Departmental Offices Salaries and Expenses

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Appropriated Resources Operating Plan Operating Plan Request % Change

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Executive Direction 109 $43,895 113 $43,246 147 $56,687 30.1% 31.1%

International Affairs and 

Economic Policy 188 $58,298 182 $66,979 221 $90,099 21.4% 34.5%

Domestic Finance and Tax Policy 255 $84,960 295 $103,027 331 $114,937 12.2% 11.6%

Treasury-wide Management and 

Programs 111 $37,944 106 $41,392 104 $44,906 -1.9% 8.5%

Committee on Foreign Investment 

in the United States 72 $18,012 65 $19,238 102 $25,570 56.9% 32.9%

Subtotal New Appropriated 

Resources 735 $243,109 761 $273,882 905 $332,199 18.9% 21.3%

Other Resources

Reimbursable 38 $9,433 41 $12,000 41 $12,000 0.0% 0.0%

Transfers from CFIUS Fund 34 $17,000 27 $16,000 39 $16,000 44.4% 0.0%

Ukraine Supplemental Funding 8 $5,981 18 $11,019 0 $0 -100.0% -100.0%

IRA Funding Usage 0 $0 29 $15,124 45 $15,719 55.2% 3.9%

Subtotal Other Resources 80 $32,104 115 $54,143 125 $43,719 8.7% -19.3%

Total Budgetary Resources 815 $275,213 876 $328,025 1,030 $375,918 17.6% 14.6%

Note: FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals

Summary

The President’s FY 2024 budget for Treasury Departmental Offices (DO) Salaries and Expenses 

(SE) provides necessary resources for the Treasury Department to address major issues 

confronting the U.S. economy and to rebuild Treasury’s institutional capacity. Funding is 

requested to support a national security initiative to review investments that U.S. firms make 

outside of the United States; initiatives addressing generational issues, such as persistent 

inequality in economic opportunity and climate change; initiatives to ensure DO can sustain 

critical policy work needed to maintain a strong economy, develop evidence to support 

policymaking, and improve the customer experience for the U.S. public; support for international 

engagement, including continued support for Ukraine; and, sustained support for the global 

economic recovery from the coronavirus pandemic. In addition to these requested increases, DO 

anticipates transferring in and executing $16 million from the $21 million request of the 

Committee on Foreign Investment in the United States (CFIUS) Fund, discussed separately. 
Budget Highlights

Dollars in Thousands

FTE Amount

FY 2023 Operating Plan 761 $273,882 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $10,354 

Pay Annualization (4.6% average pay raise) 0 $1,812 

Pay Raise (5.2% average pay raise) 0 $6,216 

Non-Pay 0 $2,326 

Non-Recurring Costs (13) ($10,000)

Reductions to One-Time funding for Outbound Investment Review 0 ($7,000)

Reduction to ORP Admin Funding (13) ($3,000)

Other Adjustments: 56 $11,136 

Restoration of CFIUS funding reduced in FY 2023 32 $6,000 

Annualization of FY 2023 staffing initiatives 24 $5,136 

Subtotal Changes to Base 43 $11,490 

FY 2024 Current Services 804 $285,372 

Program Changes:

Program Increases: 101 $46,827 

Outbound Investment Review 15 $16,700 

Equity Assessment and Program Evaluations 4 $1,104 

Staffing to Support Climate Initiatives 11 $3,184 

Support for Critical DO Policy Functions 37 $8,854 

Improve Hiring and Recruitment Programs 0 $473 

Global Economic Recovery and Ukraine Support 12 $3,020 

Climate Technical Assistance Center 16 $5,000 

DO Cyber Infrastructure, Facilities Infrastructure, IT Modernization 0 $2,428 

Evidence Act Implementation, and Treasury Data & CX Improvement 3 $2,864 

Treasury Attaché Program Expansion 3 $3,200 

Subtotal Program Changes 101 $46,827 

FY 2024 President's Budget Request 905 $332,199 

FY 2024 CFIUS Fund Transfer 39 $16,000 

Total FY 2024 Budgetary Resources 944 $348,199 

Budget Adjustments

Maintaining Current Levels (MCLs) ......................................................+$10,354,000 / +0 FTE 

Pay Annualization (4.6%) +$1,812,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2% in FY 2024) +$6,216,000 / +0 FTE 

Funds are requested for a 5.2 percent average pay raise in January 2024. 

Non-Pay +$2,326,000 / +0 FTE 

Funds are requested to support inflationary costs for non-labor expenses, such as travel, 

contracts, rent, supplies, and equipment. 
Non-Recurring Costs ................................................................................ -$10,000,000 / -13 FTE

Reductions to One-Time Funding for Outbound Investment Review -$7,000,000 / -0 FTE 

As a result of larger-than-expected CFIUS carry-over funding and hiring delays in FY 2023, DO 

Salaries and Expenses included $7 million as a one-time repurposing of CFIUS unobligated 

balances and other labor costs in FY 2023 to fund labor costs for drafting regulations and the 

buildout of an IT system to support soon-to-be-proposed national security reviews of investments 

made outside of the United States by U.S. firms. In FY 2024, funding will need to be restored to 

support CFIUS anticipated workloads and hiring in various DO offices. 

Reduction to ORP Administrative Funding -$3,000,000 / -13 FTE 

Treasury requests $9 million for the administration of financial assistance programs within the 

Office of Recovery Program (ORP), a reduction of $3 million from the FY 2023 enacted level. 

The requested discretionary funding for ORP within DO SE, in combination with the FY 2023 

enacted flexibility for use of other mandatory administrative funding, remains necessary to

sustain programs through their authorized period, allowing ORP to take a data-centric, risk-based 

approach to providing accountability and stewardship for pandemic recovery programs. These 

resources will continue to support efforts to improve access to capital for small businesses and in 

underserved communities, including rural and low-income areas.

Other Adjustments.................................................................................. +$11,136,000 / +56 FTE

Restoration of CFIUS funding reduced in FY 2023 +$6,000,000 / +32 FTE 

DO Salaries and Expenses funding used in FY 2023 on efforts related to the national security 

reviews of investments made outside of the United States by U.S. firms will be restored to 

support CFIUS program activities in FY 2024. 

Annualization of FY 2023 staffing initiatives +$5,136,000 / +24 FTE 

Due to hiring delays, some staff that were brought onboard in the latter half of FY 2023 were not 

full-year FTE Funding will be used in FY 2024 to support the annualization of costs for DO staff 

funded through new appropriations provided in FY 2023. 

Program Increases ................................................................................+$46,827,000 / +101 FTE

Outbound Investment Review +$16,700,000 / +15 FTE

The Consolidated Appropriations Act, 2023, P.L. 117-328, included language that encouraged 

Treasury to identify the resources needed to establish a targeted outbound investment review 

mechanism. This funding would allow Treasury to establish a program to address national 

security concerns arising from outbound investments from the United States into sensitive 

technologies that could enhance the technological capabilities of countries of concern in ways 

that threaten U.S. national security. As currently contemplated, the program would be 

implemented and administered by Treasury and focus on investments that result in the 

advancement of military and dual-use technologies by countries of concern but are of a nature 

that they are not presently captured by export controls, sanctions, or other related authorities. 

This FY 2024 request builds on one-time funding within DSCIP and is temporarily realigned 

from CFIUS in FY 2023, which provide for initial hiring efforts and critical investments in new 

IT systems. 
Staffing to Support DEIA +$1,104,000 / +4 FTE 

This request would allow the recently created Office of Diversity, Equity, Inclusion, and 

Accessibility (ODEIA) to expand. These four additional FTEs will provide Department-wide 

support to help Treasury advance equity in its policies, procedures, and practices, and would 

support the DO’s efforts to center issues of equity within policy discussions to achieve a more 

equitable economy. In addition, these resources will support Department-wide efforts to improve 

the diversity of Treasury’s workforce, ensure civil rights compliance, and help oversee the DEIA 

work across the Department. 

Staffing to Support Climate Initiatives +$3,184,000 / +11 FTE

The Administration is targeting cuts to greenhouse gas (GHG) emissions by 50% - 52% from 

2005 levels by 2030 and has outlined an ambitious plan to double international climate finance 

and triple international adaptation finance by 2024, to support communities transitioning away 

from coal and to encourage the private sector to disclose climate risk. The Administration has 

tasked Treasury with playing a key role in these efforts, but as currently staffed, Treasury is 

limited in its ability to contribute to crucial elements of the climate agenda. Treasury’s unique 

responsibilities on a range of programs related to climate change – including economic, financial 

sector, and climate-related government policies – are reflected in an ambitious climate strategy 

program. This request would build policy strength in key climate functions, including 

international economists who can support bilateral and multilateral efforts outlined in the 

International Climate Finance Strategy, domestic finance experts responsible for understanding 

climate risks on the financial system, and economists responsible for conducting economic 

analyses related to the impacts of domestic and international climate policies on US energy 

markets.

Support for Critical DO Policy Functions +$8,854,000 / +37 FTE 

The gradual reduction of FTE levels across DO policy offices in combination with the absorption 

of new workstreams and lack of adequate funding for inflationary increases over the last several 

years has eroded DO’s capacity to maintain support to fundamental DO mission areas, including 

maintaining the public debt, setting Treasury Department strategy, and performing legal analysis 

on issues related to Treasury equities. Funding is needed to ensure that DO can sustain critical 

policy work needed to maintain a strong economy and create economic growth and financial 

stability. 

As some examples of impacts this funding would have within Domestic Finance (DF), resources 

are not currently available to hire a full range of subject matter experts necessary to build broad 

institutional expertise in digital assets, housing finance, insurance, and other critical areas. This 

request would allow DF to hire staff with the necessary expertise to support the timely 

development and execution of a digital assets policy framework and near-term work related to 

the Treasury Digital Assets Working Group. This request would also provide for additional 

staffing in key national security priorities such as the Office of Cybersecurity and Critical 

Infrastructure Protection (OCCIP), in addition to funding fundamental mission areas for DF that 

are critical to maintaining the integrity of the financing operations of the United States, including 

within the Office of Debt Management (ODM), the Office of Fiscal Projections (OFIP), and in 

the areas of insurance and financial markets.
This request would also support additional staffing for General Counsel (OGC) in the areas of 

enforcement and intelligence (E&I) General Law, Ethics, and Regulation, Banking and Finance, 

and in the OGC front office. OGC E&I staff support the TFI mission from within DO SE. 

Despite a significant increase in sanctions actions from 2017 to present, E&I counsel staff have 

seen no substantial staffing growth while the complexity of sanctions authorities managed by the 

Office of Foreign Assets Control has increased significantly. Counsel staff are also needed to 

assist with FOIA administration and improve responsiveness to Congressional oversight requests 

Treasury views its role in responding to FOIAs as a critical responsibility of the Department.

Improve Hiring and Recruitment Programs +$473,000 / +0 FTE

DO completed a comprehensive time to hire review over the past several months. Since this 

assessment, DO has made a number of adjustments to its hiring support, including: 1) improving 

long-term workforce planning, 2) emphasizing the importance of finalizing Position Descriptions 

and Job Analysis and Assessments prior to recruit requests, 3) encouraging usage of the variety 

of recruitment methods available to DO staff (Sched A, Pathways, merit promotion, etc.), and 4) 

devoting additional resources to the security/adjudication process to improve security clearance 

process times. In order to properly tackle these issues, DO needs additional staffing in Human 

Resources and Human Capital. 

Global Economic Recovery and Ukraine Support +$3,020,000 / +12 FTE

This funding would allow DO to more proactively engage on key global 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 spillover effects from Russia’s invasion of 

Ukraine, global economic recovery from the coronavirus pandemic, debt transparency, and 

climate change. Without adequate staff to support multilateral and bilateral engagements and 

perform critical macroeconomic analysis, DO will not be able to make further progress on all of 

the Department’s objectives and would need to sacrifice opportunities to advance U.S. national 

goals or cede leverage. Funding would support workstreams in the areas of health, development, 

food security, digital assets, macroeconomic modeling, and in support of Ukraine. 

Climate Technical Assistance Center +$5,000,000 / +16 FTE

Funding is requested for the establishment of a Climate-Related Financial Risk Technical 

Support Center to develop, conduct, and integrate assessments of climate-related financial risk 

exposure from across the Federal government and to facilitate climate financial risk data sharing. 

This initiative is intended to improve the Federal Government’s ability to understand the 

potential impact of climate-related financial risks to Federal assets and programs.

DO Cyber Infrastructure, Facilities Infrastructure, and IT Modernization +$2,428,000 / +0 FTE

As foreign and domestic actors threaten the American economy and national security, Treasury 

must strengthen its cybersecurity posture, leverage its existing processes and tools, and 

strengthen bi-lateral and multi-lateral partnerships to protect the financial sector. With Treasury’s 

increasing involvement in combatting cybercrime, DO faces increasing risk against the IT 

systems that support its authorities. DO is a primary target for nation state sponsored cyber 

criminals who seek to disrupt our capabilities and destroy our reputation. DO must invest in 
cyber protections commensurate with the risks incurred in our efforts to safeguard the financial 

sector, U.S. economy and in combating cybercrime. 

This request also provides funding for a repairs and improvements (R&I) account within DO for 

noncapital investments within Main Treasury (MT) and Freedman’s Bank Building (FBB). 

While the major repairs to the exterior of the Main Treasury Building are being funded in 

Department-wide Systems and Capital Investments Program account (DSCIP), ad hoc repairs 

and maintenance are usually completed in CTAS because 1) emergency repairs cannot be 

planned for, and 2) many of the repairs are operational in nature and must-do fixes. By not 

keeping up with maintenance and repair needs, the building systems and infrastructure will 

typically not have a full life expectancy and the resulting higher replacement costs place an even 

higher burden on Treasury facilities. 

Evidence Act Implementation, and Treasury Data & CX Improvement +$2,864,000 / +3 FTE

The Administration has set the expectation that agencies improve their collection and use of 

evidence. At current staffing levels, Treasury has significant challenges in meeting this goal. 

Treasury has not been funded to hire program evaluators centrally who can conduct cross-cutting 

and priority program evaluations. Likewise, while appointments have been made for a Treasury 

Chief Data Officer and Deputy Chief Data Officer who would be responsible for setting 

organizational strategy and participating in cross-agency data councils, the Office of the Chief 

Data Officer (OCDO) has no staff to support specific data priorities within the Department.

This request would fund FTEs with program evaluation expertise and non-labor in the Office of 

Strategic Planning and Performance Improvement (OSPPI) and OCDO to support rigorous 

program evaluations of priority programs and research questions and support DO-related priority 

data initiatives. 

These additional staff and funding would allow the Department to conduct 1-3 evaluations 

annually (depending on scope), enable Treasury to coordinate development and sharing of 

evidence products for high priority evaluations/studies, establish and manage 1-2 additional 

external partnerships to further increase Treasury’s capacity to conduct high priority and rigorous 

evaluations/studies, build and manage the enterprise data inventory, establish data governance 

policies and programs, and identify and pursue priority data sharing opportunities. It would also 

enable staff to lead analytics efforts for high priority projects/programs, including long-range 

analytic studies aligned to Administration and Learning Agenda priorities. 

The CX budget will coordinate an enterprise-based approach to a Voice of Customer program, 

building off of existing efforts and platforms operated by individual High Impact Service 

Providers that can further enable the public reporting of customer feedback data for designated 

services and support customer experience measurement of services across Treasury.

Treasury Attaché Program Expansion +$3,200,000 / +3 FTE

The 2021 National Defense Authorization Act (NDAA) authorized and required the expansion of 

the program by no fewer than six positions. This request is for 3 FTEs—or half of the positions 

needed to meet the requirements of the 2021 NDAA. 
Treasury financial attachés are posted at U.S. Embassies in foreign countries important to U.S. 

domestic and foreign economic and financial policy and the international fight against terrorism, 

money-laundering, and other illicit finance activities. The attachés complement the Ambassador 

in outreach to foreign finance ministries, international financial institutions, central banks, and 

other agencies, and supply the embassy and Treasury with detailed information and focused 

analysis of foreign economic and financial policies. Their unique perspectives are critical to the 

policy development and implementation and crisis management work at Main Treasury and in 

the U.S. interagency. 

Legislative Proposals 

DOSE has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

International Affairs and 

Economic Policy OTA - Program Engagement 3.3 3.6 3.5 3.6 3.6

Treasury-wide Management and 

Programs

Treasury-wide Leaders Lead 

Index of the Federal Employee 

Viewpoint Survey (FEVS)

75 74 74 75 77 

Treasury-wide Management and 

Programs

Percent of Procurement Dollars 

Spent on Small Business 46% 39% 38% 40% 40% 

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. A five-point scale is used to measure traction, with scores ranging 

from a low of 1, indicating there is little if any counterpart involvement, to a high score of 5, 

indicating that OTA advisors have regular and frequent meetings with counterparts and 

counterparts display high levels of involvement. Counterpart engagement is critical to OTA 

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

ownership and drive project outcomes. The result for FY 2022 is 3.5, a slight decrease of 0.1 

from the FY 2021 result. The FY 2022 traction score, although marginally lower than the FY 

2021 score, reflects continued strong traction with OTA counterparts globally.

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

its overall effort to increase Employee Engagement, Treasury had set a multi-year goal to 

increase the “Leaders Lead” index. This involved statistically analyzing FEVS data to identify 

opportunities for improvement. Treasury’s score for the Leaders Lead Index decreased from 66 

percent in FY 2021 to 64 percent in FY 2022, dropping below OPM’s 65 percent benchmark for 

an indicator of organizational strength. Treasury’s score in FY 2022 exceeded the average score 

for very large agencies by five percent. The target is 67 percent for FY 2024, to place the 

Leaders Lead index back among those of relative strength for the Department. 

Percentage of Procurement Dollars Spent on Small Business: 

Based on preliminary data in FY 2022, Treasury met and exceeded four out of five small 

business prime contracting goals. Treasury did not meet its overall small business goal. Treasury 

did not meet any small business subcontracting goals. All Treasury bureaus were included in the 

goaling report, with no exclusions. The FY 2022 overall small business goal was set for 39 
percent, and Treasury achieved 37.89 percent. The FY 2024 target small business goal is 40 

percent. One overarching challenge in FY 2022 to meet the overall small business goal was that 

had preliminarily planned for a 32% small business. Particularly noteworthy is that Treasury far 

exceeded the forecasted goal of 32% and achieved over 37%. Also, in FY 2022, Treasury’s small 

disadvantaged business (SDB) goal was raised from 5% to 10% to meet OMB Directive to raise 

the SDB goal incrementally each year to reach a goal of 15% by FY 2025. 

Treasury exceeded the small business contracting goals for the following socioeconomic groups: 

• Small Disadvantaged Business – goal 10.0 percent, achieved 10.46 percent; 

• Women Owned Small Business – goal 5.0 percent, achieved 7.21 percent; and

• Service-Disabled Veteran Owned Small Business – goal 3.0 percent, achieved 3.5 percent. 

• Historically Under-utilized Business Zone (HUBZone) – goal 3.0 percent, achieved 4.09 

percent.