Department of the Treasury 

Departmental Offices 

Salaries and Expenses 

Congressional Budget 

Justification and Annual 

Performance Report and Plan 

FY 2022 
DOSE - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail Table .............................................................................................. 3

1.2 – Budget Adjustments Table ................................................................................................. 4

C – Budget Increases and Decreases Description ....................................................................... 4

1.3 – Object Classification (Schedule O) Obligations .............................................................. 12

D – Appropriations Language and Explanation of Changes .................................................... 13

E – Legislative Proposals .......................................................................................................... 13

Section II – Annual Performance Plan and Report ................................................................. 14

A – Strategic Alignment ........................................................................................................... 14

B – Budget and Performance by Budget Activity .................................................................... 14

2.1.1 – Executive Direction Resources and Measures .............................................................. 14

Executive Direction Budget and Performance .......................................................................... 14

2.1.2 – International Affairs and Economic Policy Resources and Measures .......................... 15

International Affairs and Economic Policy Budget and Performance ...................................... 16

2.1.3 – Domestic Finance and Tax Policy Resources and Measures ........................................ 19

Domestic Finance and Tax Policy Budget and Performance .................................................... 19

2.1.4 – Treasury-wide Management and Programs Resources and Measures .......................... 25

Treasury-wide Management and Programs Budget and Performance ..................................... 26

2.1.5 – Committee on Foreign Investment in the United States Resources and Measures....... 31

Committee on Foreign Investment in the United States Budget and Performance .................. 32

C – Changes in Performance Measures .................................................................................... 32

D – Evidence-Building Activity ............................................................................................... 33

Section III – Additional Information ........................................................................................ 37

A – Summary of Capital Investments ....................................................................................... 37
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Section I – Budget Request 

A – Mission Statement 

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

that enable economic growth and stability at home and abroad and manage the U.S. 

Government’s finances and resources effectively. 

B – Summary of the Request 

The FY 2022 budget for Treasury Departmental Offices (DO) Salaries and Expenses (SE) 

provides the necessary resources for the Treasury Department to tackle major issues confronting 

the U.S. economy. Funding is requested to continue to support pandemic response efforts, 

address climate change, income equality and racial equity, and restore the Treasury Department 

staffing levels to support key programs and other emerging risks. This budget request also 

includes increases for DO’s IT infrastructure, including replacements for servers that have 

reached the end of their lives, and modernization of IT equipment and software that is used daily 

by DO staff. This budget request also transitions Treasury’s fleet management program by 

upgrading to electric vehicles and providing the infrastructure for DO to maintain this posture. 

In addition to requested increases for the Treasury Departmental Offices (DO) Salaries and 

Expenses (SE) account, DO anticipates transferring in and executing $15 million from the 

$20 million request of the Committee on Foreign Investment in the United States (CFIUS) Fund, 

discussed separately. 

1.1 – Appropriations Detail Table 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Appropriated Resources Operating Plan Operating Plan Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Executive Direction 95 $36,775 107 $37,333 145 $49,020 35.5% 31.3% 

International Affairs and Economic 

Policy 177 $52,825 181 $53,661 199 $62,827 9.9% 17.1% 

Domestic Finance and Tax Policy 218 $78,153 228 $79,566 253 $90,658 11.0% 13.9% 

Treasury-wide Management and 

Programs 92 $38,279 112 $39,779 119 $43,608 6.3% 9.6% 

Committee on Foreign Investment in 

the United States 56 $22,341 93 $22,661 120 $24,556 29.0% 8.4% 

Subtotal New Appropriated 

Resources 638 $228,373 721 $233,000 836 $270,669 16.0% 16.2% 

Other Resources 

Reimbursable 39 $10,300 39 $11,000 39 $11,000 0.0% 0.0% 

Transfers from CFIUS Fund 0 $15,000 0 $15,000 0 $15,000 NA 0.0% 

Subtotal Other Resources 39 $25,300 39 $26,000 39 $26,000 0.0% 0.0% 

Total Budgetary Resources 677 253,673 760 $259,000 875 $296,669 15.1% 14.5% 

The table does not include the $25M in FY 2020 supplemental funding appropriated in the Coronavirus Aid, Relief, and Economic Security 

(CARES) Act for SBA support. 

The table does not reflect the proposed move of the Office of Consumer Policy from the Executive Direction budget activity to Domestic Finance 

& Tax Policy
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1.2 – Budget Adjustments Table 

Dollars in Thousands 

FTE Amount 

FY 2021 Operating Plan 721 $233,000 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $6,540 

Pay Annualization (1.0% average pay raise) 0 $349 

Pay Raise (2.7% average pay raise) 0 $3,160 

FERS Contribution Increase 0 $1,163 

Non-Pay 0 $1,868 

Non-Recurring Costs 0 ($4,364) 

Non-Recurring Costs Including CFIUS Infrastructure 

Investments 0 ($4,364) 

Other Adjustments: 2 $0 

FTE Annualization (OMWI and OCDO) 2 $0 

Subtotal Changes to Base 2 $2,176 

FY 2022 Current Services 723 $235,176 

Program Changes: 

Reinvestments 27 $4,364 

 Staffing to Support CFIUS Program Growth 27 $4,364 

Program Increases: 86 $31,129 

Departmental Offices Staffing 86 $20,000 

Replacement of End of Life Servers 0 $3,341 

IT Modernization 0 $7,484 

Electric Vehicles and Associated Infrastructure 0 $304 

FY 2022 President's Budget Request 836 $270,669 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ..................................................... +$6,540,000 / +0 FTE 

Pay Annualization (1.0%) +$349,000 / +0 FTE 

Funds are requested for annualization of the January 2021 1.0% average pay raise. 

Pay Raise (2.7% in 2022) +$3,160,000 / +0 FTE 

Funds are requested for a 2.7% federal employee pay raise in January 2022.

FERS Contribution Increase +$1,163,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2022.

Non-Pay +$1,868,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment. 

Non-Recurring Costs ................................................................................. -$4,364,000 / -0 FTE 

Non-Recurring Costs Including CFIUS Infrastructure Investments -$4,364,000 / -0 FTE 

Reduction in DO SE-related non-labor expenses primarily related to the CFIUS program as the 

program finalizes facilities-related investments to support the increase of CFIUS staffing within 

the Treasury complex. 
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Other Adjustments ................................................................................................... +$0 / +2 FTE 

FTE Annualization (OMWI and OCDO) +$0 / +2 FTE 

Technical adjustment for Treasury leadership approved staffing increases for the Office of 

Minority and Women Inclusion (OMWI) and Office of the Chief Data Officer (OCDO) related to 

DO’s FY 2021 request. 

One of Treasury’s priorities is to improve the Administration’s ability to support everyday 

Americans by addressing generational issues including income equality and racial equity. The 

Office of Consumer Policy (OCP) plays a crucial role in policy analysis related to these key 

issues. To help further these policy goals, Treasury plans to transfer OCP to Domestic Finance 

in FY 2021. This will centralize Treasury’s resources focused on domestic and consumer policy 

issues and improve Treasury’s ability to provide timely and accurate analyses of these programs 

of national importance. 

Reinvestments ........................................................................................... +$4,364,000 / +27 FTE

Staffing to Support CFIUS Program Growth +$4,364,000 / +27 FTE 

Increase in CFIUS staffing to continue to support anticipated program growth. Funding will 

come from redirecting non-labor spending. 

Program Increases ................................................................................ +$31,129,000 / +86 FTE 

Departmental Offices (DO) Staffing +$20,000,000 / +86 FTE

This funding request seeks to provide Treasury’s policy offices with baseline staffing levels 

needed support the core Treasury mission and the Secretary’s priorities. Over the past four 

years, DO’s policy-related staffing levels were reduced by a total of 11 percent. The Department 

is critically understaffed in key Treasury offices that are the nexus for the Department’s response 

to economic crises and programs of national importance. 

Treasury requests $20 million to fund 86 positions in order to carry out Treasury’s mission and 

support key Administration priorities, including 1) responding effectively to the pandemic and 

supporting robust economic recovery; 2) addressing the threat of climate change; 3) addressing 

income inequality and ensuring racial equity; 4) reinforcing the United States’ position on the 

world stage. This request also provides funding policy and oversight functions within DO that 

have seen outsized workload growth due to of unfunded mandates placed upon the Department. 

Specifics regarding this request are included below. 

Pandemic Response 

Treasury plays a central role in carrying out the Government’s response to the coronavirus 

pandemic, providing critical support to families, small businesses, and local communities. DO 

staff have been involved in carrying out a collection of major programs over the past year (see 

Table 1). In many cases, this substantial staff effort has come at the expense of other critical 

programs. 

 
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Coronavirus Aid, Relief, and

Economic Security (CARES) Act

Consolidated Appropriations

Act, 2021 (CAA) American Rescue Plan (ARP)

Air Carrier Workers Support Air Carrier Workers Support

Extension Emergency Rental Assistance II

Economic Stabilization Fund Transportation Service Grants Homeowner Assistance Fund

Small Business Lending

Guarantees Emergency Rental Assistance I State Small Business CreditInitiative

Coronavirus Relief Fund Emergency Capital Investment

Program

Air Transportation Payroll

Support Program Extension

      Coronavirus State and Local Fiscal

Recovery Funds

      Coronavirus Capital Projects Fund

Local Assistance and Tribal

Consistency Fund

Note: Please refer to the Treasury Coronavirus Relief, Response, Aid, and Recovery Programs Congressional Justification for more information 

on the Department’s efforts related to pandemic response. Economic Impact Payments (EIPs) and other tax credits are also covered within the 

IRS chapter, and Community Development Financial Institutions (CDFI) programs are also referenced in the CDFI chapter. 

The reallocation of existing staff to address recovery-related programs has displaced other core 

work, which is not sustainable over the long-term. As an example of this strain, Domestic 

Finance’s Office of Community and Economic Development (OCED) has had a major role in 

implementing new Congressionally mandated programs, including the Emergency Rental 

Assistance Program, the Homeowner Assistance Fund, and the Emergency Capital Investment 

Program. Current staffing levels allow for OCED to meet the statutory requirements; however, 

for these programs to succeed, it is critical that staff have the resources needed to go beyond 

statutory requirements, including gathering data and conducting analyses to evaluate and 

communicate the effect of these emergency programs to Congress and the public. 

Climate 

Tackling the climate crisis at home and abroad is a top U.S. national security and foreign policy 

priority for the Administration. Consistent with Executive Order 14008, Treasury will advance 

initiatives to increase the United States government’s ability to further ambitious climate goals, 

promote transparency around climate-related financial risks, encourage sustainable finance, and 

foster a strong, green recovery. To achieve those outcomes, Treasury’s already-stretched staff 

needs reinforcements: economists with knowledge of energy policy and pricing schemes, 

economists with climate finance experience focused on domestic and international financing 

needs and strategies, insurance experts, legal support, and experts capable of analyzing issues 

related to energy and individual taxation. This funding would support a cross-cutting “climate 

hub" within the Department to coordinate Treasury’s efforts. 

This funding will also restore Treasury’s ability to monitor, assess, and advocate for key U.S. 

government priorities in international settings in a manner that ensures global efforts support 

U.S. objectives and achieve congruence between domestic and international efforts. 

Over the last several years, Treasury has had a reduced footprint at key climate venues like the 

United Nations, G7, and G20. Increasing staffing levels will allow Treasury to reengage in these 

and other key international fora and further lead advancement of climate finance issues 

domestically and internationally. 
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Treasury must also respond to the risks to operational resilience presented by climate change to 

the financial sector. The Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) 

executes Treasury’s role as Sector Risk Management Agency (SRMA) for the financial services 

sector, a designated critical infrastructure sector. Treasury’s authority as SRMA is derived from 

Section 9002 of the Fiscal Year 2021 National Defense Authorization Act (FY 2021 NDAA). 

OCCIP is responsible for sector coordination, assessing sector risk, sector risk management, 

information sharing, emergency preparedness, and incident management. The FY 2021 NDAA 

codifies SRMA responsibilities and places new emphasis on three key initiatives: 1) enhanced 

coordination with state, local, tribal, and territorial authorities, 2) more robust risk assessment 

and analysis with greater integration of cyber and physical risks, and 3) improved coordination 

with the Cybersecurity and Infrastructure Security Agency regarding threats and vulnerabilities 

related to critical infrastructure. 

Income Equality and Racial Equity 

Treasury also requires additional staff strength to ensure the pandemic is not a generational 

setback for racial equity. Executive Order 13985 calls for the Government to ensure equal 

opportunity, in large part through the removal of entrenched disparities in our laws and public 

policies. Treasury will prioritize closing this racial disparity gap. According to this EO, 

improving racial equity across a variety of factors may contribute up to $5 trillion in GDP to the 

American economy over the next decade. 

These efforts will require additional staff to improve the quality and frequency of Treasury 

consultation with historically underrepresented and underserved groups, including communitybased organizations, civil rights organizations, community development financial institutions and 

minority depository institutions. Likewise, Treasury needs to grow its ability to provide and 

analyze data to appropriately monitor key demographic variables in the areas of tax, financial 

services, and insurance to improve efforts to measure and advance equity. As an example of 

these efforts, Tax Policy and the IRS will be responsible for leading a project to develop models 

to understand racial and gender biases present within the tax code. Projects such as these require 

additional staff and analytic processing capabilities and will contribute to the Department’s goal 

to better understand how current Treasury polices and systems contribute to inequity, which is a 

key step in ensuring an equitable system. The Department’s efforts to advance racial and gender 

equity also extend to the composition of its workforce. Over the past several years DO has 

initiated both staff-led and management-led programs to support Treasury’s efforts to build a 

diverse workforce that represents all of America. 

Treasury also requires one FTE to support and shepherd DO in their hiring and performance 

management efforts related to pandemic relief, climate, and economic and racial inequality 

initiatives. This position will manage the Department’s SES allocations and policies to ensure 

existing positions are used to support key administration priorities and requests for additional 

positions via OPM’s biennial allocation review are appropriately justified. Finally, this position 

will lead the SES performance process, working with key program areas across Treasury to 

develop, monitor, and ensure performance goals align to pandemic relief, climate, and economic 

and racial equity work, while also working with OPM on the annual certification of the 

Department’s SES performance program. 
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International Relations and Trade 

Finally, the Administration prioritizes a return to the forefront on many international issues. One 

important lever that Treasury uses to engage international partners is the Treasury Financial 

Attaché Program. In the National Defense Authorization Act (NDAA) of 2020, Congress 

recognized their importance by including provisions for additional Treasury attaché posts as well 

as pay comparability for Treasury attachés relative to their foreign service counterparts. The 

Treasury Financial Attaché Program has likewise been recognized by the State Department as a 

significant force multiplier. This funding request provides additional funding needed to meet the 

pay comparability requirements set by the NDAA. Treasury will continue to assess various 

attaché posts as candidates for expansion in accordance with the NDAA’s other provisions. In 

addition, this funding would allow DO to more proactively engage on key economic issues that 

matter to the United States. This would include more forward leaning engagement with the 

International Financial Institutions, through multilateral fora such as the G20, and bilaterally on 

critical economic and national security issues, such as global economic recovery from the 

coronavirus pandemic, debt transparency, and climate change. 

DO has also seen program increases in countervailing duties (CVDs). Rule changes were 

published in 2019 and adopted in 2020 enable the U.S. Department of Commerce to impose 

countervailing duties when it finds that a foreign government has acted to undervalue its 

currency relative to the dollar, resulting in a subsidy to their exports. To date, Treasury has 

utilized limited resources previously provided to address currency manipulation to develop a 

novel economic model used to evaluate these cases and invest in IT infrastructure necessary to 

run these analytical models. The Budget provides necessary resources to evaluate future filings 

and defend the conclusions reached according to the framework. 

Tax Policy 

The Administration has proposed broad policy proposals in tax policy and administration that 

generate the need for policy analysis, data, and regulation development. Given the office’s role 

in these areas, the Budget includes resources to address the growth in workload. Additionally, 

management responsibility and oversight of the 1332 waiver program or the Affordable Care Act 

(ACA) continues to grow. The program requires substantial resources to provide assistance to 

states, evaluate state waiver applications, calculate amounts to be paid to states with waivers, and 

monitor the effects of waivers. Treasury has approved 16 applications through FY 2020. The 

Department is currently running this program with a total of 1.5 full-time equivalent (FTE) 

employees, drawn from the Office of Tax Policy (including the Office of Tax Analysis and Tax 

Legislative Counsel), and Office of General Counsel. Each year, the program grows because the 

Department is annually responsible for determining pass-through amounts for existing waivers in 

addition to reviewing new applications. The Budget includes base resources to address these 

challenges. 

Economic Policy 

The President has proposed and signed several major pieces of legislation in his first 100 days in 

office, with many of the new policies expected to present significant impacts on the 

macroeconomy. This agenda will have a considerable impact on areas covered by Economic 

Policy, including research on infrastructure, housing, retirement security, digital assets, national 
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security, and education and student loans. The pandemic has also brought unprecedented swings 

in several macroeconomic indicators that require close monitoring. 

In addition to research supporting this agenda, economists in Economic Policy work on the 

preparation of the Administration's Budget. The Assistant Secretary for Economic Policy serves 

on “Troika”, comprised of Treasury, the Council of Economic Advisors, and OMB. Troika 

develops the official economic assumptions for the President’s budget. Due to the reduction of 

nearly 25 percent in Economic Policy’s professional staff over the past several years, these 

additional demands have had significant impact on coverage within the office, resulting in 

reduced expertise in corporate finance, business investment, and state and local government 

finances. DO anticipates these sectors could present headwinds to the economy in the near and 

medium term, making it essential that the Department have the expertise in these areas. Two 

additional economists in the Macro office will support the analysis of these potential risks and 

support new legislation. 

Replacement of End of Life Servers +$3,341,000 / +0 FTE 

This funding represents DO SE’s portion of a larger project to replace servers that have now 

reached their end of life. Over the past several years, DO has prioritized its policy-related 

mission by restricting inflationary increases for DO management offices. These reductions have 

impacted all facets of management, to include the Office of the Chief Information Officer. 

April 2021 marks one year that DO’s workforce has been in a remote work environment due to 

the coronavirus pandemic. The challenges, weaknesses, and vulnerabilities of DO’s current 

infrastructure have been magnified in a way that may not have been apparent previously. 

Separately, the SolarWinds incident, which impacted the Treasury Department and other federal 

departments and agencies on a much broader level, has exacerbated an already tenuous situation. 

This is particularly acute with respect to Treasury’s server infrastructure. Over the past several 

months, several of DO’s servers have reached their end of life, and over 120 additional servers 

will reach end of life by FY 2022. If these servers are allowed to reach end of life, key IT 

infrastructure responsible for housing the data of vital programs used by every DO employee 

(e.g., email and virtual desktops), as well as data for critical national security programs, will be 

put at risk of failure or breach. 

DO has been able to negotiate extensions for some of these service contracts over the past few 

months, but this is at best a stopgap remedy. To present the most cost-effective, long-term 

solution, DO conducted several comprehensive studies to review its existing server infrastructure 

and application base. These assessments analyzed DO applications and workloads to determine 

their cloud suitability. Factors considered included: 

1) Suitability for migration to a cloud environment (i.e. whether the workload is elastic or if its 

migration presents any security concerns) 

2) Readiness to move to the cloud (i.e. understanding whether any remediation is required prior 

to migration), and 

3) Level of complexity (i.e. criticality of the business processes supported) 

Where applicable, legacy applications have already been pruned from servers to maximize server 

space. To continue supporting the key business processes afforded by these systems, any 
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modernization would need to be completed while simultaneously maintaining existing systems. 

Given complex requirements associated with upgrading or migrating Treasury servers to the 

cloud, this initiative is requested as part of DO’s multi-year funding authority. Treasury 

anticipates non-recurring some amount of this initial request in future years. 

IT Modernization +$7,484,000 / +0 FTE 

This funding represents DO SE’s portion of a larger project to modernize critical equipment and 

software that supports the DO workforce’s fundamental IT needs. Treasury leadership, over the 

past few years, made the conscious decision to focus investments and resources on DO’s policy 

mission. While appropriate at that point in time, focusing resources solely towards DO’s policy 

mission has come at the expense of DO’s support components and corporate infrastructure 

needs. This request would restore DO IT through key investments, including: 

1) End user equipment refreshes and enhancements to support a sustained telework 

posture. Many end user computing devices have reached the end of their useful life and 

require lifecycle replacement. Without a meaningful refresh, end user devices will fail, 

which will have an impact on staff productivity and ultimately impact Treasury’s ability to 

deliver on its mission. This refresh also encompasses equipment that would improve 

telework productivity for DO staff. DO recently conducted a survey of IT needs and 

satisfaction, and the single largest requirement set by users was for additional equipment to 

support their productivity in a remote environment. 

2) Redesign of Treasury’s intranet to improve user experience, site navigation, search 

capabilities and information architecture. DO has identified challenges with the current 

construct which impair users’ ability to find the information that they are looking for. The 

redesign and continuous improvement efforts will enable DO to align the intranet offering 

with industry best practices. These improvements should simplify actions, accelerate 

processing, and increase intranet performance collectively by > 20 percent, which should 

have a corresponding productivity impact on DO users when leveraging the site. 

3) Modernization of legacy applications/enhancement of existing applications. DO has a 

definitive need to retire legacy applications built on aged technologies to reduce 

cybersecurity risk, standardize low-code platform adoption, and realize operational 

efficiencies through common systems. DO also has identified technology gaps and business 

process automation opportunities which will be prioritized to shift staff focus from low to 

high value work. Similarly, this initiative will reduce the administrative burden on IT 

development staff through automation and common tool sets. DO plans to leverage this 

recurring funding to secure a dedicated agile development sprint team comprised of seven 

resources to continually improve the DO application portfolio. The remainder will be used to 

procure low-code software as a service (SaaS) licensing on which legacy applications will 

continue to be re-platformed. DO will prioritize legacy application modernization while 

integrating enhancements across mission support technologies (OSP Tracker, Nuvolo, 

Impress, etc.). 

4) Migration to managed remote access and remote desktop. DO’s current remote access and 

virtual desktop infrastructure were designed a decade ago and intended to support traveling 

staff as well as a small number of telecommuters for episodic telework and days where a 

large telework load would be supported for a day or two (such as inclement weather events). 

While hardware has been occasionally refreshed over the years, the underlying architecture 

has not changed over the past decade. This comes amid increased usage of telework 
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flexibilities over this same period, which necessitate a new posture. DO intends to migrate to 

a new managed remote access platform which leverages a similar solution to the one IRS has 

used for its 80,000 plus users during the pandemic. This should help DO to leverage IRS’s 

implementation lessons as well as reduce the Department’s overall attack surface area for 

cyber threats. Both the new managed remote access and virtual desktop infrastructure will 

provide DO with added resiliency, support greater swings in demand, and scalability which 

does not exist in our current posture.

Given complex requirements associated with upgrading or migrating Treasury servers to the 

cloud, this initiative is requested as part of DO’s multi-year funding authority. Treasury 

anticipates non-recurring some amount of this initial request in future years. 

Electric Vehicles and Associated Infrastructure +$304,000 / +0 FTE 

Following the lead from Executive Order (E.O.) 14008, “Tackling the Climate Crises at Home 

and Abroad”, the U.S. Department of the Treasury joins in the Administration’s priority to 

develop a comprehensive plan to create good jobs and stimulate clean energy industries by 

revitalizing the Federal Government’s sustainability efforts. This includes Treasury’s 

commitment to use all available procurement authorities to augment its Department-wide fleet 

management program with a continued focus on the leasing of electric vehicles (EV) and 

purchasing, installing, and maintaining essential infrastructure. The planned resources will help 

Treasury comply with the requirements set forth by E.O. 14008 and reduce the carbon footprint 

of emissions into the atmosphere by acquiring an updated fleet of zero-emissions vehicles that 

can support mission operations. 

For FY 2022, Departmental Offices (DO) requests $304,000 to fund the eventual full conversion 

of its fleet to EV. Of that money, approximately $25,000 will be allocated to support the 

purchase, installation, maintenance, and/or upgrade of infrastructure required to maintain an EV 

fleet management program. It is expected that DO will need one additional charging station to 

support its future EV state. Currently, DO has a total of 14 vehicles in its fleet, of which five are 

EVs. 
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1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 95,439 111,194 130,742 

11.3 - Other than full-time permanent 1,362 1,760 1,760 

11.5 - Other personnel compensation 3,160 2,535 2,535 

11.5 - Overtime 892 0 0 

11.8 - Special personal services payments 20 0 0 

11.9 - Personnel Compensation (Total) 100,873 115,489 135,037 

12.0 - Personnel benefits 32,139 33,489 39,562 

13.0 - Benefits for former personnel 175 0 0 

Total Personnel and Compensation Benefits $133,187 $148,978 $174,599 

21.0 - Travel and transportation of persons 2,398 2,754 3,802 

22.0 - Transportation of things 572 181 167 

23.1 - Rental payments to GSA 0 346 0 

23.2 - Rental payments to others 1,820 699 1,378 

23.3 - Communications, utilities, and miscellaneous charges 28 231 97 

24.0 - Printing and reproduction 2 44 0 

25.1 - Advisory and assistance services 14,035 26,219 21,084 

25.2 - Other services from non-Federal sources 2,005 2,007 2,151 

25.3 - Other goods and services from Federal sources 82,007 70,350 86,224 

25.4 - Operation and maintenance of facilities 116 0 109 

25.7 - Operation and maintenance of equipment 211 1,476 239 

26.0 - Supplies and materials 2,227 3,518 2,608 

31.0 - Equipment 2,315 2,177 2,166 

32.0 - Land and structures 4,438 1,120 2,045 

Total Non-Personnel $112,174 $111,122 $122,070 

Total Obligations $245,361 $260,100 $296,669 

 

Full-time Equivalents (FTE) 677 766 875 

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. Table also includes 

actuals and projections associated with funding provided by the CARES Act for SBA-loan support. 

 
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D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

DEPARTMENTAL OFFICES 

Federal Funds 

SALARIES AND EXPENSES 

For necessary expenses of the Departmental Offices including 

operation and maintenance of the Treasury Building and 

Freedman's Bank Building; hire of passenger motor vehicles; 

maintenance, repairs, and improvements of, and purchase of 

commercial insurance policies for, real properties leased or owned 

overseas, when necessary for the performance of official business; 

executive direction program activities; international affairs and 

economic policy activities; domestic finance and tax policy 

activities, including technical assistance to State, local, and 

territorial entities; and Treasury-wide management policies and 

programs activities, [$233,000,000] $270,669,000: 

Provided, That of the amount appropriated under this heading- 

(1) not to exceed $350,000 is for official reception and 

representation expenses; 

(2) not to exceed $258,000 is for unforeseen emergencies of a 

confidential nature to be allocated and expended under the 

direction of the Secretary of the Treasury and to be accounted for 

solely on the Secretary's certificate; and 

(3) not to exceed [$24,000,000]$34,000,000 shall remain available 

until September 30, [2022] 2023, for— 

(A) the Treasury-wide Financial Statement Audit and Internal 

Control Program; 

(B) information technology modernization requirements; 

(C) the audit, oversight, and administration of the Gulf Coast 

Restoration Trust Fund; 

(D) the development and implementation of programs within the 

Office of Cybersecurity and Critical Infrastructure Protection, 

including entering into cooperative agreements; 

(E) operations and maintenance of facilities; and 

(F) international operations. (Consolidated Appropriations Act, 

2021, Public Law 116-260)

 

E – Legislative Proposals 

Departmental Offices Salaries and Expenses has no legislative proposals. 
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Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

Departmental Offices (DO) is Treasury’s headquarters bureau. It provides leadership in 

economic and financial policy, financial intelligence, and general management. Treasury utilizes 

effective management, policies, and leadership to protect our national security through targeted 

financial actions, promote the stability of the nation’s financial markets, and ensure the 

government’s ability to collect revenue and fund its operations. 

In accordance with the Government Performance and Results Act Modernization Act 

(GPRAMA) of 2010, the Department of the Treasury is currently developing the FY 2022 – 

2026 Departmental Strategic Plan. The Strategic Plan is scheduled for publication in 2022. The 

Annual Performance Plan will be updated in the FY 2023 President’s Budget to reflect new 

departmental strategic goals and objectives. 

B – Budget and Performance by Budget Activity 

2.1.1 – Executive Direction Resources 

Dollars in Thousands FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $36,988 $36,980 $32,993 $35,407 $36,775 $37,333 $49,020 

Reimbursable Resources $29,632 $22,997 $25,455 $4,863 $1,837 $2,416 $2,080 

Budget Activity Total $66,620 $59,977 $58,448 $40,270 $38,612 $39,749 $51,100 

Full-time Equivalents (FTE) 201 161 159 113 102 114 152 

FY 2016 - FY 2020 Other Resources dollars are actuals. FY 2016 - FY 2020 FTE are actuals. 

The table does not reflect the proposed move of the Office of Consumer Policy from the Executive Direction budget activity to Domestic Finance 

& Tax Policy

Executive Direction Budget and Performance 

($49,020,000 from direct appropriations, $2,080,000 from reimbursable sources) 

The Executive Direction program area provides direction and policy formulation to DO and the 

rest of Treasury and interacts with Congress and the public on policy matters. 

No specific performance goals/measures are presented for this budget activity because the work 

of these offices is captured within the other budget activities. 

 
DOSE - 15 

2.1.2 – International Affairs and Economic Policy Resources and Measures 

FY 2016 - FY 2020 Other Resources dollars are actuals. FY 2016 - FY 2020 FTE are actuals. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

IA - Monitor Quality and Enhance 

Effectiveness of International Monetary 

Fund (IMF) Lending Through Review 

of IMF Country Programs 

100 100 100 100 100 100 100 100 

IA - Monitor Quality and Enhance 

Effectiveness of MDB Lending 

Through Review of MDB Grant and 

Loan Proposals 

100 100 100 100 100 100 100 100 

IA - Percentage of MDB Grant and 

Loan Proposals Containing Satisfactory 

Frameworks for Results Measurement 

89 96 97.6 95 96 95 95 95 

OTA - Program Engagement 3.9 4 3.8 3.8 3.3 3.6 3.6 3.6 

International Affairs Description of Performance: 

 Monitor Quality and Enhance Effectiveness of IMF Lending through Review of IMF 

Country Programs: This measure tracks efforts by IA staff to monitor the quality of IMF 

country programs and ensure the application of appropriately high standards for the use of 

IMF resources. The target (100 percent) was met in FY 2020. In FY 2021 and FY 2022, 

IA’s target for this measure remains 100 percent. 

 Monitor Quality and Enhance Effectiveness of MDB Lending through Timely Review of 

MDB Grant and Loan Proposals: IA reviews MDB loan and grant proposals to ensure that 

funded projects meet several key goals, which include supporting long-term U.S. objectives, 

having a measurable development impact, and being consistent with congressional mandates. 

The target (100 percent) was met in FY 2020. In FY 2021 and FY 2022, IA aims to continue 

its review of 100 percent of MDB loan and grant proposals prior to the date of the relevant 

Executive Board meeting and increase its oversight of projects during implementation. 

 Percentage of MDB Grant and Loan Proposals Containing Satisfactory Frameworks for 

Results Measurement: This measure tracks the percentage of grant and loan project proposals 

that contain a satisfactory framework for measuring project results (such as outcome 

indicators, quantifiable and time-bound targets, etc.) This information is measured on an 

annual basis. In FY 2020, 96 percent of MDB grant and loan project proposals had excellent 

or satisfactory ratings for the results matrices. The FY 2021 target is 95 percent, and the FY 

2022 target is 95 percent. 

Dollars in Thousands FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $56,886 $57,191 $48,460 $52,428 $52,825 $53,661 $62,827 

Reimbursable Resources $14,680 $10,617 $9,795 $2,701 $1,293 $491 $494 

Budget Activity Total $71,566 $67,808 $58,255 $55,129 $54,118 $54,152 $63,321 

Full-time Equivalents (FTE) 262 253 220 161 178 182 200 
DOSE - 16 

 Office of Technical Assistance Description of Performance: 

 Office of Technical Assistance (OTA) Program Engagement (Traction): Measures the degree 

to which foreign counterparts are engaging proactively and constructively with OTA 

advisors, at the working and policy levels. Counterpart engagement is both a key outcome of 

OTA efforts to structure and execute effective technical assistance projects that support host 

country ownership. The result for FY 2020 is 3.3, a reduction of 0.5 from the FY 2019 result 

and a reduction of 0.3 from the FY 2020 target of 3.6. This result reflects the challenges of 

achieving and maintaining traction with foreign counterparts during the COVID-19 

pandemic, which forced OTA to provide assistance remotely, instead of engaging with 

counterparts in-person per OTA’s typical approach for providing technical assistance. 

International Affairs and Economic Policy Budget and Performance 

($62,827,000 from direct appropriations, $494,000 from reimbursable sources) 

The offices in this budget activity promote economic growth in the U.S. by producing technical 

economic analyses for the Secretary and advancing U.S. economic and financial policy priorities 

around the world. 

Office of International Affairs (IA) 

International Affairs 

In FY 2020 Treasury’s Office of International Affairs (IA) worked to ensure the most favorable 

external environment for sustained economic growth, job creation, and financial stability in the 

United States. IA promotes U.S. exports and job growth by encouraging key trading partners to 

pursue macroeconomic policies that address the COVID pandemic, shift to boosting domestic 

demand, move towards market-determined exchange rates, and create a level playing field for 

American firms and workers. IA also promotes robust international financial regulatory 

standards and multilateral solutions to international development, including addressing global 

challenges such as food security, debt sustainability, clean energy access, and the environment. 

Over the past year IA has been particularly focused on global economic recovery from the 

coronavirus pandemic. IA is playing a leading role in the Administration’s Climate Finance 

Plan and taking steps to tackle climate change globally. 

In FY 2020 IA played an important role ensuring that China followed through on its Phase One 

trade agreement commitments, particularly with regards to financial services and currency 

matters. IA also worked with the Office of the U.S. Trade Representative in finalizing two trade 

agreements—the U.S.-Mexico Canada Agreement (USMCA) and the U.S.-Japan Trade 

Agreement. IA played a critical role in negotiating financial services commitments in the 

USMCA and the U.S.-Japan Digital Trade Agreement, including prohibiting data localization in 

financial services to support regulatory and oversight efforts. In the USMCA, IA also negotiated 

the chapter on Macroeconomic Policies and Exchange Rate Matters, with new policy and 

transparency commitments on currency issues. 

As the lead U.S. agency in negotiating reductions of export finance subsidies, Treasury continues 

to press China and other major providers of export finance to agree to disciplines on government 

support so that U.S. exporters can compete globally on a level playing field. These efforts serve 

not only to enhance U.S. competitiveness but also move export credit financing to a more 
DOSE - 17 

market-reflective basis consistent with Congressional mandates. IA works to address the large 

and persistent global imbalances and unfair currency practices that threaten strong and 

sustainable U.S. economic growth. Treasury seeks to level the playing field for U.S. businesses 

through multilateral and bilateral engagements on foreign exchange practices and does this via 

multilateral and bilateral activities working through the International Monetary Fund (IMF) and 

the Group of 20 Nations (G20). 

Treasury IA continues its close oversight of multilateral development bank (MDB) policies and 

programs and continues to promote reforms to further enhance their efficiency, effectiveness, 

and financial discipline. IA promotes economic growth by managing U.S. participation and 

leveraging U.S. leadership positions in the International Financial Institutions in order to mitigate 

emerging threats to the U.S. and global economies; support international trade and investment; 

and reinforce U.S. national security interests in key countries around the world. These 

institutions will play a significant role in Treasury’s approach to the climate goals. 

Office of Technical Assistance 

Treasury’s Office of Technical Assistance (OTA) complements Treasury’s international 

economic and terrorist financing policy work. Treasury’s offices of International Affairs and 

Terrorism and Financial Intelligence advocate for improvements in economic and terrorist 

financing policies internationally. OTA helps the governments of developing and transitioning 

countries build the human and institutional capacity to implement such policy improvements. 

Office of Economic Policy (EP) 

Macroeconomic Analysis 

During the past year, staff in the Office of Macroeconomic Analysis closely monitored U.S. 

economic performance. The office’s analytic updates served as Senior Leadership’s main 

internal information source on U.S. macroeconomic developments. The Macro Office served on 

a wide range of high-level engagements and official publications, including the Bank/Fund and 

regional development bank meetings, meetings of the G-7 and G-20, the Quarterly Treasury 

Bulletin, the report to Congress titled, “Foreign Exchange Policies of Major Trading Partners of 

the U.S.,” the Economy Statement for the Treasury Borrowing Advisory Committee, and the 

U.S. Government’s Annual Financial Report. In addition, economists in the Macro office help 

prepare the economic assumptions used to create the Administration’s Budget. 

 

The office continued to deliver the High-Quality Market Corporate Yield Curve (a set of daily 

rates issued on a monthly basis) as mandated under the Pension Protection Act and to produce a 

Treasury Real Coupon-Issue Yield Curve, a companion to the Treasury Nominal Coupon-Issue 

Yield Curve, in addition to several other yield curves. These yield curve data are used 

extensively throughout the private sector and executive agencies that administer private and 

public pension programs and other future payment programs to calculate their annual liabilities. 

Microeconomic Analysis 

The Office of Microeconomic Analysis has played a central role in the federal economic 

response to the pandemic and has continued its core role of aiding the Administration’s 
DOSE - 18 

development of broader economic policy on a wide range of topics. Activities over the past year 

have included:

 Drafting a framework for the prior Administration’s economic response to the pandemic. 

 Principle contributions to the design, and management for Treasury, of the Paycheck 

Protection Program, including subsequent analysis of program outcomes and potential 

legislative changes. 

 Generating ongoing reporting and in-depth analyses of the economic impact of the pandemic 

on individuals and firms. 

 Advising on unemployment insurance and other labor market support policies. 

 Detailing morbidity and mortality risk by income and race and impacts on health insurance 

coverage and on the financial status of health care providers. 

 In-depth reporting on the impact of the pandemic on state and local government finances. 

 Providing significant input into the development of ARP programs, including technical 

assistance to congressional staff. 

 Substantial ongoing CARES/ARP implementation work on grant allocation formula design 

and data analysis. 

 Drafting a congressionally mandated report on financial transaction taxes. 

 Ongoing coordination and analysis related to the Secretary’s role as Managing Trustee of the 

Social Security and Medicare Trust Funds. 

Social Impact Partnerships to Pay for Results Act 

Economic Policy is also responsible for implementation and ongoing management of the Social 

Impact Partnerships to Pay for Results Act (SIPPRA) program. SIPPRA, signed into law on 

February 9, 2018, appropriated $100 million to fund social impact partnership projects and 

feasibility studies to prepare for such projects. Program funds may be obligated through 

February 8, 2028, and not less than fifty percent of funding for social impact partnership projects 

must be provided for initiatives that directly benefit children. The SIPPRA program aspires to 

demonstrate a new model of implementing and funding projects designed to solve entrenched 

societal problems such as homelessness, recidivism among juvenile offenders, and incidences of 

childhood abuse and neglect. 

 

SIPPRA issued its first Notice of Funding Availability (NOFA) for demonstration projects on 

February 21, 2019. Of the twenty-one applications received and evaluated by Treasury staff and 

subject matter expert panels, eight applications were recommended by the Commission on Social 

Impact Partnerships to the Treasury Secretary for funding and to the Federal Interagency Council 

on Social Impact Partnerships for application certification. All eight applications were certified, 

and one applicant has since dropped out. Treasury, the Department of Labor, and the New York 

State Energy and Research Development Authority entered into SIPPRA’s first agreement for a 

social impact partnership project in March 2021. Treasury is taking the necessary statutory steps 

to finalize the awards for the remaining applications. Treasury anticipates issuing an additional 

project NOFA in FY 2022. 
DOSE - 19 

2.1.3 – Domestic Finance and Tax Policy Resources and Measures 

Notes: FY 2016 - FY 2020 Other Resources dollars are actuals. FY 2016 - FY 2020 FTE are actuals. 

The table does not reflect the proposed move of the Office of Consumer Policy from the Executive Direction budget activity to Domestic Finance 

& Tax Policy 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

DF-Variance Between Estimated and 

Actual Receipts (Annual Forecast) (%) 3.1 4 2.33 2.5 11.1 4.25 N/A 4.25 

Domestic Finance Description of Performance: 

 Variance between estimated and actual receipts (annual forecast) (percent): As part of 

managing the federal government’s central operating account and cash position, the Office of 

Fiscal Projections (OFP) forecasts net cash flows (e.g., federal receipts and outlays) to ensure 

that adequate funds are available daily to cover federal payments. To determine its overall 

effectiveness, one of OFP’s metrics is to measure the variance between actual and projected 

federal receipts. A lower variance is better because that indicates a more accurate forecast. 

However, as a result of the economic impact of the COVID-19 outbreak and the legislative 

and regulatory response, the timing and level of receipts were highly unpredictable in the 

second half of the fiscal year. While the actual variance for the first half of FY 2020 was 2.9 

percent, the actual variance for the full fiscal year was 11.1 percent, compared to the 4.25 

percent target. The FY 2020 level was also significantly higher than the mean error of the 

prior ten years preceding the COVID-19 outbreak (2010 - 2019), which was 3 percent. Due to 

the potential ongoing uncertainty surrounding the iteming and level of receipts in FY 2021 

due to the continuing COVID-19 pandemic, Departmental Offices has suspended 

identification of the numeric metric for FY 2021. 

Domestic Finance and Tax Policy Budget and Performance 

($90,658,000 from direct appropriations, $8,425,000 from reimbursable sources): 

The Offices of Domestic Finance and Tax Policy monitor policy, legislation, and regulations, 

and provide advice and assistance to the Secretary about the financial services sector and taxes, 

as well as financial markets and the regulation of financial institutions. The Office of Tax Policy 

supports the Administration’s efforts in tax reform legislative proposals and regulatory 

implementation. 

Office of Domestic Finance (DF) 

Treasury Departmental Office Coronavirus Relief, Response, Aid, and Recovery Programs 

Treasury administers multiple relief and recovery programs authorized through the Families First 

Coronavirus Response Act (FFCRA), Coronavirus Aid, Relief, and Economic Security Act 

(CARES), Consolidated Appropriations Act (CAA), 2021, and the American Rescue Plan Act 

Dollars in 

Thousands FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $84,591 $83,104 $73,804 $72,570 $78,153 $79,566 $90,658 

Reimbursable Resources $55,231 $38,650 $42,042 $8,539 $7,042 $8,010 $8,425 

Budget Activity Total $139,822 $121,754 $115,846 $81,109 $85,195 $87,576 $99,083 

Full-time Equivalents (FTE) 398 365 311 236 245 259 284 
DOSE - 20 

(ARP). The responsibilities that have been assigned to the Treasury Department are central to the 

Administration’s overall relief and recovery agenda. They offer unique opportunities to secure a 

robust, equitable recovery through tools including state and local aid, rental assistance to 

struggling tenants, help for homeowners facing foreclosure, and the provision of capital to 

communities that have traditionally been left behind. 

The CARES Act provided Treasury Departmental Offices additional appropriations to support 

the Small Business Administration Paycheck Protection Program. 

 Paycheck Protection Program: The Paycheck Protection Program is providing small 

businesses with the resources they need to maintain their payroll, hire back employees who 

have been laid off, and cover overhead. 

Additionally, the Treasury Departmental Offices provide administrative support to the 

following programs: 

 Economic Impact Payments: 

These payments, which provide relief to the American people, including those residing in the 

U.S. territories, include the 2020 and 2021 recovery rebate credits, including the advance 

Economic Impact Payments of those credits, enacted in Section 2201 of the CARES Act, 

Section 272 of the CAA, 2021, and Section 9601(a) of the ARP. 

 Economic Stabilization Program: 

The CARES Act (P.L. 116–136) authorized the Department of the Treasury to make up to 

$500 billion in loans and other investments in support of and to provide liquidity to eligible 

businesses, nonprofits, states, and municipalities impacted by the COVID-19 pandemic. The 

Consolidated Appropriations Act, 2021 (P.L. 116–260) rescinded this authority, though any 

loans and investments already made will remain active until obligations are fully liquidated. 

 Payroll Support Program; Air Carrier Worker Support & Pandemic Relief for Aviation 

Workers; Transportation Services:

The CARES Act, Section 4112, CAA, 2021 Division N Section 402, and the ARP, Section 

7301 each authorized the Secretary of the Treasury to provide financial assistance to the 

aviation industry for the continued payment of employee wages, salaries, and benefits. The 

CARES Act provided for financial assistance to passenger air carriers, cargo air carriers, and 

airline contractors. The two subsequent laws provided for additional financial assistance only 

for passenger air carriers and airline contractors. 

 Transportation Services: 

The CAA, 2021 Section 421 authorized the Secretary of the Treasury, in consultation with 

the Secretary of Transportation, to make grants available to eligible providers of 

transportation services that were negatively impacted by the coronavirus pandemic. This 

includes, but is not limited to, eligible companies providing charter, local, commuter, school, 

and tour bus services and eligible small passenger vessels (as defined in 46 U.S.C 85, 116, 

and 2101). 

 Coronavirus Relief Fund: 

The CARES Act, Section 5001, as amended by the CAA, 2021 Section 1001, and the ARP, 

Section 9901, amended the Social Security Act (42 U.S.C. 301 et seq.) to authorize the 
DOSE - 21 

Secretary of the Treasury to make payments to states, territories, tribal governments, and 

units of local government to assist with expenditures related to, as well as to mitigate the 

fiscal effects stemming from, the coronavirus pandemic. 

In addition, the ARP established a Coronavirus Capital Projects Fund and a Local Assistance 

and Tribal Consistency Fund. The Coronavirus Capital Projects Fund provides $10 billion in 

payments to states, territories, and tribal governments to carry out critical capital projects 

directly enabling work, education, and health monitoring, including remote options, in 

response to the coronavirus pandemic. The Local Assistance and Tribal Consistency Fund 

provides $2 billion in payments to eligible revenue sharing counties and eligible tribal 

governments for any governmental purpose other than lobbying activity to be obligated in 

FYs 2022 and 2023. 

 Homeowner Assistance Fund: 

The ARP, Section 3206, established the Homeowner Assistance Fund to mitigate financial 

hardships associated with the coronavirus pandemic by providing funds to states, territories, 

tribes, and other eligible entities in order to prevent homeowner mortgage delinquencies, 

defaults, foreclosures, loss of utilities or home energy services, displacements, and postforeclosure evictions.

 Emergency Rental Assistance Program: 

The CAA, 2021 Division N Section 501 established the Emergency Rental Assistance fund 

to provide payments to states, territories, tribes, localities, and other eligible entities to 

provide financial assistance and housing stability services to eligible households. These 

services may include the payment of rent, rental arrears, and utilities and home energy costs 

for a specified period of time. The ARP, Section 3201 provided for additional assistance and 

expanded housing stability services, in addition to allocating a subset of the funds 

specifically for high-need grantees in FY 2022 and FY 2023. 

 State Small Business Credit Initiative (SSBCI): 

The ARP, Section 3301 amends the State Small Business Credit Initiative Act of 2010 (12 

U.S.C. 4701 et seq.) in order to re-establish the State Small Business Credit Initiative and 

provide funds to states and tribal governments through September 29, 2030. The overall 

purpose of this account is to provide support to small businesses responding to and 

recovering from the economic effects of the coronavirus pandemic, ensure business 

enterprises owned and controlled by socially and economically disadvantaged individuals 

have access to credit and investments, and provide technical assistance to help small 

businesses applying for various support programs. 

For additional information pertaining to Treasury’s COVID-19 related programs refer to the 

Treasury Coronavirus Relief, Response, Aid, and Recovery Programs chapter.

Financial Sector Cybersecurity and Critical Infrastructure Protection 

The Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) executes 

Treasury’s role as SRMA for the financial services sector, a designated critical infrastructure 

sector. OCCIP executes this role in the All-Hazards environment. These hazards include 

cyber and physical threats, terrorism, and man-made or climate-related natural 

disasters. Treasury works closely with a wide variety of partners, including individual firms, 
DOSE - 22 

federal financial regulators and associations of state, industry groups, law enforcement, the 

intelligence community, homeland security officials, and also internationally, to improve the 

operational security and resilience of U.S. critical financial infrastructure. OCCIP has 

developed particularly strong relationships with the financial regulators, through its leadership 

of the Financial and Banking Information Infrastructure Committee (FBIIC), and the financial 

services sector, through the Financial Services Sector Coordinating Council (FSSCC), and 

with foreign counterparts both through the G7 Cyber Expert Group (CEG), which Treasury 

co-chairs with the Bank of England, and through bilateral engagement with partners to 

coordinate strategic initiatives and share information around risks to operational continuity. 

OCCIP has worked closely with the interagency to represent Treasury as part of international 

whole-of-government activities, including capacity building and deterrence. Leveraging these 

partnerships, OCCIP conducted or led the financial sector’s participation in 8 cybersecurity 

exercises, developed and shared 7 cybersecurity alerts, and coordinated the financial sector 

response to 29 incidents in FY 2020. 

Financial Data Access and Use 

During FY 2020, Treasury continued its leadership to increase the access to and use of federal 

financial data to strengthen government-wide decision-making, transparency, and 

accountability. Treasury continued to make progress in government-wide implementation of 

the 2014 Digital Accountability and Transparency Act (DATA Act). The DATA Act requires 

the federal government to provide consistent, reliable, and useful online data about how it 

spends taxpayer dollars. In July 2020, Treasury launched Fiscal Data 

(https://fiscaldata.treasury.gov/), which brings together 30 datasets in a modernized format for 

the public in a central location. In August 2020, Treasury also released new features to 

highlight government-wide spending funded by COVID-19 supplemental appropriations. 

These new features allowed users to identify contracts, grants, loans, and other financial 

assistance that were funded by the CARES Act and other COVID-19 appropriations, and also 

presented summary-level information on how much money had been spent across the 

government. The Data Lab (https://datalab.usaspending.gov/federal-covid-funding/) also 

launched an analysis tracking funding related to each individual appropriation, and provided 

broader context on the macroeconomic effects of the legislation. DF will work with OMB and 

federal agencies to drive continued improvements in FY 2021. 

Combating Climate Change 

Treasury is advancing initiatives to increase climate ambition, promote measurement, 

monitoring, and mitigation around climate-related financial risks, encourage sustainable finance, 

and foster a strong, green recovery. Treasury will stand up a “climate hub” within the 

Department to coordinate Treasury’s efforts. Secretary Yellen has already raised awareness 

domestically and re-engaged with international partners on key climate change issues. 

Serving Historically Underrepresented and Underserved Groups 

Treasury is endeavoring to better serve historically underrepresented and underserved groups 

through increased policy focus and outreach to institutions including community-based 

organizations, civil rights organizations, community development financial institutions, and 

minority depository institutions. Further, Treasury is working to improve its ability to 

quantitatively study and monitor efforts to measure and advance equity consistent with EO 
DOSE - 23 

13985, Advancing Racial Equity and Support for Underserved Communities Through the 

Federal Government and EO 13988, Preventing and Combating Discrimination on the Basis 

of Gender Identity or Sexual Orientation.

Treasury Workforce Management 

Treasury is dedicated to hiring a diverse workforce with the competences necessary to 

accomplish our mission. Treasury believes that such diversity will foster a culture of innovation, 

which in turn will better allow Treasury to achieve our strategic goals. 

Transition from USD LIBOR 

Though the London Interbank Offer Rate (LIBOR) is used in more than $200 trillion of financial 

contracts, most tenors of LIBOR will cease being published at the end of 2021, with the 

remainder ceasing publication by June 2023. LIBOR’s widespread use in the financial system 

but short remaining lifespan underscores the importance of a timely and effective transition. In 

recent years, Treasury has played an active role in highlighting the risks associated with the 

continued use of LIBOR and encouraging a market participant-led transition. Since 2013, annual 

reports of the Financial Stability Oversight Council, which the Treasury Secretary chairs, have 

called attention to LIBOR-related financial stability risks. Treasury has served as an ex officio 

member of the Alternative Reference Rates Committee (ARRC) since that group was convened 

by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New 

York in 2014. The ARRC is composed of a diverse set of private-market participants working 

towards a successful transition away from LIBOR. As an alternative to LIBOR, the ARRC has 

recommended the Secured Overnight Financing Rate (SOFR), which is a robust rate based on 

nearly $1 trillion in daily transactions. The ARRC has also recommended robust contract 

fallback language for various financial products and worked closely with regulators to identify 

and tackle potential roadblocks to transition. 

Housing Finance Reform 

Treasury has had a significant financial interest in the U.S. housing finance system since 2008, 

when the GSEs were placed into conservatorship and subsequently entered into Senior Preferred 

Stock Purchase Agreements (PSPAs) with Treasury. Twelve years later, the GSEs remain in 

conservatorship, and Congress has not yet enacted legislation to define the GSEs' long-term role 

in the housing finance system. As a party to the PSPAs, Treasury has a key role in shaping, and 

a key interest in the outcome of, housing finance reform. Treasury has a responsibility to 

monitor its investments in the GSEs while the PSPAs remain in place, and Treasury holds 

significant equity interests in the GSEs. The Administration is committed to housing finance 

policy that expands fair and equitable access to homeownership and affordable rental 

opportunities, protects taxpayers, and promotes financial stability, and stands ready to work with 

Congress in support of these goals. 

Debt Management

Another important DF responsibility is managing the U.S. government’s debt. The Office of 

Fiscal Projections (OFP) forecasts the government’s cash and debt activity. Another DF office, 

the Office of Debt Management (ODM), seeks to finance the federal government at the least cost 

to the taxpayer over time by working to maintain predictable issuance of Treasury debt, 

minimizing the amount of interest the government must pay, and managing debt maturity over 
DOSE - 24 

time. In FY 2020, Treasury re-introduced the 20-year Treasury bond to meet investor demand 

and expand Treasury’s financing capacity. In addition, in response to the government’s fiscal 

response to the outbreak of COVID-19 in March 2020, ODM financed an unprecedented 

increase in borrowing over FY 2020, overseeing $18.6 trillion in gross security issuance and $4.0 

trillion in net issuance. Borrowing needs are likely to remain elevated for the foreseeable future. 

Office of Tax Policy (OTP) 

Tax Policy 

Tax is central to addressing all major Administration priorities including COVID relief/recovery, 

climate change, income inequality, and race and gender equity. Improving OTP resources in 

order to provide research-informed policy inputs, legislative proposals, and technical regulatory 

advice are necessary for the Administration’s success in multiple topic areas.

OTP continues to provide leadership for the Organization for Economic Co-operation and 

Development (OECD), the Inclusive Framework, the Global Forum, and the G20, advocating for 

the interests of the United States. In particular, during FY 2020, OTP played a leading role in 

advancing progress on OECD proposals (Pillar 1 and Pillar 2) intended to reform existing rules 

for the allocation of international taxing rights and the development of a global minimum tax 

through OECD endorsed Blueprints. Further, OTP supports efforts by Treasury and the United 

States Trade Representative to combat unilateral discriminatory digital services taxes targeted at 

U.S.-parented firms. As part of these efforts, OTP attended and led numerous meetings (actual 

and virtual) at the OECD and with other stakeholders in FY 2020. OTP plans to continue this 

effort in FY 2021 with a greater focus on developing a global minimum tax. 

OTP assisted with the implementation of the Economic Impact Payments (EIP). In FY 2020, 

under the CARES Act, more than 160 million EIPs totaling more than $270 billion were issued. 

The CAA, 2021 authorized a second round of EIPs. In FY 2021, OTP assisted with the issuance 

of more than 147 million EIP2s and, as of May 12, 2021, have continued to assist with the 

issuing of approximately 165 million EIP3s. In total, as of May 2021, over 472 million EIPs 

have been disbursed during FY 2020 and FY 2021. 

In November 2020, OTP worked with the IRS to conduct outreach to non-filers who could be 

eligible to receive an EIP. Using information from 1.5 billion returns, OTP winnowed down 

returns to a list of approximately 9 million potential eligible non-filers who could receive an EIP. 

These individuals received an outreach letter from the IRS which provided instructions to receive 

an EIP. This effort successfully helped many vulnerable households and individuals receive 

much needed economic relief. 

In FY 2020, OTP also continued to work on healthcare projects. Specifically, OTP: 

 Evaluated and approved three new Affordable Care Act Section 1332 Waivers and continued 

to implement and monitor 13 already-approved state waivers; provided $1.3 billion to states 

to implement these waivers. 

 Proposed a regulation to provide states guidance and further details on the implementation of 

Affordable Care Act State Innovation Waiver statute. 
DOSE - 25 

 Developed a complex microsimulation model to estimate the revenue effects of health policy 

changes, model projects impact on individuals’ health insurance status, cost of health 

insurance premiums in the employer and individual markets, and subsequent changes in tax 

revenue. 

2.1.4 – Treasury-wide Management and Programs Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $41,446 $43,365 $40,716 $39,171 $38,279 $39,779 $43,608 

Reimbursable Resources $3,339 $4,284 $2,398 $226 $127 $83 0 

Budget Activity Total $44,785 $47,649 $43,114 $39,397 $38,406 $39,862 $43,608 

Full-time Equivalents (FTE) 124 153 147 100 92 112 119 

FY 2015 - FY 2020 Other Resources dollars are actuals. FY 2015 - FY 2020 FTE are actuals. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percent of Procurement Dollars Spent 

on Small Business 36.17 35.01 42.63 40.4 46.14 39 36 40 

Treasury-wide Employee Engagement 

Index of the Federal Employee 

Viewpoint Survey (FEVS) 

67 68 68 69 75 70 75 77 

Treasury-wide Footprint (Square 

Footage) 34,894 34,100 33,766 33,209 32,517 32,895 32,341 31,948 

Treasury-wide Leaders Lead Index of 

the Federal Employee Viewpoint Survey 

(FEVS) 

55 56 56 58 65 59 65 67 

Treasury-Wide Management and Program Description of Performance:

 Percentage of Procurement Dollars Spent on Small Business: Based on preliminary data in 

FY 2020, Treasury met or exceeded four out of five small business prime contracting goals. 

Treasury did not meet its Historically Under-utilized Zone (HUBZone) small business goal. 

Treasury did not meet four out of five small business subcontracting goals. All Treasury 

bureaus were included in the Small Business Goaling Report, with no exclusions. The 

FY 2020 overall small business goal in FY 2020 was set for 39 percent, and Treasury 

exceeded the goal at 46 percent. The FY 2021 small business goal is set at 36 percent and 

the tentative target for FY 2022 is 40%. One overarching challenge in FY 2020 to meet the 

HUBZone small business goal was that Treasury had competing priorities: 1) OMB’s 

directive to utilize Category Management principles and Best-in-Class (BIC) contracts to 

leverage existing government-wide contracting vehicles, where there is a lack of sufficient 

HUBZone small business firms available for use, and 2) the COVID-19 pandemic 

contracting response, where there are not enough HUBZone small businesses with 

capabilities that meet the COVID-19 requirements. Particularly noteworthy is that Treasury 

far exceeded the small business contracting goals for the following socioeconomic groups: 
DOSE - 26 

o Small and Disadvantaged Business – goal 5.0 percent, achieved 8.9 percent; 

o Women Owned Small Business – goal 5.0 percent, achieved 9.1 percent; and 

o Service Disabled Veteran Owned Small Business – goal 3.0 percent, achieved 3.2 

percent. 

Treasury did not meet the small business contracting goal for the following 

socioeconomic group: 

o Historically Under-utilized Zone (HUBZone) Small Business – goal 3.0 percent, 

achieved 2.5 percent. 

 Treasury-wide “Employee Engagement” Index of Federal Employee Viewpoint Survey 

(FEVS): Treasury’s strategy remained focused on improving employee engagement by 

investing resources in statistically high impact areas to create an opportunity to improve the 

effectiveness of our workforce while improving our ranking among other federal agencies. 

Treasury’s scores for the Engagement Index increased from 69 percent to 75 percent in 

FY 2020. Treasury’s engagement score exceeded the government-wide average and the 

average score for very large agencies by three percent. Targets are 75 percent for FY 2021 

and 77 percent for FY 2022. 

 Treasury-wide Footprint (Square Footage): This goal measures the total square footage 

occupied by Treasury’s owned and leased buildings. To reduce the Department’s real 

property footprint and maximize the use of existing real property assets, the Department 

maximized space utilization by undertaking space realignments, consolidations, and 

improved workstation standards. The Department will continue targeting metropolitan areas 

with multiple posts of duty sites to pursue consolidation opportunities or space reductions 

where it makes business and financial sense. 

 Treasury-wide “Leaders Lead” Index of Federal Employee Viewpoint Survey (FEVS): Using 

similar techniques, Treasury also set the goal to increase the “Leaders Lead” index above 

FY 2019 results. Treasury’s score for the Leaders Lead Index increased from 58 percent in 

FY 2019 to 65 percent in FY 2020, reaching the OPM established 65 percent benchmark for 

an organizational strength. Treasury’s score in FY 2020 exceeded the government-wide 

average by three and the average score for very large agencies by four percent. Targets are 

65 percent for FY 2021 and 67 percent for FY 2022. 

Treasury-wide Management and Programs Budget and Performance 

($43,608,000 from direct appropriations, $0 from reimbursable sources): 

This budget activity includes offices that are responsible for the internal management and policy 

of the Department: the Office of the Assistant Secretary for Management; the Office of the Chief 

Information Officer; the Office of Privacy, Transparency, and Records; the Office of the Senior 

Procurement Executive; the Office of the Chief Human Capital Officer; the Office of Treasury 

Operations; the Office of the Deputy Chief Financial Officer; the Office of Civil Rights and 

Diversity; the Office of Minority and Women Inclusion; the Office of Strategic Planning and 

Performance Improvement; the Office of Risk Management; the Office of the Chief Data 

Officer; and the Office of the Deputy Assistant Secretary for Management and Budget. 

Office of the Chief Human Capital Officer 

In FY 2020, Treasury completed implementation of the Learning Management (LMS) module 

into the Treasury Integrated Talent Management (ITM) system for all bureaus, covering over 

120,000 federal and contractor employees. This consolidation of multiple systems resulted in a 
DOSE - 27 

10 percent cost savings (versus FY 2016 baseline), new system functionality, and the capability 

to deploy high-impact, Treasury-wide learning programs such as the Treasury Leadership 

Development Program, Digital Transformation, and Data Literacy online curricula that were 

launched in FY 2020 and started by 7,241 participants from across the agency. In addition, five 

bureaus successfully deployed the ITM performance module to replace legacy electronic and 

paper-based systems covering over 8,000 employees. This included unifying the performance 

management systems of all Departmental Offices staff under one electronic system for the first 

time in history. An additional four bureaus successfully completed performance pilots that will 

guide their full deployment in FY 2021/22. Finally, Treasury successfully launched several 

demonstration projects for new talent management processes that are enabled by ITM, including 

competency assessments, individual development planning, succession planning, and workforce 

planning. 

Treasury reinstated its Learning Leaders Council (LLC) in FY 2020, convening quarterly 

meetings of Learning and Development professionals across the Department to develop the 

agency’s first Talent Development Strategic Plan under the leadership of the Deputy Chief 

Human Capital Officer. The LLC is working on an agenda for FY 2021 that is aligned to the 

strategic goals of strengthening core competencies, developing all employees, and maximizing 

the value of training. This work includes conducting a competency assessment of the IT 

Specialist occupational series; partnering with the Office of Civil Rights and Diversity and the 

Office of Minority Women Inclusion to identify and provide development opportunities related 

to foundational competencies that support diversity, equity, and inclusion; and, identifying 

existing training related to core competencies that may be accessed by all Treasury employees. 

The LLC also formed working groups aimed at furthering efforts related to knowledge 

management and identifying competencies and development opportunities related to customer 

experience in FY 2020, and this work continues into FY 2021. 

Office of Civil Rights and Diversity (OCRD) 

In FY 2020, OCRD, in consultation with the bureau EEO and HR communities, established 

the first combined Diversity and Inclusion (D&I) and Equal Employment Opportunity (EEO) 

Strategic Plan (FY 2021-2024). OCRD will provide further amendments to the Plan based 

upon the Office of Personnel Management revised government-wide strategic plan, which 

will provide further guidance to federal agencies under the new Administration. 

OCRD will continue the audits of bureaus’ EEO, D&I, and External Civil Rights Programs in 

FY 2021. These audits will critically look at bureaus’ D&I and EEO programs to determine 

any areas where bureaus need a sharper focus and to find and recreate “best practices.” 

Due to Executive Order (EO) 13985, Advancing Racial Equity and Support for Underserved 

Communities Through the Federal Government, and EO 13988, Preventing and Combating 

Discrimination on the Basis of Gender Identity or Sexual Orientation, OCRD will be 

spending considerable time assessing equity within Treasury and to ensure Treasury’s 

policies and programs are accessible to people of color and members of underserved 

communities. These new requirements have expanded the responsibilities for the D&I and 

civil rights communities, which would include OCRD staff. 
DOSE - 28 

As a result of COVID-19, OCRD’s Complaint Operations Division transitioned to electronic 

processing of Treasury’s formal EEO complaints in FY 2020. This transition has improved 

the efficiency of our Complaint Operations Division and decreased administrative costs of 

this program. OCRD also worked with the bureau EEO offices on Human Capital 

engagement to improve inclusion scores – this will also be a continuing focus in FY 2021 and 

FY 2022. While scores for “Fairness” continue to be a concern, efforts have been made to 

introduce “Unconscious Bias” training in the workforce and at all management levels to help 

make leaders aware of biases and to learn to put aside such biases when making employment 

decisions. 

COVID-19 prevented traditional diversity training in FY 2020 through FY 2021. However, 

OCRD began work to transition in-person training to a virtual option for workforce reengagement for this training which will need additional funds. OCRD’s work with the Treasury 

Executive Institute to develop programming for executives and senior level staff in the areas of 

diversity and inclusion was also placed on hold during COVID. However, in FY 2021 the 

Executive Diversity Advisory Council will further develop training in this area, which may 

require additional funding support. 

EEO complaints were adjudicated effectively within the Department, thereby, meeting 

regulatory timeframes both in issuance of decisions and days to investigate complaint. Both 

benchmarks exceeded Treasury’s prior year’s timeliness rate. 

In FY 2020, OCRD continued to lead the work to achieve full compliance with the civil rights 

requirements for the Department. The responsibility for this work continued to increase in 

FY 2020 and is anticipated to grow in FY 2021, the Department gained several new large 

financial assistance programs created in response to the COVID-19 pandemic. In FY 2020, 

OCRD provided Department-wide training on accessibility and language access requirements. 

In addition to managing the Treasury-wide external civil rights program, OCRD continues to 

manage the civil rights compliance program for DO. In FY 2020, significant progress was made 

to improve compliance in the DO financial assistance programs and two of the existing program 

offices have implemented additional compliance measures resulting in full compliance (SIPPRA 

and the Office of Gulf Coast Restoration). In FY 2021, the remaining existing program offices 

will continue to work in the implementation phase of their compliance improvement plans 

(TEAOF and CDFI Fund). These efforts will include conducting pre-award compliance reviews 

of applications for financial assistance and post-award compliance reviews of existing 

recipients. In FY 2020, OCRD provided technical assistance to the CARES Act program staff to 

ensure civil rights compliance in the two identified financial assistance programs. 

In FY 2021, OCRD will continue to work with the CARES Act program staff and is working 

with the staff managing the programs created under the American Rescue Plan to ensure civil 

rights compliance measures are implemented before disbursement of funds occur (pre-award). 

Office of the Deputy Chief Financial Officer

For FY 2020, the Department received its 21st consecutive unmodified audit opinion on its 

Treasury-wide financial statements. Treasury anticipates unmodified audit opinions for the 

consolidated audits to be conducted for FY 2021 and FY 2022. Overall, the Department has 
DOSE - 29 

made strong progress in enhancing its internal control environment and remains committed to 

ensuring high standards of integrity and transparency in reporting its financial performance. 

Office of Small and Disadvantaged Business Utilization (OSDBU) 

Based on preliminary data for FY 2020, Treasury met or exceeded four out of five small business 

prime contracting goals. Treasury did not meet its Historically Under-utilized Zone (HUBZone) 

small business goal. Treasury did not meet four out of five small business subcontracting goals 

in FY 2020. Treasury OSDBU identified several possible root causes for not meeting Treasury’s 

prime and subcontracting goals in FY 2020 including the impact of COVID-related emergency 

acquisitions on traditional acquisition planning, limited enforcement of existing Treasury 

procurement policies related to HUBZone businesses, and additional training needs for 

Treasury’s Contracting Officers related to subcontracting pre- and post-award requirements. 

The Small Business Administration issues an annual scorecard grade to Treasury. Treasury is 

graded for meeting their prime and subcontracting goals, compliance with the Small Business 

Act Section 15 (k), and the number of new small businesses entering Treasury’s contracting 

industrial base. Receiving an “A” score is a testament to the hard work and professionalism of 

the procurement and acquisition teams across Treasury’s bureaus and the serious commitment to 

utilizing small businesses that emanates from Treasury’s leadership. To comply with Section 15 

(k), Small Business Act, the Department continued to focus on small business prime and 

subcontracting goal achievements, monitored small business pre-award and post-award 

functions, and increased Treasury’s small business industrial base through a robust outreach 

program. 

In FY 2020, per FAR Part 19.201, OSDBU successfully executed Small Business Programs 

Compliance Reviews on six Bureaus which have procurement authority to make awards to small 

businesses. The results of the compliance reviews provided for a comprehensive small business 

acquisition transformation strategy that included acquisition workforce teaching and training 

across the Department. Overall, the Department made progress in enhancing its small business 

programs and remains committed to ensuring high standards of small business program 

compliance. Treasury was assessed as “moderately favorable” for its small busines programs in 

FY 2020. Central to the compliance review strategy is early acquisition planning and broad 

stakeholder participation. In FY 2020, Treasury OSDBU reviewed 420 acquisition actions 

valued at over $250,000 not set-aside for small business and rejected 20 of these actions due to 

inadequate market research. After the rejections, small business opportunities were found for all 

20 actions. Of the 420 actions, 37 required subcontracting plan review (over $700,000) and 

monitoring of the subcontracting goals addressed in the plan. Together with the Small Business 

Administration Procurement Center Representative, OSDBU approved the subcontracting plans 

and these became part of the resultant contract. 

In FY 2021, OSDBU will assess Bureaus’ Corrective Action Plans (CAP). The CAPs were 

identified in the two previous compliance reviews (FY 2019 and FY 2020), where Bureau 

deficiencies in their small business programs were noted as “needs improvement.” The annual 

small business program health summary will be submitted to the Deputy Secretary by October 

2021. Also, in FY 2021, Treasury OSDBU and Office of the Procurement Executive will 
DOSE - 30 

provide additional small business subcontracting training to Treasury’s acquisition workforce to 

enforce subcontracting pre-award and post-award contract responsibilities. 

Office of the Senior Procurement Executive (OPE) 

In FY 2020, Treasury continued a comprehensive acquisition transformation strategy designed to 

facilitate innovation, strategic management, efficiency. Central to the strategy is early planning 

and broad stakeholder participation as well as accelerated transition to strategic acquisition 

vehicles. In FY 2021 and FY 2022, Treasury will continue to focus on exploring the use of 

automated solutions to improve the acquisition process as well as identifying data analytics tools 

to support timely decision-making. 

In FY 2020, OPE successfully issued COVID-related policy and guidance and executed a 

targeted assessment to ensure appropriate documentation and use of Federal Acquisition 

Regulation contracting flexibilities as well as accurate data reporting of COVID-related 

procurement actions. Due to quick execution of contractual support, the Department was able to 

ensure continuity of operations throughout the pandemic and successful implementation of new 

mission critical programs established by the CARES Act and the Consolidated Appropriations, 

2021, Act. In FY 2021, the Department will continue to focus on providing contractual support 

to assist with the implementation of new mission critical programs established by the ARP Act. 

Treasury continued to work towards transitioning from Major Acquisition Program (MAP) 

reviews to more robust Acquisition Management Reviews (AMRs) in support of Program 

Management Improvement and Accountability Act (PMIAA) implementation efforts. An 

expected outcome of the AMR is to help ensure successful contract performance strategically 

aligns with mission outcomes by expanding emphasis on the acquisition lifecycle from the time a 

contracting office receives a complete acquisition package though contract performance, 

closeout, and final payment. 

From FY 2016 to FY 2020, Treasury increased the percentage of Spend Under Management 

(SUM) from 47.3 percent to 77.6 percent and increased the percentage of Best-in-Class (BIC) 

spend from 12.8 percent to 50.4 percent. Treasury has achieved both savings and efficiencies 

through aggregating requirements and leveraging its purchasing power via enterprise-level 

management of common spend categories. By fully utilizing category management, Treasury 

seeks to save the Federal Government money through smarter purchasing and greater 

collaboration across stakeholder organizations to achieve greater efficiency with fewer 

resources. The Treasury strategy for FY 2020 and FY 2021 continues the Department’s 

transition to the Office of Management and Budget’s preferred contract vehicles, reducing the 

need to establish department level contracts and freeing associated resources for focus on other 

acquisition priorities. Treasury continues to make significant progress by widely adopting 

category management principles and actively pursuing opportunities to manage spend more 

effectively across the Department. 

Office of the Chief Data Officer (CDO) 

Treasury’s new Office of the Chief Data Officer (OCDO) is enabling Treasury to become a datacentric organization that fulfills its mission with optimal use of quality data in its decision-
DOSE - 31 

making and operations consistent with the aims of the Title II of the Evidence-Based 

Policymaking Act signed into law in 2019. 

In FY 2020, OCDO encouraged the development of Treasury’s data centric culture through the 

building of a cross-agency data community. This community and the establishment of a Data 

Governance Board have increased Treasury’s treatment of data as a critical asset and fostered 

greater cross-component collaboration on a variety of data centric projects. In addition to 

establishing the role of the Chief Data Officer (CDO) and creating the Data Governance Board, 

in FY 2020, OCDO also: 

 Established a Data Advisory Council 

 Undertook Treasury’s first Data Maturity Assessment 

 Completed an Initial Assessment of Data Skills, and 

 Initiated the establishment of a Treasury-wide dataset inventory to be finalized and published 

pending the completion of relevant guidance from the Office of Management and Budget 

Treasury is also an active participant in the Federal CDO Council. Treasury’s CDO leads the 

Council’s Operations Working Group and serves on the Council Executive Committee. 

Treasury’s Deputy CDO and other members of Treasury’s data community from bureaus and 

departmental offices participate in several Council Working Groups. Active participation in the 

Council enables the OCDO to understand and bring back to Treasury leading government 

practices in enhancing data management, use, sharing, as well as the development of a general 

data culture. More details on OCDO’s accomplishments are included in the Treasury CDO’s 

Annual Report to Congress. 

2.1.5 – Committee on Foreign Investment in the United States Resources and Measures

Dollars in Thousands FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $2,589 $3,736 $6,000 $15,000 $22,341 $22,661 $24,556 

CFIUS Fund Transfers 0 0 0 0 $15,000 $15,000 $15,000 

Budget Activity Total $2,589 $3,736 $6,000 $15,000 $37,341 $37,661 $39,556 

Full-time Equivalents (FTE) 15 23 26 32 55 93 120 

FY 2016 - FY 2020 Other Resources dollars are actuals. FY 2016 - FY 2020 FTE are actuals. 

CFIUS Budget activity was established in FY 2020 PB. Prior year enacted levels are based on an approximation of funding and have been 

subtracted from IA/EP & ED budget activities. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Timely Review of CFIUS Cases 100 100 100 100 100 100 100 100 
DOSE - 32 

Committee on Foreign Investment in the United States Description of Performance:

Timely Review of CFIUS Cases: 

This measure tracks compliance with statutory deadlines for completing national security 

reviews of transactions notified to the CFIUS to ensure that the CFIUS process is timely and 

efficient. Results are reported on a calendar year basis. 

Committee on Foreign Investment in the United States Budget and Performance 

($24,556,000 from direct appropriations, and $15,000,000 from fund transfers): 

In February 2020, Treasury published final regulations implementing the Foreign Investment 

Risk Review Modernization Act of 2018 (FIRRMA). These regulations effectuated FIRRMA's 

expansion of the jurisdiction of CFIUS to review certain non-controlling, non-passive 

investments by foreign persons into certain types of U.S. businesses, as well as certain 

transactions by foreign persons involving real estate in the United States. The regulations also 

implemented mandatory declarations for two types of transactions—where a foreign government 

is acquiring a “substantial interest” in certain U.S. businesses, and transactions involving certain 

U.S. businesses that produce, design, test, manufacture, fabricate, or develop one or more critical 

technologies. Additionally, the regulations created an exception to the mandatory declaration 

provision for non-controlling investments by certain foreign persons defined as “excepted 

investors” based on their ties to certain countries identified as “excepted foreign states,” and their 

compliance with certain laws, orders, and regulations. In May 2020, Treasury initiated the 

collection of filing fees for notices filed with CFIUS and also launched a secure web-based 

portal for parties to submit notices and declarations. 

C – Changes in Performance Measures 

Performance Measure or Indicator Proposed Change and Justification 

1. EO 13771 - Number of Deregulatory Actions Issued Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 

2. EO 13771 - Number of Deregulatory Actions Issued 

that Address Recommendations by the Regulatory 

Reform Task Force 

Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 

3. EO 13771 - Number of Deregulatory Actions Issued 

that Address Recommendations by the Regulatory 

Reform Task Force to the Agency Head Consistent 

with Applicable Law 

Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 

4. EO 13771 - Number of Evaluations to Identify 

Potential Deregulatory Actions That Included 

Opportunity for Public Input and/or Peer Review 

Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 

5. EO 13771 - Number of Regulatory Actions Issued Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 

6. EO 13771 - Total Incremental Cost of All 

Regulatory Actions and Deregulatory Actions 

(Including Costs or Cost Savings Carried Over From 

Previous Fiscal Years) 

Removing performance indicator. EO 

13771 was rescinded on January 20, 2021. 
DOSE - 33 

D – Evidence-Building Activity 

Treasury-wide Management 

Type of 

EvidenceBuilding 

Activity 

Major Activities and Planned 

Projects

Resource 

Types 

Use 

Evaluation 

Collection and 

analysis of data to 

assess effectiveness 

and efficiency of 

programs, policies, 

or procedures

Estimated share of 

all EvidenceBuilding Activities: 

 15%

Major activities: 

 Coordination of 

usaspending.gov/DATA Act 

reporting 

 Coordination of Evidence Act Title 

I 

 Workforce analysis and human 

capital evaluations 

 0301 – 

Miscellaneous 

Administration 

and Program 

 0340 – 

Program 

Manager 

 0343 – 

Management 

& Program 

Analyst 

 GSA Office of 

Evaluation 

Sciences 

(OES): 

o DASHRCHCO 

Evaluation 

Support 

o ARP 

Equity 

Uptake 

Assessme

nts (IAA) 

o ECIP/CDF

I 

Evaluation 

(IAA) 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☒ By external 

partners 

 (non-government) 

☒ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 projects: 

 Coordination of Equity Assessment 

Objective 1 (Tax Policy, Tax 

Payments, BFS Offset Program) 

 Equity uptake assessments – ARP 

programs 

 Impact Evaluation – ECIP and 

CDFI 

 DASHR-CHCO evaluation of the 

use of hiring assessments 

 Consultation on MITRE/Treasury 

research partnerships (OCCIP – 

financial sector cyber situational 

awareness, CDFI Fund – persistent 

poverty counties) 

Research 

Modeling or other 

systematic use of 

data to explore 

emerging issues or 

potential scenarios 

to generate new 

knowledge

Estimated share of 

all EvidenceBuilding Activities: 

 5%

Major activities: 

 Coordination with MITRE 

(FFRDC) 

 Literature reviews for learning 

agenda questions 

 0343 – 

Management 

& Program 

Analyst 

 MITRE 

FFRDC 

☒ For internal policy 

 decision-making 

☐ During internal 

 strategic 

management 

 processes 

☐ By external 

partners 

 (government) 

☐ By external 

partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 projects: 

 MITRE coordination (Great Power 

Competition – Dollar Dominance 

Study) 
DOSE - 34 

Type of 

EvidenceBuilding 

Activity 

Major Activities and Planned 

Projects

Resource 

Types 

Use 

Analysis 

Routine and 

frequent use of data 

that produces 

insights for decision 

making and 

program 

management

Estimated share of 

all EvidenceBuilding Activities: 

 75%

Major activities: 

 Analysis of performance data in 

quarterly data-driven reviews and 

annual assessment of Treasury 

performance measures 

 Risk assessment 

 FEVS data analysis 

 Financial analysis and budget 

formulation 

 OCRD Audits of the Bureaus’ EEO 

Programs (active) 

 OCRD Annual Management 

Directive 715 Reporting (active) 

 OCRD Quarterly No FEAR Reports 

(active) 

 Civil rights compliance analysis 

(active) 

 Civil rights pre- and post-award 

compliance (planned) 

 Analysis of administrative data 

(e.g., procurement, operations, civil 

rights compliance) 

 Development and maintenance of 

analytical dashboards and data 

inventory 

 0260 – Equal 

Employment 

Opportunity 

 0301 – 

Miscellaneous 

Administration 

and Program 

 0340 – 

Program 

Manager 

 0343 – 

Management 

& Program 

Analyst 

 0360 – Equal 

Opportunity 

Compliance 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☒ By external 

partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 projects: 

 Enterprise-wide capacity 

assessment for evidence-building 

activities 
DOSE - 35 

Type of 

EvidenceBuilding 

Activity 

Major Activities and Planned 

Projects

Resource 

Types 

Use 

Statistics 

Collection, 

compilation, and 

processing of data 

for describing or 

estimating 

characteristics or 

insights concerning 

groups

Estimated share of 

all EvidenceBuilding Activities: 

 5%

Major activities: 

 DASHR-CHCO/OCRD/OMWI 

Workforce Demographic Statistics 

 0260 – Equal 

Employment 

Opportunity 

 0343 – 

Management 

& Program 

Analyst 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☒ By external 

partners 

 (non-government) 

☒ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 projects: 

 
DOSE - 36 

Policy Offices (Domestic Finance, Economic Policy, International Affairs, Tax Policy

Type of 

EvidenceBuilding 

Activity 

Major Activities 

and Planned 

Projects

Resource Types Use 

Evaluation 

Collection and 

analysis of data to 

assess effectiveness 

and efficiency of 

programs, policies, 

or procedures

Estimated share of 

all EvidenceBuilding Activities: 

 5%

Major activities: 

 Monitoring and 

Evaluation (IA) 

 0301 – 

Miscellaneous 

Administration and 

Program 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

 OTA Third Party 

Independent 

Evaluator 

☒ For internal policy 

 decision-making 

☐ During internal 

 strategic management 

 processes 

☒ By external partners 

 (government) 

☐ By external partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 

projects: 

 Recovery 

programs 

evaluations, 

including ECIP, 

some CDFI 

programs, and 

American Rescue 

Plan (ARP) 

programs (equity 

uptake) 

 Analysis of 

RESTORE grant 

processing 

efficiency 

Research 

Modeling or other 

systematic use of 

data to explore 

emerging issues or 

potential scenarios 

to generate new 

knowledge

Estimated share of 

all EvidenceBuilding Activities: 

 25%

Major activities: 

 Fiscal projections 

and debt 

management 

 Original research 

on specific 

financial and 

economic topics 

(OFR) 

 Emerging 

technology and 

risk assessments 

(OCCIP) 

 Research to 

support policy 

analysis 

 0110 – Economist 

 0301 – 

Miscellaneous 

Administration and 

Program 

 1160 – Financial 

Analyst 

☒ For internal policy 

 decision-making 

☐ During internal 

 strategic management 

 processes 

☐ By external partners 

 (government) 

☐ By external partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 

projects: 

 Situational 

awareness of the 

financial sector 

project (OCCIP) 
DOSE - 37 

Analysis 

Routine and 

frequent use of data 

that produces 

insights for decision 

making and 

program 

management

Estimated share of 

all EvidenceBuilding Activities: 

 65%

Major activities: 

 Analysis of CFIUS 

transactional data 

 Policy analysis 

 Performance 

measurement 

 Analysis of tax 

revenue 

 Equity assessment 

activities 

 Cash flow and 

debt analysis 

 0260 – Equal 

Employment 

Opportunity 

 0301 – 

Miscellaneous 

Administration and 

Program 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

 0360 – Equal 

Opportunity 

Compliance 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic management 

 processes 

☒ By external partners 

 (government) 

☒ By external partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) FY21 and FY22 

projects: 

 Enterprise-wide 

capacity 

assessment for 

evidence-building 

activities 

Statistics 

Collection, 

compilation, and 

processing of data 

for describing or 

estimating 

characteristics or 

insights concerning 

groups

Estimated share of 

all EvidenceBuilding Activities: 

 5%

Major activities: 

 Economic 

modeling to 

support policy 

analysis 

 Advanced data 

analysis 

 0110 – Economist 

 0301 – 

Miscellaneous 

Administration and 

Program 

 1160 – Financial 

Analyst 

☒ For internal policy 

 decision-making 

☐ During internal 

 strategic management 

 processes 

☒ By external partners 

 (government) 

☐ By external partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 

projects: 

Section III – Additional Information 

A – Summary of Capital Investments 

A summary of capital investment resources, including major information technology and nontechnology investments can be found at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.