TREASURY

Strategic Plan 2018–2022

THE D

EPARTMENT OF THE TREASURY

1789
Department of the Treasury 2018–2022 Strategic Plan

Strategic Plan Overview

Goal 2:

Promote

Financial Stability

Goal 3:

Enhance

National Security

Goal 4:

Transform

Government-wide

Financial Stewardship

Goal 5:

Achieve

Operational

Excellence

Goal 1:

Boost

U.S. Economic Growth
TREASURY

Strategic Plan 2018–2022

THE

D

EPARTMENT OF THE TREASURY

1789
About the Cover

Images on the cover reflect Treasury’s multifaceted mission, including our role in 

strengthening Main Street, appropriately regulating markets and protecting our 

financial system, producing the nation’s currency, and promoting sustainable U.S. 

economic growth.

About This Document

Treasury Strategic Plan 2018–2022 is a publication of the United States 

Department of the Treasury. It is maintained by the Office of Strategic Planning 

and Performance Improvement. For questions, training requests, or additional 

copies, please email osppi@treasury.gov. 

This document uses Adobe Caslon Pro (1990), a revival of the original typeface 

created by William Caslon I (1692-1766). Caslon was chosen for its classical 

feel, readability, and as an homage to Alexander Hamilton’s contributions to The 

Federalist (also set in Caslon). This document also uses Helvetica Neue (1983).

As a work of the United States government, unless otherwise indicated, all elements of this document are in the public domain in the United States.
The new Administration set forth a bold agenda to bolster 

economic growth, and the U.S. Department of the Treasury 

plays a central role in fostering prosperity and security for the 

American people. Treasury’s Strategic Plan for Fiscal Years 

2018-2022 charts the Department’s course to fulfill this 

important vision.

This plan outlines the Department’s long-term goals and specific strategies to boost U.S. economic growth, promote financial 

stability, enhance national security, transform government-wide 

financial stewardship, and achieve operational excellence. 

To achieve these goals, Treasury will leverage its unique capabilities to deliver results for 

the American people – overhauling and modernizing the tax system; driving regulatory 

relief to create opportunities for American consumers, workers, and their families; and 

targeting threats to national security. 

Treasury will advance the President’s “America First” agenda and level the playing field 

for American workers and companies. As responsible stewards of taxpayer resources, 

we will pursue new capabilities to manage our finances more effectively, broaden data 

accessibility for better decision-making, and tirelessly seek efficiencies that improve the 

value we deliver to the public.

Our anticipated accomplishments are a credit to the dedicated women and men of the 

Treasury Department. Together, we will help shape a thriving, secure, and prosperous 

future for all Americans.

Sincerely,

Steven T. Mnuchin

Secretary of the Treasury

DEPARTMENT OF THE TREASURY

Washington, D.C. 20220
vi

Statue of Alexander Hamilton, first Secretary of the Treasury.
vii

Department of the Treasury Strategic Plan 2018–2022

Table of Contents

I. Agency and Mission

About Treasury 1

Overview of Goals and Objectives 2

Organizational Structure 3

Policy Office and Bureau Descriptions 4

Understanding the Landscape 6

II. Strategic Goals and Objectives

Goal 1: Boost U.S. Economic Growth 8

Strategic Objective 1.1: Tax Law Implementation 8

Strategic Objective 1.2: Strong Economic Fundamentals 10

Strategic Objective 1.3: Trusted Currency and Services 12

Strategic Objective 1.4: Free and Fair Trade 14

Goal 2: Promote Financial Stability 16

Strategic Objective 2.1: Housing Finance Reform 16

Strategic Objective 2.2: Foreign Exchange Practices 18

Strategic Objective 2.3: Foreign Technical Assistance 20

Strategic Objective 2.4: Financial Sector Critical Infrastructure and Cybersecurity 22

Goal 3: Enhance National Security 24

Strategic Objective 3.1: Strategic Threat Disruption 24

Strategic Objective 3.2: Anti-Money Laundering and Combating

Financing of Terrorism Framework 26

Strategic Objective 3.3: Economic Strength and National Security 28

Goal 4: Transform Government-wide Financial Stewardship 30

Strategic Objective 4.1: Financial Data Access and Use 30

Strategic Objective 4.2: Debt Management 32

Strategic Objective 4.3: Federal Financial Performance 34

Goal 5: Achieve Operational Excellence 36

Strategic Objective 5.1: Workforce Management 36

Strategic Objective 5.2: Treasury Infrastructure 38

Strategic Objective 5.3: Customer Value and Experience 40

III. Accountability Processes

Tracking Progress 42

Annual Updates 42
viii

Statue of Albert Gallatin, fourth Secretary of the Treasury.
Agency and Mission About Treasury 1

Department of the Treasury Strategic Plan 2018–2022

About Treasury

Scope and Purpose of the

Strategic Plan

The Government Performance and Results Act 

Modernization Act (GPRAMA) requires federal agencies to publish new strategic plans 

one year after each presidential inauguration. Treasury’s Strategic Plan for Fiscal Years 

(FY) 2018–2022 describes long-term goals 

the agency aims to achieve during this administration and provides an internal guide for 

decision-making. 

Within the strategic plan, “goals” articulate larger 

outcomes or societal impacts that Treasury aims 

to achieve, while “objectives” support goals and 

reflect more focused policy or operational areas 

where we plan to make significant improvements. Accountable officials are designated for 

each strategic objective. Concentrating on a 

focused set of objectives strengthens accountability, while allowing the Department to 

emphasize critical areas and meaningfully manage for results.

About Treasury 

Foundation: After the American Revolution, 

Congress realized that funding a war without 

proper infrastructure presented an enormous 

challenge to our country’s economic stability. 

Out of the necessity to levy and collect taxes and 

manage the U.S. government’s finances, Congress 

established the Department in 1789. President 

George Washington appointed Alexander 

Hamilton as our first Secretary. Our current 

Secretary, Steven Mnuchin, is the 77th Secretary 

to lead the Treasury Department.

How We Serve the Nation Today: Treasury 

remains one of the world’s premier finance ministries, responsible for the nation’s debt management, cash production, loans made to other 

federal agencies, tax collection, and economic 

policy formulation. We are a trusted policy advisor to the President, formulating and recommending domestic and international financial, 

economic, and tax policy. Our contributions to 

policy development shape America’s economic 

health and security.

Mission and Values

Treasury’s mission is to maintain a strong 

economy and create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad, 

strengthen national security by combatting threats 

and protecting the integrity of the financial system, 

and manage the U.S. Government’s finances and 

resources effectively. 

The nearly 100,000 dedicated Treasury employees strive to maintain integrity and uphold the 

public trust in all that we do, explore better ways 

of conducting business through innovation, seek 

diversity of thought and expertise to inform our 

decisions, embrace and adapt to change, and 

hold ourselves accountable for accomplishing 

meaningful results for the American public.

Treasury’s FY 2018-2019 Agency Priority 

Goals, each supporting the achievement 

of a specific strategic objective, will be 

published concurrent with the Strategic 

Plan on www.performance.gov. Annual 

plans will be included in each fiscal year’s 

President’s Budget, available on www.

treasury.gov. 

Agency Priority Goals
2 Agency and Mission Overview of Goals and Objectives

Strategic Goal Strategic ObjectiveDomestic FinanceInternational AffairsTFI / FinCENTax PolicyTreasurerEconomic PolicyManagementIRSFiscal ServiceBEPU.S. MintTTBOCC

Goal 1:

Boost U.S. 

Economic 

Growth

1.1 Tax Law Implementation

1.2 Strong Economic

Fundamentals 

1.3 Trusted Currency

and Services

1.4 Free and Fair Trade

Goal 2: 

Promote 

Financial 

Stability

2.1 Housing Finance Reform

2.2 Foreign Exchange Practices

2.3 Foreign Technical 

Assistance

2.4 Financial Sector Critical

Infrastructure and Cybersecurity

Goal 3: 

Enhance 

National 

Security

3.1 Strategic Threat Disruption

3.2 AML/CFT Framework

3.3 Economic Strength and 

National Security

Goal 4: 

Transform 

Governmentwide Financial 

Stewardship

4.1 Financial Data Access

and Use

4.2 Debt Management

4.3 Federal Financial Performance

Goal 5: 

Achieve 

Operational 

Excellence

5.1 Workforce Management 

5.2 Treasury Infrastructure

5.3 Customer Value

and Experience

Department of the Treasury Strategic Plan 2018–2022

Overview of Goals and Objectives

Objective 

Leads

Support

Organizations

Incorporated into Strategy 1.4.C based on

FY19 SOAR update—see page 42

UPDATED FY19

UPDATED FY19

UPDATED FY19
Agency and Mission Organizational Structure 3

Department of the Treasury Strategic Plan 2018–2022

Organizational Structure

Treasury is organized into the Departmental Offices, operating bureaus, and 

inspectors general. The Departmental Offices primarily formulate policy and oversee the bureaus, which manage major operations.

Departmental Office Bureau Inspector General

Chief of Staff Secretary

Tax Policy

International 

Finance Financial Markets Terrorist Financing

Intelligence and 

Analysis

Foreign Assets

Control

International 

Markets and 

Development

Financial

Institutions Economic Policy

Public Affairs

Legislative Affairs

Management

Risk Management

General Counsel

Treasurer

Financial Stability

Financial Research

Fiscal Assistant 

Secretary

Domestic Finance Terrorism and 

Financial Intelligence International Affairs

Special Inspector General for the 

Troubled Asset Relief Program

Treasury Inspector General

for Tax Administration

Inspector General

Internal Revenue

Service

Bureau of the

Fiscal Service

Financial Crimes 

Enforcement Network

Alcohol and 

Tobacco Tax and

Trade Bureau

United States Mint

Office of the 

Comptroller of the 

Currency

Bureau of Engraving

and Printing
4 Agency and Mission Policy Office and Bureau Descriptions

Department of the Treasury Strategic Plan 2018–2022

Policy Office and Bureau Descriptions

Policy Offices 

Domestic Finance: Works to preserve confidence in U.S. Treasury market, 

strengthen financial institutions and markets, and promote access to credit, in 

service to long-term economic strength and stability.

International Affairs (IA): Protects economic prosperity and national security by 

helping to ensure a favorable external environment for sustained jobs and economic growth.

Terrorism and Financial Intelligence (TFI): Uses policy, intelligence, enforcement 

and regulatory tools, and authorities to disrupt and disable terrorists, criminals, and 

other national security threats while also safeguarding the financial system against 

abuse by illicit actors.

Economic Policy: Reports on economic developments and assists in the determination of economic policies. Reviews and analyzes domestic economic issues and 

financial market developments.

Tax Policy: Develops and implements tax policies and programs. Reviews regulations and rulings to administer the Internal Revenue Code. Provides revenue estimates for the President’s Budget.

Treasurer of the United States: Serves as a principal advisor to the Secretary. 

Oversees the Office of Consumer Policy, which provides policy leadership, 

research, and analysis to foster economic growth and financial security for 

American families in a robust consumer marketplace. Oversees the U.S. Mint, 

which includes advising the Secretary on coinage matters and liaising with the 

Federal Reserve.

Support Offices

Office of Management and Chief Financial Officer (Management): Manages the 

Department’s financial resources and oversees Treasury-wide programs, including 

human capital, organizational performance, information technology, acquisition, 

and diversity issues.

Office of Risk Management (ORM): Oversees the development and implementation of an integrated risk management framework for the Department, advising 

Treasury leaders on managing credit, market, liquidity, operational, and reputational risks.

Office of General Counsel: Manages legal affairs. 

Office of Legislative Affairs: Manages legislative affairs. 

Office of Public Affairs: Manages public affairs.
Agency and Mission Policy Office and Bureau Descriptions 5

Treasury Bureaus

Alcohol and Tobacco Tax and Trade Bureau (TTB): Collects federal excise taxes 

on alcohol, tobacco, firearms, and ammunition. Enforces and administers laws covering production, use, and distribution of alcohol and tobacco products.

Bureau of Engraving and Printing (BEP): Develops and produces U.S. currency 

notes as well as secure documents for government use.

Financial Crimes Enforcement Network (FinCEN): Safeguards the financial system from illicit use and combats money laundering. Promotes national security 

through collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Bureau of the Fiscal Service (Fiscal Service): Provides central payment services 

to government agencies. Operates the government’s collections and deposit systems. Delivers administrative shared services to federal agencies. Provides government-wide accounting and reporting. Manages delinquent debt collection. 

Borrows money needed to operate the U.S. government through the sale of marketable, savings, and special purpose U.S. Treasury securities. Accounts for and services the public debt. 

Internal Revenue Service (IRS): Determines, assesses, and collects U.S. tax revenue. Helps taxpayers understand their tax responsibilities and combats tax-related fraud. 

United States Mint (U.S. Mint): Designs, mints, and issues U.S. circulating, numismatic, and bullion coins. Strikes medals of national significance. Maintains physical custody and protection of most of the nation’s gold and all of its silver assets.

Office of the Comptroller of the Currency (OCC): Charters, regulates, and supervises national banks and federal savings associations to ensure a safe, sound, and 

competitive banking system. Supervises federal branches and agencies of foreign 

banks. Serves as the rule-making authority for all savings associations.

Inspectors General

Office of Inspector General (OIG): Provides independent audits, investigations, 

and oversight for the Department of the Treasury and its programs. 

Treasury Inspector General for Tax Administration (TIGTA): Provides independent audits, investigations, and oversight for the IRS. 

Special Inspector General for the Troubled Asset Relief Program (SIGTARP): 

Provides independent audits, investigations, and oversight for the Troubled Asset 

Relief Program managed by the Office of Domestic Finance.
6 Agency and Mission Understanding the Landscape

Department of the Treasury Strategic Plan 2018–2022

Understanding the Landscape

Strengths, Weaknesses, Opportunities, & Threats (SWOT) Assessment

To shape the Department’s strategic plan, Management conducted an environmental scan using the full portfolio of available evidence to understand our operating environment. This department-wide assessment synthesized factors, both 

internal (strengths and weaknesses) and external (opportunities and threats), to 

inform the selection of priorities. Organized in spheres of influence, the center 

items reflect a greater ability to affect results.

Internal Stakeholder Engagement

During the environmental scan, 75 career leaders offered planning insights 

through structured interviews. Using established annual and quarterly review 

processes, Management worked with bureau and office leadership to identify 

potential goal and objective areas and discussed bureau and policy office one-, 

three-, and five-year priorities. Treasury goal teams then translated leadership 

priorities into actionable objectives, identifying strategies and success measures 

through collaborative discussions.

External Stakeholder Outreach

As part of our environmental scan, Treasury officials interviewed policy experts 

from a variety of academic and research institutions. Additionally, we consulted Treasury’s congressional committees on key planning questions and also 

leveraged public comments submitted in response to the Executive Order on 

Reorganizing the Executive Branch to shape strategies.

Throughout the development of the plan, we participated in the interagency strategic planning working group led by the Office of Management and Budget to 

coordinate goal-setting and share best practices.
Agency and Mission Understanding the Landscape 7

Ability to

influence

policy and 

government 

operations

Limited ability to

influence

public 

perception

of services

Strengths

Effects Causes Causes Effects

Weaknesses

U.S. economic 

growth

Asian economic 

growth

Technical 

assistance

(financial reform) 

for countries 

facing instability

Variable 

service delivery

issues

Leverage 

change in 

leadership to 

implement 

reforms

(tax, housing 

finance)

Restore public 

confidence in 

government

Retain and 

attract strong 

leaders

Encourage 

more 

collaboration

Powerful 

authorities

and strong 

mission 

execution

Resource 

constraints

Lead agendasetting at 

international 

entities

New 

technologies to 

help manage 

organization

(including data 

analysis)

Quality and

dedicated 

workforce

Insufficient 

communications

Expertise and 

strong

analytical 

capability

Uneven maturity 

of planning 

practices

(knowledge,

workforce, 

IT, capital) Inconsistent 

oversight

and 

coordination

Changing 

operations

(currency design, 

enforcement/

oversight, 

information 

technology)

Failures of 

or attacks 

on critical 

infrastructure 

(cyber, national 

disasters, highvalue assets)

Illicit use 

of financial 

system

Financial 

instability

(debt crises, 

structural 

instabilities)

Funding

(debt limit, 

reduced 

discretionary, 

continuing 

resolutions)

Retirements

Private sector 

wage growth

Increasing 

tax gap

Counterfeiting

Economic 

change

(slowing 

global growth, 

commodities 

market 

instability, capital 

share of income, 

growing U.S. 

wage inequality)

Global political 

shifts and 

instability

Influence Control Control Influence

Opportunities Threats

Strong 

partnerships

(industry, 

agencies, 

internationally)

Reputation

(objective,

“get it done,” 

professional)
8 Goal 1 Boost U.S. Economic Growth

External Stakeholders

Taxpayers

Tax Preparers

Social Security 

Administration

Department of Health and 

Human Services

State Tax Administrators

Desired Outcomes

Timely taxpayer guidance, instructions, and tax forms; Improved 

compliance and service efforts; Modernized tax treaties.

Why Does This Matter?

In 2017, the President signed historic tax reform into law. We 

must implement this law so taxpayers fully understand the new 

requirements and can comply with them in the least burdensome way possible. American families and small businesses 

spend too much time each year making sure they comply with 

the tax code. Tax administration should reduce the complexity 

of filing, limit the time and costs involved, and improve voluntary tax compliance.

The Internal Revenue Service (IRS) and Office of Tax Policy 

collaborate to set the foundation for regulations that promote 

sound tax administration, reduce uncertainty, and improve risk 

assessment. To reduce the tax gap in the next four years, the IRS 

will increase emphasis on easier taxpayer assistance tools and 

improved refund fraud reduction efforts.

Administer tax law to better enable all taxpayers to meet their 

obligations, while protecting the integrity of the tax system.

Goal 1 Objective 1.1

Tax Law Implementation

In response to significant increases in refund fraud schemes and identity 

theft, the IRS increased its prevention efforts. One such effort is the Security 

Summit initiative, a public-private sector partnership started in 2015 

between the IRS, state revenue departments, software developers, tax 

professionals, and financial services groups.

This effort led to a sharp decline in identity theft and related refund fraud, 

with several indicators dropping by more than 50 percent since the 

Summit began.

• In 2012, there was a 226 percent increase in new identity theft cases 

from the prior year.

• In 2016, there was a 46 percent decrease in new identity theft cases 

from the prior year.

Fiscal Year 2018–2019 Agency Priority Goal:

Reducing Refund Fraud
Objective 1.1 Tax Law Implementation 9

Objective 1.1 Strategies

Strategy 1.1.A Tax Policy, IRS, and Alcohol Tobacco Tax and 

Trade Bureau (TTB)

Issue timely guidance to implement the first major tax 

reform legislation in more than a generation, revise and 

issue new regulations to apprise taxpayers of agency 

interpretation of statute, issue necessary tax forms and 

instructions, and clarify international standards.

Measures and Indicators of Success:

• Tax guidance and regulations issued

• Tax forms updated for legislative changes

• Tax treaty status

Strategy 1.1.B IRS, Tax Policy, and TTB

Improve analytics for faster detection of compliance and

fraud issues. 

Measures and Indicators of Success:

• Use of analytic products

• Detection of compliance and fraud issues 

Strategy 1.1.C IRS and TTB

Design user-friendly tools and programs to improve 

customer service and lower barriers to voluntary 

compliance.

Measures and Indicators of Success:

• Filing and return compliance rates

• Online services use and completion rates

• Level of service

Support Strategy 1.1.D IRS

Develop long-term IRS workforce staffing plan.

Measures and Indicators of Success:

• Completed staffing plan
10 Goal 1 Boost U.S. Economic Growth

Spur faster economic growth by right-sizing Treasury 

and other regulations and advancing domestic economic 

policies that boost investment, employment, and innovation.

Desired Outcomes

Create sustained growth in Gross Domestic Product (GDP) of three 

percent or more.

Why Does This Matter?

While sensible regulation is necessary, we must balance the need to 

foster sound risk management across the U.S. financial system with 

the need to minimize regulatory costs. Overly burdensome regulations stifle economic growth. Compliance costs have increased as 

businesses hire professionals to unravel and comply with overlapping regulations, submit reporting, and prepare for audits. In some 

cases, federal rules do not take into account local and individual circumstances. Promoting a growth-centered regulatory environment, 

while creating an environment of responsible and reliable credit, will 

help usher in a new period of economic dynamism.

We seek to spur economic growth by fostering a financial services 

marketplace that offers products and services free from fraud and 

deception to enable individual and organizational investment. The 

Department promotes a regulatory and policy framework that 

encourages a financial marketplace that balances access to financial 

services with economic risk to households and the economy.

Goal 1 Objective 1.2

Strong Economic Fundamentals Percent Change

-4 0 4 8 12 16 20 24 28

Range of 

the Previous

7 Recoveries

Quarters from Recession End

Current 

Recovery

Average of

the Previous 

7 Recoveries

Recession 

End

50

40

30

20

10

0

-10

GDP growth during the current recovery has not reached the growth level of prior recoveries. 

As of 2017 Q1. Source: Bureau of Economic Analysis and Congressional Budget Office

External Stakeholders

Financial Stability

Oversight Council

Securities and Exchange 

Commission

Consumer Financial 

Protection Bureau

Federal Reserve

Federal Deposit Insurance 

Corporation

Office of Management

and Budget

National Economic

Council

Department of Commerce

Small Business 

Administration

Commodity Futures Trading 

Commission

National Credit Union 

Administration

State Regulators

Businesses

The Public

Communities 

Real GDP Percent Change from Recession End
Objective 1.2 Strong Economic Fundamentals 11

Objective 1.2 Strategies

Strategy 1.2.A Domestic Finance, 

Economic Policy, and International Affairs

Right-size domestic and international 

regulation to ease burden.

Measures and Indicators of Success:

• High-quality recommendations developed 

on time

• Analytic framework that assesses costs and 

benefits of regulatory changes in light of 

economic growth priorities and succinctly 

presents key trade-offs

Strategy 1.2.B Economic Policy and Office of 

the Treasurer

Contribute actively to the development 

of domestic policy proposals that boost 

business investment, increase labor 

force participation, and raise productivity 

growth. 

Measures and Indicators of Success:

• Regular participation in inter-agency 

processes that successfully advance domestic 

policies focused on boosting growth

• Closely monitored economic outcomes and 

trends, such as investment, employment, and 

innovation

Strategy 1.2.C Domestic Finance, Economic 

Policy, and Treasurer

Promote a financial services marketplace 

that addresses the needs of American 

consumers.

Measures and Indicators of Success:

• Quality Financial Literacy and Education 

Commission products

• Sophisticated analysis to support policy 

development aimed at improving financial 

decision-making

• Outcomes closely monitored, such 

as household saving, borrowing, and 

expenditures

• Recommendations developed regarding 

municipal bond market structure

Support Strategy 1.2.D Economic Policy

Better integrate economic analysis across 

Treasury.

Measures and Indicators of Success:

• Active network of policy analysts and 

economists across key agencies developed to 

better align with Treasury work

• Better leveraged outside expertise using 

term-limited appointments
12 Goal 1 Boost U.S. Economic Growth

Desired Outcomes

United States currency remains the world’s premier currency; 

Americans empowered to make independent financial decisions; 

Industry members receive improved service.

Why Does This Matter?

We enable citizens and businesses to participate in the economy by providing trusted currency and services, including permitting and labeling for alcohol and tobacco businesses and financial 

literacy resources for the public. First, in partnership with the 

Federal Reserve Board and United States Secret Service, we must 

continue to ensure an adequate supply of currency for domestic 

and foreign markets and sustain efforts to protect and maintain 

global confidence in U.S. currency. 

Second, where we oversee entry of businesses and products into the 

marketplace, we must not obstruct economic growth and cause financial hardships for businesses through delays in issuing required permits and label approvals. We have opportunities to continue to review 

policies and regulations to lift the burden placed on these businesses 

and to effectively apply modern technology to simplify compliance.

Finally, we work with the federal financial literacy community to 

provide trusted resources and services to Americans. It is vital to 

empower Americans to make independent and informed financial decisions throughout their lives by building financial knowledge, skills, and opportunities, and helping them to overcome 

barriers to financial security.

Deliver trusted currency and services that enable citizens 

and businesses to participate in the economy.

Goal 1 Objective 1.3

Trusted Currency and Services

External Stakeholders

Federal Reserve

United States

Secret Service

Financial Literacy and 

Education Commission

Businesses

The Public

Ongoing growth in the alcohol beverage industry in recent years has resulted 

in an increased volume in permit applications for new alcohol producers. 

This growth in workload has contributed to delayed permit approvals that 

exceed the Alcohol and Tobacco Tax and Trade Bureau's (TTB's) service 

standards. In FY 2017, TTB reviewed its current processes, applications, and 

online systems to identify ways to streamline the process for prospective 

industry members. In FY 2018 and 2019, TTB will work to implement these 

improvements and reduce average approval times for business permits.

Fiscal Year (FY) 2018–2019 Agency Priority Goal:

Improved Business Qualification Process
Objective 1.3 Trusted Currency and Services 13

Objective 1.3 Strategies

Strategy 1.3.A Bureau of Engraving and Printing 

(BEP)

Enhance anti-counterfeit currency design.

Measures and Indicators of Success:

• Design next generation of currency on 

schedule

• Reduce the number of counterfeit notes

Strategy 1.3.B Office of the Treasurer

Empower Americans in making 

independent and informed financial 

decisions to build individual wealth.

Measures and Indicators of Success:

• Quality products from the Financial Literacy 

and Education Commission

• Outcomes closely monitored, such as savings 

numbers/credit score improvement

Strategy 1.3.C TTB

Improve the business and product 

qualification processes for industry.

Measures and Indicators of Success:

• Turnaround times of TTB permit, label,

and formula applications

• Quality of initial submissions

Strategy 1.3.D U.S. Mint and BEP

Recapitalize aging production facilities 

and equipment for needed capacity and 

capabilities.

Measures and Indicators of Success:

• Yearly Currency Order

(percent of order completed versus planned)

• Status of facility projects

• Capital spend amounts

Support Strategy 1.3.E U.S. Mint and BEP

Develop and execute long-term

currency production workforce staffing

and training plan.

Measures and Indicators of Success:

• Completed staffing plan

Support Strategy 1.3.F U.S. Mint

Promote a successful coin program.

Measures and Indicators of Success:

• Advancement of new proposals

Treasury must ensure an adequate supply of currency for domestic and foreign markets and sustain efforts to protect and maintain global confidence in U.S. currency.
14 Goal 1 Boost U.S. Economic Growth

Desired Outcomes

Fewer foreign trade barriers; New growth opportunities for 

Americans; Level playing field for U.S. businesses; Successful 

trade agreements; More balanced global trade. 

Why Does This Matter?

Free and fair trade is vital to strong domestic growth, prosperity, national security, and foreign policy. It is in America’s economic and national security interests to promote commerce 

by strengthening our relationships with our trading partners, 

negotiating and maintaining trade agreements that benefit 

American workers, vigorously enforcing our nation’s trade laws, 

improving overall conditions for competition and trade, investigating violations of anti-competitive practices in the marketplace, and ensuring the strength of our manufacturing and 

defense industrial bases.

The U.S. has not obtained the full scope of benefits anticipated 

under past trade agreements and World Trade Organization 

participation. Adjusted for inflation, the value of U.S. goods 

imports has consistently outpaced U.S. goods exports. Artificial 

deficits and unfair trade put American workers and businesses 

at a serious disadvantage.

Advance a free and fair trade environment for U.S. 

businesses through successful negotiation of trade 

agreements and investment policies.

Goal 1 Objective 1.4

Free and Fair Trade

Treasury leads international negotiations on financial 

services and transfers for the U.S. government, in 

pursuit of critical financial services commitments, 

robust transfers, provisions of trade, and investment 

negotiations. We also lead negotiations related to rules on 

currency in the context of our trade agreements.

Treasury’s Role in Trade Negotiations

External Stakeholders

U.S. Trade Representative

Export-Import Bank

International Working Group 

on Export Credits

Department of Commerce

Department of Labor

Department of Agriculture

National Security

Council

Congress

Department of State

International Monetary Fund

World Bank

Businesses

The Public
Objective 1.4 Free and Fair Trade 15

Objective 1.4 Strategies

Strategy 1.4.A International Affairs and Alcohol 

Tobacco Tax and Trade Bureau (TTB)

Address discriminating policies and 

unlawful trade practices.

Measures and Indicators of Success:

• Number of TTB investigations that resulted 

in a successful

outcome

Strategy 1.4.B International Affairs

Conclude better trade deals that level the 

playing field.

Measures and Indicators of Success:

• Number of concluded targeted trade 

agreements that seek to level the playing 

field for America’s workers, farmers, and 

businesses

Strategy 1.4.C International Affairs

Achieve fair foreign exchange practices 

through multilateral engagement with 

international partners

Measures and Indicators of Success:

• Number of concluded FTAs inclusive of 

or accompanied by meaningful currency 

commitments

• Data tracked in Treasury’s semi-annual 

Foreign Exchange Report

• Number of G-20 countries that strengthen 

and abide by currency commitments

U.S. Trade Deficit Billions of Chained 2009 Dollars

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

$0

Year Real exports and imports of goods (1994-2017) 

Source: Census Bureau, Bureau of Economic Analysis

Real Goods 

Imports

Real Goods 

Exports
16 Goal 2 Promote Financial Stability

Desired Outcomes

Increased share of mortgage credit supported by private capital; 

Resolution of GSE conservatorships; Appropriate level of sustainable homeownership.

Why Does This Matter?

Fannie Mae and Freddie Mac have been in federal conservatorship for nine years. Taxpayers continue to stand behind their 

obligations through capital support agreements while there is 

no clear path for the resolution of their conservatorship. The 

GSEs, combined with federal housing programs such as those 

at the Federal Housing Administration and the Department of 

Veterans Affairs, support more than 70 percent of new mortgage 

originations. Changes should encourage the entry of greater private capital in the U.S. housing finance system. Resolution of 

the GSE conservatorships and right-sizing of federal housing 

programs is necessary to support a more sustainable U.S. housing finance system.

Support housing finance reform to resolve GovernmentSponsored Enterprise (GSE) conservatorships and prevent 

taxpayer bailouts of public and private mortgage finance 

entities, while promoting consumer choice within the

mortgage market.

Goal 2 Objective 2.1

Housing Finance Reform

External Stakeholders

Congress

Federal Housing Finance 

Agency

Fannie Mae/Freddie Mac

Department of Housing and 

Urban Development/

Federal Housing 

Administration

Department of

Veterans Affairs

Consumer Financial 

Protection Bureau

Federal Reserve

Securities and Exchange 

Commission

Federal Deposit Insurance 

Corporation

Association of

State Banking Regulators 

The Public
Objective 2.1 Housing Finance Reform 17

Objective 2.1 Strategies

Strategy 2.1.A Domestic Finance and Economic Policy

Engage stakeholders to develop housing finance reform 

recommendations.

Measures and Indicators of Success:

• Regular engagement with external stakeholders to solicit recommendations 

and discuss housing finance reform

• Dissemination of principles and recommendations for housing finance reform 

Strategy 2.1.B Domestic Finance and Economic Policy

Prepare to implement enacted housing finance reform.

Measures and Indicators of Success:

• Plan for the resolution of current GSE conservatorships

• Analysis of emerging housing finance issues against U.S. economic conditions

Right-sizing of federal housing programs is necessary to support a more sustainable U.S. housing finance system and promote consumer choice within the mortgage market.
18 Goal 2 Promote Financial Stability

Desired Outcomes

Global economy free of currency manipulation.

Why Does This Matter?

Strong fundamentals, sound policies, and a resilient international 

monetary system are essential to the stability of exchange rates, 

contributing to strong and sustainable growth and investment. 

Certain foreign exchange rate practices can impact export markets in ways that lead to unfair advantages for foreign competitors. 

We seek to level the playing field for U.S. businesses through 

multilateral and bilateral engagements on foreign exchange 

practices. We do this via multilateral and bilateral activities 

working through the International Monetary Fund (IMF) and 

the Group of 20 Nations (G-20). The G-20 Finance Ministers 

agreed to a regular IMF report assessing progress toward 

achieving strong, sustainable, and balanced growth, as well as 

the potential for policy development and policy issues related 

to achieving faster and more sustainable adjustment of external imbalances. 

We are focused on combatting unfair currency practices that 

disadvantage U.S. industry and workers and, to this end, have 

strengthened the semi-annual surveillance of the exchange rate 

practices of major U.S. trading partners. We also continue to 

press for stronger exchange rate surveillance in the IMF. 

Achieve fair foreign exchange practices through multilateral 

engagement with international partners.

Goal 2 Objective 2.2

Foreign Exchange Practices

External Stakeholders

International

Monetary Fund

Group of 20 Nations

National Security Council

Department of Commerce

Department of State

Strategic Objective 2.2 has been 

incorporated into Strategy 1.4.C

based on the FY19 Strategic Objective 

Annual Review—see page 42 for more 

information on the Strategic Plan's annual 

update process.
Objective 2.2 Foreign Exchange Practices 19

Objective 2.2 Strategies

Strategy 2.2.A International Affairs

Incorporate meaningful foreign exchange goals into

Free Trade Agreement (FTA) negotiations.

Measures and Indicators of Success:

• Number of concluded FTAs inclusive of or accompanied by 

meaningful currency commitments

Strategy 2.2.B International Affairs

Utilize IMF and G-20 forums to make progress in 

constructive exchange rate practices.

Measures and Indicators of Success:

• Data tracked in Treasury’s semi-annual Foreign

Exchange Report

• Number of G-20 countries that strengthen and abide by 

currency commitments

Strategic Objective 2.2 has been 

incorporated into Strategy 1.4.C

based on the FY19 Strategic Objective 

Annual Review—see page 42 for more 

information on the Strategic Plan's annual 

update process.
20 Goal 2 Promote Financial Stability

Desired Outcomes

Strongly engaged partner countries with increased capability to 

raise and mobilize domestic resources (resulting in decreased reliance on foreign aid); Attainment of strong, abuse-resistant financial sectors that promote economic growth.

Why Does This Matter?

Treasury’s Office of Technical Assistance (OTA) directly assists 

developing and transition countries that have demonstrated 

strong commitment to reforming public financial management 

and strengthening their financial sectors. This work encourages 

prosperity and stability in other parts of the world and supports 

broader U.S. government economic and national security objectives – such as reducing corruption – while helping to create more 

stable international markets for U.S. exports.

Provide technical assistance to enable foreign partner 

countries to better raise and manage financial resources and 

protect their financial sectors.

Goal 2 Objective 2.3

Foreign Technical Assistance

The Americas

Argentina

Belize

Colombia

Dominica

Dominican 

Republic

El Salvador

Grenada

Guatemala

Guyana

Haiti

Honduras

Jamaica

Mexico

Paraguay

Peru

Saint Kitts and Nevis

Saint Vincent and the Grenadines

Trinidad and Tobago

Asia

Afghanistan

Burma

Cambodia

India

Indonesia

Mongolia

Philippines

Sri Lanka

Sub-Saharan Africa

Cabo Verde

Gabon

Ghana

Guinea

Guinea-Bissau

Kenya

Liberia

Madagascar

Malawi

Niger

Rwanda

Sierra Leone

Somalia

Tanzania

Uganda

Zambia

Source: OTA

Middle East and North Africa

Algeria

Iraq

Jordan

Tunisia

Europe and Eurasia

Kosovo Moldova Ukraine

Treasury’s Technical Assistance Footprint

External Stakeholders

Department of State

U.S. Agency for

International Development

Millennium Challenge 

Corporation

International Financial 

Institutions

Development Banks

Partner Countries
Objective 2.3 Foreign Technical Assistance 21

Objective 2.3 Strategies

Strategy 2.3.A International Affairs

Maintain strong focus on core technical assistance areas 

(revenue policy and administration; budget and financial 

accountability; government debt issuance and management; 

banking and financial services; economic crimes).

Measures and Indicators of Success:

• Engagement of partner countries in programs

• Number of projects in core technical assistance areas

Strategy 2.3.B International Affairs

Emphasize high priority issues such as domestic resource 

mobilization, infrastructure finance, expanded access to 

financial services, and Anti-Money Laundering/Combating 

Financing of Terrorism (AML/CFT) frameworks.

Measures and Indicators of Success:

• Engagement of partner countries in programs

• Number of projects emphasizing high priority issues

Ukraine took steps to stabilize its 

banking sector, including resolution of the 

country’s largest and most systemically 

important bank in 2016.

Burma created the government’s first 

Large Taxpayer Office as part of a joint 

Treasury-International Monetary Fund 

project to strengthen tax administration 

and improve domestic resource 

mobilization. In 2016, the office improved 

voluntary compliance and amended 

returns yielded more than $13 million in 

additional revenue.

Recent Foreign Technical Assistance 

Success Stories
22 Goal 2 Promote Financial Stability

Desired Outcomes

Reduced frequency and impact of cybersecurity 

breaches and physical incidents; More effective incident response processes and improved 

recovery time; Improved information sharing 

and collaboration. 

Why Does This Matter?

The U.S. financial sector faces a broad range of 

cybersecurity vulnerabilities and physical hazards both domestically and abroad. These are 

not likely to diminish in the near-term. In fact, 

given past trends and the growing complexity of technology, cyber vulnerabilities in particular are likely to increase numerically and 

in potential consequences if exploited. This is 

compounded by the associated sophistication of 

adversaries and their techniques used to exploit 

cyber vulnerabilities. Therefore, we must both 

understand and reduce the sheer number of 

vulnerabilities and the potential impact of any 

successful exploitation. This may require increasingly dynamic, real-time approaches, with closer 

networks of government and industry partners 

working together to reduce the sector’s cyber 

vulnerabilities (and thus overall risk), thereby 

improving security and resilience. 

Because financial sector critical infrastructure 

is primarily owned and operated by the private 

sector, operational risk is within the purview and 

responsibility of the firm involved. We consult 

with the private sector to identify and subsequently manage potential vulnerabilities, through 

advising on techniques such as information sharing, promoting the use of best practices, and creating automated tools. Not only are firms and the 

larger infrastructure better protected, but their 

boards can make better and more informed decisions regarding appropriate levels of cyber and 

operational risk they are willing to accept.

Enhance security, improve resiliency, and reduce the risk of 

significant cybersecurity and other incidents to the financial 

sector’s critical infrastructure, domestically and internationally.

Goal 2 Objective 2.4

Financial Sector Critical

Infrastructure and Cybersecurity 

According to figures compiled by IBM Managed Security 

Services, the financial services sector moved from the third 

most-attacked industry in 2015 (behind healthcare and 

manufacturing) to the first in 2016. This was due primarily 

to two major technical attack families that together 

accounted for almost half of all attacks among IBM 

Managed Security Services financial sector customers. 

These attacks are perhaps the most popular approaches 

in this sector because the successful exploitation of these 

vulnerabilities allows attackers to read, modify, and destroy 

sensitive data. Additionally, financial information databases 

contain vast amounts of personally identifiable information, 

which hackers can sell at a profit. Technical attacks such 

as these are likely to remain the primary methods of 

attacking data stores.

External Stakeholders Financial Sector Cyber Vulnerabilities

Financial Regulators

Law Enforcement

Department of

Homeland Security

Financial Sector Companies

Trade Associations

Other Supporting Critical 

Infrastructures

Information Sharing and 

Analysis Centers

International Partners 
Objective 2.4 Financial Sector Critical Infrastructure and Cybersecurity 23

Objective 2.4 Strategies

Strategy 2.4.A Domestic Finance

Harmonize regulatory proponents on 

cybersecurity methods and baseline 

protections for best practices.

Measures and Indicators of Success:

• Improved coordination on cybersecurity 

supervisory efforts

• Increased resilience by shifting resources 

to improving security from regulatory 

compliance

• Adoption and use of the National Institute 

of Standards and Technology Cyber Security 

Framework

• Work conducted with domestic sector 

members and international forums to 

harmonize best practices with the framework 

Strategy 2.4.B Domestic Finance

Work with financial sector companies and 

“Section 9” firms to identify vulnerabilities 

in the financial services sector, so that 

a prioritized mitigation plan can be 

developed and implemented by the 

owners and operators of the systems.

Measures and Indicators of Success:

• Enhanced sector mapping to develop a 

broader understanding of sector critical 

processes

• Completed work to prioritize and address 

major vulnerabilities identified as a part of 

this effort

• Enhanced security and resilience of 

“Section 9” companies (companies where a 

cybersecurity incident could reasonably result 

in catastrophic regional or national effects on 

public health or safety, economic security, or 

national security) 

Strategy 2.4.C Domestic Finance

Identify and address interdependencies 

with other sectors of industry, particularly 

other critical infrastructures that 

support financial services, such as 

telecommunications and power. 

Measures and Indicators of Success:

• Completed major exercise with the 

communications and electricity sectors

• Lessons learned, identified, and addressed

• Improved sector planning framework tested 

through additional cybersecurity exercises

Strategy 2.4.D Domestic Finance

Partner with industry and government 

agencies to increase cybersecurity 

information flow among private and 

public partners.

Measures and Indicators of Success:

• Improved quality, quantity, relevance, and 

timeliness of information shared

• Increase in number of organizations actively 

sharing information

Support Strategy 2.4.E Domestic Finance and

Management

Improve high-value asset (HVA) resiliency.

Measures and Indicators of Success:

• HVA reliability

Support Strategy 2.4.F Domestic Finance

Minimize the impact of incidents that 

do occur by developing and exercising 

effective response plans. 

Measures and Indicators of Success:

• Improved sector planning framework tested 

through additional cybersecurity exercises
24 Goal 3 Enhance National Security

Desired Outcomes

Identify, disrupt, and successfully isolate threats from the U.S. and 

global financial system; Deny revenue sources to terrorist financiers, money launderers, weapons proliferators, drug kingpins, and 

human rights abusers; Proactively implement U.S. policy toward 

regimes such as Iran, North Korea, Venezuela, and Russia, and 

terrorist organizations such as ISIS, Hizbollah, and al-Qa’ida.

Why Does This Matter?

Through its national security mission and statutory authority, 

such as the International Economic Emergency Powers Act (IEEPA) 

and the USA PATRIOT Act, Treasury’s Office of Terrorism and 

Financial Intelligence (TFI) has broad tools to investigate and 

target activity that threatens national security such as financing 

of terrorism and the proliferation of weapons of mass destruction. We must work with our partners, leveraging U.S. leadership bilaterally and multilaterally, to ensure these authorities are 

used strategically to target – and have the greatest effect on – 

rogue regimes, criminal networks, and terrorist organizations, 

while considering the potential impact on the economies of the 

United States and its allies.

Identify, disrupt, and dismantle priority threats to the U.S. 

and international financial systems.

Goal 3 Objective 3.1

Strategic Threat Disruption

External Stakeholders

State and Federal Regulators

 Foreign Partners

Local, State, and Federal 

Law Enforcement

Department of Justice

Intelligence Community

Department of State

Department of Defense

Department of

Homeland Security

Department of Commerce

National Security Council

National Economic Council

Egmont Group

(Foreign Intelligence Units)

Financial Institutions

We must focus our combined efforts on disrupting illicit 

financial networks and protecting the U.S. and international 

financial systems by expanding information sharing and 

collaboration with international partners to address risks 

from rogue regimes, terrorist financiers, transnational 

criminal organizations, human rights abusers, and 

proliferators of weapons of mass destruction.

Fiscal Year 2018–2019 Agency Priority Goal:

International Collaboration
Objective 3.1 Strategic Threat Disruption 25

Objective 3.1 Strategies

Strategy 3.1.A TFI, Financial Crimes

Enforcement Network (FinCEN)

Disrupt the capability of priority targets 

to raise, use, and move funds through 

strategic application of Treasury’s tools 

and authorities.

Measures and Indicators of Success:

• Implementation of administration and 

congressional policies

• Priority threats disrupted

Strategy 3.1.B TFI and FinCEN

Identify threats to the financial system 

from terrorists, proliferators, rogue 

regimes, and criminal actors through 

the exploitation and analysis of Bank 

Secrecy Act (BSA) data, other financial 

information, and all-source intelligence 

research and analysis. 

Measures and Indicators of Success:

• Threats identified

• Creation of analytic products

Strategy 3.1.C TFI, FinCEN, and International Affairs

Expand current and facilitate new threat 

information-sharing and collaboration with 

domestic and international partners.

Measures and Indicators of Success:

• Information shared

• Collaboration events

Support Strategy 3.1.D TFI and FinCEN

Maximize and integrate Treasury’s 

economic tools and authorities across TFI 

components against illicit actors.

Measures and Indicators of Success:

• Use of tools and authorities

Support Strategy 3.1.E TFI and FinCEN

Coordinate analysis of all available 

information sources, including 

intelligence analysis, BSA data, and other 

financial information obtained through 

Treasury administrative authorities or 

from foreign partners.

Measures and Indicators of Success:

• Internal coordination activities

Risks 

to the 

Financial 

System

e.g. Rogue 

Regimes, Terrorist 

Financiers, Money 

Launderers, 

WMD 

Proliferators, 

Drug 

Kingpins 

Pressure 

Tools

 Sanctions

 Section 311 of the

USA PATRIOT Act

 International Partners

 Funding/Support of

Criminal Investigations

 Diplomatic Engagement

Preventative 

Tools

 Int’l AML/CFT Standards

 Diplomatic Engagement

 Bank Secrecy Act

Advisory Group

 Regulatory Oversight

 FinCEN Advisories

 AML Regs/Guidance

 Compliance

 Private Sector

Engagement

Diagnostic 

Tools

 Intelligence Analysis

 Regulatory Reporting

 Record Keeping Rules

 Law Enforcement 

Information

 Foreign Government 

Information

U.S. and 

International 

Financial 

Systems

How TFI Uses Its Tools to Combat Risks 
26 Goal 3 Enhance National Security

Desired Outcomes

Prevent terrorists and other illicit actors from using the U.S. 

and international financial systems through strengthened U.S. 

and global Anti-Money Laundering/Combating Financing of 

Terrorism (AML/CFT) frameworks; Enhanced transparency in 

the international financial system. 

Why Does This Matter?

Through its national security mission and AML/CFT regulatory authorities, Terrorism and Financial Intelligence (TFI) has 

the responsibility to protect the U.S. financial system. The interconnectedness of the international financial system means that 

both threats and vulnerabilities are inherently global in nature 

and that illicit activity occurring outside the U.S. financial system 

can directly undermine the integrity of our system. 

In addition to deploying Treasury tools and coordinating with 

other U.S. government agencies, we must also partner with the 

private sector and foreign governments to encourage, incentivize, and compel action to bolster the integrity of the international 

financial system and ensure that illicit actors – including proliferators, terrorist support networks, destabilizing regimes, and transnational criminal organizations – are unable to use this system in 

support of their objectives.

Identify and reduce vulnerabilities in the U.S. and international 

financial system to prevent abuse by illicit actors.

Goal 3 Objective 3.2

Anti-Money Laundering and Combating 

Financing of Terrorism Framework

External Stakeholders

State and Federal Regulators

Foreign Partners

Local, State, and Federal 

Law Enforcement

Department of Justice

Intelligence Community

Department of State

Department of Defense

Department of

Homeland Security

National Security Council

Egmont Group

(Financial Intelligence Units)

Financial Institutions
Objective 3.2 Anti-Money Laundering and Combating Financing of Terrorism Framework 27

Objective 3.2 Strategies

Strategy 3.2.A TFI, Financial Crimes Enforcement 

Network (FinCEN), and Economic Policy

Proactively identify vulnerabilities 

within the financial system and address 

them through a risk-based approach 

that integrates oversight measures, 

regulations, targeted enforcement 

actions, and compliance.

Measures and Indicators of Success:

• Vulnerabilities addressed

• Risk-based approach implemented

Strategy 3.2.B TFI and FinCEN

Exchange information between and 

among governments, law enforcement, 

and financial institutions to address risks 

to the U.S. and global financial systems. 

Measures and Indicators of Success:

• Information exchanged

• Number of partners

• Information leading to action

Strategy 3.2.C TFI and FinCEN

Encourage international partners 

to adopt, implement, and enforce 

international AML/CFT standards.

Measures and Indicators of Success:

• Number of partners adopting standards

Strategy 3.2.D TFI and FinCEN

Modernize, streamline, and simplify the 

regulatory framework to more effectively 

and efficiently address national security 

priorities.

Measures and Indicators of Success:

• Regulatory changes

• Guidance produced

Support Strategy 3.2.E TFI and FinCEN

Modernize systems and analytical 

capabilities to better collect, assess, 

disseminate, and act upon financial data 

and intelligence.

Measures and Indicators of Success:

• System modernization

• Increased analytic production and 

dissemination

Support Strategy 3.2.F TFI and FinCEN

Conduct law enforcement and private 

sector outreach and take enforcement 

actions, as appropriate, against noncompliant entities to encourage robust 

compliance controls for private actors to 

effectively implement sanctions-related 

policies and procedures. 

Measures and Indicators of Success:

• Outreach events

• Enforcement actions
28 Goal 3 Enhance National Security

Advance American prosperity and security through growth, 

investment, trade, and expanding the American industrial 

base while protecting national security.

Desired Outcomes

Peace through economic strength; Maintain an open inward foreign investment posture while eliminating national security risks.

Why Does This Matter?

Prosperity helps enhance national security, as articulated in the 

Administration’s new National Security Strategy. The United 

States must use all instruments of national power, including diplomatic and economic tools, to ensure American workers and 

companies are not unfairly disadvantaged and to create a more 

stable world, while respecting our economic partners’ sovereignty.

Separately, the United States faces an evolving foreign investment 

land- scape that poses increasingly complex risks to U.S. national 

security and strategic interests that stretch the ability of existing authorities of the Committee on Foreign Investment in the 

United States (CFIUS) to address. This includes new trends, such 

as the more frequent need to use mitigation measures to address 

identified national security risks (for example, restricting who can 

access certain information and who can influence government 

contracts or processes), increased prevalence of complex acquisitions, and the use of new types of transactions that pose similar 

potential national security concerns as foreign acquisitions.

Goal 3 Objective 3.3

Economic Strength and National Security

External Stakeholders

Department of State

Department of Commerce

Department of Defense

Other Member Agencies

of the Committee on

Foreign Investment in the 

United States

Congress
Objective 3.3 Economic Strength and National Security 29

Objective 3.3 Strategies

Strategy 3.3.A International Affairs

Exercise leadership on the 

implementation of economic strategies, 

drawing on the tools and resources of 

the international community, to stabilize 

potentially volatile regions.

Measures and Indicators of Success:

• Involvement of international partners

Strategy 3.3.B International Affairs, Terrorism 

and Financial Intelligence (TFI)

Review and investigate foreign 

acquisitions for national security risks.

Measures and Indicators of Success:

• No foreign acquisitions of U.S. assets that 

pose unresolved national security concerns

Strategy 3.3.C International Affairs

Implement enacted critical industry 

reform.

Measures and Indicators of Success:

• Meet CFIUS statutory timeframes and 

requirements

Support Strategy 3.3.D International Affairs, TFI

Ensure CFIUS is properly resourced 

commensurate with workload.

Measures and Indicators of Success:

• Average caseload per case officer

• Dedicate staff to monitoring mitigation 

agreements and non-notified transactions 

Fiscal Years (FY)

Transactions Reviewed Transactions Requiring Additional Investigation Source: Treasury

Number of Cases

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

200

180

160

140

120

100

80

60

40

20

0

CFIUS Caseload by Type
30 Goal 4 Transform Government-wide Financial Stewardship

Desired Outcomes

Provide the public and federal agencies with access to a greater 

range of financial data to increase transparency and support datadriven decision making; Multiple user groups supported and data 

used for evidence-based decisions, reduced reporting costs, and 

more measurable returns on investments.

Why Does This Matter?

The implementation of the Digital Accountability and Transparency 

Act of 2014 (DATA Act) increased the availability of federal 

spending data on the USAspending.gov website. The DATA Act 

Information Model Schema, which is used to help retrieve and 

display these data, can be expanded to include other administrative data and link more domains across the federal enterprise. The 

more linked information that is added, the greater its use to support decision-making and provide metrics for evaluating program 

performance and outcomes.

We plan to increase our own use of information for better decision-making, particularly in terms of winding down major financial programs and evaluating commitments to international 

organizations.

Increase the access and use of federal financial data to 

strengthen government-wide decision-making, transparency, 

and accountability.

Goal 4 Objective 4.1

Financial Data Access and Use

External Stakeholders

Office of Management

 and Budget

Chief Financial Officers 

Council

Federal Agencies

The Public
Objective 4.1 Financial Data Access and Use 31

Objective 4.1 Strategies

Strategy 4.1.A Domestic Finance and Bureau of the Fiscal Service

Improve the quality and availability of financial data for federal CFOs.

Measures and Indicators of Success:

• Increase in quantity and quality of financial data

• Broader array of data sources

Strategy 4.1.B Internal Revenue Service, Domestic Finance, and

Bureau of the Fiscal Service

Analyze and share data to effectively assess performance and 

determine appropriate work streams.

Measures and Indicators of Success:

• Increased use of data in organizational performance assessments and reports

Strategy 4.1.C Domestic Finance

Wind down sun-setting programs responsibly, maximizing the financial 

benefit to taxpayers.

Measures and Indicators of Success:

• Total cost of programs being sun-setted

• Implementation of wind-down plans

Strategy 4.1.D International Affairs

Manage U.S. positions at multilateral institutions.

Measures and Indicators of Success:

• Value of unmet commitments to multilateral development banks

• Improved multilateral development bank policies for project selection
32 Goal 4 Transform Government-wide Financial Stewardship

Desired Outcomes

Sufficient funds raised to finance future deficits and fund Treasury’s 

liquidity buffer at the lowest cost over time to the American taxpayer; Increase in investors attracted to both the primary and secondary Treasury debt market; Treasury information technology 

systems and infrastructure are sufficiently robust, current, secure, 

and aligned with investor and issuer needs.

Why Does This Matter?

The amount of debt issuance needed to fund the government is 

anticipated to be substantial over the next decade. Evolving technology, investor behavior, and regulations are dynamic forces that 

create both intermediate and longer-term challenges. Uncertainty 

related to macroeconomic factors, legislation, and forecast error 

increase risks to our funding objectives and flexibility.

Fund the federal government at the least cost over time.

Goal 4 Objective 4.2

Debt Management

External Stakeholders

Treasury Market Investors 

Including Primary Dealers

Federal Reserve

Bank of New York

Securities and Exchange 

Commission

U.S. Commodity Futures 

Trading Commission

Financial Industry

Regulatory Authority

Board of Governors
Objective 4.2 Debt Management 33

Objective 4.2 Strategies

Strategy 4.2.A Domestic Finance

Improve Treasury market analytics for greater accuracy 

and responsiveness.

Measures and Indicators of Success:

• On-time and improved analysis products

Strategy 4.2.B Domestic Finance and Bureau of the Fiscal Service

Develop new products that satisfy investors’ needs and 

help meet Treasury issuance goals.

Measures and Indicators of Success:

• New products launched

Support Strategy 4.2.C Domestic Finance and Bureau of the

Fiscal Service

Develop a more robust and automated Treasury Debt 

Issuance System that is secure and scalable.

Measures and Indicators of Success:

• Percentage of auctions successfully completed by the 

scheduled close

• Percentage of auction results released accurately
34 Goal 4 Transform Government-wide Financial Stewardship

Desired Outcomes

Implementation of new innovative financial practices; Lower 

financial management costs; Greater value from and increased 

use of shared services.

Why Does This Matter?

We are a central provider of financial management services to the 

U.S. government. Consequently, we strive to improve the quality of these services and reduce the costs so that agencies can 

spend more of their resources on their missions and provide value 

to the American public. As financial technology and practices 

change, we aim to adopt the best innovative practices to achieve 

this objective.

External Stakeholders

Office of Management

and Budget

Federal Agencies

Improve federal financial management performance using 

innovative practices to support effective government.

Goal 4 Objective 4.3

Federal Financial Performance Paper Benefits Payments (in Millions of Dollars)

Fiscal Years (FY)

Modernization Effort Decreased Paper Payment Volume

FY 2010 FY 2013 FY 2016 FY 2017

140

120

100

80

60

40

20

0

Treasury’s Bureau of the Fiscal Service disburses approximately 85 percent of all federal payments, including tax 

refunds and Social Security benefits. Beginning in 2012, the Bureau launched a modernization effort to increase 

electronic transactions that led to a savings of more than $500 million. Source: Treasury

$131m

$39m

$18m $17m
Objective 4.3 Federal Financial Performance 35

Objective 4.3 Strategies

Strategy 4.3.A Domestic Finance and Bureau of the Fiscal Service

Provide new tools and capabilities in support of the 

financial management community and their respective 

missions.

Measures and Indicators of Success:

• Identification and promotion of emerging technologies and 

practices

Strategy 4.3.B Domestic Finance

Identify and systematically measure all General Fund 

exposures from credit, insurance, emergency, and 

contingency liabilities.

Measures and Indicators of Success:

• Improved exposures reporting

To review challenges, opportunities, and trends, we 

studied and sourced information from numerous 

innovators including U.S. federal, state, and local 

governments, international governments, and privatesector experts to create a federal financial management 

strategy. This strategy will enable the federal financial 

management community to modernize financial 

operations and provide insight and leadership to improve 

agency efficiency and performance.

Leading the Charge for Innovative Practices
36 Goal 5 Achieve Operational Excellence

Desired Outcomes

An agile, skilled, effective, and diverse workforce; Innovative and 

inclusive workplace; Sustainable culture of engagement and superior performance.

Why Does This Matter?

We require an agile, diverse, and inclusive workforce to maximize organizational performance and efficiency, under conditions of constant change, and succeed in achieving our mission. 

As we pursue agency reform and workforce reshaping initiatives, 

there are risks of losing institutional knowledge, not being able 

to nimbly respond to evolving demands, and implementing decisions that impact the workforce that may not be based on strong, 

evidence-based human capital analysis. 

We will transform how we manage our workforce by incorporating a competency-based approach into the Department’s human 

capital management framework. This will provide us with the 

means to assess and shape capabilities of the workforce, to leverage the workforce to respond to changing mission needs quickly 

and easily, and to assess the current workforce capacity against 

the capacity needed to achieve the strategic objectives of the 

Department.

This approach will allow Treasury to improve organizational performance, compete for talent, support cultural change, enhance 

training and development effectiveness, improve recruitment and 

selection processes, reduce turnover, clarify roles, and increase 

emphasis on business objectives.

Foster a culture of innovation to hire, engage, develop, 

and optimize a diverse workforce with the competencies 

necessary to accomplish our mission.

Goal 5 Objective 5.1

Workforce Management

External Stakeholders

Office of Management

and Budget

Office of Personnel 

Management
Objective 5.1 Workforce Management 37

Objective 5.1 Strategies

Strategy 5.1.A Management, Bureau Human Resources Officers, Chief Learning 

Officers, and Diversity and Inclusion Officers

Create an appropriately sized, structured, and skilled workforce with the 

competencies needed to meet our mission and organizational goals.

Measures and Indicators of Success:

• Percentage of identified critical positions with succession plans in Treasury’s 

Integrated Talent Management System

• Established Treasury-wide succession planning framework (or policy)

Strategy 5.1.B Management, Bureau Human Resources Officers, Chief Learning 

Officers, and Diversity and Inclusion Officers

Maximize employee performance and ensure alignment in support of 

organizational outcomes.

Measures and Indicators of Success:

• Percentage of individual performance commitments that are aligned with 

organizational performance objectives

• Improved Federal Employee Viewpoint Survey (FEVS) satisfaction scores

Strategy 5.1.C Management, Bureau Human Resources Officers, Chief Learning 

Officers, Equal Employment, and Diversity and Inclusion Officers

Improve diversity and engagement through transparency, fairness, 

and inclusion.

Measures and Indicators of Success:

• Improvement in FEVS diversity and inclusion index

Support Strategy 5.1.D Management and Bureau Human Resources Officers

Employ technological solutions that advance the management and 

leadership of the workforce. 

Measures and Indicators of Success:

• Percentage of primary system functionality used

• Reduce the number of human resources information technology systems
38 Goal 5 Achieve Operational Excellence

Better enable mission delivery by improving the reliability, 

security, and resiliency of Treasury’s infrastructure.

Desired Outcomes

Infrastructure to securely deliver on Treasury’s strategic priorities; Potential disruptions to operations have been anticipated 

and appropriately responded to.

Why Does This Matter?

Although we have improved our resilience, significant risks exist 

and more lethal threats are emerging at an alarming pace, with 

some threats difficult to identify early on. Risks associated with 

outdated information technology (IT) infrastructure include inefficiency, increased cyber vulnerability, and compliance issues. Aging 

infrastructure makes information systems vulnerable to attack, 

which has led to an environment increasingly at risk of breaches. 

Our facilities and offices must safeguard employees against incidents and injuries. Additionally, as our risk and planning processes continue to mature, we must improve our ability to identify 

potential incidents that could disrupt critical operations and put 

proper mitigations in place. 

Goal 5 Objective 5.2

Treasury Infrastructure

External Stakeholders

Office of Management

and Budget

Office of Personnel 

Management

General Services 

Administration —

Unified Shared Services 

Management

Congress

Industry and Vendors

National Security Council

Department of

Homeland Security

Treasury’s ownership of some buildings creates a different set of concerns than managing 

leased space.
Objective 5.2 Treasury Infrastructure 39

Objective 5.2 Strategies

Strategy 5.2.A Management and

Bureau Information Technology Officers

Modernize and secure Treasury’s 

technology and information resources, 

including the federal government’s 

payments and collections systems.

Measures and Indicators of Success:

• Cyber risk is managed at the ‘adaptive’ level 

based on self-assessment

• Performance of IT services compared to 

best-in-class industry benchmarks

• Improved Federal Employee Viewpoint 

Survey scores for the “Employees have tools 

to do their job” question

Strategy 5.2.B Management and Treasury 

Operations Community

Prioritize health, safety, and security 

improvement projects for Treasury-owned 

buildings.

Measures and Indicators of Success:

• Establishment of a non-IT capital planning 

process that ensures that risks to personnel, 

facilities, and mission are identified and 

prioritized

• Occupational Safety and Health 

Administration recordable rate

• List of priority shared services capital 

investments established and reviewed 

semi-annually

• 90 percent of the highest priority capital 

investments (as established by the 

governance body) fully funded for the year of 

execution 

Strategy 5.2.C Management and Risk 

Management Community

Develop a strategic approach to 

identifying, anticipating, and developing 

contingency plans to prepare the 

workforce and organizations for threats 

that are difficult to respond to or foresee.

Measures and Indicators of Success:

• Completion of a study of potential major 

threats to Treasury’s mission, personnel, and 

infrastructure

• Completed contingency plans for major 

operations and threats

Support Strategy 5.2.D Management and

Treasury Operations Community

Create the capability to fully fund a 

reserve for capital investments.

Measures and Indicators of Success:

• Franchise fund reserve capacity implemented

• Governance and reserve policy established

• Capital investment workflow process 

implemented
40 Goal 5 Achieve Operational Excellence

Enhance the experience of interacting with Treasury 

by providing high quality products and services and by 

delivering excellent customer service.

Desired Outcomes

Treasury products and service levels are high-value; Treasury 

customers (internal and external) are highly satisfied with their 

experience.

Why Does This Matter?

Successful businesses provide exceptional value to their customers through two core lean manufacturing tenets: satisfying customer’s needs and reducing operating costs. The same principles 

can apply to Treasury—by eliminating non-value added processes and focusing on the customer experience, we can reduce 

costs and improve the quality of what we provide. According to 

a 2018 benchmark survey conducted by McKinsey & Company, 

customers who are satisfied with their interaction with a government agency are nine times more likely to trust government. 

Improving the experience of Treasury’s customers, in addition to 

the efficiency with which we operate, presents a unique opportunity to positively influence how Americans perceive government.

Goal 5 Objective 5.3

Customer Value and Experience

Since 2010, we closed 25 of 61 data centers (41 percent) 

and reduced data center square footage from 1,147,413 

square feet to 666,038 square feet (58 percent). As we 

increase our usage of cloud computing, we anticipate 

further reductions.

Treasury’s Shrinking Virtual Footprint

External Stakeholders

Customers, 

including American 

taxpayers who depend 

on our services and core 

processes
Objective 5.3 Customer Value and Experience 41

Objective 5.3 Strategies

Strategy 5.3.A Management and Bureau 

Contracting Officers

Improve the acquisition lifecycle.

Measures and Indicators of Success:

• Percentage of procurements using Category 

Management or Best in Class vehicles

• Obligations and number of procurement 

actions processed by quarter

Strategy 5.3.B Management and Treasury 

Continuous Process Improvement Community 

Drive efficiencies and improved customer 

experience through continuous process 

improvement.

Measures and Indicators of Success:

• Process improvement projects completed

and projected savings

• Cost per unit (Bureau of Engraving and 

Printing and the U.S. Mint)

• Paperless collections and payments

(Bureau of the Fiscal Service)

• Cost to collect $100 (Internal Revenue 

Service)

• Enterprise self-assistance participation

rate (Internal Revenue Service)

Strategy 5.3.C Management, Treasury 

Organizational Performance Management 

Community, and Treasury Data Communities

Employ robust organizational 

performance management, supported by 

data analytics.

Measures and Indicators of Success:

• Percent of positive responses to the Federal 

Employee Viewpoint Survey question on 

managers’ communicating goals and priorities

• Automated collection and periodic refresh of 

key data and analytics

• Consolidated oversight of 90 percent of 

desired data within Treasury

Strategy 5.3.D Management and Treasury 

Operations Community

Optimize office space to meet mission 

needs.

Measures and Indicators of Success:

• Utilization Rate (facility usable square feet 

per person)

• Number of Treasury leases

Support Strategy 5.3.E Management and 

Treasury Franchise Fund

Customers achieve their mission by 

optimized funding, regardless of source.

Measures and Indicators of Success:

• Consolidated budget cycles

• Average annual rate change 

Support Strategy 5.3.F Management and 

Treasury Continuous Process Improvement 

Community

Develop process improvement 

professionals.

Measures and Indicators of Success:

• Proportion of trained and certified process 

improvement professionals in each Treasury 

organization

Strategy 5.3.G Management

Establish customer experience/service 

norms and implement them across 

all Treasury programs with defined 

customers.

Measures and Indicators of Success:

• Identify Treasury programs with defined 

customers

• Establish customer experience/service norms

• Percentage of programs with defined 

customers who have implemented norms 

and trained employees
42 Accountability Processes Tracking Progress & Annual Updates

Department of the Treasury Strategic Plan 2018–2022 

Tracking Progress & Annual Updates

Tracking Progress

The Government Performance and Results Act of 

1993 (GPRA) and the GPRA Modernization Act 

of 2010 established the need for agencies to identify performance goals, report progress against 

targets, and conduct data-driven reviews. These 

practices serve two key purposes for stakeholders within and outside of the organization: to 

assess the organization’s health and impact, and 

to inform decision-making and strategy (including effective resource allocation). In this spirit, 

we developed a strategic framework supported 

by best-in-class organizational performance 

practices to help achieve the Department’s strategic objectives.

Our organizational performance reviews provide a regular forum for open dialogue and 

coordination between Department and bureau 

and office leadership, bringing together different 

perspectives to set and align priorities, identify 

and solve problems, review agency performance 

goals, and drive evidence-based decisions and 

results. The cycle integrates statutory requirements to conduct organizational performance 

reviews of agency strategic objectives, agency 

priority goals, and cross-agency priority goals.

Annual Updates

Each year following the SOAR, we will provide an annual update to the strategic plan to 

highlight any shifts in strategies or objectives 

resulting from our analysis of outcomes, success 

criteria, and other evidence.

Fall

(October – November)

Winter

(February – March)

Spring

(April – May)

Summer

(June – July)

Focus

Organizational 

Performance

Strategic Objective 

Annual Review (SOAR)

Organizational

Performance Budget

Chair

Chief Operating Officer/

Assistant Secretary 

for Management 

(ASM) – Performance 

Improvement

Officer (PIO)

ASM – PIO/

Deputy PIO

Chief Operating Officer/

ASM – PIO ASM – PIO

Goals/Outcomes

• Review prior year’s 

performance at the 

bureau/office level

• Set priorities for

year ahead

• Recognize 

successes

• Evaluate crossagency progress 

toward strategic 

objectives

• Identify strategic 

shifts/validate 

Treasury priorities

• Outline potential 

topics for annual 

review with OMB

• Assess progress on 

priorities

• Identify necessary 

adjustments/nearterm improvements 

• Surface problems or 

assistance needed

• Recognize 

successes

• Connect priorities to 

future funding

• Explore 

performance 

impacts

• Strengthen IT 

acquisition, 

budgeting, and 

accountability

Treasury’s Annual Organizational Performance Review Cycle
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