Mission Statement

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

that enable economic growth and stability at home and abroad, strengthen national security by 

combating threats and protecting the integrity of the financial system, and manage the U.S. 

Government’s finances and resources.

Executive Summary

FY 2014 President’s Budget by Function

Dollars in thousands

 FY 2013 

FY 2012 Annualized FY 2014 Increase/ Percent

Enacted CR Rate Request Decrease Change

Management & Financial $1,346,631 $1,361,921 $1,315,533 ($31,098) -2.31%

Departmental Offices Salaries and Expenses $308,388 $310,275 $311,775 $3,387 1.10%

Department-wide Systems and Capital Investments Program $0 $0 $2,725 $2,725 0.00%

Office of Inspector General $29,641 $29,822 $31,351 $1,710 5.77%

Treasury Inspector General for Tax Administration $151,696 $152,624 $149,538 ($2,158) -1.42%

Special Inspector General for TARP $41,800 $42,056 $34,923 ($6,877) -16.45%

Community Development Financial Institutions Fund $221,000 $222,353 $224,936 $3,936 1.78%

Financial Crimes Enforcement Network $110,788 $111,466 $103,909 ($6,879) -6.21%

Alcohol and Tobacco Tax and Trade Bureau $99,878 $100,489 $101,211 $1,333 1.33%

Program Cap Adjustment Included in IRS Budget Request $0 $0 ($5,000) ($5,000) 0.00%

Net, Alcohol and Tobacco Tax and Trade Bureau $99,878 $100,489 $96,211 ($3,667) -3.67%

Bureau of the Fiscal Service $391,440 $393,836 $360,165 ($31,275) -7.99%

Legacy Treasury Direct User Fees ($8,000) ($1,000) $0 $8,000 -100.00%

Net, Bureau of the Fiscal Service $383,440 $392,836 $360,165 ($23,275) -6.07%

Tax Administration $11,816,696 $11,887,741 $12,861,033 $1,044,337 8.84%

IRS Taxpayer Services $2,239,703 $2,253,510 $2,412,576 $172,873 7.72%

IRS Enforcement $5,299,367 $5,331,000 $5,666,787 $367,420 6.93%

IRS Operations Support $3,947,416 $3,971,000 $4,480,843 $533,427 13.51%

IRS Business Systems Modernization $330,210 $332,231 $300,827 ($29,383) -8.90%

Subtotal, Treasury Appropriations Committee $13,163,327 $13,249,662 $14,176,566 $1,013,239 7.70%

Treasury Forfeiture Fund ($950,000) ($950,000) ($950,000) $0 0.00%

Total, Treasury Appropriations Committee $12,213,327 $12,299,662 $13,226,566 $1,013,239 8.30%

Treasury International Programs $2,661,388 $2,677,667 $2,899,279 $237,891 8.94%

Economic Growth, National Security and Poverty Reduction (MDBs) $1,958,538 $1,970,525 $2,103,029 $144,491 7.38%

Food Security $165,000 $166,010 $165,000 $0 0.00%

World Bank Environmental Trust Funds $324,350 $326,335 $427,450 $103,100 31.79%

Debt Relief $186,500 $187,641 $175,300 ($11,200) -6.01%

Office of Technical Assistance (OTA) $27,000 $27,156 $23,500 ($3,500) -12.96%

Middle East Transition Fund $0 $0 $5,000 $5,000 0.00%

Total $14,874,715 $14,977,329 $16,125,845 $1,251,130 8.41%

FY 2012 to FY 2014

Overview

The Department of the Treasury’s FY 2014 

request includes the resources to lead a 

multitude of actions that help strengthen the 

U.S. economy, create job opportunities, and 

improve the housing market by taking 

important steps to restore confidence in the 

financial system while reinforcing U.S. 

international competitiveness. The 

Department is implementing the DoddFrank Wall Street Reform and Consumer 

Protection Act (the Dodd-Frank Act); taking 

aggressive actions in the fight against 

financial crimes, money laundering, and 
threats to national security; promoting free 

trade and open markets; continuing its 

pursuit of comprehensive tax and fiscal 

reform; and strengthening efforts to improve 

stewardship over the U.S. Government’s 

financial resources. Treasury is working to 

encourage lending to small businesses, 

promote economic prosperity, and monitor 

risk in the financial system. Treasury is also 

driving a departmental management agenda 

focused on governing strategically, working 

smarter, and leveraging advances in 

technology to gain greater cost savings for 

the American public, increase productivity, 

modernize operations, and support the 

Administration’s management agenda. 

Treasury’s FY 2014 request reflects the 

Department’s commitment to finding 

operational savings while including key 

investments in support of the 

Administration’s goals. The Department 

proposes $2.9 billion for our International 

programs in order to promote our national 

security, open new markets for U.S. 

exporters, and address key global challenges 

such as food security and the environment 

and $14.2 billion for our operating accounts

including substantial new investments in 

improved tax administration. 

The FY 2014 Budget request for Treasury’s 

operating bureaus is 2.3 percent below the 

FY 2012 enacted level, excluding the IRS. 

The Budget identifies $354 million in 

efficiency savings and $29 million in

program reductions. 

The Budget was developed to align with the

Department’s FY 2012 to 2015 Strategic 

Plan, Agency Priority Goals, and Federal 

Priority Goals.

1

 This submission also serves 

 1 Per the GPRA Modernization Act, P.L. 111-352, requirement to 

address Federal Goals in the agency Strategic Plan and Annual 

Performance Plan, please refer to Performance.gov for information 

as the Department’s Annual Performance 

Report and Plan. 

Treasury Strategic Goal: Repair and 

Reform the Financial System and 

Support Recovery in the Housing Market

Since the fall of 2008, Treasury has 

executed a range of new programs to help

stimulate economic recovery and balanced 

growth while working to repair the credit 

and housing markets.

Supporting Small Businesses

The Small Business Jobs Act of 2010 

created the Small Business Lending Fund 

(SBLF) and the State Small Business Credit 

Initiative (SSBCI). The SBLF helps 

increase the availability of credit to small 

businesses by providing capital to 

community banks and community 

development loan funds with assets under 

$10 billion. As of September 30, 2012, 

SBLF participants have increased their small 

business lending by $7.4 billion over a $36.5 

billion baseline and by $740 million over the 

prior quarter. Over three-quarters of 

program participants (78 percent) have 

increased their small business lending by 10 

percent or more. The SSBCI program 

supports state-level, small-business lending 

programs. In FY 2012, SSBCI approved 

$137 million for disbursement to states. 

SSBCI estimates disbursing cumulative 

totals of approximately $1.1 billion by the 

end of FY 2013 and the remaining $360 

million by the end of FY 2014. 

Implementing Financial Reform

During FY 2012, Treasury continued to 

implement the comprehensive financial

reforms included in the Dodd-Frank Act. 

These reforms place tougher limits on risktaking by financial institutions in order to 

 on Federal Priority Goals and the agency's contributions to those 

goals, where applicable.
stabilize the financial system and protect 

American taxpayers and consumers. 

In FY 2012, full operation of Treasury’s

new financial regulatory and oversight 

entities established by the Dodd-Frank Act

commenced, including the Financial 

Stability Oversight Council (FSOC), the 

Federal Insurance Office (FIO), the Office 

of Financial Research (OFR), and the Office 

of Minority and Women Inclusion (OMWI). 

The FSOC, chaired by the Secretary of the 

Treasury, monitors threats to financial 

stability and facilitates coordination across 

the financial regulatory community. The 

Secretary coordinates the federal regulators’ 

risk retention rulemaking process. This rule

will help align interests among mortgage 

originators, securitizers (i.e., firms that 

create and sell groups of mortgage loans as 

securities), and other investors that 

participate in the housing finance market. 

The Secretary also coordinates the 

rulemaking to implement the Volcker Rule

and is actively engaged in activities to 

identify risks, promote market discipline, 

and respond to emerging threats to U.S. 

financial stability. 

Treasury is represented at the international

Financial Stability Board (FSB) by the 

Under Secretary of International Affairs. At 

the FSB, Treasury supports a leveling up of 

financial regulatory standards globally. This 

will decrease the risk of regulatory arbitrage

to the global financial system, avoid an 

undue regulatory burden for U.S. firms, and 

protect our economy from risks emanating 

beyond our shores. 

The FIO monitors all aspects of the 

insurance industry and advises the Secretary 

on insurance matters of national and 

international importance, as well as 

representing the United States on prudential 

aspects of international insurance matters, 

where, previously, the United States had not 

been represented by any specifically 

designated individual, office, or agency. In 

FY 2012, the FIO Director was elected to 

serve on the International Association of 

Insurance Supervisors (IAIS) Executive 

Committee and as Chair of its Technical 

Committee. Among other projects, FIO is

actively engaged in the FSOC and the IAIS.

OFR provides data and analysis relating to 

the designation of nonbank financial 

companies for supervision by the Federal 

Reserve Board and enhanced prudential 

standards. The OFR is also continuing to 

enhance its Financial Stability Monitor—a 

dashboard of financial stability metrics and 

indicators—and has played a central role in 

the international initiative to establish a 

global Legal Entity Identifier (LEI). 

Winding Down the Troubled Asset Relief

Program

The actions taken under TARP, along with 

other emergency measures put in place by 

the Board of Governors of the Federal 

Reserve System and the Federal Deposit 

Insurance Corporation (FDIC) helped 

prevent the collapse of the U.S. financial 

system and stabilize the economy. Today, 

Treasury is focused on winding down TARP 

by exiting the remaining TARP investments 

as soon as possible in a manner that

maximizes returns to the taxpayer and 

promotes financial stability. 

Taxpayers have realized a significant 

positive return on TARP’s investments in 

banks. By the end of FY 2012, taxpayers 

had recovered more than $267 billion in 

repayments and other income - more than 

$21.5 billion above the total funds that were 

invested under TARP’s bank programs. 
Stabilizing the Housing Market

Using authority granted under the 

Emergency Economic Stabilization Act 

(EESA), Treasury established two central 

housing programs under TARP, the Making 

Home Affordable (MHA) program and the 

Hardest Hit Fund (HHF). Treasury also 

used its authority to support the Federal 

Housing Administration’s (FHA) Short 

Refinance Program. Combined, Treasury 

committed $45.6 billion to fund these

housing programs under TARP. MHA and 

HHF have disbursed $5.5 billion from 

inception through the end of FY 2012. 

More funds are expected to be disbursed 

over time as incentive payments are made

for current participants and new 

homeowners entering into the programs.

For the FY 2014 Budget, Treasury has 

reduced the obligation to the FHA Short 

Refinance Program by $7 billion, which 

reduces the overall commitment to housing 

programs under TARP to $38.6 billion. 

Treasury Strategic Goal: Enhance U.S. 

Competitiveness and Promote 

International Financial Stability and 

Balanced Global Growth

Supporting Economic Growth and 

Opportunity

In FY 2012, Treasury focused on bolstering

economic growth for local communities and 

small businesses through funding for 

projects that would encourage job creation 

and further investment in distressed 

communities. The FY 2014 Budget of $225

million for the Community Development 

Financial Institutions (CDFI) Fund provides 

funding to promote economic development 

investments in low-income and underserved 

communities. Of the total request, up to $35 

million for the Healthy Food Financing 

Initiative will support increased availability 

of affordable, healthy food options, as part 

of the Administration’s goal of eradicating 

food deserts by 2017.

Treasury proposes to implement Pay for 

Success, a new program that aims to reward 

nonprofit and other investors who finance 

preventive social programs that can post 

savings to the federal government while 

achieving better outcomes for their target 

population. Emerging Pay for Success 

projects are hampered by an inability to 

leverage savings across levels of 

government and a lack of rigorous data that 

could help investors evaluate the risk 

associated with these ventures. A Pay for 

Success Fund will be designed to ensure that 

taxpayers get the best possible returns for 

funds expended, government assets are 

protected, and losses are minimized in 

relation to social benefits provided by 

paying exclusively for projects that show 

measurable outcomes resulting in greater 

federal savings and programmatic 

efficiency. In order to qualify, these 

projects will be required to utilize evidencebased approaches and provide data for 

program and policy evaluation. The budget 

proposes $300 million in new capped 

mandatory funding for this program.

Treasury’s FY 2014 budget provides $5 

million to administer a Financial Capability 

Innovation Fund that will support 

development of financial access and 

financial capability tools that facilitate and 

encourage saving among, and improve 

financial knowledge of, low and moderateincome families. As part of this effort,

Federal agencies may partner with state and 

local governments to conduct pilots and

similar activities to develop innovations in 

these areas.
Encouraging International Economic 

Growth and Stability

Treasury works bilaterally and multilaterally 

to foster strong, sustainable, and balanced 

global growth; to support free trade and 

open markets; to promote a level playing 

field for U.S. financial institutions; to 

maintain stable international financial 

markets; to encourage foreign investment in 

the U.S. while protecting national security; 

and to use our leadership positions in the 

International Financial Institutions in pursuit 

of U.S. policy goals. The Budget includes 

funding for Treasury to continue advancing 

these economic and national security policy 

priorities around the world, including those 

supporting the President’s National Export 

Initiative to double exports by 2014. 

Through Treasury’s active and sustained 

engagement with China, the U.S.: improved 

market access for U.S. companies in China’s 

financial services market; obtained 

commitments from China to negotiate and 

ultimately abide by international rules on 

export financing to provide a level playing 

field for U.S. companies; and secured 

commitments to provide nondiscriminatory 

treatment to all enterprises in China 

including state-owned enterprises. In 2012,

U.S. exports to China reached historic highs 

increasing nearly 36 percent over the 2009 

levels.

In 2012 Treasury also worked through the 

Group of Twenty (G-20) to promote strong, 

sustainable, and balanced growth, including 

efforts to foster more flexible, marketdetermined exchanges rates and to boost 

domestic demand in surplus economies, 

notably China. China’s current account 

surplus has fallen from a peak of over 10 

percent of GDP before this administration 

took office to under 3 percent as of March 

2013. The renminbi has appreciated on a 

real bilateral basis over 16 percent against 

the United States dollar since June 2010.

Treasury serves an integral role at the 

International Monetary Fund (IMF), which

is the most important tool for the U.S. in 

promoting global financial stability. As the 

leading financial crisis first responder, the 

IMF promotes growth, reduces poverty, and 

helps prevent and resolve financial crises.

In order to preserve U.S. leadership in the 

IMF, the Administration seeks legislation 

for a U.S. quota increase with a 

corresponding roll back in the U.S. 

participation in the IMF’s New 

Arrangements to Borrow (NAB), as well as 

for governance reforms that will preserve 

the U.S. veto on the IMF’s Executive 

Board. U.S. support for the quota and 

governance reforms reinforces the central 

position of the IMF in the international 

monetary system at a time when emerging 

economies explore establishing new and 

parallel financial institutions. 

In 2012 financial instability in Europe 

continued to pose a risk to the strength of 

the U.S. and global recoveries. Treasury 

worked with its European counterparts to 

encourage the establishment of two 

powerful tools to help stem the contagion to 

the larger economies in Europe and restore 

confidence in the European banking system: 

the European Stability Mechanism and the 

Outright Monetary Transactions loan 

facility. Recent turmoil in Cyprus, however, 

demonstrates the need to remain vigilant.

Treasury’s $2.9 billion FY 2014 

International Programs budget request 

provides a cost-effective way to promote our 

national security, support the next 

generation of export markets, and address 

key global challenges like environmental 

degradation and food security, while 
fostering private sector development and 

entrepreneurship.

Of the total, $2.1 billion is requested for 

General Capital Increases (GCIs) and 

replenishments at the Multilateral 

Development Banks (MDB). Our 

investments in these institutions represent 

outstanding value for money, leveraging 

scarce development resources to advance 

key U.S. national security and economic 

objectives. Treasury’s investments in the 

MDBs represent roughly $3 billion of the 

Administration’s Function 150 budget 

request yet they leverage nearly $100 billion 

in annual development commitments. 

The FY 2014 request includes funding for 

complex global challenges. This includes 

$135 million for the Global Agriculture and 

Food Security Program (GAFSP), $30 

million for the International Fund for 

Agricultural Development (IFAD) and 

$427.5 million for Environmental Trust 

Funds administered by the World Bank. 

The FY 2014 request also includes $23.5 

million for the Office of Technical 

Assistance (OTA). OTA works with finance 

ministries and central banks of developing 

countries strengthen their capacity to 

manage public finances, which encourages 

stability abroad, supports broad U.S. 

development, foreign policy, and national 

security objectives ultimately, reducing

these countries’ reliance on development 

assistance. 

Finally, the request includes $5 million for a 

portion of the U.S. contribution to the 

Deauville Partnership Transition Fund, a 

multi-donor trust fund administered by the 

World Bank and created under the U.S. 

chairmanship of the G-7. This is a new 

request to assist Arab countries that are 

members of the Deauville Partnership with 

Arab Countries in Transition (currently 

Egypt, Tunisia, Jordan, Morocco, Libya, and 

Yemen). The fund will help promote a 

broad reform agenda, to anchor these 

historic political transitions with an 

economic foundation that secures inclusive 

growth. 

Treasury Strategic Goal: Protect Our 

National Security through Targeted 

Financial Actions

The Department’s financial intelligence and 

enforcement activities have had a significant 

impact in combating money laundering and 

terrorist financing.

Successful Implementation of 

International Sanctions

In 2012, the Office of Foreign Assets 

Control (OFAC) continued to aggressively 

pursue investigations of both U.S. and 

foreign financial institutions that appeared to 

have violated U.S. economic sanctions. 

OFAC’s $619 million settlement with ING 

Bank N.V. constituted the U.S. Department 

of the Treasury’s largest sanctions-related 

enforcement action to date. OFAC also 

concluded its investigations and entered into 

settlements with Standard Chartered Bank, 

HSBC Holdings Plc, and Bank of TokyoMitsubishi UFJ for a combined $515.5

million. Those four cases alone targeted 

more than 23,840 apparent violations of 

U.S. sanctions programs involving Burma, 

Cuba, Sudan, Iran, and Libya. OFAC’s 

enforcement actions, in concert with parallel 

actions by federal and state prosecutors and 

domestic and foreign regulators, promoted 

compliance with the regulations 

administered by OFAC throughout the 

global financial industry. Additionally, the 

Department has engaged in an aggressive 

international outreach campaign since the 

passage of Comprehensive Iran Sanctions, 

Accountability, and Divestment Act of 2010 
(CISADA) involving foreign governments, 

regulators, and financial institutions 

throughout the world to warn about the 

potential consequences of engaging in 

sanctionable activity. As a result of 

Treasury’s efforts, most foreign financial 

institutions have chosen to dramatically 

reduce their business with Iran.

Collection of Major Asset Forfeitures 

Supports Deficit Reduction

The Treasury Forfeiture Fund received over

$1 billion in forfeitures and recoveries in FY 

2012 and is projected to collect close to $2 

billion in FY 2013. The success of 

Treasury’s asset forfeiture program allows 

the Department to make priority investments 

in law enforcement and national security, 

without requesting additional resources from 

taxpayers. Further, it enables Treasury to 

contribute to deficit reduction with a

proposed permanent cancellation of $950

million from the Forfeiture Fund’s 

unobligated balances.

Treasury Strategic Goal: Pursue 

Comprehensive Tax and Fiscal Reform

Treasury is committed to shrinking the 

deficit over the next decade through a 

balanced mix of spending reductions and tax 

reforms. 

Agency Priority Goal: Increase 

Voluntary Tax Compliance

Treasury continues to work to increase 

voluntary tax compliance through the fair 

and uniform application of the tax code. 

Improvement of both service and 

enforcement, along with reforms to simplify 

the tax law, are essential to ensure that the 

U.S. tax system remains the most effective 

and fairest voluntary compliance system in 

the world. 

The FY 2014 budget supports this goal 

through targeted investments in taxpayer 

services and web-based technology that will 

facilitate self-service transactions and 

simplify the taxpayer experience. 

Additionally, the budget requests resources 

for additional tax law enforcement and 

implementation of recent tax legislation, 

including resources to assist taxpayers in 

understanding the tax law changes included 

in the Affordable Care Act and other recent 

tax code changes.

Enforcement of the Tax Code

The 2014 Budget includes an Enforcement 

account increase of $367 million from the 

2012 enacted level to help close the tax gap 

through various strategic investments. The 

enforcement program will protect revenue 

by identifying fraud and preventing issuance 

of questionable refunds including tax-related 

identify theft; increase compliance by 

addressing offshore tax evasion; make use of 

new information reporting to reduce 

underreporting; strengthen examination and 

collection programs; expand enforcement 

efforts on noncompliance among corporate 

and high-wealth taxpayers; and strengthen 

return preparer compliance. This increase is 

supported by a $412 million program 

integrity cap adjustment, including a $5 

million transfer to the Alcohol and Tobacco 

Tax and Trade Bureau (TTB). The IRS 

investments in these enforcement activities

will return $6 for every $1 invested once 

new hires reach full potential in FY 2016.

The 10-year (FYs 2104-2023) tax 

enforcement program integrity cap 

adjustment proposal will generate $46.5 

billion in additional revenue and cost $13.8 

billion for a net deficit savings of $32.7

billion.

Taxpayer Services

The FY 2014 Budget includes a Taxpayer 

Services account increase of $173 million 

from the FY 2012 enacted level to support 

targeted investments in services that help 
taxpayers understand and meet their tax 

obligations. Taxpayer Services plays a key 

role in lowering the tax gap. Activities in 

IRS Taxpayer Services appropriation 

support voluntary compliance by addressing 

millions of taxpayers’ questions in their 

efforts to comply with the law and are an 

integral component of IRS’s compliance

activities. For example, during the 2012 tax 

season, IRS taxpayer service representatives 

answered over 19 million phone calls and 50 

million automated calls. The 2014 Budget 

also provides $301 million for the Business 

Systems Modernization Program to invest 

strategically in state-of-the art capabilities, 

such as online taxpayer services, that utilize 

and leverage the database infrastructure that 

is now in place. The IRS budget request 

reflects a concerted effort to expand the selfservice and alternate service options 

available to taxpayers, increasing the 

accuracy of information provided to 

taxpayers while decreasing taxpayer reliance 

on expensive in-person and over-the-phone 

IRS assistance. 

Treasury Strategic Goal: Manage the 

Government’s Finances in a Fiscally 

Responsible Manner

In FY 2014, Treasury will implement a 

number of initiatives to improve operational 

efficiency and effectiveness.

Government-wide Financial Management

The FY 2014 Budget includes additional 

funding for the Office of Financial 

Innovation and Transformation (FIT) which 

is working in coordination with the 

Government-wide CFO Council to improve 

financial management, reduce costs, 

increase transparency, and improve delivery 

of agencies’ missions within Treasury and

across the federal government. Treasury 

also proposes to transfer FIT from the 

Departmental Offices to The Bureau of the 

Fiscal Service (Fiscal Service) to allow 

closer collaboration with the bureau that 

most closely aligns with its mission. 

Restoring Gulf Coast Communities

The budget includes resources to administer 

the Resources and Ecosystems 

Sustainability, Tourist Opportunities, and 

Revived Economies of the Gulf Coast States 

Act of 2012 (RESTORE Act) which 

established the Gulf Coast Restoration Trust 

Fund to maintain the civil and administrative 

penalties arising from the Deepwater 

Horizon oil spill. Treasury will serve 

oversight, administrative, compliance, and 

audit roles to help ensure that funds are 

expended as required by the RESTORE Act, 

and will work with the newly established 

Gulf Coast Restoration Council to 

administer these funds in supporting

economic and environmental restoration in 

the Gulf Coast region. 

Agency Priority Goal: Increase 

Electronic Transactions with the Public to 

Improve Service, Prevent Fraud, and 

Reduce Costs

Treasury has implemented a multi-pronged 

effort to expand the use of electronic 

transactions in conducting the business of 

government, including through electronic 

payroll savings bonds, electronic benefit 

payments, and electronic tax collection. 

These efforts have resulted in reduced costs, 

improved customer service, and decreased 

susceptibility to fraud. The payroll sale of 

paper savings bonds and the sale of paper 

savings bonds at financial institutions have

already been discontinued, and businesses 

are now required to pay taxes electronically 

rather than by paper coupon. The 

Department will continue to make progress 

toward its “Paperless Treasury” initiative by 

paying benefits electronically and working 

to increase the electronic filing (e-file) rate.

Treasury’s paperless initiatives are estimated 

to save $500 million over five years from 
FY 2011 to FY 2015. The IRS’s e-file 

program has been highly successful, saving 

the department millions of dollars every 

year. For example, in 2012, it costs 23 cents 

to process an e-filed return—a fraction of 

the $3.36 it takes to process a paper return.

With e-file, taxpayers get their refund faster, 

with fewer data processing errors. The 

individual tax e-file rate is now over 80 

percent.

The Fiscal Service

In FY 2014, Fiscal Service will continue 

functional integration of the former 

Financial Management Service (FMS) and 

Bureau of the Public Debt (BPD) to include 

the FIT transfer. This will improve the 

planning and implementation of FIT’s 

initiatives by more closely aligning strategic 

direction with operational implementation,

which is performed by Fiscal Service. 

Under this structure, the Fiscal Assistant 

Secretary will maintain high-level policy 

guidance and oversight of FIT. 

Achieving Small Business Procurement 

Goals

In FY 2014, the Department will build on its 

success in achieving small business 

contracting goals. In FY 2012, Treasury 

met or exceeded all of its small business 

contracting goals and exceeded its overall 

Small Business contracting goal. The 

Department more than doubled its 

contracting goals for Women Owned Small 

Businesses and for Small Disadvantaged 

Businesses. During FY 2012, Treasury 

awarded $890 million in contracts to small 

businesses, which is an increase of $80 

million above the FY 2011 total.

Securing Americans Value and Efficiency 

(SAVE)

The Administration held its fourth SAVE 

Award contest for federal employees to 

submit ideas to improve the operations of 

government. Treasury plans to adopt two 

ideas: savings in postage from an electronic 

transcript delivery process, and replacing 

existing interior lighting with LED 

technology for energy savings. 

Savings Proposals

Treasury’s FY 2014 Budget includes 

efficiency savings of $354 million and 

program reductions of $29 million.

Treasury’s bureaus have found savings 

from: space optimization for the IRS, 

manufacturing support systems and spoilage 

reduction for the BEP, payment 

reorganization for the Fiscal Service, and 

numerous administrative and personnel 

efficiencies across multiple bureaus.