minoritynor woman-owned 22,788,226 44.13% 33,327,113 78.05% 23,889,166 100.0% 9,259,620 56.06% 13,150,573 87.78% 10,126,384 86.41% 67,649 0.69%

* Contracting dollar amounts are based on Federal Procurement Data System (FPDS-ng) data extracted May 1, 2015 for FY141010 Awards under NAICS codes that included amounts for both minority and women owned business were adjusted to ensure that the total amount between the two categories does not include 

any duplicative actions.

Table 5: Awards by Demographic Groups in the DO’s Top Seven NAICS Codes, Fiscal Year 2014In Dollars and Percentage of Dollar Awards in Top Seven NAICS Codes*
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 13

Initiatives and Accomplishments

Outreach 

Federal Acquisition Regulation (FAR) Contracting: Treasury has achieved its most effective engagement 

with minority-owned and women-owned businesses through substantial efforts to reach out to small 

businesses. Treasury employs multiple strategies and communication channels to reach candidate vendors, 

including: 

• Posting requests for proposals on the Federal Business Opportunities website at www.fbo.gov

• Conducting multiple vendor outreach sessions throughout the year 

• Providing resources on the Treasury Office of Small and Disadvantaged Business Utilization 

website at www.treasury.gov/osdbu and on the OMWI homepage of www.treasury.gov

• Extending the techniques and tools effectively used to engage the small business community to the 

broader industry audience, including minority-owned and women-owned firms

• Reviewing vendor engagement strategy as part of acquisition planning for high-impact acquisitions 

• Conducting strategic review boards of targeted high-impact acquisitions to ensure that acquisition 

planning includes adequate and appropriate industry outreach and communications consistent 

with law, regulation, and Treasury policy 

Throughout FY 2014, OMWI sponsored eight vendor outreach sessions that provided individual 

counseling to approximately 184 small business concerns, including one that provided counseling 

by Treasury prime contractors and Treasury program managers. Approximately 85 percent of the 

participating small businesses were minority-owned and nearly one-third were women-owned. OMWI 

and Treasury bureaus also conducted and participated in small business match-making events sponsored 

by SBA, other federal agencies, local government, members of Congress, and external organizations 

that represent SMWOB. In FY 2014, Treasury staff served as panelists, speakers, facilitators, planning 

committee members, and exhibitors at the following 17 external events: 

• 44th Congressional Black Caucus Foundation Annual Legislative Conference, Washington, DC

• The National Center for American Enterprise Development (RES) DC, Washington, DC

• 24th Annual Procurement Conference, Washington, DC 

• Minority Business Development Agency MED Week, Washington, DC

• Alliance Baltimore Matchmaking Event - 2014, Baltimore, MD

• Ft. Belvoir Technology Expo, Fort Belvoir, VA

• The WAVE 4th Annual Veteran Woman Owned Small Business Seminar, Arlington, VA

• National Small Business Week, Washington DC

• Baltimore Washington Corridor Chamber Event – Greenbelt, MD

• US Pan Asian American Chamber of Commerce Match-Making Conference, Washington, DC

• GovConnectx, Falls Church, VA

• American Express Open, Norfolk, VA and Washington, DC

• 2014 U.S. Hispanic Chamber of Commerce Legislative Summit, Washington, DC

• National HUBZone Conference, Fairfax, VA

• Northern Virginia Technology Council Event, Herndon, VA

• Federal Reserve Board’s Program Managers Outreach Event, Washington DC

• National 8(a) Association Winter Conference, Orlando, FL
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14 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Mentor-Protégé Program: Treasury’s Mentor-Protégé program is designed to motivate and encourage 

large firms to assist small businesses, including small disadvantaged businesses (which are largely 

minority-owned businesses) and women-owned small businesses. The program is also designed to 

improve the performance of Treasury contracts and subcontracts, foster the establishment of longterm business relationships between these entities and Treasury prime contractors, and increase the 

overall number of small businesses that receive Treasury contract and subcontract awards. In FY 

2014, there were 16 Treasury mentor-protégé agreements in place. Among the protégés, eight were 

MWOB, including two women-owned, three Black-owned, two Asian-owned, and one American 

Indian-owned business. 

Financial Agent Authority (Non-FAR): 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 150 years ago by the National Bank 

Acts of 1863 and 1864, the FAA allows Treasury to designate financial institutions to provide 

certain services on the government’s behalf. These firms act on behalf of the government during the 

performance of their duties under an agent-principal relationship with Treasury. Financial agents 

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

In defining small businesses under the FAA, Treasury has used a variety of criteria depending upon 

the nature of the program being supported. These criteria are not limited exclusively to the strict 

definitions established by the Small Business Administration. Treasury’s criteria are based on 

industry standards for both broker-dealers and asset managers. For asset managers, Treasury uses a 

prevailing industry definition that any firm with $2 billion or less in assets under management at 

the time it is engaged by the Treasury is deemed to be “small.” For broker-dealers, Treasury uses the 

Financial Industry Regulatory Authority (FINRA) definition of small business, which states that any 

broker-dealer that has 150 registered representatives or fewer is considered “small.” 

The largest opportunity for the engagement of financial firms under the financial agent authority 

in recent years was presented by the Troubled Asset Relief Program (TARP). As an extension of the 

Department’s longstanding commitment to encouraging diversity in all business activities, Treasury 

ensured that administration of the TARP programs was open to minority-owned and women-owned 

financial firms. Treasury’s analysis of TARP transactions shows a higher percentage of fees allocated 

to small, minority-owned, and woman-owned businesses (SMWOB) than the industry norm. 

Treasury’s analysis shows that on TARP common stock dispositions, SMWOBs received 5.6 percent 

of associated fees on a weighted average. This compares to analysis that shows that SMWOBs have 

received less than 1 percent of fees for industry non-TARP equity transactions in excess of $5 billion 

since 2008.

Treasury has encouraged the participation of smaller broker-dealers, including minority-owned and 

women-owned broker dealers, in its sales of common shares of various holdings under TARP.

• In January 2013, Treasury began the process of selling its shares of General Motors (GM) common 

stock into the market under a pre-defined written trading plan. In February, Treasury’s brokers 

for GM stock sales informed Treasury that they had engaged six smaller broker-dealers, including 

minority-owned and women-owned broker-dealers, to assist with Treasury’s sales of its GM 

common stock. Treasury concluded its sale of its remaining stake in GM in December 2013. 
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 15

• In August 2014, Treasury launched its first pre-defined written trading plan as part of its effort to 

wind down its investments in First BanCorp (FBP). In February 2015, Treasury’s broker for FBP 

stock sales informed Treasury that it had engaged two smaller broker-dealers, including minorityowned and women-owned broker-dealers, to assist with Treasury’s sales of its FBP common stock. 

New Resources: In FY 2014, OMWI developed a comprehensive publication entitled Access to 

Business Opportunities with Treasury: A guide for Small, Minority Owned and Women Owned 

Businesses. As the title implies, this publication was designed to assist businesses understand 

how to best market specific products and services and navigate the process of conducting business 

with Treasury. This thirty-eight page publication includes nine chapters on such topics as: Steps 

to Becoming a Treasury Contractor, Finding Opportunities at Treasury, How Does Treasury Buy 

Products and Services? Who’s Who in Treasury Procurement, Accessing Business Development 

Support, and Procurement Integrity and Compliance. The PDF and eBook versions contain over 

200 active hyperlinks to other useful resources. 

Additionally, OMWI developed a publication entitled Top NAICS Codes: A Guide for Small, 

Minority-owned and Women-owned Businesses. It is designed to assist small, minority, and 

women-owned business owners in identifying what Treasury buys. It includes lists of the top NAICS 

codes for the U.S. Department of the Treasury overall, as well as for the Treasury headquarters 

(Departmental Offices) and individual bureaus. It is intended to serve as a convenient reference tool. 

Both publications can be accessed by the general public on the www.Treasury.gov website at 

http://www.treasury.gov/about/organizational-structure/offices/Pages/omwi.aspx. 

Accountability 

Leadership Prioritization: The Department of the Treasury utilized a strategic approach that held 

leadership accountable for meeting small business goals. The Secretary, Deputy Secretary, and 

Assistant Secretary for Management reinforced the importance of achieving small business goals. 

Each level of leadership, starting most importantly with Treasury’s senior leadership, took ownership 

for goal attainment and worked collaboratively (and across business functions) to prioritize and track 

Treasury’s small business goals. This resulted in a Treasury-wide effort to meet all small business 

goals. Treasury Departmental Offices successfully met that challenge, exceeding the overall small 

business goal for the fourth consecutive year in FY 2014. 

SMWOB Monitoring: OMWI develops detailed weekly reports of SMWOB contracting for the 

Deputy Secretary, Assistant Secretary for Management, Senior Procurement Executive, Bureau 

Chief Procurement Officers, and Bureau Small Business Specialists. Each bureau’s small business 

and MWOB contracting performance also is monitored by the Deputy Secretary in quarterly 

performance review sessions with Bureau Heads. The Senior Procurement Executive holds quarterly 

“ProcureSTAT” performance review sessions with individual Bureau Chief Procurement Officers 

to assess each bureau’s small business contracting performance and to track MWOB contracting. 

Additionally, the Senior Procurement Executive utilizes monthly Treasury Acquisition Council 

meetings with Bureau Chief Procurement Officers to address the status of Treasury’s overall small 

business goals and MWOB contracting. 
TAKING STOCK & MAKING CHANGE

16 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Performance Plans: To supplement senior management’s review and oversight of the achievement of 

small business goals and MWOB contracting, the Department inserted a small business performance 

element into individual performance plans to hold management and staff accountable. Such goals 

include categories that encompass small disadvantaged businesses, which are largely minorityowned and small women-owned businesses. Treasury included the performance element in plans for 

Bureau Heads, Bureau Chief Procurement Officers, Small Business Specialists, Contracting Officers, 

Contract Specialists, Program Managers, and Contracting Officer’s Representatives.

Recognition: OMWI conducted an annual awards recognition program for outstanding performance 

in small business contracting, which has provided an additional achievement incentive to the 

acquisition community. Awards include recognition to bureaus that achieved the highest percentages 

of contract obligations with minority-owned and women-owned businesses. For FY 2014, the two 

leading bureaus expended 60 percent of their contracting dollars with minority-owned businesses 

and 34 percent with women-owned businesses. 

Good Faith Effort Contract Language

In accordance with the contractor workforce diversity mandate in the Dodd-Frank Act § 342, the 

Treasury Departmental Offices OMWI, in collaboration with other OMWI agencies, developed 

proposed language that would be included in all Departmental Offices service contracts in excess of 

the Simplified Acquisition Threshold ($150,000). Treasury published the proposed language in the 

Federal Register for public comment. Following review and evaluation of the public comments, the 

final rule was published in the Federal Register on March 20, 2014.11 

Challenges 

Continued budget reductions for discretionary spending will likely have an impact on available 

contracting opportunities. In addition, strategic sourcing and shared services initiatives to increase 

efficiencies may further reduce spending and may reduce the number of vendors receiving awards.

Additionally, the Troubled Asset Relief Program (TARP), which was created to address a unique 

financial crisis, will continue to provide fewer opportunities to support the program. Treasury has 

already recovered most of the funds invested and is working to wind down the remaining TARP 

investments. As Treasury winds down the program, the number of financial agents supporting the 

program will be reduced, which includes participating small, minority-owned, and women-owned 

financial services firms. 

Furthermore, Treasury must be careful that all contracting is conducted in a manner consistent 

with the Equal Protection Clause of the Constitution, which effectively prohibits many forms of 

affirmative action, including the establishment of quotas based on race and gender. Therefore, 

OMWI must maintain a focus on strategic outreach to help ensure that minority-owned and 

women-owned businesses are aware of opportunities and track trends in outcomes. 

11 Refer to http://www.gpo.gov/fdsys/pkg/FR-2014-03-20/html/2014-05846.html.
TAKING STOCK & MAKING CHANGE

Office of Minority and Women Inclusion H U.S. Department of the Treasury 17

Conclusions and Fiscal Year 2015 Plans 

Business Diversity and Inclusion 

Despite reductions in overall procurement budget in recent years and without mandated contracting 

goals, the commitment to disadvantaged business utilization within Treasury Departmental Offices 

remained strong. In FY 2014, more than one-third (35 percent) of contract dollars totaling $86 

million went to either minority-owned or women-owned businesses (MWOB). This represented 

an increase compared to the prior two years. Although there are no goals for MWOB contracting, 

the congressionally mandated small business goals can serve as useful benchmarks to gauge 

performance. The Treasury Departmental Offices MWOB contracting performance is on par with 

the congressionally mandated small business goal established for Treasury, which was 35.07 percent 

in FY 2014. Similarly, contracting to minority-owned businesses, which was at 18 percent in 

FY 2014, is well above the congressionally mandated goal of 5 percent for contracting with small 

disadvantaged businesses (which are largely minority-owned). Further, contracting to women-owned 

businesses, which was at 21 percent in FY 2014, also is well above the congressionally mandated goal 

of 5 percent for contracting with small women-owned businesses. It is also important to note that 

MWOB contracting is not limited to less prominent business categories. There is strong MWOB 

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

OMWI will strive to support efforts that will not only maintain, but improve upon, this 

performance. Additionally, outreach efforts will be made to reach specific groups of minority-owned 

businesses that have been traditionally underrepresented, including Hispanic and American Indianowned businesses. Specific efforts that will be undertaken in FY 2015 include the following: 

Accountability: OMWI will continue to monitor and develop regular reports on the utilization of 

minority and women owned businesses by each of the Bureaus, including the quarterly performance 

reviews conducted by the Deputy Secretary. 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 four consecutive years, Treasury Departmental Offices has met or exceeded 

aggressive goals in small business contracting. In FY 2015, Treasury will aim for a fifth consecutive 

year of goal attainment by continuing to employ the strategies that proved successful for Treasury 

since FY 2011, including targeted outreach, enhanced leadership accountability, new policies, new 

tools and resources, and increased intra-agency communication. 

OMWI will be further building the capacity within Treasury Departmental Offices to reach out 

to minority-owned businesses by leveraging the resources of the Minority Business Development 

Agency (MBDA) in the Department of Commerce. Through an interagency agreement, Treasury 

Departmental Offices and MBDA, market research of prospective businesses and vendor education 

about prospective opportunities will be enhanced. 

Financial Agent Authority (Non-FAR): Although agreements issued under the Treasury financial 

agent authority on behalf of TARP have largely concluded, Treasury will maintain active engagement 

and relationship building with industry stakeholder groups that represent minority-owned and 
TAKING STOCK & MAKING CHANGE

18 Office of Minority and Women Inclusion H U.S. Department of the Treasury

women-owned financial services firms and minority and women professionals. 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 (RFP) or 

other solicitation processes are fair and will encourage meaningful participation of minority-owned and 

woman-owned businesses either as financial agents or contractors to financial agents. 

Outreach: OMWI is committed to conducting robust and effective outreach to small businesses, 

including minority-owned and women-owned small businesses. In addition to public posting on the 

Federal Business Opportunities web-site, OMWI will continue to conduct regular vendor outreach 

sessions and presentations at conferences and events conducted by industry organizations and federal 

agencies, such as: 

• U.S. Women Chamber of Commerce (USWCC)

• U.S. Hispanic Chamber of Commerce (USHCC)

• U.S. Black Chambers (USBC)

• National Minority Supplier Development Council (NMSDC)

• Minority Business Development Agency (MBDA)

• The Women’s Business Enterprise National Council (WBENC)

• National Association of Securities Professionals (NASP)

• Council of Urban Professionals (CUP)

• New America Alliance (NAA)

• Greenlining Institute

Mandated Contract Language: There was an interagency collaboration among OMWI Directors and 

respective agency staff on the development of consistent contract language to address the Dodd-Frank 

Act “good faith effort” mandate for contractor workforce diversity. Treasury was required to submit 

the proposed language for publication in the Federal Register to provide opportunity for public 

comment. The proposed contract language was finalized and published in the Federal Register on 

March 20, 2014 (http://www.gpo.gov/fdsys/pkg/FR-2014-03-20/html/2014-05846.htm). OMWI is 

formulating an implementation plan monitoring “good faith efforts” among contractors in accordance 

with the mandate.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 19

WORKFORCE DIVERSITY and INCLUSION 

Workforce Demography

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

mission. Each employee brings perspectives to his or her work that are influenced by his or her background, 

culture, and experience. The analysis of the racial, ethnic, and gender representational diversity of Treasury 

Departmental Offices in FY 2014 includes workforce profiles, benchmarks, demographic differentiation at 

upper and senior levels and across all grade groupings, hiring and attrition trends, applicant flow, trends in 

mission-critical occupations, and student employment.12 However, just as importantly, we have examined 

employee perceptions of the Treasury Departmental Offices workplace environment relative to inclusion. 

This comprehensive examination informs the recommendations for the work of OMWI going forward. 

Racial/Ethnic and Gender Profiles

The total Treasury-wide permanent workforce across all bureaus and the Departmental Offices in FY 2014 was 

105,061 permanent employees (compared to 108,679 in FY 2013). The Treasury Departmental Offices permanent 

workforce represents less than 2 percent of the permanent Treasury-wide workforce. As of the close of FY 2014, 

Treasury Departmental Offices had 1691 permanent employees, a decrease of 3 (less than a 1 percent net change) 

from FY 2013. This net change includes 174 new permanent hires in Treasury Departmental Offices. 

Approximately one-third (34 percent) of Treasury Departmental Offices permanent employees across 

all grade levels are racial or ethnic minorities. The percentage of minorities increased slightly from 

the FY 2013 percentage of 32 percent. Hispanic representation remained flat at 3 percent in FY 2013 

and FY 2014. Black representation also remained flat at 21 percent in FY 2013 and FY 2014. Asian 

representation increased slightly from 7 percent in FY 2013 to 8 percent in FY 2014. [Figure 4]

 

Figure 4. FY 2014 Treasury Departmental Offices

Total Permanent Workforce by Race/Ethnicity*

Hispanic White Black Asian

67%

21%

8%

3%

1%

Other

*Percentages have been rounded to whole numbers

12 Analyses do not include the racial ethnic categories, Native Hawaiian or Other Pacific Islanders, American Indian 

or Alaskan Natives, or Two or More Races because the representation of each of these groups is zero to less than 

one percent of the total Departmental Offices permanent workforce. 
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20 Office of Minority and Women Inclusion H U.S. Department of the Treasury

The percentages of employees by gender in Treasury Departmental Offices are 54 percent men and 

46 percent women. The percentage of women in Departmental Offices decreased slightly from 47 

percent in FY 2013 to 46 percent in FY 2014. [Figure 5]

Figure 5. FY 2014 Treasury Departmental Offices

Total Permanent Workforce by Gender*

Female Male

54%

46%

*Percentages 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 to the federal government-wide workforce (FWF), 

Treasury-wide workforce, Civilian Labor Force (CLF), and the Relevant Civilian Labor Force 

(RCLF) by race/ethnicity and gender participation.13 Table 6 depicts the comparison of the Treasury 

Departmental Offices’ total permanent workforce for FY 2014 with the demography of these 

benchmarks.

13 For the purpose of this analysis, Relevant Civilian Labor Force (RCLF) refers to the Civilian Labor Force (CLF) 

data that are directly comparable only to prevalent occupations in Treasury Departmental Offices.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 21

Table 6. New Hire Trends of Permanent Workforce 

by Percentage of Employees Hired (FY 2011-FY 2013)*

Demographic 

Groups

Federal

Government

Workforce**

Treasurywide

Workforce

Civilian 

Labor 

Force 

(CLF)

Relevant 

Civilian Labor 

Force (RCLF)

Treasury

Departmental 

Offices

Men 56% 37% 53% 33% 54%

Women 44% 63% 47% 67% 46%

Hispanic Men 5% 3% 6% 3% 1.5%

Hispanic Women 3% 7% 5% 6% 1.5%

White Men 39% 25% 39% 25% 41%

White Women 26% 32% 34% 49% 26%

Black Men 8% 6% 5% 3% 7%

Black Women 10% 19% 6% 8% 14%

Asian Men 3% 2% 2% 2% 5%

Asian Women 3% 3% 2% 3% 3%

* Percentages have been rounded to whole numbers, except for Hispanics

**Federal Workforce data is derived from the EEOCAnnual Report on the Federal Work Force FY 2010

• Gender: In comparison to the permanent workforce participation rates of the FWF and the CLF, 

the representation of men (54 percent) in Treasury Departmental Offices workforce is almost 

equal to the FWF (56 percent) and CLF (53 percent) but greater than that of the Treasury-wide 

workforce (37 percent) and RCLF (33 percent). The representation of women (46 percent) in 

the Treasury Departmental Offices workforce is between the FWF (44 percent) and the CLF (47 

percent) but less than Treasury-wide workforce (63 percent) and RCLF (67 percent). 

• Men by Race/Ethnicity: Among the men within Treasury Departmental Offices, the representation 

of Hispanic men (1.5 percent) is less than that of the FWF (5 percent), Treasury-wide workforce 

(3 percent), CLF (6 percent), and RCLF (3 percent). The representation of White men (41 

percent) is greater than that of the FWF (39 percent), Treasury-wide workforce (25 percent), CLF 

(39 percent), and RCLF (25 percent). The representation of Black men (7 percent) is below the 

FWF (8 percent) and above the Treasury-wide workforce (6 percent), CLF (5 percent), and RCLF 

(3 percent). The representation of Asian men (5 percent) is greater than that of the FWF (3 

percent), Treasury-wide workforce (2 percent), CLF (2 percent), and RCLF (2 percent).

• Women by Race/Ethnicity: Among the women within Treasury Departmental Offices, the 

representation of Hispanic women (1.5 percent) is less than that of the FWF (3 percent), 

Treasury-wide workforce (7 percent), CLF (5 percent), and RCLF (6 percent). The representation 

of White women (26 percent) is less than that of the Treasury-wide workforce (32 percent), CLF 

(34 percent), and RCLF (49 percent), and equal to the FWF (26 percent). The representation 

of Black women (14 percent) is less than that of the Treasury-wide workforce (19 percent), 

but greater than that of the FWF (10 percent), CLF (6 percent), and RCLF (8 percent). The 
TAKING STOCK & MAKING CHANGE

22 Office of Minority and Women Inclusion H U.S. Department of the Treasury

representation of Asian women (3 percent) is equal to that of the FWF (3 percent), Treasury-wide 

workforce (3 percent), and RCLF (3 percent), but greater than that of the CLF (2 percent). 

Senior Management

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

above, the Treasury Departmental Offices’ focus has been oversight and monitoring of recruitment/

outreach, hiring, professional development, and attrition in GS-15 and SES positions. Treasury 

Departmental Offices also tracked and monitored the racial/ethnic and gender representation of the 

GS-13-14 grade level workforce, which can serve as a pipeline to senior management. 32 percent of 

the Treasury Departmental Offices permanent employees are at the senior management levels (i.e., 

GS-15 and Senior Executive Service (SES)). 43 percent are at the GS-13-14 levels, which are upper 

management levels. Although there are no specific goals for demographic representation by race/

ethnicity and gender, comparison to the financial industry senior management representation14 and 

the Treasury-wide workforce representation provide general benchmarks for the relative inclusion by 

group at upper and senior management levels. [Table 7]

Table 7. Permanent FY 2014 Treasury Departmental Offices (DO)

Workforce by Upper Management Grade Groupings 

compared to the Financial Industry and Treasury DO-wide Workforce*

Demographic 

Groups

Financial 

Industry

Workforce**

Treasury 

DO 

Workforce

Treasury 

DO SES

Treasury 

DO GS-15

Treasury 

DO 

GS-13-14

Treasury 

DO

GS-12-

below

Men 72% 54% 68% 62% 54% 38%

Women 28% 46% 32% 38% 46% 62%

Hispanic 3% 3% 2% 2% 3% 5%

White 89% 67% 90% 86% 64% 49%

Black 3% 21% 4% 6% 23% 40%

Asian 4% 8% 4% 6% 9% 6%

*Percentages have been rounded to whole numbers

**Financial industry data is from 2011 (GAO-13-238 report, 2013) 

Permanent Positions: For FY 2014, the representation of minorities and women in permanent 

GS-13-14, GS-15, and SES (career only) level positions are described below compared to the 

representation within the total Treasury Departmental Offices permanent workforce. It should be 

noted that there are no civilian labor force data comparable to SES level positions or the combined 

pipeline GS-13-14 category. However, a recent GAO report provides comparable 2011 data for 

senior management positions within the financial industry, as displayed in Table 7. Within senior 

management positions in Treasury Departmental Offices, women fill 38 percent of the permanent 

14 GAO, Diversity Management: Trends and Practices in the Financial Services Industry and Agencies after the 

Recent Financial Crisis, GAO-13-238 (Washington, DC: May 16, 2013).
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 23

GS-15 level positions and 32 percent of the permanent SES positions. This represents a decrease 

of 2 percent at the GS-15 level compared to FY 2013 (40 percent) and a slight decrease by one 

percent at the SES level compared to FY 2013 (33 percent). Minorities represent 14 percent of the 

permanent workforce at the GS-15 level and 10 percent of the permanent workforce at the SES level 

position. This is a decrease of 1 percent compared to the representation in FY 2013 (15 percent) 

and a decrease of 2 percent at the SES level compared to FY 2013 (12 percent). 

• Women: The representation of women within permanent positions in Treasury Departmental 

Offices at the senior management levels (38 percent for GS-15 and 32 percent for SES) is lower 

than their overall representation in the total permanent Treasury Departmental Offices workforce 

(46 percent). Their representation within the GS-13-14 level pipeline (46 percent) is equal to 

their overall representation in the total permanent DO workforce. Their representation within the 

SES level (32 percent) and GS-15 level (38 percent) are higher than the senior management level 

in the financial industry (28 percent).

• Hispanic Employees: The representation of Hispanic employees within permanent positions in 

Treasury Departmental Offices at the GS-13-14 pipeline level (3 percent) is equal to their overall 

representation in the total permanent Treasury Departmental Offices workforce. However, the 

representation of Hispanic employees at the GS-15 level (2 percent) and SES level (2 percent) 

is slightly lower than their overall representation in the total permanent Treasury Departmental 

Offices workforce (3 percent). Their representation within the SES level (2 percent) and GS-15 

level (2 percent) are slightly lower than the senior management level in the financial industry (3 

percent). 

• Black Employees: The representation of Black employees within permanent positions in Treasury 

Departmental Offices at the senior management levels (6 percent for GS-15 and 4 percent for 

SES) is lower than their overall representation in the total permanent Treasury Departmental 

Offices workforce (21 percent). Their representation within the GS-13-14 pipeline level (23 

percent) is slightly higher than their overall representation in the total permanent Treasury 

Departmental Offices workforce (21 percent). Their representation within the SES level (4 

percent) and GS-15 level (6 percent) are higher than the senior management level in the financial 

industry (3 percent). 

• Asian Employees: The representation of Asian employees within permanent positions in Treasury 

Departmental Offices at the senior management levels (6 percent for GS-15 and 4 percent 

for SES) is slightly lower than their overall representation in the total permanent Treasury 

Departmental Offices workforce (8 percent). Their representation within the GS-13-14 pipeline 

level (9 percent) is slightly higher than their overall representation in the total permanent Treasury 

Departmental Offices workforce (8 percent). Their representation within the SES level (4 

percent) and GS-15 level (6 percent) are comparable or higher than the senior management level 

in the financial industry (4 percent).
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24 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Presidential Appointed and Senate Confirmed Positions: In FY 2014, Treasury had a woman Deputy 

Secretary, one woman Under Secretary, and six women Assistant Secretaries, which includes the 

Treasurer of the United States. Appointed positions are not included by the Equal Employment 

Opportunity Commission in calculations of the permanent workforce census. 

All Grade Groupings

A comparison of the representation by gender and minority group status across all grade groups 

within the Treasury Departmental Offices Permanent Workforce shows the greatest concentration of 

women and minority employees are in GS-12 and lower positions. [Figures 6 and 7]

Figure 6. FY 2014 Treasury Departmental Offices 

Permanent Workforce Grade Comparison by Gender

Women Men

62% 57.2%

68.3%

31.7%

42.8% 38%

GS12 and below GS13-15 SES 0.0

20

40

60

80

Figure 7. FY 2014 Treasury Departmental Offices

Total Permanent Workforce by Race/Ethnicity

48.6%

51.4%

28.4%

71.6%

90.4%

9.6%

GS12 and below GS13-15 SES 0.0

20

40

60

80

100

Non-White White
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 25

Hiring and Attrition 

Hiring: In this section, we compare the hiring rates for the various groups and the CLF and RCLF 

over a four year period (beginning with the FY 2011 baseline year through FY 2014). This analysis 

includes hiring rate trends of only the permanent workforce. [Table 8]

Table 8. New Hire Trends of Permanent Workforce 

by Percentage of Employees Hired (FY 2011-FY 2014)

Fiscal Year Men Women H W B A

2011 49% 51% 1% 88% 6% 3%

2012 60% 40% 2% 76% 10% 11%

2013 52% 48% 2% 75% 11% 10%

2014 59% 41% 6% 70% 11% 12%

Key: H-Hispanic, W-White, B-Black, A-Asian

• Gender: The hiring rate for men increased from FY 2011 (49 percent) to FY 2014 (59 percent), 

and the FY 2014 hiring rate is higher than the CLF availability rate (53 percent). Currently, men 

represent 54 percent of the permanent workforce which is close to their CLF participation rate 

(53 percent) but above their RCLF participation rate (33 percent). The hiring rate for women 

decreased from FY 2011 (51 percent) to FY 2014 (41 percent) and is lower than their CLF 

availability rate (47 percent). Currently, women represent 46 percent of the permanent workforce, 

which is almost equal to their CLF participation rate (47 percent) but below their RCLF 

participation rate (67 percent).

• Hispanic Employees: The hiring rate for Hispanic employees has increased from FY 2011 (1 

percent) to FY 2014 (6 percent), but the FY 2014 hiring rate still remains significantly below 

their CLF availability rate (11 percent). Currently, Hispanic employees represent 3 percent of the 

permanent workforce, which is below their CLF participation rate (11 percent) and their RCLF 

participation rate (9 percent).

• White Employees: The hiring rate for White employees has decreased from FY 2011 (88 percent) 

to FY 2014 (70 percent), and the FY 2014 hiring rate is below their CLF availability rate (73 

percent). Currently, White employees represent 67 percent of the permanent workforce, which is 

below both their CLF participation rate (73 percent) and RCLF participation rate (74 percent). 

• Black Employees: The hiring rate for Black employees increased from FY 2011 (6 percent) to FY 

2014 (11 percent), and the FY 2014 hiring rate remains consistent with their CLF availability rate 

(11 percent). Currently, Black employees represent 21 percent of the permanent workforce, which 

is above their CLF participation rate (11 percent) and RCLF participation rate (11 percent).

• Asian Employees: The hiring rate for Asian employees increased significantly from FY 2011 (3 percent) 

to FY 2014 (12 percent), and the FY 2014 hiring rate remains well above their CLF availability rate (4 

percent). Currently, Asian employees represent 7 percent of the permanent workforce, which is above 

their CLF participation rate (4 percent) and RCLF participation rate (5 percent). 
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26 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Attrition: In this section, comparisons are made between the attrition rates for the various groups and 

the CLF and RCLF over a four year period (beginning with the FY 2011 baseline year through FY 

2014). This trend analysis of the attrition rates includes only the permanent workforce. [Table 9]

Table 9. Attrition Rates by Race/Ethnicity and Gender (FY 2011-FY 2014)

Fiscal Year Men Women H W B A

2011 49% 51% 3% 77% 14% 4%

2012 52% 48% 4% 67% 25% 6%

2013 53% 47% 3% 68% 22% 7%

2014 47% 53% 4% 69% 15% 11%

Key: H-Hispanic, W-White, B-Black, A-Asian

• Gender: The attrition rate for men decreased slightly from FY 2011 (49 percent) to FY 2014 (47 

percent), while the attrition rate for women increased from FY 2011 (51 percent) to FY 2014 (53 

percent). The FY 2014 attrition rate for women is higher than their FY 2013 attrition rate of 47 

percent. In FY 2014, men separated at a rate of 47 percent and were hired at a rate of 59 percent 

in the permanent workforce. Women separated at a rate of 53 percent and were hired at a rate of 

41 percent in the permanent workforce for FY 2014. 

• Hispanic Employees: The attrition rate for Hispanic employees has slightly increased from FY 

2011 (3 percent) to FY 2014 (4 percent). Hispanic employees are separating at a rate of 4 percent 

and are being hired at a rate of 6 percent in the permanent workforce.

• White Employees: The attrition rate for White employees has decreased from FY 2011 (77 

percent) to FY 2014 (69 percent). White employees are separating at a rate of 69 percent, which 

is slightly below their hiring rate of 70 percent in the permanent workforce. 

• Black Employees: The attrition rate for Black employees has slightly increased from FY 2011 

(14 percent) to FY 2014 (15 percent). The FY 2014 attrition rate is lower than in FY 2013 (22 

percent). Black employees are separating at a rate of 15 percent, which is above their hiring rate in 

the permanent workforce at 11 percent.

• Asian Employees: The attrition rate for Asian employees has increased from FY 2011 (4 percent) 

to FY 2014 (11 percent). Asian employees are separating at a rate of 11 percent and being hired 

at a rate of 12 percent. The 11 percent FY 2014 attrition rate is also higher than their FY 2013 

attrition rate of 7 percent.

Attrition by Type: Of a total permanent Treasury Departmental Offices workforce of 1,659 in FY 

2014, 194 employees left due to resignations, retirements and transfers. A review of DO separations 

by type reveals that resignations, retirements, and transfers are the top three reasons employees 

separate from the workforce. Employees who did not self-identify race (7) or gender (6) are not 

included in the table below. [Table 10]
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 27

Table 10. Attrition Type by Race/Ethnicity and Gender (FY 2014)

Demographic 

Group

Types of Attrition Total Resignations Retirements Transfers

Men 37 23 26 86

Women 49 17 36 102

Hispanics 3 1 4 8

Whites 59 28 43 130

Blacks 10 11 8 29

Asians 13 0 7 20

Total Attrition 85 40 62 187

Percentages* 45% 21% 33% 100%

*Percentages have been rounded to whole numbers; Employees who did not 

self-identify race (7) or gender (6) are not included in the table.

Of the attrition by resignations, 31 percent (26) of the employees were minorities and 69 percent 

(59) were White. Of the attrition by retirement, 30 percent (12) of the employees were minorities 

and 70 percent (28) were White. Of the attrition by transfers, 31 percent (19) of the employees 

were minorities and 69 percent (43) were White. Hispanic employees accounted for 4 percent (8) 

of the total attrition. White employees accounted for 70 percent (130) of the total attrition. Black 

employees accounted for 15 percent (29) of the total attrition. Asian employees accounted for 11 

percent (20) of the total attrition.

Net Change in Minority Representation: This section shows the net change in minority 

representation among employees due to the combination of hires and attrition rates, comparing 

the past four fiscal years (from the FY 2011 baseline year through FY 2014). This resulted in a net 

attrition rate of -11 percent, -12 percent, -9 percent, and -3 percent, respectively. [Table 11]

Table 11. Net Change in Minority Representation 

Workforce 

Demographics 2011 2012 2013 2014

Rate of Hire 10% 23% 23% 28%

Rate of Attrition 21% 35% 32% 31%

Net -11% -12% -9% -3%

*Percentages have been rounded to whole numbers

Net Change in the Representation of Women: This section shows the net change in the 

representation among women employees due to the combination of hires and attrition rates, 

comparing the past four fiscal years (from the FY 2011 baseline year through FY 2014). This 

resulted in a net attrition rate of 0 percent, -8 percent, 1 percent, and -9 percent, respectively. 

[Table 12]
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28 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Table 12. Net Change in the Representation of Women 

Workforce 

Demographics 2011 2012 2013 2014

Rate of Hire 51% 40% 48% 45%

Rate of Attrition 51% 48% 47% 54%

Net 0% -8% 1% -9%

*Percentages have been rounded to whole numbers

Applicant Flow Analysis 

The percentage of women and minorities in the Treasury Departmental Offices permanent workforce 

is close to their representation within the CLF within Treasury Departmental Offices overall and in 

GS-12 and below positions. Disparities in representation by race and gender are most apparent at the 

GS-15 and SES levels. To better understand potential barriers in hiring at these higher positions, an 

analysis of applicant flow data from FY 2014 was conducted comparing the percent of women and 

minorities in the CLF, the applicant pool, eligible candidates, best qualified/ referred candidates, and 

selected candidates for Treasury Departmental Offices overall, GS-15 positions, and SES positions.

Gender: Among all permanent positions in FY 2014 for Treasury Departmental Offices, the 

recruitment of women does not appear to be a problem. Women made up 46 percent of applicants, 

which is slightly below their CLF rate of 48 percent. However, fewer women than men apply for 

GS-15 and SES positions. The percentage of women decreases in the applicant pool for GS-15 (31 

percent) and SES positions (28 percent), which is lower than their representation in the CLF of 

48 percent. Throughout each stage of hiring process for which we have applicant flow data, for all 

positions, GS-15 positions, and SES positions, the percentage of women stays somewhat consistent. 

Women are actually selected at a higher rate across all positions, GS-15 positions, and SES than their 

representation in the best qualified group. 

Minority Status: Among all permanent positions, GS-15, and SES in FY 2014 for Treasury Departmental 

Offices, the recruitment of minorities does not appear to be a problem. Minorities made up 51 percent of 

applicants across all positions, which is substantially above their CLF rate of 28 percent. The percentage 

of minority applicants decreased to 45 percent for GS-15 positions and to 42 percent for SES positions, 

but remained above their representation in the CLF of 28 percent. However, across all hires and GS-15 

positions, minority applicants were selected at a lower rate than their representation in the best qualified 

group. For SES positions, minorities were selected at a higher rate than their percentage in the best 

qualified group. Further analysis needs to be done to determine the reasons for this.

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. They are comprised of the following: Economist, 

General Attorney, Financial Analyst, Information Technology Specialist, and Intelligence Analyst. In 

this section, comparisons are made between the participation rates of the various racial/ethnic and 

gender representations within each of these occupations in Treasury Departmental Offices’ permanent 

workforce from the FY 2011 baseline year through FY 2014, compared to their respective RCLF data.
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 29

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

than expected participation rate for Hispanics and Blacks when compared to their RCLF during a 

four year period from FY 2005 through FY 2014. [Table 13]

Table 13. Economist Series Trends by Race/Ethnicity and Gender Percentages 

Fiscal 

Year HM HW WM WW BM BW AM AW

FY 2011 0.00% 0.00% 56.87% 35.07% 1.42% 0.00% 2.84% 3.32%

FY 2012 0.49% 0.00% 56.59% 33.66% 1.46% 0.00% 3.41% 3.90%

FY 2013 0.48% 0.48% 56.04% 31.88% 0.97% 0.00% 5.80% 4.35%

FY 2014 1.06% 0.00% 57.98% 31.38% 0.53% 0.00% 5.32% 3.72%

RCLF 3.30% 1.80% 55.80% 25.20% 2.80% 2.70% 4.50% 3.10%

Key: Shaded background color denotes that the percentage is below the RCLF; HM–Hispanic Men; HW–Hispanic Women; WM–

White Men; WW–White Women; BM–Black Men; BW–Black Women; AM–Asian Men; AW–Asian Women

General Attorney: In the General Attorney (GS-0905) occupational series, trends reveal that males 

continue to have a participation rate below their respective RCLF rates during the four year period 

from FY 2011 through FY 2014. Overall, all female groups are consistently showing participation 

rates at or above their respective RCLF rates. [Table 14]

Table 14. General Attorney Series Trends by Race/Ethnicity and Gender Percentages 

Fiscal 

Year HM HW WM WW BM BW AM AW

FY 2011 0.00% 1.87% 56.07% 31.78% 0.93% 3.74% 0.93% 4.67%

FY 2012 0.96% 2.88% 53.86% 32.69% 0.00% 2.88% 1.92% 3.85%

FY 2013 0.90% 2.70% 52.25% 32.43% 0.90% 2.70% 0.90% 5.41%

FY 2014 0.97% 1.94% 53.40% 32.04% 0.97% 2.91% 0.97% 5.83%

RCLF 2.50% 1.80% 59.70% 26.70% 2.10% 2.60% 1.80% 1.80%

Key: Shaded background color denotes that the percentage is below the RCLF; HM–Hispanic Men; HW–Hispanic Women; WM–

White Men; WW–White Women; BM–Black Men; BW–Black Women; AM–Asian Men; AW–Asian Women

Information Technology (IT) Specialist: In the IT Specialist (GS-2210) occupational series, trends 

reveal that Hispanics and Whites have participated substantially below the RCLF rate across the four 

year period from FY 2011 through FY 2014, while Blacks and Asians have consistently participated 

well above the RCLF rate in that same time period. [Table 15]
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30 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Table 15. Information Technology Specialist Series Trends by Race/Ethnicity and Gender Percentages

Fiscal 

Year HM HW WM WW BM BW AM AW

FY 2011 1.60% 0.00% 45.60% 14.40% 15.20% 9.60% 8.80% 2.40%

FY 2012 1.31% 0.00% 44.44% 13.73% 14.38% 8.50% 11.76% 3.92%

FY 2013 1.60% 0.00% 44.68% 14.36% 14.89% 7.45% 10.64% 4.79%

FY 2014 1.46% 0.49% 44.39% 12.20% 14.15% 7.80% 12.68% 4.88%

RCLF 5.40% 2.20% 52.20% 20.90% 6.60% 4.50% 5.10% 1.50%

Key: Shaded background color denotes that the percentage is below the RCLF; HM–Hispanic Men; HW–Hispanic Women; WM–

White Men; WW–White Women; BM–Black Men; BW–Black Women; AM–Asian Men; AW–Asian Women

Financial Analyst: Trends within the Financial Analyst (GS-1160) occupational series across the four year period 

from FY 2011 through FY 2014 reveal a consistently lower than expected participation rate for Hispanic females, 

White males, Black males, and Asians females when compared to their RCLF participation rate. [Table 16]

Table 16. Financial Analyst Series Trends by Race/Ethnicity and Gender Percentages

Fiscal 

Year

HM HW WM WW BM BW AM AW

FY 2011 0.00% 0.00% 56.60% 18.87% 3.77% 7.55% 9.43% 1.89%

FY 2012 2.13% 0.00% 44.68% 23.40% 8.51% 10.64% 8.51% 2.13%

FY 2013 4.26% 0.00% 40.43% 27.66% 8.51% 10.64% 6.38% 2.13%

FY 2014 4.26% 0.00% 48.94% 25.53% 2.13% 10.64% 4.26% 4.26%

RCLF 3.10% 2.00% 54.00% 22.00% 3.50% 4.00% 6.10% 4.40%

Key: Shaded background color denotes that the percentage is below the RCLF; HM–Hispanic Men; HW–Hispanic Women; WM–

White Men; WW–White Women; BM–Black Men; BW–Black Women; AM–Asian Men; AW–Asian Women

Intelligence Analyst: Trends within the Intelligence Analyst (GS-0132) occupational series across the 

four year period from FY 2011 through FY 2014 show that Hispanic females, White females, Blacks, 

and Asians fall well below their respective RCLF participation rate. [Table 17]

Table 17. Intelligence Analyst Series Trends by Race/Ethnicity and Gender Percentages

Fiscal 

Year HM HW WM WW BM BW AM AW

FY 2011 0.88% 0.00% 61.06% 31.86% 0.88% 1.77% 1.77% 1.77%

FY 2012 1.83% 0.00% 62.39% 32.11% 0.00% 0.92% 1.83% 0.92%

FY 2013 2.86% 0.00% 62.86% 31.43% 0.00% 0.95% 0.95% 0.95%

FY 2014 2.68% 0.00% 61.61% 31.25% 0.00% 2.68% 0.89% 0.89%

RCLF 2.80% 3.40% 38.80% 40.70% 4.20% 4.60% 1.50% 2.30%

Key: Shaded background color denotes that the percentage is below the RCLF; HM–Hispanic Men; HW–Hispanic Women; WM–

White Men; WW–White Women; BM–Black Men; BW–Black Women; AM–Asian Men; AW–Asian Women
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 31

Student Employment

Internships 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 have a longstanding outreach effort to recruit diverse groups of students for internships by partnering with 

minority-serving organizations and academic institutions. This 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. However, during FY 2014, budget limitations 

and changes pertaining to contracting with minority student serving organizations curtailed our 

use of these organizations. Treasury Departmental Offices placed 8 students through partnership 

arrangements with various organizations: the Hispanic Association of Colleges and Universities 

National Internship Program (2), the Washington Center (3), the International Leadership 

Foundation (1), and the Congressional Hispanic Caucus Institute, Inc. (2). 

In FY 2014, there were 352 student interns who served in Treasury Departmental Offices: 14 

percent Asian (49), 12 percent Black (43), 1 percent Hispanic (3), 3 percent Two or More Races 

(11), 66 percent White (235), and 4 percent who did not identify (13). The greatest proportion of 

all of the 354 total student interns in Treasury Departmental Offices came through the Volunteer 

program. 30 percent (96) of the 323 Volunteer program students were racial or ethnic minority 

students: 14 percent (44) Asian, 13 percent Black (41), and 3 percent Two or More Races (11); 66 

percent were White (214); and 13 students (4 percent) did not self-identify. The Treasury Scholars 

program accounted for 5 percent (5 of 106) of the placements of minority interns (the additional 3 

Treasury Scholars students were White). The Pathways program included 23 interns of which 22 

percent (5 of 23) were minority students and 78 percent (18 of 23) were White. [Table 18]

Table 18. FY 2014 Treasury Departmental Offices Student Employment

Student 

Programs

Asian % Black % Hispanic % White % 2+ 

Races

% Not 

ID’ed

% Total

Volunteer 44 14% 41 13% 0 0% 214 66% 11 3% 13 4% 323

Treasury 

Scholars 2 25% 0 0% 3 38% 3 38% 0 0% 0 0% 8

Pathways 3 13% 2 9% 0 0% 18 78% 0 0% 0 0% 23

TOTAL 49 14% 43 12% 3 1% 235 66% 11 3% 0 4% 354

Inclusive Environment Index

The Federal Employee Viewpoint Survey (FEVS) is a government-wide tool that measures employees’ 

perceptions of whether, and to what extent, conditions characterizing successful organizations are present 

in their agencies. Survey results provide valuable insight into the challenges agency leaders face in ensuring 

the federal government has an effective civilian workforce and employees’ perception about their workplace 

experience. The Office of Personnel Management (OPM) recently developed the Inclusive Environment 

Assessment, consisting of a subset of 20 questions from the FEVS that were associated with diversity and 

inclusion using a rigorous statistical factor analysis. These 20 questions clustered around five factors, 

regarded as behavioral habits: fairness, open mindedness, cooperation, supportiveness, and empowerment. 

Scores can be derived for each of these factors to comprise an Inclusive Environment Index. 
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32 Office of Minority and Women Inclusion H U.S. Department of the Treasury

The most recent survey was administered by OPM from April through June 2014. Of the 86,800 Treasury 

employees invited to take the survey, 51,038 responded in 2014. Treasury Departmental Offices had a 

response rate of 64 percent (1002), compared to the government-wide response rate of 47 percent. Overall 

scores below 65 percent on the FEVS are regarded as areas of challenge. Treasury Departmental Offices has 

an overall Diversity and Inclusion Index score of 60 percent in FY 2014. This score is fairly consistent with 

those from FY 2011, FY 2012 and FY 2013, when the scores were 61.5 percent and 61.1 percent, and 62 

percent, respectively. By comparison, the overall FY 2014 Inclusive Environment Assessment index scores 

Treasury-wide and government-wide are 59 percent and 56 percent, respectively. 

For the specific factors associated with inclusion, Treasury Departmental Offices scores were: 48 percent 

- fairness, 59 percent - open mindedness, 58 percent - cooperation, 78 percent - supportiveness, and 58 

percent - empowerment. Although there is considerable room for improvement, Treasury Departmental 

Offices’ scores are higher than one or both of the benchmark scores on all factors. With the exception 

of the characteristic of supportiveness, this new index tool reveals that challenges of inclusion are not 

confined to Treasury Departmental Offices, but wider spread across the federal government. This 

information provides important diagnostics for use in designing interventions. [Table 19]

Table 19. FY 2014 Treasury Departmental Offices Score in comparison to 

Government-wide and Treasury-wide Scores on the Inclusive Environment Index 

Behaviors EVS Topics Government Treasury DO

 Fairness Fairness of Employment Practices 43% 49% 48%

 Open mindedness Integration of Differences 55% 58% 59%

 Cooperation Open Communication 52% 56% 58%

Supportiveness Inclusive Management/Leadership Style 74% 79% 78%

 Empowerment Participation in Decision Making 56% 55% 58%

 Overall Average 56% 60.2% 60%

Initiatives and Accomplishments

Outreach

Social Media: Through applicant flow analysis, it was determined that more targeted recruitment 

could be beneficial to increasing the numbers of highly qualified minority and women applicants for 

upper and senior level employment opportunities. Toward that end, OMWI launched the utilization 

of social media to push job announcements to specific multicultural groups on the LinkedIn online 

community. Throughout FY 2014, 45 GS-13-15 and SES Treasury Departmental Offices positions 

were posted, generating 12,251 unique views by potential candidates and 1,424 potential candidates 

who clicked through to apply. 

Internships: Treasury Departmental Offices continues to establish/maintain partnerships with 

existing external internship programs that attract highly qualified, educated and diverse students. 

Such internship programs included: the Hispanic Association of Colleges and Universities National 

Internship Program, the Washington Center, the International Leadership Foundation, and the 

Congressional Hispanic Caucus Institute. 
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 33

Accountability

Performance Plans: To establish accountability relative to workforce diversity and inclusion, a 

longstanding performance element is included in the performance plans of all SES level Treasury 

employees who have relevant human capital responsibilities, including those within Treasury 

Departmental Offices as follows: 

Fosters an inclusive work environment and promotes workforce diversity through support of EEO 

and affirmative employment objectives, fair and equitable employment decisions, prompt attention to 

allegations of harassment/discrimination, and encouragement of early dispute resolution when appropriate. 

Workforce Diversity/Inclusion Monitoring: Racial/ethnic and gender representation and employee 

perceptions about inclusion within the Treasury Departmental Offices are monitored by the Deputy 

Secretary and Assistant Secretary for Management in quarterly performance reviews. In addition, 

briefings were provided to the Secretary on the status of workplace diversity and inclusion and 

OMWI activities. 

Quantitative and Qualitative Analysis

Diversity and Inclusion Index: Research indicates that workplace inclusion is a contributing factor 

to employee engagement and organization performance. The major issue facing organizations with 

regard to inclusion is how to measure it effectively and improve an inherently intangible aspect 

of group interaction. As described in a previous section, the Office of Personnel Management 

recently developed the Inclusive Environment Assessment index tool for use by federal agencies to 

assess factors within the workplace that are closely associated an inclusive environment. Using the 

inclusive index tool, OMWI began providing individual policy and program offices within Treasury 

Department Offices with a diversity and inclusion assessment based on the five elements that 

support an inclusive workplace environment. 

Applicant Flow Analysis: Applicant flow analysis was reviewed to determine the percentage of minority 

and gender candidates participating at various stages of the hiring process. Through this analysis, 

OMWI determined that for fiscal years 2013 and 2014, the percentage of minorities in the pool of 

applicants rated as highly qualified was higher than the percentage of minorities among those selected 

for positions. More detailed analysis is required to determine the reason for this phenomenon.

Diversity and Inclusion Awareness and Training

Commemorative Heritage Months: In FY 2014, OMWI continued to build upon the electronic 

media approach that was initiated in FY 2013 to celebrate national commemorative heritage 

months. OMWI developed six commemorative websites for the following heritage months: Black 

History Month, Women’s History Month, Asian American and Pacific Islander Heritage Month, 

National Pride Month, Hispanic Heritage Month, and American Indian and Alaska Native Heritage 

Month. The development of web-based content has proven to be an efficient and economical way 

of engaging employees in recognition of national commemorative months. What was once an onsite program that attracted approximately thirty people per event now attracts over 4,000 employee 

visitors across the six online programs. 
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34 Office of Minority and Women Inclusion H U.S. Department of the Treasury

Multi-tiered Diversity and Inclusion Training: In FY 2014, OMWI launched the first component of 

a multi-tiered training program on diversity and inclusion, which addresses the issue of unconscious 

bias. OMWI conducted four Master Classes (in April, May, July and September) for managers and 

supervisors entitled, Social Re-engineering the Workplace, which provided diversity and inclusion 

within the context of a cognitive neuroscience framework. This approach to organizational change 

is a shift from the typical paradigm in addressing diversity and inclusion. Treasury managers and 

supervisors are learning the science of social re-engineering the workplace environment for greater 

workplace inclusion and employee engagement. 

One hundred and seventy-five managers and supervisors attended these classes from across key Treasury 

headquarters program and policy offices. In addition to participants from Treasury Departmental 

Offices, this training has attracted participation from other Treasury bureaus, as well as other federal 

agencies, which is positioning Treasury Departmental Offices as providing leadership on this topic. 

Additionally, OMWI provided support to the Treasury Executive Institute to add programming in the 

area of diversity and inclusion for its FY 2014 portfolio for senior executives and employees who aspire 

to be in the Senior Executive Service Corps (SES). Further, a managerial economist, who is nationally 

reputed for his definitive research on the relationship between workforce diversity, productivity and 

innovation, has been engaged to provide diversity and inclusion training for the senior leadership. 

Because of scheduling difficulties in FY 2014, this training tier will occur in FY 2015. 

Finally, the six commemorative month web sites that were developed in FY 2014 included much more 

than cultural awareness features. OMWI included specific features on these web sites that delivered 

“stealth” diversity and inclusion training for all employees to better present the content in a convenient, 

familiar, private, and innocuous fashion. This has proven to increase employee participation in 

commemorative month programming compared to one-time onsite events. 

The intent of this multi-tiered diversity training is to create a growing critical mass of “champions” with 

common core knowledge embedded throughout the Treasury headquarters organizational structure. It is 

the expectation that these efforts will promote social transformation towards a more inclusive workplace 

environment. The multi-tiered training approach and meticulously selected training paradigms have 

proven to be well-suited for the culture of Treasury, as evidenced by the exceptionally high evaluation 

ratings and the large numbers of participants in the all-day training sessions.

Challenges

Treasury Departmental Offices is committed to adopting leading edge strategies to secure a high 

performing workforce drawn from a diverse pool of candidates. Three important challenges to 

implementing the workforce diversity provisions of Dodd-Frank Act § 342 are budgetary restraints, 

retention rates, and perceptions of the existing government-wide workplace culture. 

First, Treasury Departmental Offices is currently operating within a tight budgetary environment, 

which has a direct impact on hiring. Therefore, although there will be a continued need for support 

from OMWI in formulating proactive strategies to ensure broad reach to diverse candidate pools, 

there will be fewer available positions. OMWI must focus on strategic outreach, recruitment, 

internal succession planning, and outcomes to help ensure that minorities and women are aware of 

opportunities at all levels. 
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 35

Second, despite the increase in hiring rates across minority groups compared to the FY 2011 baseline 

year, the attrition rates in FY 2014 of Black and women employees exceeded their hire rates in the 

Treasury Departmental Offices permanent workforce. Blacks are separating at a rate of 15 percent, 

which was above their hiring rate in the permanent workforce of 11 percent. Compared to the 2011 

baseline year, the hire rate for women decreased from 51 percent to 42 percent in FY 2014. Women 

separated at a rate of 53 percent in FY 2014, which is far above their rate of hire in the permanent 

workforce. Therefore, the net attrition rates for Black and women employees could lead to an 

overall reduction in their representation in the workforce. Furthermore, Hispanics remain underrepresented throughout all levels of the Treasury Departmental Offices workforce. 

Third, with the development of the Inclusive Environment Assessment Index by the Office of 

Personnel Management, federal agencies have a new metric for quantifying and tracking employee 

perceptions about workplace inclusion. It is evident from the government-wide scores derived from 

this tool that workplace inclusion is challenging across federal agencies. The Treasury Departmental 

Offices overall inclusion score (60 percent) has remained fairly consistent over the past three years 

and is slightly higher than the Treasury-wide (59 percent) and government-wide (56 percent) scores. 

Therefore, it appears that the workplace environment within Treasury Departmental Offices is a 

microcosm of the culture that exists across the entire federal government. Building a more inclusive 

workplace environment within Treasury Department Offices must be within the context of efforts to 

transform the workplace culture across the federal government. As Treasury Secretary Lew stated in 

his Diversity and Inclusion Call to Action Statement, “This involvement must be visible, intentional, 

and continuous.”

Conclusions and Fiscal Year 2015 Plans

Workforce Diversity and Inclusion

Overall, the workforce within Treasury Departmental Offices is gender and racially/ethnically 

diverse. The representation of women and minority groups is at or above that in the civilian labor 

force, with the exception of Hispanic employees. However, women and racial/ethnic minority 

groups are disproportionately represented in lower grade level positions. Gender and racial/ethnic 

disparities exist at the GS13-15 and SES positions and in specific mission critical occupations, i.e., 

economists, general attorneys, and intelligence analysts. 

Women apply for GS-15 and SES positions at much lower percentages than men. Racial/ethnic 

minorities apply for positions at all levels at percentages rates that are similar to White applicants, 

but are selected less often. 

The attrition rates among women and minority groups exceed their hiring rates, with career 

advancement and limited developmental opportunities cited most often as the reasons for leaving. 

Across government, federal employee perceptions of inclusion within the workplace environment are 

not rated high, particularly on management behaviors of fairness, open-mindedness, cooperation, 

and empowerment. Perceptions of Treasury Departmental Offices employees regarding workplace 

inclusion are consistent with those of the federal government-wide workforce. 
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36 Office of Minority and Women Inclusion H U.S. Department of the Treasury

OMWI will continue to lead efforts to increase workplace diversity at the higher levels, i.e., GS-13-

15 and SES, and in mission critical occupations. Programs will be continued to train a critical mass 

of employees who can bring about social transformation toward a greater culture of inclusion within 

the workplace. Specific programs and activities that will be undertaken in the area of workforce 

diversity and inclusion in FY 2015 include the following: 

Accountability: In collaboration with the Treasury Human Capital Office and the Office of Civil 

Rights and Diversity, OMWI will support efforts to establish specific performance elements for 

diversity and inclusion for supervisors, managers, and all other employees. Additionally, OMWI will 

continue to explore the use of new metrics and benchmarks to increase understanding of possible 

barriers and establish aspirational standards for workplace diversity and inclusion.

Social Re-engineering the Workplace: OMWI will continue to conduct multi-tiered training 

to promote a greater culture of inclusion within Treasury Departmental Offices for the senior 

leadership, managers and supervisors, and all other employees through various methods. The aim is 

to produce an overall cultural transformation within Treasury Departmental Offices and to increase 

the number of employees throughout the various policy and program offices who have common core 

knowledge regarding workplace inclusion.

Inclusion Council: OMWI will constitute a group consisting of employees representing diverse 

backgrounds to provide cultural intelligence and make recommendations for consideration by 

Treasury management and leadership on diversity and inclusion issues. The council will be made up 

of Treasury Departmental Offices employees who can share the perspectives and insights of various 

demographic groups. 

Recruitment/Outreach: OMWI will expand online outreach efforts to increase the number of 

minority professionals who are made aware of upper management, senior executive, and missioncritical occupation positions in Treasury Departmental Offices.

Treasury Scholars Program: OMWI will establish and promote a contract vehicle that can be 

utilized Treasury-wide to access recruitment services from organizations and institutions that serve 

minority students for internships. 

Social Responsibility

The primary responsibility of Treasury Departmental Offices is policy formulation pertaining to the 

domestic and international economy. There is a direct connection between those policies and the 

economic realities of everyday Americans. Through the Office of Consumer Education, Treasury 

had previously offered a financial literacy curriculum for high school teachers with an incentive 

component for students through the National Financial Challenge. However, this program has 

been suspended. In FY 2015, OMWI will broaden the scope and approach to the topic of financial 

literacy by addressing social issues that are impacted by financial matters. Specific topics that will be 

undertaken in FY 2015 include the following:

myRA: Treasury plans to launch myRA (my Retirement Account), a retirement savings account with 

a new type of Roth IRA investment that makes saving for retirement simple, safe, and affordable. 
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Office of Minority and Women Inclusion H U.S. Department of the Treasury 37

This new product will address the needs of millions of workers in America who either do not have 

access to an employer-sponsored retirement plan or lack options to save for retirement. OMWI will 

support the promotion of myRA to organizations that represent women and minority populations. 

 

Economic Abuse: OMWI will conduct an educational initiative to promote awareness of economic 

abuse as a form of domestic violence against women.

Freeman’s Bank Commemoration: The Freedman’s Savings and Trust Bank was chartered by 

Congress and signed into law by President Lincoln in 1865 to help formerly enslaved Americans to 

become part of the economic mainstream. In collaboration with the Treasury Office of the Curator, 

OMWI will conduct an educational activity to promote awareness of the history of the Freedman’s 

Bank (Treasury Annex building site) in commemoration of the sesquicentennial anniversary of its 

establishment.