Executive Summary - 1 

FY 2023 EXECUTIVE SUMMARY

President’s Budget Discretionary Appropriation Request 

Dollars in Thousands

FY 2021 Enacted 

(post IRS transfer)2

FY 2022

Annualized CR

FY 2022

Enacted

FY 2023 

President's Budget

FY 2023 

President's Budget 

(with IRS Technical 

Adjustments)3

Management & Financial $1,554,281 $1,554,281 $1,704,947 $2,056,804 $2,056,804 

Departmental Offices Salaries and Expenses $233,000 $233,000 $243,109 $293,242 $293,242 

Committee on Foreign Investment in the United States (CFIUS) $20,000 $20,000 $20,000 $20,000 $20,000 

CFIUS Fees ($20,000) ($20,000) ($20,000) ($20,000) ($20,000)

Subtotal CFIUS Fund (non add) $20,000 $20,000 $20,000 $20,000 $20,000 

Office of Terrorism and Financial Intelligence $175,000 $175,000 $195,192 $212,059 $212,059 

Cybersecurity Enhancement Account $18,000 $18,000 $80,000 $215,000 $215,000 

Department-wide Systems and Capital Investments Program $6,118 $6,118 $6,118 $11,118 $11,118 

Office of Inspector General $41,044 $41,044 $42,275 $43,878 $43,878 

Treasury Inspector General for Tax Administration $170,250 $170,250 $174,250 $182,409 $182,409 

Special Inspector General for TARP $19,000 $19,000 $16,000 $9,000 $9,000 

Special Inspector Pandemic Recovery $0 $0 $8,000 $25,000 $25,000 

Community Development Financial Institutions Fund $270,000 $270,000 $295,000 $331,420 $331,420 

Financial Crimes Enforcement Network $126,963 $126,963 $161,000 $210,330 $210,330 

Alcohol and Tobacco Tax and Trade Bureau $124,337 $124,337 $128,067 $150,863 $150,863 

Bureau of the Fiscal Service $345,569 $345,569 $355,936 $372,485 $372,485 

Digitization of Unredeemed Matured Savings Bonds Records $25,000 $25,000 $0 $0 $0 

Tax Administration1

Internal Revenue Service Total $11,919,054 $11,919,054 $12,594,054 $14,100,667 $14,100,667 

Taxpayer Services $2,587,606 $2,763,606 $2,780,606 $3,385,723 $3,684,593 

Enforcement $5,004,622 $5,004,622 $5,437,622 $5,861,649 $6,272,313 

Operations Support $4,104,102 $3,928,102 $4,100,826 $4,543,268 $3,833,734 

Business Systems Modernization $222,724 $222,724 $275,000 $310,027 $310,027 

Subtotal, Treasury Appropriations excluding TEOAF $13,473,335 $13,473,335 $14,299,001 $16,157,471 $16,157,471 

Treasury Forfeiture Fund Total ($75,000) ($75,000) ($175,000) $0 $0 

Permanent Rescission ($75,000) ($75,000) ($175,000) $0 $0 

Subtotal, Treasury Appropriation including TEOAF $13,398,335 $13,398,335 $14,124,001 $16,157,471 $16,157,471 

Treasury International Programs $1,890,319 $1,942,319 $2,056,460 $4,374,515 $4,374,515 

Multilateral Development Banks $1,481,244 $1,481,244 $1,527,172 $1,906,315 $1,906,315 

Food Security $32,500 $32,500 $48,000 $43,000 $43,000 

IMF PRGT Grant $0 $0 $102,000 $0 $0 

IMF Resilience and Sustainability Trust Subsidy Cost $0 $0 $0 $20,000 $20,000 

Environmental Trust Funds $139,575 $139,575 $274,288 $2,300,200 $2,300,200 

Office of Technical Assistance $33,000 $33,000 $38,000 $38,000 $38,000 

Debt Restructuring $297,000 $401,000 $134,000 $134,000 $134,000 

Total, Treasury Appropriations excluding TEOAF $15,363,654 $15,415,654 $16,355,461 $20,531,986 $20,531,986 

Total, Treasury $15,288,654 $15,340,654 $16,180,461 $20,531,986 $20,531,986 

1

FY 2021 Enacted (post IRS transfer) includes a transfer of $208 million from Enforcement to Taxpayer Services ($32 million) and Operations Support ($176 million).

3

The 2023 Budget includes changes to IRS appropriation language that allow the IRS to move certain support activities from the Operations Support appropriation to charge the full cost of 

mission activities to the Taxpayer Services and Enforcement appropriations. In the 2023 budget, the IRS proposes to move Rent and CFO expenses. These proposed changes are reflected here.

2

Excludes funding provided for COVID-19 Pandemic response.

4

In FY 2021, Congress also appropriated $120 million to Treasury's debt restructuring account for clearing Sudan's arrears with the IMF on an emergency basis. 
Executive Summary - 2

MISSION STATEMENT

Maintain a strong economy by promoting conditions that enable equitable and sustainable 

economic growth at home and abroad, combating threats to, and protecting the integrity of the 

financial system, and managing the U.S. Government’s finances and resources effectively.

OVERVIEW OF REQUEST

The Budget requests $16.2 billion in base discretionary resources for the Department of the 

Treasury’s domestic programs. 

• Improves Taxpayer Experience and Supports a Fair and Equitable Tax System. 

Last year, the IRS delivered more than $600 billion in direct economic relief to American 

households and businesses through Economic Impact Payments, monthly advance child 

tax credit payments, and more. Yet the agency’s funding and staffing levels have not kept 

pace with its expanding scope. To ensure that taxpayers receive the highest quality 

customer service and that all Americans are treated fairly by the U.S. tax system, the 

Budget provides a total of $14.1 billion for the Internal Revenue Service (IRS). This 

includes an increase of $798 million above FY 2021 to improve the taxpayer experience 

and expand customer service outreach to underserved communities and the taxpaying 

public at large. The Budget also provides $310 million for IRS Business Systems 

Modernization to accelerate the development of new digital tools to enable better 

communication between taxpayers and the IRS. Increased funding for the IRS will also 

facilitate more effective oversight of high income and corporate tax returns. In addition to 

these resources, the Administration continues to support multiyear investments in IRS tax 

enforcement to increase tax compliance and revenues that the President has previously 

proposed. This investment reflects decades of analysis demonstrating that program 

integrity investments to enforce existing tax laws will increase revenues in a progressive 

way by closing the tax gap—the difference between taxes owed and taxes paid.

• Expands Lending in Disadvantaged Communities and Increases Affordable 

Housing Supply. The Budget provides $331 million for the Treasury Community 

Development Financial Institutions (CDFI) Fund. To address the critical shortage of 

affordable housing in communities, the Budget also proposes $5 billion in long-term 

mandatory funding for CDFI financing of new construction and substantial rehabilitation 

that creates net new units of affordable rental and for sale housing. CDFIs provide 

historically underserved and often low-income communities access to credit, capital, and 

financial support to grow businesses, increase affordable housing, and reinforce healthy 

neighborhood development. 

• Increases Corporate Transparency and Safeguards the Financial System. Treasury 

plays a leading role in monitoring and disrupting corruption, money laundering, terrorist 

financing, and the use of the financial system by malicious actors domestically and 

abroad. Investment in Treasury staff and technical capabilities is critical to these efforts, 

including closing financial reporting loopholes that allow illicit actors to evade scrutiny, 

mask their dealings, and undermine corporate accountability. The Budget provides $210 

million for the Financial Crimes Enforcement Network (FinCEN) to increase oversight of 

the financial sector, strengthen corporate accountability, and provide adequate support to 

law enforcement and investigative entities. In addition, the Budget provides $212 million 
Executive Summary - 3

to the Office of Terrorism and Financial Intelligence (TFI) to modernize and update the 

sanctions process consistent with the findings of the Treasury 2021 Sanctions Review. 

• Strengthens Enterprise Cybersecurity. The Budget provides $215 million to protect 

and defend sensitive agency systems and information, including those designated as highvalue assets. The Budget increases centralized funding to strengthen Treasury’s overall 

cybersecurity efforts and establish a Zero Trust Architecture. These investments will 

protect Treasury systems from future attacks and accelerate Treasury’s response to the 

SolarWinds incident and Log4j vulnerabilities.

• Restores Critical Agency Capacity. The Budget provides $293 million for Treasury’s 

Departmental Offices to rebuild institutional capacity and strengthen the role of Treasury 

policy offices Additional funding for Treasury’s Climate Hub will support a sustainable 

economic recovery and advance climate goals both domestically and internationally, 

including domestic coal transition and engagement with international financial 

institutions. Increased staffing will also support assessments of climate-related financial 

risk arising from private insurance coverage gaps in regions of the country particularly 

vulnerable to climate change impacts. The Budget also builds institutional capacity to 

expand engagement with historically underrepresented and underserved groups and 

develop actionable goals to advance equity across all Treasury programs.
Executive Summary - 4

 

Appropriation Direct Reimb. Total Direct Reimb. Total Direct Reimb. Total

Departmental Offices Salaries and Expenses 672 40 712 740 41 781 869 41 910 

Terrorism and Financial Intelligence 524 35 559 561 41 602 624 41 665 

Cybersecurity Enhancement 4 4 10 10 21 21 

Office of Inspector General 189 189 190 190 190 190 

Treasury Inspector General for Tax Administration 739 2 741 760 2 762 760 2 762 

Special Inspector General for TARP 70 70 68 68 45 45 

Special Inspector General for Pandemic Recovery 35 35 38 38 66 66 

Community Development Financial Institutions Fund 67 67 82 82 89 89 

Financial Crimes Enforcement Network 269 2 271 285 3 288 420 3 423 

Alcohol and Tobacco Tax and Trade Bureau 487 14 501 508 12 520 548 12 560 

Bureau of the Fiscal Service 1,922 15 1,937 1,866 9 1,875 1,896 9 1,905 

Internal Revenue Service1 78,661 694 79,355 80,327 585 80,912 84,839 614 85,453 

Subtotal, Treasury Appropriated Level 83,639 802 84,441 85,435 693 86,128 90,367 722 91,089 

Office of Financial Stability (Administrative Account) 10 10 10 10 8 8 

Small Business Lending Fund Program 2 2 2 2 2 2 

Office of Recovery Programs2 42 42 193 193 178 178 

Community Development Financial Institutions Fund, 

Emergency Support 3 3 12 12 12 12 

Capital Magnet Fund 4 4 6 6 9 9 

Office of Financial Research 111 111 143 143 163 163 

Financial Stability Oversight Council 14 14 23 23 27 27 

Treasury Franchise Fund 2,036 2,036 2,212 2,212 2,210 2,210 

Bureau of Engraving and Printing 1,821 1,821 1,869 1,869 1,869 1,869 

United States Mint 1,566 1,566 1,705 1,705 1,705 1,705 

Office of the Comptroller of the Currency 3,491 3,491 3,555 3,555 3,555 3,555 

Terrorism Insurance Program 7 7 8 8 10 10 

IRS Private Collection Agent Program 334 334 460 460 821 821 

Subtotal, Treasury Non-Appropriated Level 527 8,914 9,441 857 9,341 10,198 1,230 9,339 10,569 

Total, Treasury 84,166 9,716 93,882 86,292 10,034 96,326 91,597 10,061 101,658 

2/ Amounts include FTE related to Transportation Services, Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation Workers, Economic Stabilization Program, Coronavirus Relief 

Fund, Homeowner Assistance Fund, Emergency Rental Assistance, State Small Business Credit Initiative (SSBCI) and Emergency Capital Investment Program.

Fiscal Year Comparison of Full-Time Equivalent (FTE) Staffing (Direct and Reimbursable)

1/ Amounts for the IRS include FTE funded from user fees, carryover, multiyear authority, and ARP supplemental funding.

2021 Actual 2022 Annualized CR 2023 President's Budget
Executive Summary - 5

 DO CFIUS2 TFI Cyber DSCIP OIG TIGTA SIGTARP SIGPR3 CDFI FinCEN TTB FS IRS Total

FY 2022 Annualized CR1 $233,000 $0 $175,000 $18,000 $6,118 $41,044 $170,250 $19,000 $0 $270,000 $126,963 $124,337 $370,569 $11,919,054 $13,473,335 

SIGPR Operating Level $13,000 $13,000 

Maintaining Current Levels 

(MCLs) $9,728 $0 $6,567 $0 $0 $1,516 $6,619 $537 $445 $0 $5,401 $4,604 $12,276 $436,363 $484,056 

Pay Annualization $1,179 $746 $211 $975 $62 $58 $462 $572 $1,593 $62,546 $68,404

Pay Raise $6,108 $4,142 $1,083 $5,018 $319 $299 $2,377 $2,942 $8,197 $321,837 $352,322

FERS Contribution Increase $0

Labor Adjustment $0

Non-Pay $2,441 $1,679 $222 $626 $156 $88 $2,562 $1,090 $2,486 $51,980 $63,330

Non-Recurring Costs (3,868) ($18,000) ($6,118) ($25,000) ($52,986)

Efficiency Savings/Reinvestment $0 

Other Adjustment/Initiative 

Annualization $17,365 $10,192 1,321 5,540 $7,000 $28,887 $4,493 $6,940 438,882 $520,620 

Adjustments to Base $23,225 $0 $16,759 ($18,000) ($6,118) $2,837 $12,159 $537 $7,445 $0 $34,288 $9,097 ($5,784) $875,245 $951,690

FY 2023 Base $256,225 $0 $191,759 $0 $0 $43,881 $182,409 $19,537 $20,445 $270,000 $161,251 $133,434 $364,785 $12,794,299 $14,438,025 

Program Decreases ($10,537) ($10,537)

CFIUS Fund Appropriation $20,000 $20,000 

CFIUS User Fees ($20,000) ($20,000)

Program Increases/Reinvestments $37,017 $20,300 $215,000 $11,118 4,555 61,420 $49,079 $17,429 $7,700 $1,306,368 $1,729,986 

Subtotal, Program Changes $37,017 $0 $20,300 $215,000 $11,118 $0 $0 ($10,537) $4,555 $61,420 $49,079 $17,429 $7,700 $1,306,368 $1,719,449 

FY 2023 President's Budget 

funded from discretionary $293,242 $0 $212,059 $215,000 $11,118 $43,881 $182,409 $9,000 $25,000 $331,420 $210,330 $150,863 $372,485 $14,100,667 $16,157,474 

1/ Excludes funding provided for COVID-19 Pandemic response. 

2/ CFIUS Fund enacted levels are net appropriations including user fees.

3/ In FY 2022 SIGPR did not receive funds under an annualized CR. The funds represented are the bureau's operating level.

Summary of FY 2023 Increases and Decreases

(Dollars in Thousands)
Executive Summary - 6 

FY 2023 President's Budget by Strategic Goal Dollars in Thousands

Treasury Goal/Objective

Promote Equitable 

Economic Growth

and Recovery

Enhance 

National 

Security 

Protect 

Financial Stability 

and Resiliency 

Combat 

Climate Change

Modernize 

Treasury 

Operations 

Other Critical 

Priorities1 Total

Management & Financial $701,234 $671,936 $173,361 $98,935 $370,795 $40,543 $2,056,804 

Departmental Offices Salaries and Expenses $104,824 $51,240 $41,688 $36,986 $58,504 $293,242 

Committee on Foreign Investment in the United States Fund $20,000 $20,000 

CFIUS Fees ($20,000) ($20,000)

Office of Terrorism and Financial Intelligence $175,293 $23,536 $4,329 $8,901 $212,059 

Cybersecurity Enhancement Account $215,000 $215,000 

Department-wide Systems and Capital Investments Program $7,141 $3,977 $11,118 

Office of Inspector General2 $1,711 $439 $1,185 $40,543 $43,878 

Treasury Inspector General for Tax Administration $138,631 $9,120 $1,824 $32,834 $182,409 

Special Inspector General for TARP $2,250 $1,800 $4,500 $450 $9,000 

Special Inspector General for Pandemic Recovery $23,750 $500 $750 $25,000 

Community Development Financial Institutions Fund $296,289 $35,131 $331,420 

Financial Crimes Enforcement Network $161,954 $10,517 $21,033 $16,826 $210,330 

Alcohol and Tobacco Tax and Trade Bureau $131,764 $3,669 $608 $14,821 $150,863 

Bureau of the Fiscal Service $3,725 $52,148 $93,121 $26,074 $197,417 $372,485 

Tax Administration3 $13,794,596 $56,732 $249,339 $14,100,667 

IRS Taxpayer Services $3,347,689 $38,034 $3,385,723 

IRS Enforcement $5,761,666 $45,652 $54,331 $5,861,649 

IRS Operations Support $4,375,214 $11,080 $156,974 $4,543,268 

Business Systems Modernization $310,027 $310,027 

Total, Treasury $14,495,830 $728,668 $173,361 $98,935 $620,134 $40,543 $16,157,471 

Non-Appropriated Accounts

Office of Financial Stability (Administrative Account) $33,612 $33,612 

Terrorism Risk Insurance (Administrative) $851 $2,268 $1,985 $567 $5,670 

Financial Stability Oversight Council $10,568 $1,865 $12,433 

Office of Financial Research $1,762 $59,916 $26,434 $88,112 

Bureau of Engraving and Printing $1,878,069 $8,148 $150,734 $2,036,951 

United States Mint4 $16,114 $402,859 $69,829 $48,343 $2,860,000 $3,397,145 

Office of the Comptroller of the Currency $122,516 $943,370 $61,258 $98,012 $1,225,156 

Federal Reserve Bank $54,800 $356,200 $34,250 $239,750 $685,000 

Reimbursable to the Federal Reserve Banks $15,040 $97,760 $9,400 $65,800 $188,000 

Financial Agent Services $80,960 $546,480 $50,600 $333,960 $1,012,000 

Total, Non-Appropriated Level $34,463 $293,460 $4,297,206 $235,349 $963,601 $2,860,000 $8,684,079 

Grand Total $14,530,292 $1,022,128 $4,470,568 $334,284 $1,583,734 $2,900,543 $24,841,550 

1 Other critical priorities include activities that are operationally focused and as such are not currently covered by specific strategies in the FY 2022-2026 Strategic Plan. 

3 This table does not include the proposed technical adjustment that would move certain support activities from Operation Support and charge the full cost of certain mission activities to the Taxpayer Services and 

Enforcement appropriations. The adjustment would reduce the Operation Support appropriation by $709.5 million for rent and CFO adjustments and increase the Taxpayer Services appropriation by $298.9 million 

and the Enforcement appropriation by $410.7 million.

2 The amounts in Other Critical Priorities for the Office of Inspector General are related to promoting the integrity, efficiency, and effectiveness in programs and operations within the Treasury Department and across 

OIG jurisdictional boundaries.

4 The amounts in Other Critical Priorities for the United States Mint represent the cost of metal.