Department of the Treasury 

Departmental Offices 

Salaries and Expenses 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023 
DOSE-2 

Table of Contents

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

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

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

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

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

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

1.3 – Object Classification (Schedule O) Obligations ................................................................ 9

D – Appropriations Language and Explanation of Changes .................................................... 10

E – Legislative Proposals .......................................................................................................... 11

Section II – Annual Performance Plan and Report ................................................................. 12

A – Strategic Alignment ........................................................................................................... 12

B – Budget and Performance by Budget Activity .................................................................... 12

2.1.1 – Executive Direction Resources and Measures .............................................................. 12

Executive Direction Budget and Performance .......................................................................... 12

2.1.2 – International Affairs and Economic Policy Resources and Measures .......................... 13

International Affairs and Economic Policy Budget and Performance ...................................... 14

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

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

2.1.4 – Treasury-wide Management and Programs Resources and Measures .......................... 24

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

2.1.5 – Committee on Foreign Investment in the United States Resources and Measures....... 32

Note: FTEs in the above include 1 FTE funded through reimbursable resources. ................... 32

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

C – Changes in Performance Measures .................................................................................... 33

Section III – Additional Information ........................................................................................ 33

A – Summary of Capital Investments ....................................................................................... 33

 
DOSE-3 

Section I – Budget Request 

A – Mission Statement 

Treasury's mission is to maintain a strong economy by promoting conditions that enable 

equitable and sustainable economic growth at home and abroad, combating threats to, and 

protecting the integrity of, the financial system, and managing the U.S. government's finances 

and resources effectively. 

B – Summary of the Request 

The FY 2023 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 climate initiatives, equity assessments, the expansion of the Treasury attaché program, 

and cybersecurity and facilities improvements. 

These investments will enable Treasury to build on recent successes in fostering a robust and 

equitable economic recovery through implementation of pandemic relief programs; protecting 

the financial system by addressing risks related to real estate and digital assets; tackling the 

climate crisis by aligning public budgets, tax policy, and the flow of private capital with the goal 

of a global net-zero economy; and safeguarding our national security by improving the 

effectiveness of sanctions. 

1.1 – Appropriations Detail Table 

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023 

Appropriated Resources Operating Plan Annualized CR Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Executive Direction 88 $37,333 102 $35,706 140 $49,496 37.3% 38.6% 

International Affairs and Economic Policy 176 $53,661 180 $53,492 206 $70,662 14.4% 32.1% 

Domestic Finance and Tax Policy 227 $79,566 239 $81,059 273 $100,703 14.2% 24.2% 

Treasury-wide Management and Programs 99 $39,779 109 $40,249 118 $46,770 8.3% 16.2% 

Committee on Foreign Investment in the 

United States 80 $22,661 110 $22,494 132 $25,611 20.0% 13.9% 

Subtotal New Appropriated Resources 670 $233,000 740 $233,000 869 $293,242 17.4% 25.9% 

Other Resources 

Reimbursable 40 $8,630 41 $11,500 41 $11,500 0.0% 0.0% 

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

Subtotal Other Resources 40 $23,630 41 $26,500 41 $26,500 0.0% 0.0% 

Total Budgetary Resources 710 256,630 781 $259,500 910 $319,742 16.5% 23.2% 

 
DOSE-4 

 1.2 – Budget Adjustments Table 

Dollars in Thousands 

 FTE Amount 

FY 2022 Annualized CR 740 $233,000 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $9,728 

Pay Annualization 0 $1,179 

Pay Raise (4.6% average pay raise) 0 $6,108 

Non-Pay 0 $2,441 

Non-Recurring Costs 0 ($3,868) 

Non-recurring Costs for CFIUS Investments 0 ($3,868) 

Transfers (2) 0 

Transfer of FTEs to SSP (2) $0 

Other Adjustments: 0 $17,365 

Adjustments to Meet Current Operating Levels* 0 $17,365 

Subtotal Changes to Base (2) $23,225 

FY 2023 Current Services 738 $256,225 

Program Changes: 

Reinvestments 22 $3,868 

Staffing to Support CFIUS Program Growth 22 $3,868 

Program Increases: 109 $33,149 

Departmental Offices Staffing* 86 $20,000 

Equity Assessment and Program Evaluations 10 $3,579 

Treasury Attaché Program Expansion 3 $3,074 

Staffing to Support Climate Initiatives 9 $2,473 

Cyber to Enhance National Security (OCCIP) 1 $295 

DO Cyber Infrastructure (Incident Response and Threat Protection) 0 $1,185 

Facilities and Office Infrastructure 0 $2,543 

FY 2023 President's Budget Request 869 $293,242 

*Included in the FY 2022 President’s Budget 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ........................................................+$9,728,000 / +0 FTE 

Pay Annualization (2.7%) +$1,179,000 / +0 FTE 

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6 % in FY 2023) +$6,108,000 / +0 FTE 

Funds are requested for a 4.6% average pay raise in January 2023. 

Non-Pay +$2,441,000 / +0 FTE 

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

and equipment. 

Non-Recurring Costs ...................................................................................-$3,868,000 / -0 FTE 

Non-recurring Costs for CFIUS Investments -$3,868,000, -0 FTE 

Non-recurring costs for CFIUS associated with the baseline completion of CFIUS’s case 

management system and configuration of secure spaces for new CFIUS staff. 
DOSE-5 

Transfers.....................................................................................................................-$0 / -2 FTE 

Transfer of FTEs to SSP $0, -2 FTE 

Transfer of 2 FTEs from DO SE to SSP after a determination that it more appropriately aligns 

with the purpose of the funding sources. Funding amounts will remain within DO SE to cover its 

portion of these services. 

Other Adjustments .................................................................................... +$17,365,000 / +0 FTE 

Adjustments to Meet Current Operating Levels +$17,365,000 / +0 FTE 

Includes funding for the FY 2022 MCLs requested in the FY 2022 President’s Budget and DO 

SE’s portion of Departmental Offices (DO) projects to replace servers that have now reached the 

end of their useful life. This request also funds the modernization of critical equipment and 

software that support the DO workforce’s fundamental information technology needs. 

Reinvestments............................................................................................+$3,868,000 / +22 FTE 

Staffing to Support CFIUS Program Growth +$3,868,000 / +22 FTE 

Increase in CFIUS staffing to continue in line with anticipated program growth. 

Program Increases ................................................................................+$33,149,000 / +109 FTE 

Departmental Offices Staffing +$20,000,000 / +86 FTE 

This funding request is a continuation of the request included in the FY 2022 President’s Budget 

for DO SE. This request seeks to provide Treasury’s policy offices with baseline staffing levels 

needed support the core Treasury mission and the Secretary’s priorities. During the prior 

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

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

Department’s response to economic crises and programs of national importance. 

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

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

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

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

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

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

The following requests build on this baseline of 86 positions to provide for additional manpower 

that the Administration views as critical to carry out its long-term goals related to equity, 

climate, national security, and the U.S.’s engagement abroad, and stem from additional 

assessments, Executive Orders (EO), and recommendations provided to Treasury since the FY 

2022 President’s Budget was submitted. 

Equity Assessment and Program Evaluations +$3,579,000 / +10 FTE 

This request provides funding to support Equity Assessment Recommendations within DO, 

composed of 6 major components, focused on improving support to both internal and external 

priorities related to equity, including: 

Staff to conduct analysis on equity-related policy issues and support the Department’s equity 

goals through programming, policy-building, and other opportunities. This includes: 

1. Policy analysis and partnership development focused on underserved communities. 
DOSE-6 

2. Analysis, interagency policy development and implementation, and impact measurement on 

both the socially and economically disadvantaged and Tribal-related issues of equity, 

particularly associated with small business, entrepreneurship, financial services, public 

services, digital infrastructure, and other areas in the Office of Capital Access. 

3. A dedicated Evaluation Officer to coordinate analysis and program evaluations for equity 

assessments, other congressionally mandated impact studies focusing on equitable 

distribution of resources, as well as studies to address Treasury learning agenda questions 

and increasing agency capacity to build evidence in support of Evidence Act Implementation. 

Increased support for Treasury-internal equity programs, including: 

1. Analyzing equity in procurement and creating mechanisms to enable continuous 

identification of opportunities to increase awards to underserved communities as required in 

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

Federal Government.

2. Growing recruitment pipelines to diverse talent, through an expansion of paid internship 

programs such as the Treasury Scholars Program (anticipated to grow from 15 interns to 40 

annually) as required in EO 14035, Diversity, Equity, Inclusion, and Accessibility in the 

Federal Workforce.

3. Improving support and analysis of equity programs geared at DO’s existing workforce, 

including an additional staff member to support Equal Employment Opportunity (EEO) 

efforts as required in EO 13985, 14035, and 13988, Preventing and Combating 

Discrimination on the Basis of Gender Identity or Sexual Orientation. 

Treasury Attaché Program Expansion +$3,074,000 / +3 FTE 

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

program by no fewer than six positions. This is the accompanying appropriations request for 

three of those six positions. 

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. Among other contributions, Treasury attachés: 

1. Enhance Treasury’s real time access to foreign officials, local experts, media, and financial 

market participants; 

2. Conduct in‐depth analysis of issues important to Treasury that can be done satisfactorily only 

with extended on‐the‐ground presence; and 

3. Provide critical support to senior level Treasury trips through established contacts and 

relationships and advise on the value of certain meetings for officials from both governments. 

Treasury attachés are highly valued across the organization and provide access, information, 

and further the priorities of offices across DO. 

 
DOSE-7 

Staffing to Support Climate Initiatives +$2,473,000 / +9 FTE 

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

asked Treasury to play a key role in these efforts, but as currently staffed, Treasury will be 

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 – will be reflected in an expanded climate 

strategy work program. 

The first phase, funded from existing resources, included the creation of a new Climate Hub and 

Climate Counselor position. The second phase, previously requested in the FY 2022 President’s 

Budget, will include the implementation of a Climate Hub to centrally coordinate and lead many 

of Treasury’s efforts to address climate change. The Treasury Climate Hub will coordinate and 

enhance existing climate-related activities by harnessing the tools, capabilities, and expertise 

from across the Department – including from Domestic Finance, Economic Policy, International 

Affairs, and Tax Policy. With a view of all Treasury climate initiatives, the Hub will enable 

Treasury to move nimbly and efficiently in prioritizing climate action with support from DO 

staff. 

This FY 2023 request is the third phase of the climate strategy, which provides staffing strength 

in International Affairs and Domestic Finance needed to support the Administration’s climate 

priorities, including work connected to 1) climate transition finance, 2) climate-related policy, 

and 3) climate-related financial risks. This specifically would fund: 

 International economists and climate finance experts to support initiatives outlined in the 

Administration’s U.S. International Climate Finance Plan, Plan to Conserve Global Forests, 

and President's Emergency Plan for Adaptation and Resilience, including greater 

collaboration with multilateral development banks, climate investment funds, the 

International Monetary Fund, export credit agencies, the Financial Stability Board, 

international finance ministry counterparts, and private industry to address climate change 

internationally. These staff will also further our goal of ensuring comparability and 

accountability of climate commitments by other countries, including China, while advancing 

U.S. competitiveness. 

 Staffing for domestic climate priorities, including increased collaboration with financial 

regulatory agencies to understand, convey, and mitigate climate-related financial risk, 

climate insurance assessments to be conducted by the Federal Insurance Office (FIO) to 

understand private insurance coverage gaps in regions of the country particularly vulnerable 

to climate change impacts, engagement with state and local markets on green bonds, work 

with local stakeholders on household financial resiliency to climate trauma and transition, 

and support for climate investment programming for transition innovation and adaptation. 

Cyber to Enhance National Security (OCCIP) +$295,000 / +1 FTE 

At present, the Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) is staffed 

to support up to three ongoing sector-wide incidents at a time. Recent history has demonstrated 

that this staffing level is insufficient to handle the actual volume of incidents impacting the 

sector. The impact of the current climate crisis and potentially cyber events on a large scale can 
DOSE-8 

disrupt financial services both domestically and internationally due to impacts to National 

Critical Functions as defined by the National Risk Management Center. Initial global estimates 

for the SolarWinds hack alone are upwards of $100B to contain damage to U.S. businesses and 

government agencies. Even with additional staffing to support the Financial Services sector amid 

an exponential increase of hacks globally, the sector will continue to experience substantial risk. 

This request provides financial support for OCCIP that advances progress towards the strategic 

priority of enhancing national security. It includes one FTE to formalize, extend, integrate, and 

automate OCCIP programs and capabilities to improve the sector’s ability to (1) identify and 

analyze risks to critical functions and (2) mitigate known and emerging risks, including climaterelated risks. 

DO Cyber Infrastructure (Incident Response and Threat Protection) +$1,185,000 / +0 FTE 

The Department’s forthcoming FY 2022 – 2026 Strategic Plan aligns cybersecurity under 

strategic goal two, Enhance National Security. It is predicted there will be an increase in global 

risks due to diverging interests among major powers, an expanding terror threat, and the spread 

of disruptive technologies. 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, we face 

increasing risk against the IT systems that support our 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. 

Given the heightened risk for a cyber attack targeting DO, this request will enhance Treasury’s 

ability to: 

1. Protect: Invests in Microsoft FedRAMP High Government Community Compliance (GCC) 

licenses, which have been a key component of Treasury’s response to SolarWinds. This 

includes enhanced security controls, monitoring, and threat protection, as well as improved 

data and identity management. These new capabilities are crucial to protect the 3,000 users 

within DO from potential ransomware. 

2. Respond: Funds incident response investments which are important to continue to protect 

DO’s IT infrastructure amid an uptick in cyber attacks due to DO’s activities in the 

international ecosystem. This solution reduces attackers’ ability to compromise systems and 

conduct reconnaissance, as well as reduces attacker’s penetration capabilities. 

For more information on enterprise-wide cybersecurity investments, please refer to the FY 2023 

Cybersecurity Enhancement Account Congressional Budget Justification. 

Facilities and Office Infrastructure +$2,543,000 / +0 FTE 

This request 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). The cost 

of maintaining historic office buildings of similar size to MT and FBB is estimated at 

approximately $2M in funding annually. Over the past 2 years, Treasury DO has incurred a 

myriad of expensive repairs, including to the power supply, fire pump replacement, transformer 

fluid replacement, portico, and miscellaneous water damage. In total, these costs have required 

DO to divert crucial resources away from other key priorities. 
DOSE-9 

While the external repairs are being funded in Department-wide Systems and Capital 

Investments Program account (DSCIP) via a consolidated approach, ad hoc repairs and 

maintenance are usually completed because 1) emergency repairs cannot be planned for, and 2) 

many of the repairs are operational in nature and must-do fixes. There are multiple rooms within 

Main Treasury and Freedman’s Bank in need of substantial repairs due to recent emergencies 

(e.g., water leaks, structural shortfalls, and elevator malfunctions) and the Secretary’s 

Conference Room is presently unusable as a result. 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. 

Likewise, this funding supports a transition to hybrid work. Like most workplaces, Treasury has 

transitioned to a hybrid work format which relies more heavily on virtual presence and 

collaboration software to accommodate the increased remote work necessary because of the 

pandemic. Treasury’s mission requires it to collaborate with various partners including foreign 

governments, financial institutions, other federal agencies, local governments and citizens. A 

lack of funding for collaboration tools and remote work accoutrements necessary for our future 

of work plans will inhibit our ability to retain and attract staff and work with stakeholders and 

partners to accomplish Treasury’s mission. 

1.3 – Object Classification (Schedule O) Obligations

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 99,319 109,570 135,082 

11.3 - Other than full-time permanent 2,547 3,005 3,297 

11.5 - Other personnel compensation 3,601 4,092 4,569 

11.8 - Special personal services payments 603 603 635 

11.9 - Personnel Compensation (Total) 106,070 117,270 143,584 

12.0 - Personnel benefits 35,119 39,983 48,702 

Total Personnel and Compensation Benefits $141,189 $157,253 $192,286 

21.0 - Travel and transportation of persons 1,227 3,782 3,910 

22.0 - Transportation of things 191 156 172 

23.2 - Rental payments to others 1,087 1,320 1,421 

23.3 - Communications, utilities, and miscellaneous charges 14 97 69 

25.1 - Advisory and assistance services 13,144 14,605 14,557 

25.2 - Other services from non-Federal sources 3,096 1,966 2,591 

25.3 - Other goods and services from Federal sources 82,559 74,499 98,831 

25.4 - Operation and maintenance of facilities 139 101 114 

25.7 - Operation and maintenance of equipment 74 236 242 

26.0 - Supplies and materials 3,249 2,986 2,682 

31.0 - Equipment 2,819 2,017 2,252 

32.0 - Land and structures 4,930 482 613 

Total Non-Personnel $112,529 $102,247 $127,455 

Total Obligations $253,718 $259,500 $319,742 

 

Full-time Equivalents (FTE) 710 781 910 

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

 
DOSE-10 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

DEPARTMENTAL OFFICES 

Federal Funds 

SALARIES AND EXPENSES 

For necessary expenses of the Departmental Offices including 

operation and maintenance of the Treasury Building and 

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

maintenance, repairs, and improvements of, and purchase of 

commercial insurance policies for, real properties leased or 

owned overseas, when necessary for the performance of official 

business; executive direction program activities; international 

affairs and economic policy activities; domestic finance and tax 

policy activities, including technical assistance to State, local, 

and territorial entities; and Treasury-wide management policies 

and programs activities, $293,242,000: Provided, That of the 

amount appropriated under this heading— 

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

representation expenses; 

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

confidential nature to be allocated and expended under the 

direction of the Secretary of the Treasury and to be 

accounted for solely on the Secretary's certificate; and 

(3) not to exceed $34,000,000 shall remain available until 

September 30, 2024, for— 

(A) the Treasury-wide Financial Statement Audit and 

Internal Control Program; 

(B) information technology modernization requirements; 

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

Coast Restoration Trust Fund; 

(D) the development and implementation of programs within 

the Office of Cybersecurity and Critical Infrastructure 

Protection, including entering into cooperative agreements; 

(E) operations and maintenance of facilities; and 

(F) international operations. 

Note.—A full-year 2022 appropriation for this account was not 

enacted at the time the budget was prepared; therefore, the budget 

assumes this account is operating under the Continuing 

Appropriations Act, 2022 (Division A of P.L. 117-43, as 

amended). The amounts included for 2022 reflect the annualized 

level provided by the continuing resolution.
DOSE-11 

E – Legislative Proposals 

Not to exceed 5 percent of any appropriation made available in this Act for the Department of 

the Treasury may be transferred to the Department’s information technology system 

modernization and working capital fund (IT WCF), as authorized by section 1077(b)(1) of title X 

of division A of the National Defense Authorization Act for the Fiscal Year 2018, for the 

purposes specified in section 1077(b)(3) of such Act, upon the prior notification of the 

Committees on Appropriations of the House of Representatives and the Senate: Provided, That 

amounts transferred to the IT WCF under this section shall remain available for obligation 

through September 30, 2026. 

Note: This request is proposed in the Treasury Administrative Provisions. Both the executive 

summary and budget appendix include the proposed language. 
DOSE-12 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

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

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

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

financial actions, promotes the stability of the nation’s financial markets, and ensures the 

government’s ability to collect revenue and fund its operations. DO operations align with all 

Treasury strategic goals and objectives. Specific alignment by budget activity is indicated below. 

B – Budget and Performance by Budget Activity 

2.1.1 – Executive Direction Resources and Measures 

 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $36,980 $32,993 $35,407 $36,775 $37,333 $35,706 $49,496 

Reimbursable Resources $22,997 $25,455 $4,863 $1,837 $1,789 $2,361 $2,361 

Budget Activity Total $59,977 $58,448 $40,270 $38,612 $39,122 $38,067 $51,857 

Full-time Equivalents (FTE) 161 159 113 102 94 108 146 

Executive Direction Budget and Performance 

($49,496,000 from direct appropriations, $2,361,000 from reimbursable sources): 

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

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

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

of these offices is captured within the other budget activities. 
DOSE-13 

2.1.2 – International Affairs and Economic Policy Resources and Measures 

Dollars in Thousands 

 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $57,191 $48,460 $52,428 $52,825 $53,661 $53,492 $70,662 

Reimbursable Resources $10,617 $9,795 $2,701 $1,293 $817 $1,329 $1,329 

Budget Activity Total $67,808 $58,255 $55,129 $54,118 $54,478 $54,821 $71,991 

Full-time Equivalents (FTE) 253 220 161 178 180 184 210 

Performance Measure FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

IA - Monitor Quality and Enhance 

Effectiveness of International Monetary 

Fund (IMF) Lending Through Review of 

IMF Country Programs 

100 100 100 100 100 100 100 100 

IA - Monitor Quality and Enhance 

Effectiveness of MDB Lending through 

Review of MDB Grant and Loan 

Proposals 

100 100 100 100 100 100 100 100 

IA - Percentage of MDB Grant and Loan 

Proposals Containing Satisfactory 

Frameworks for Results Measurement 

96.00% 97.60% 95.00% 96.00% 97.00% 95.00% 95.00% 95.00% 

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

International Affairs (IA) Description of Performance: 

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

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

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

IMF resources. The target (100 percent) was met in FY 2021. In FY 2022 and FY 2023, IA’s 

target for this measure remains 100 percent. 

 Monitor Quality and Enhance Effectiveness of Multilateral Development Banks (MDB) 

Lending through Timely Review of MDB Grant and Loan Proposals: IA reviews MDB loan 

and grant proposals to ensure that funded projects meet several key goals, which include 

supporting long-term U.S. objectives, having a measurable development impact, and being 

consistent with congressional mandates. The target (100 percent) was met in FY 2021. In FY 

2022 and FY 2023, IA aims to continue its review of 100 percent of MDB loan and grant 

proposals prior to the date of the relevant Executive Board meeting, and to increase its 

oversight of projects during implementation. 

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

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

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

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

annual basis. In FY 2021, 97 percent of MDB grant and loan project proposals had excellent 

or satisfactory ratings for the results matrices. The FY 2022 target is 95 percent, and the FY 

2023 target is 95 percent. 

 

 
DOSE-14 

Office of Technical Assistance Description of Performance: 

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

to which foreign counterparts are engaging proactively and constructively with OTA advisors 

at the working and policy levels. 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 both a key 

outcome of OTA efforts to structure and execute effective technical assistance projects that 

support host country ownership. The result for FY 2021 is 3.6, an increase of 0.3 from the 

FY 2020 result, representing a return to historical levels after the program experienced a dip 

in traction associated with the challenges of providing technical assistance remotely during 

the COVID-19 pandemic. The increase in FY 2021 was due, in part, to the program’s ability 

to resume in-person assistance for many of its bi-lateral technical assistance engagements 

globally and the continued improvement by the program in its use of remote tools (e.g., 

videoconferencing, collaborative software) to support projects when in-person assistance is 

not possible.

International Affairs and Economic Policy Budget and Performance 

($70,662,000 from direct appropriations, $1,329,000 from reimbursable sources): 

The offices in this budget activity promote economic growth in the United States by producing 

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

priorities around the world. 

Office of International Affairs 

This office supports the following strategic objectives for Strategic Goal 1, to Promote Equitable 

Economic Growth and Recovery: 

 Objective 1.2: Global Economic Leadership. Generate sustainable and inclusive global 

economic growth. 

This office supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security:

 Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. Harden assets and 

systems of Treasury and the broader financial system to promote financial system resiliency. 

 Objective 2.2: Economic Measures to Advance National Security. Enhance and protect 

national security through the application of targeted financial measures and review of certain 

foreign investments. 

 Objective 2.3: Modernize Sanctions Regime. Modernize the development, implementation, 

enforcement, and maintenance of U.S. sanctions to ensure that sanctions remain a 

streamlined and effective foreign policy and national security tool. 

 Objective 2.4: Transparency in the Financial System. Increase transparency in the domestic 

and international financial system. 

 
DOSE-15 

This office supports the following strategic objectives for Strategic Goal 3, to Protect Financial 

Stability and Resiliency:

 Objective 3.1: Financial System Vulnerabilities. Identify and address current and emerging 

vulnerabilities to the stability of the U.S. and global financial systems to support more 

sustainable and equitable growth. 

 Objective 3.3: Financial Innovation. Encourage responsible financial sector innovation. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.1: Global Climate Commitment and Leadership. Use U.S. leadership and 

commitment to significantly enhance global action and mobilize and align financial flows to 

combat climate change and enhance resilience within the new climate environment. 

 Objective 4.2: Climate Incentives and Investment. Create and promote incentives and 

policies for the private sector to invest in climate-friendly and resilient projects and activities. 

 Objective 4.3: Climate-related Financial Risks. Identify and mitigate key sources of climaterelated financial risks to macroeconomy, financial system, investors, governments including 

federal and subnational exposures, and households, understanding that risks may have 

disparate impacts on disadvantaged communities. 

 Objective 4.4: Sustainable Treasury Operations. Improve Treasury’s overall environmental 

and energy sustainability and invest in Bureaus’ adaptation and resiliency efforts to address 

climate change impacts on operations and services. 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

International Affairs 

IA promotes and supports economic prosperity and stability at home and abroad. IA’s 

international economic engagements are guided by three strategic priorities: to restore U.S. 

leadership in the multilateral order, to address key global challenges, and to secure a more 

sustainable and inclusive recovery from the pandemic. IA promotes U.S. exports and job growth 

by encouraging key trading partners to pursue macroeconomic policies that address the COVID 

pandemic, shift to boosting domestic demand, move towards market-determined exchange rates, 

and create a level playing field for American firms and workers. IA also promotes robust 

international financial regulatory standards and multilateral solutions to international 

development, including addressing global challenges such as climate change, clean energy 

access, infrastructure development, food security, debt sustainability, and health. 
DOSE-16 

In FY 2021, IA pursued a number of objectives: re-establishing U.S. climate leadership and 

raising global ambitions on climate finance; enhancing financial assistance to the poorest and 

most vulnerable economies; and establishing a new G20+ finance-health task force to better 

prevent, detect, and respond to future pandemics. In FY 2022, IA will seek to build on progress 

and to exit the crisis stronger and more resilient. IA is playing a leading role in the 

Administration’s U.S. International Climate Finance Plan, Plan to Conserve Global Forests, and 

President's Emergency Plan for Adaptation and Resilience. 

 

IA works to address the large and persistent global imbalances and unfair currency practices that 

threaten strong and sustainable U.S. economic growth. Treasury seeks to level the playing field 

for U.S. businesses through multilateral and bilateral engagements on foreign exchange practices 

and does this via multilateral and bilateral activities working through the International Monetary 

Fund (IMF) and the Group of 20 Nations (G20). 

IA promotes sustainable and inclusive economic growth by leveraging U.S. leadership in the 

International Financial Institutions to mitigate emerging threats to the U.S. and global 

economies; supporting international trade and investment; scaling up infrastructure development 

in line with the Build Back Better World initiative; and reinforcing U.S. national security 

interests in key countries around the world. These institutions will play a significant role in 

Treasury’s approach to the climate goals. Treasury IA seeks to bolster U.S. support for the 

multilateral development banks (MDB), including by promoting reforms to enhance how they 

leverage their capital and scale up their delivery and impact and continuing its close oversight of 

the institutions’ efficiency, effectiveness, and financial discipline. IA will continue to advance 

the significant role of these institutions in delivering on Treasury’s climate goals with respect to 

mitigation, adaptation, and climate finance. 

Office of Technical Assistance 

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

economic, financial, development, and terrorist financing policy work. OTA builds capacity in 

developing and transitional country governments to implement policies that support broad-based 

economic growth, financial sector stability and inclusion, climate and infrastructure finance, 

transparency and accountability in public finance, and protections against economic and financial 

crimes. 

Office of Economic Policy (EP)

This office supports the following strategic objectives for Strategic Goal 1, to Promote Equitable 

Economic Growth and Recovery: 

 Objective 1.1: Tax Administration and Policy. Enhance tax compliance and service; improve 

tax policy design. 

 Objective 1.2: Global Economic Leadership. Generate sustainable and inclusive global 

economic growth. 

 Objective 1.3: Economically Resilient Communities. Promote equitable financial recovery 

and growth through support and flow of capital to small businesses, households, and 

underserved communities 
DOSE-17 

 Objective 1.4: Resilient Housing Market. Promote a stable and resilient housing market that 

expands fair and equitable access to homeownership and affordable rental opportunities and 

protects taxpayers. 

This office supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security:

 Objective 2.2: Economic Measures to Advance National Security. Enhance and protect 

national security through the application of targeted financial measures and review of certain 

foreign investments. 

 Objective 2.4: Transparency in the Financial System. Increase transparency in the domestic 

and international financial system. 

This office supports the following strategic objectives for Strategic Goal 3, to Protect Financial 

Stability and Resiliency:

 Objective 3.1: Financial System Vulnerabilities. Identify and address current and emerging 

vulnerabilities to the stability of the U.S. and global financial systems to support more 

sustainable and equitable growth. 

 Objective 3.3: Financial Innovation. Encourage responsible financial sector innovation. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.1: Global Climate Commitment and Leadership. Use U.S leadership and 

commitment to significantly enhance global action and mobilize and align financial flows to 

combat climate change and enhance resilience within the new climate environment. 

 Objective 4.2: Climate Incentives and Investment. Create and promote incentives and 

policies for the private sector to invest in climate-friendly and resilient projects and activities. 

 Objective 4.3: Climate-related Financial Risks. Identify and mitigate key sources of climaterelated financial risks to macroeconomy, financial system, investors, governments including 

federal and subnational exposures, and households, understanding that risks may have 

disparate impacts on disadvantaged communities.

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

Macroeconomic Analysis 

During the past year, staff in the Office of Macroeconomic Analysis (Macro office) closely 

monitored U.S. economic performance. The office’s analytic updates served as Senior 

Leadership’s main internal information source on U.S. macroeconomic developments. The 
DOSE-18 

Macro Office served on a wide range of high-level engagements and official publications, 

including the Bank/Fund and regional development bank meetings, meetings of the G-7 and G20, the Quarterly Treasury Bulletin, the report to Congress titled, “Foreign Exchange Policies of 

Major Trading Partners of the U.S.,” the Economy Statement for the Treasury Borrowing 

Advisory Committee, and the U.S. Government’s Annual Financial Report. In addition, 

economists in the Macro office help prepare the economic assumptions used to create the 

Administration’s Budget.

 

Microeconomic Analysis 

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

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

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

have included analyses of the economic impact of the pandemic on individuals and firms; 

significant input into the development of American Rescue Plan (ARP) programs, including 

technical assistance to congressional staff; grant allocation formula design and data analysis for 

CARES/ARP implementation; policy input into the design of stimulus and recovery programs 

like the Infrastructure Investment and Jobs Act; contributions to public Treasury white papers on 

childcare and labor market competition; policy input and analysis on climate policy and energy 

market developments, and participation in the interagency Social Cost of Greenhouse Gases 

working group; primary contributions to Treasury’s Russia sanction impact analysis; analytical 

support and policy advice for student loan debt relief proposals and Treasury equity initiatives; 

drafting of research plans for pandemic relief program evaluations, and reporting and analysis on 

the impact of the pandemic on state and local government finances; and ongoing coordination 

and analysis related to the Secretary’s role as Managing Trustee of the Social Security and 

Medicare Trust Funds. 

Social Impact Partnerships to Pay for Results Act 

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

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

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

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

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

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

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

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

childhood abuse and neglect. 

 

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

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

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

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

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

Two applicants have since withdrawn their applications. Treasury has since then declined to 

make an award for one of the eight certified applications. Treasury is taking the necessary steps 

to make a final determination for the remaining certified applicant. Treasury, the Department of 

Labor, and the New York State Energy and Research Development Authority entered into 
DOSE-19 

SIPPRA’s first grant agreement for a social impact partnership project in March 2021. Treasury 

entered into grant agreements with the City and County of Denver in September 2021, with the 

State of Oklahoma in December 2021, and with the New York City Mayor’s Office of Criminal 

Justice in December 2021. Treasury anticipates issuing an additional project NOFA in FY 2022. 

 

2.1.3 – Domestic Finance and Tax Policy Resources and Measures 

Dollars in Thousands 

 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $83,104 $73,804 $72,570 $78,153 $79,566 $81,059 $100,703 

Reimbursable Resources $38,650 $42,042 $8,539 $7,042 $5,862 $7,571 $7,571 

Budget Activity Total $121,754 $115,846 $81,109 $85,195 $85,428 $88,630 $108,274 

Full-time Equivalents (FTE) 365 311 236 245 256 269 303 

 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

DF - Variance Between 

Estimated and Actual 

Receipts (Annual Forecast) 

(%) 

4.00% 2.33% 2.50% 11.10% 13.82% N/A N/A 4.25% 

Key: NA-Not Available 

Domestic Finance Description of Performance: 

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

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

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

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

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

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

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

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

throughout FY 2021 and through the first quarter of FY 2022. Due to this elevated 

uncertainty, Departmental Offices suspended identification of the numeric metric for FY 

2021, although OFP continued to track actual results relative to the historic metric. The 

actual variance for FY 2021 was 13.8 percent compared to the 4.25 percent historical target 

and the 3 percent average for the ten years preceding the COVID-19 outbreak (FY 2010 – 

2019). Due to ongoing uncertainty surrounding the timing and level of receipts stemming 

from the continuing impact of the COVID-19 pandemic, Departmental Offices has again 

suspended identification of the numeric metric for FY 2022.

Domestic Finance and Tax Policy Budget and Performance 

($100,572,000 from direct appropriations, $7,571,000 from reimbursable sources): 

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

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

as well as financial markets and the regulation of financial institutions. The Office of Tax Policy 
DOSE-20 

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

implementation. 

Office of Domestic Finance (DF) 

This office supports the following strategic objectives for Strategic Goal 1, to Promote Equitable 

Economic Growth and Recovery: 

 Objective 1.1: Tax Administration and Policy. Enhance tax compliance and service; improve 

tax policy design. 

 Objective 1.3: Economically Resilient Communities. Promote equitable financial recovery 

and growth through support and flow of capital to small businesses, households, and 

underserved communities 

 Objective 1.4: Resilient Housing Market. Promote a stable and resilient housing market that 

expands fair and equitable access to homeownership and affordable rental opportunities and 

protects taxpayers. 

This office supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security:

 Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. Harden assets and 

systems of Treasury and the broader financial system to promote financial system resiliency. 

This office supports the following strategic objectives for Strategic Goal 3, to Protect Financial 

Stability and Resiliency:

 Objective 3.1: Financial System Vulnerabilities. Identify and address current and emerging 

vulnerabilities to the stability of the U.S. and global financial systems to support more 

sustainable and equitable growth. 

 Objective 3.2: Resilient Treasury and Municipal Securities Markets. Improve the resilience 

of critical government securities markets to minimize borrowing costs over time and to 

support the critical roles that these safe assets play in the global financial system. 

 Objective 3.3: Financial Innovation. Encourage responsible financial sector innovation. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.1: Global Climate Commitment and Leadership. Use U.S leadership and 

commitment to significantly enhance global action and mobilize and align financial flows to 

combat climate change and enhance resilience within the new climate environment. 

 Objective 4.2: Climate Incentives and Investment. Create and promote incentives and 

policies for the private sector to invest in climate-friendly and resilient projects and activities. 

 Objective 4.3: Climate-related Financial Risks. Identify and mitigate key sources of climaterelated financial risks to macroeconomy, financial system, investors, governments including 

federal and subnational exposures, and households, understanding that risks may have 

disparate impacts on disadvantaged communities. 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 
DOSE-21 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

Financial Sector Cybersecurity and Critical Infrastructure Protection 

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

role as sector risk management agency (SRMA) for the financial services sector, one of sixteen 

critical infrastructure sectors designated by the Department of Homeland Security. Treasury’s 

authority as SRMA is derived from the Homeland Security Act of 2002 (Title XXII(A), Section 

2215). In this role, OCCIP works with financial sector critical infrastructure operators, their 

regulators, the Cybersecurity and Infrastructure Security Agency, and other Federal, state, local, 

territorial and tribal entities as appropriate to identify, assess, and prioritize risks to operational 

resilience within the sector; assist operators in mitigating threats, vulnerabilities and risks to their 

systems and assets; serve as coordination point and day-to-day Federal/interagency interface to 

the sector; contribute to emergency preparedness, and support incident management and 

restoration efforts following a security incident; and facilitate the exchange of information and 

intelligence supporting these efforts. OCCIP executes this role in the All-Hazards environment, 

including cyber and physical threats, terrorism, and man-made or climate-related disasters. 

To execute this role, OCCIP works closely with a wide variety of partners, including individual 

firms, federal financial regulators and associations of state financial regulators, industry trade 

associations, law enforcement, the intelligence community, homeland security officials, and 

other federal agencies as appropriate. Internationally, OCCIP has worked closely with the 

interagency to represent Treasury as part of international whole-of-government activities, 

including capacity building and deterrence. 

Financial Data Access and Use 

In FY 2021, at the agency level, the Treasury Office of the Inspector General concluded that 

Treasury’s award data reported on USAspending.gov for the audited third quarter of FY 2020 

was of “Excellent” quality, representing that Treasury’s consolidated level data is accurate, 

complete, and timely. Treasury continued to make progress in government-wide 

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

DATA Act requires the federal government to provide consistent, reliable, and useful online 

data about how it spends taxpayer dollars. DF will work with OMB and federal agencies to 

drive continued improvements in FY 2022. 

Combating Climate Change 

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

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

finance, and foster a strong, green recovery. In FY 2021, Treasury stood up a “climate hub” 

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

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

issues. As part of this work, in FY 2022, Domestic Finance also established a climate 
DOSE-22 

coordination group to begin to identify policy areas that may be impacted by climate transition 

and will continue to monitor the impact of climate change on policy priorities. Additionally, in 

FY 2022, the Office of Consumer Policy within Domestic Finance launched a landscaping 

analysis into household and community financial resiliency to climate change/transition. The 

results of this analysis will help identify areas or communities that are particularly financially 

vulnerable to the impacts of climate transition. Given the connection between climate change, 

equity and Tribal communities, the Office of Consumer Policy will also consider ways to gain 

input and engage with Tribes to ensure understanding of Tribal issues in recommendations 

and implementation. 

Serving Historically Underrepresented and Underserved Groups 

Treasury is endeavoring to better serve historically underrepresented and underserved groups 

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

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

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

quantitatively study and monitor efforts to measure and advance equity.  In FY 2022, a number 

of Domestic Finance offices contributed to this goal. Domestic Finance assisted with the 

deployment of more than $8.7 billion in investments through the Emergency Capital 

Investment Program (ECIP) to increase lending to small and minority-owned businesses, and 

low- and moderate-income consumers in underserved communities, including rural areas. 

DF’s Office of Capital Access also supported the development of an underserved community 

planning requirement for the State Small Business Credit Initiative program. In FY 2023, the 

Office of Capital Access will monitor the implementation of these initiatives and continue to 

identify ways to serve historically underrepresented and underserved groups. 

Transition from USD LIBOR 

During FY 2021, Domestic Finance continued its work monitoring the transition from USD 

London Interbank Offered Rate (LIBOR). LIBOR’s widespread use in the financial system but 

short remaining lifespan underscores the importance of a timely and effective transition due to 

potential impacts on financial stability. 

Housing Finance Reform 

During FY 2021, Treasury continued to monitor its investments in GSEs. Treasury has had a 

significant financial interest in the U.S. housing finance system since 2008, when the GSEs were 

placed into conservatorship and subsequently entered into Senior Preferred Stock Purchase 

Agreements (PSPAs) with Treasury. Twelve years later, the GSEs remain in conservatorship. As 

the counterparty to the PSPAs, Treasury has a key role in shaping, and a key interest in the 

outcome of, housing finance reform. Treasury’s focus has been to formulate housing finance 

policy that promotes financial stability, protects consumers and taxpayers, and provides stability 

and affordability to households. This work is expected to continue across the Administration and 

with Congress in support of these goals.

Debt Management 

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

of Fiscal Projections (OFP) and the Office of Debt Management (ODM). OFP forecasts the 

government’s cash and debt activity, while ODM seeks to finance the federal government at the 

least cost to the taxpayer over time. This is accomplished by working to maintain predictable 
DOSE-23 

issuance of Treasury debt, minimizing the amount of interest the government must pay, and 

managing debt maturity over time. In FY 2021, Treasury continued to finance the government’s 

fiscal response to COVID-19 that began in March of 2020. This was managed amid constraints 

imposed by the expiration of the statutory debt limit, which adversely impacted Treasury’s debt 

service costs in FY 2021 and increased operational risk to the Federal government’s finances by 

forcing Treasury to reduce the government’s cash balance to “less than” prudent levels. ODM 

financed another sizable increase in borrowing during FY 2021, overseeing $20.2 trillion in 

gross security issuance and $1.4 trillion in net issuance. While the unprecedented annual 

borrowing needs faced by the Federal government in FY 2020 and FY 2021 appear to be ebbing 

over the near-to-intermediate term, borrowing needs are likely to remain uncertain and elevated 

over the longer term. 

Office of Tax Policy (OTP) 

This office supports the following strategic objectives for Strategic Goal 1, to Promote Equitable 

Economic Growth and Recovery: 

 Objective 1.1: Tax Administration and Policy. Enhance tax compliance and service; improve 

tax policy design. 

 Objective 1.2: Global Economic Leadership. Generate sustainable and inclusive global 

economic growth. 

 Objective 1.4: Resilient Housing Market. Promote a stable and resilient housing market that 

expands fair and equitable access to homeownership and affordable rental opportunities and 

protects taxpayers. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.1: Global Climate Commitment and Leadership. Use U.S leadership and 

commitment to significantly enhance global action and mobilize and align financial flows to 

combat climate change and enhance resilience within the new climate environment. 

 Objective 4.2: Climate Incentives and Investment. Create and promote incentives and 

policies for the private sector to invest in climate-friendly and resilient projects and activities. 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

Tax Policy 

In FY 2021, the Office of Tax Policy’s (OTP) work was critical to the Administration’s 

legislative efforts. In addition to the technical assistance on recovery efforts such as the 
DOSE-24 

American Rescue Plan (ARP), OTP staff worked on implementing complex, unprecedented 

programs such as the third round of Economic Impact Payments (EIPs), monthly Advance Child 

Tax Credit payments (CTC), and the expansion of benefits to many taxpayers. Further, OTP led 

successful multilateral tax negotiations leading to an agreement on global minimum taxes and 

legislative proposals to change the global intangible low-taxed income (GILTI) rules. 

 

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

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

the interests of the United States. During FY 2021, OTP played a leading role in achieving 

agreement on global minimum tax, which will stabilize the eroding international tax system, 

level the playing field for American business, and end the race to the bottom on corporate tax 

rates that has disadvantaged workers and families. 

During FY 2021, OTP also worked with the Internal Revenue Service (IRS) to implement 

economic relief as a result of the ARP including working with the IRS to deliver 175 million 

third round EIP totaling over $400 billion starting the day after passage of the authorizing 

legislation. In addition, OTP worked with the IRS to disburse $93 billion of monthly CTC 

payments benefiting over 60 million children. Unlike prior pandemic payments, these advances 

were sent monthly between July and December despite there being less than 5 months to set up 

the payment system. 

OTP worked with the IRS to identify non-filers who may be eligible to receive EIPs and monthly 

CTCs. OTP sent over 6 million outreach letters to those who appeared to be eligible for either the 

EIP or the CTC in order to encourage wider participation. 

2.1.4 – Treasury-wide Management and Programs Resources and Measures 

Dollars in Thousands 

 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $43,365 $40,716 $39,171 $38,279 $39,779 $40,249 $46,770 

Reimbursable Resources $4,284 $2,398 $226 $127 $98 $134 $134 

Budget Activity Total $47,649 $43,114 $39,397 $38,406 $39,877 $40,383 $46,904 

Full-time Equivalents (FTE) 153 147 100 92 99 109 118 

Performance Measure FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percent of Procurement 

Dollars Spend on Small 

Business 

35% 43% 40% 46% 39% 36% 39% 39% 

Treasury-wide Employee 

Engagement Index of the 

Federal Employee Viewpoint 

Survey (FEVS) 

68 68 69 75 74 75 77 75 

Treasury-wide Footprint 

(Square Footage in thousands) 

 

34,100 

 

33,766 

 

33,209 

 

32,517 

 

32,006 

 

32,341 

 

31,948 

 

31,734 

Treasury-wide Leaders Lead 

Index of the Federal Employee 

Viewpoint Survey (FEVS) 

56 56 58 65 66 65 67 66 

Key: DISC - Discontinued; B - Baseline 

Treasury-Wide Management and Program Description of Performance:
DOSE-25 

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

FY 2021, Treasury met and exceeded four out of five small business prime contracting goals. 

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

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

included in the goaling report, with no exclusions. The FY 2021 overall small business goal 

was set for 36 percent, and Treasury exceeded the goal at 39 percent. The FY 2023 small 

business goal is set at 39 percent. One overarching challenge in FY 2021 to meet the 

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

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

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

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

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

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

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

o Small Disadvantaged Business – goal 5.0 percent, achieved 7.7 percent; 

o Women Owned Small Business – goal 5.0 percent, achieved 6.7 percent; and 

o Service Disabled Veteran Owned Small Business – goal 3.0 percent, achieved 3.8 

percent. 

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

socioeconomic group: 

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

achieved 2.2 percent. 

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

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

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

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

Treasury’s scores for the Engagement Index decreased from 75 percent to 74 percent in FY 

2021. Treasury’s engagement score still increased its lead over the average score for very 

large agencies from three to four percent. The engagement index target is 77 percent for FY 

2022, and acknowledging challenges likely to result from staff re-entry into office spaces, 

DO’s FY 2023 target is reduced by 2 percent to 75 percent. 

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

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

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

maximized space utilization by undertaking space realignments, consolidations, and 

improved work station standards. In FY 2021, Treasury decreased its footprint to 32,006 

thousand square feet—down from 32,517 thousand square feet in FY 2020. In FY 2023, the 

Department will expand its review of new work patterns and trends that could impact the 

need for real property. The Department will continue targeting metropolitan areas with 

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

makes business and financial sense. The FY 2023 target for the total square footage that 

Treasury occupies is 31,734 thousand square feet. 

 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 
DOSE-26 

increased from 65 percent in FY 2020 to 66 percent in FY 2021 exceeding the OPM 

established 65 percent benchmark for organizational strength. Treasury’s score in FY 2021 

exceeded the average score for very large agencies by seven percent. Targets are 67 percent 

for FY 2022 and 66 percent for FY 2023, which is an acknowledgement of potential 

challenges related to office re-entry for DO staff. 

Treasury-wide Management and Programs Budget and Performance 

($46,770,000 from direct appropriations, $134,000 from reimbursable sources): 

This office supports the following strategic objectives for Strategic Goal 1, to Promote Equitable 

Economic Growth and Recovery: 

 Objective 1.3: Economically Resilient Communities. Promote equitable financial recovery 

and growth through support and flow of capital to small businesses, households, and 

underserved communities 

This office supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security:

 Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. Harden assets and 

systems of Treasury and the broader financial system to promote financial system resiliency. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.3: Climate-related Financial Risks. Identify and mitigate key sources of climaterelated financial risks to macroeconomy, financial system, investors, governments including 

federal and subnational exposures, and households, understanding that risks may have 

disparate impacts on disadvantaged communities. 

 Objective 4.4: Sustainable Treasury Operations. Improve Treasury’s overall environmental 

and energy sustainability and invest in Bureaus’ adaptation and resiliency efforts to address 

climate change impacts on operations and services. 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

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

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

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

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

Treasury Operations; the Office of the Deputy Chief Financial Officer; the Office of Civil Rights 
DOSE-27 

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

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

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

Office of the Chief Human Capital Officer 

Treasury continued its efforts to strengthen core competencies across its workforce in FY 2021. 

Using the ITM learning module, Treasury launched a Customer Experience curriculum to all 

Treasury employees in FY 2021, followed by a Change and Information Management 

Curriculum launched in early FY 2022. Treasury launched a Project-Program Management 

Assessment in FY 2021 to comply with the Program Management Improvement Accountability 

Act (PMIAA) and to improve program outcomes by strengthening program/project management 

practices, and is also currently conducting a competency assessment of the IT Specialist 

occupational series that will continue throughout FY 2022. The results of this assessment will be 

used to identify risks in the IT workforce, provide targeted development to close skill gaps, and 

capture skills that may be useful in the future. Treasury also continued its support of the Close 

Skill Gaps initiative for IRS Contact Representatives. It is worth noting that Treasury lost key 

staff leading these efforts in early FY 2022 and this, combined with the fact that Treasury has no 

Chief Learning Officer/Office to lead and sustain a focus on employee development, puts the 

Department’s work in this space at risk. 

In FY 2021, Treasury examined the roles and responsibilities of the Office of the Chief Human 

Capital Officer, the Office of Civil Rights and Diversity, and the Office of Minority Women 

Inclusion related to recruiting and retaining a diverse and inclusive workforce to ensure these 

offices use resources in an efficient and coordinated manner to support Treasury’s strategic 

objectives. While this work occurred, leadership from each office continued to identify and 

provide leadership and employee development opportunities related to foundational 

competencies that support diversity, equity, and inclusion in addition to identifying existing 

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

Finally, Treasury conducted internal and external benchmarking of Agency recruitment 

resources and efforts in FY 2021 to determine the level of investment required to best support 

Treasury’s goal of recruiting and retaining a diverse and inclusive workforce. The Department 

also conducted a study of federal HR shared service providers who perform recruitment and 

staffing functions, and is exploring the proper balance between improving the hiring process and 

implementing a new recruitment strategy. Once these solutions have been identified Treasury 

will begin exploring the possibility of forming Talent Teams, groups of dedicated employees 

focused on hiring outcomes and effective assessment strategies Treasury is exploring ways in 

which they can support more advanced efforts related to workforce and succession planning to 

instead cover foundational HR work such as recruitment, employee assessment, and performance 

management. 

Office of Civil Rights and Diversity (OCRD) 

In FY 2021, OCRD, along with the bureau EEO and HR communities, continued its efforts to 

implement priorities of the FY 2021-2024 Diversity and Inclusion (D&I) and Equal Employment 

Opportunity (EEO) Strategic Plan (Plan). The Plan focuses on a comprehensive set of six goals 

highlighting both D&I and EEO priorities and promotes the cross collaboration. Priorities were 
DOSE-28 

focused specifically on leadership accountability, responsibility and transparency; 

communicating the importance of D&I and EEO; collaborating with Human Resources; 

facilitating inclusion and trust in daily interactions; increasing compliance with federal 

regulatory EEO Complaints and Departmental policies; providing educational opportunities to 

the workforce on creating an inclusive workplace; and increasing the use of information 

technology to improve the efficiency of EEO Programs. In FY 2022, amendments are expected 

for the Plan to expand on the Office of Personnel Management’s revised government-wide 

strategic plan and guidance issued November 2021. 

In FY 2021, Treasury OCRD continued with the audits of bureaus’ EEO, D&I, and External 

Civil Rights Programs focusing its efforts on the Departmental Offices (DO) bureau level. The 

audit included a review of each phase of Treasury bureaus’ EEO programs, including D&I, EEO 

complaint processes, and building accessibility reviews to ensure compliance with the applicable 

law and regulations. Among the topics reviewed is the set of Performance Standards established 

for Managers, Supervisors, and SES members to ensure performance commitments include 

mandatory EEO and D&I elements. OCRD summarizes program deficiencies, results of the 

evaluation, and a list of recommendations for improvement. OCRD will continue the bureau 

audits of EEO, D&I, and External Civil Rights Programs in FY 2022. These audits will critically 

look at bureaus’ External Civil Rights, D&I and EEO programs to determine any areas where 

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

OCRD continued implementation of EO 13985, Advancing Racial Equity and Support for 

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

Combating Discrimination on the Basis of Gender Identity or Sexual Orientation in FY 2021. 

However, additional EOs were issued late FY 2021: EO 14035, Advancing Diversity, Equity, 

Inclusion, and Accessibility in the Federal Workforce, including those specifically related to 

recruitment and outreach to minorities. OCRD continues to spend considerable time assessing 

equity within Treasury and to ensure Treasury’s policies and programs are accessible to people 

of color and members of underserved communities. These new requirements have expanded the 

responsibilities for the D&I and civil rights communities, which would include OCRD staff. As a 

result of these new workstreams, OCRD continues to be constrained in its ability to effectively 

implement the requirements of these EOs in a timely manner. OCRD’s FY 2023 staffing request 

would help to alleviate many of these new staffing constraints. 

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

processing of Treasury’s formal EEO complaints in FY 2020. Having fully implemented 

electronic processing in FY 2021, the implementation has significantly improved the efficiency 

and timeliness requirements of OCRD’s Complaint Operations Division and decreased 

administrative costs of this program. In FY 2021, EEO complaints were adjudicated effectively 

within the Department, thereby meeting regulatory timeframes both in issuance of decisions and 

days to investigate complaint. 

OCRD also worked with the bureau EEO offices on Human Capital engagement to improve 

inclusion scores – this will also be a continuing focus in FY 2021 and FY 2022. While scores for 

“Fairness” continue to be a concern, efforts have been made to introduce “Unconscious Bias” 

training in the workforce and at all management levels to help make leaders aware of biases and 
DOSE-29 

to learn to put aside such biases when making employment decisions. In the 2020 and 2021 

OPM’s Federal Employee Viewpoint Surveys (FEVS), questions to assess employee perceptions 

of workplace inclusion were replaced with items to measure the impact of the COVID-19 

pandemic. Therefore, Treasury has been unable to gauge perceptions of workplace inclusion for 

the past two years. 

In FY 2021, OCRD continued to lead the work to achieve full compliance with the external civil 

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

FY 2021 and is anticipated to grow in FY 2022. The Department gained several new large 

financial assistance programs created in response to the COVID-19 pandemic. In FY 2021, 

OCRD completed an update of 31 C.F.R. Part 28, Treasury’s regulation implementing Title IX 

of the Education Amendments Act, adding a new list of covered programs.

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

manage the civil rights compliance program for DO. In FY 2021, significant progress was made 

to improve compliance in the DO financial assistance programs and OCRD is conducting civil 

rights pre-award compliance determinations for SIPPRA and the Office of Gulf Coast 

Restoration. In FY 2021, OCRD provided training on pre-award requirements to recipients of 

Treasury’s RESTORE Act grant programs. OCRD also conducted post-award compliance 

reviews of Office of Gulf Coast Restoration grant recipients. OCRD also continued to provide 

technical assistance to the CARES Act and ARP program staff to ensure civil rights compliance 

in the new financial assistance programs. 

Office of the Deputy Chief Financial Officer 

For FY 2021, the Department received its 22nd consecutive unmodified audit opinion on its 

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

consolidated audits to be conducted for FYs 2022 and 2023. Overall, the Department has made 

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

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

Office of Small and Disadvantaged Business Utilization (OSDBU) 

Based on preliminary data for FY 2021, Treasury met and exceeded four out of five small 

business prime contracting goals. Treasury did not meet its Historically Under-utilized Zone 

(HUBZone) small business goal. Treasury did not meet any small business subcontracting goals 

in FY 2021. Treasury OSDBU identified several possible root causes for not meeting Treasury’s 

prime and subcontracting goals in FY 2021 including the impact of COVID-related emergency 

acquisitions on traditional acquisition planning, limited enforcement of existing Treasury 

procurement policies related to HUBZone businesses, and additional training needs for 

Treasury’s Contracting Officers related to subcontracting pre- and post-award requirements.

The Small Business Administration issues an annual scorecard grade to Treasury. Treasury is 

graded for meeting their prime and subcontracting goals, compliance with the Small Business 

Act Section 15 (k), and the number of new small businesses entering Treasury’s contracting 

industrial base. The consistent “A” score is a testament to the hard work and professionalism of 

the procurement and acquisition teams across Treasury’s bureaus and the serious commitment to 

utilizing small businesses that emanates from Treasury’s leadership. To comply with Section 15 
DOSE-30 

(k), Small Business Act, the Department continued to focus on small business prime and 

subcontracting goal achievements, monitored small business pre-award and post-award 

functions, and increased Treasury’s small business industrial base through a robust outreach 

program. 

In FY 2021, per FAR Part 19.201, OSDBU successfully executed Small Business Programs 

Compliance Reviews on six Bureaus which have procurement authority to make awards to small 

businesses. The results of the compliance reviews provided for a comprehensive small business 

acquisition transformation strategy that included acquisition workforce teaching and training 

across the Department. Overall, the Department made progress in enhancing its small business 

programs and remains committed to ensuring high standards of small business program 

compliance. Treasury was assessed as “moderately favorable” for its small business programs in 

FY 2021. Central to the compliance review strategy is early acquisition planning and broad 

stakeholder participation. In FY 2021, Treasury OSDBU reviewed 380 acquisition actions 

valued at over $250,000 that were not set-aside for small business and rejected 20 of these 

actions due to inadequate market research. After the rejections, small business opportunities were 

found for all 20 actions. Of the 380 actions, 17 required subcontracting plan review (over 

$750,000) and monitoring of the subcontracting goals addressed in the plan. Together with the 

Small Business Administration Procurement Center Representative, OSDBU approved the 

subcontracting plans and these became part of the resultant contract. 

In FY 2022, OSDBU will require Bureaus to conduct self-assessments on their small business 

compliance. OSDBU will validate the self-assessment before end of the fiscal year and identify 

any Corrective Action Plans (CAP). The CAPs will identify areas for process improvements to 

their small business program. The annual small business program health summary will be 

submitted to the Deputy Secretary by November 2022. Also, in FY 2022, Treasury OSDBU and 

Office of the Procurement Executive (OPE) will provide additional small business 

subcontracting training to Treasury’s acquisition workforce to enforce subcontracting pre-award 

and post-award contract responsibilities. 

In response to Executive Order 13985, Treasury OSDBU and OPE instituted a “Procurement 

Equity Council” to ensure Treasury increases small and disadvantaged business participation, 

reduces barriers for new small businesses to enter into Treasury contracts, improves Treasury’s 

supplier diversity in procurement, and tracks the agency’s progress towards achieving 

measurable outcomes. 

Office of the Senior Procurement Executive (OPE) 

In FY 2021, the Office of the Procurement Executive oversaw a significant increase in 

Department-wide obligations from $6.5B to $9.5B, closely collaborating with Bureaus to ensure 

timely execution. Treasury continued a comprehensive acquisition transformation strategy 

designed to facilitate innovation, strategic management, efficiency, and effective mission 

outcomes. The Office of the Procurement Executive established the Acquisition Innovation 

Advocate Roundtable to facilitate enterprise-wide adoption of innovative acquisition approaches 

and emerging technology. In FYs 2022 and 2023, OPE will collaborate with the Treasury Chief 

Data Officer to explore data solutions designed to improve acquisition planning and enhance 

decision-making. OPE continues to work towards revamping the major acquisition review 
DOSE-31 

program to ensure successful award and performance of major acquisitions supporting mission 

critical functions. 

In FY 2021, OPE successfully identified contractual efficiencies in support of the execution of 

new mission critical programs established by the American Rescue Plan (ARP). OPE focused on 

implementation and execution of Executive Orders 13985, Advancing Racial Equity and Support 

for Underserved Communities Through Federal Government; 14005, Ensuring the Future is 

Made in All of America by All of America’s Workers; 14008, Tackling the Climate Crisis at 

Home and Abroad; 14028, Improving the Nation’s Cybersecurity; 14030, Climate-Related 

Financial Risk; and 14042, Ensuring Adequate COVID Safety Protocols for Federal Contractors 

(implementation and execution efforts will continue in FY 2022). 

In FY 2021, Treasury continued its trend towards creating savings and efficiencies through 

aggregating requirements and leveraging its purchasing power by utilizing existing contract 

vehicles. Treasury achieved both Spend Under Management (SUM) and Best-in-Class 

performance goals in FY 2021. To align with the Administration’s priority on procurement 

equity and OMB Memorandum M-22-03, Treasury modified its Category Management policy to 

proactively balance efficient buying with promoting contracting opportunities for small, 

disadvantaged businesses and other socio-economic small businesses. In FY 2022, OPE will 

focus on creating more robust market research tools to identify capable new entrants for Treasury 

requirements. 

Office of the Chief Data Officer (OCDO) 

In FY 2021, the OCDO served as the Objective Lead for Better Use of Data by authoring five 

cross cutting strategies in Treasury’s FY22-26 Strategic Plan. Treasury completed requirements 

for the first department-wide procurement of a data catalog solution, which, once implemented, 

will allow better management of Treasury’s metadata and help enable the chief data officer to 

serve as the department’s data lifecycle manager. Additionally, Treasury developed OCDO’s 

organizational mission, vision, strategy, and priorities for implementation of the Evidence Act 

and accomplishment of Department wide data priorities. Moreover, Treasury submitted its first 

CDO report to Congress in FY 2021. 

In FY 2022, OCDO identified a permanent Chief Data Officer and Deputy Chief Data Officer 

and is on track to deliver the department’s first OPEN Data Plan and Data Strategy. 

Treasury is also an active participant in the Federal CDO Council. Treasury’s CDO is especially 

active in both the data inventory working groups and the data skills working group and provides 

ancillary support to the CDO Council’s Executive Committee by reviewing documentation and 

offering focused support to Requests for Information and other support priorities. Other members 

of Treasury’s data community from bureaus and departmental offices participate in several 

Council Working Groups. Active participation in the Council enables the OCDO to understand 

and bring back to Treasury leading government practices in enhancing data management, use, 

sharing, as well as the development of a general data culture. More details on OCDO’s 

accomplishments are included in the Treasury CDO’s Annual Report to Congress. 

 
DOSE-32 

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

Dollars in Thousands 

 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $3,736 $6,000 $15,000 $22,341 $22,661 $22,494 $25,611 

CFIUS Fund Transfers 0 0 0 $15,000 $15,000 $15,000 $15,000 

Reimbursable Resources 0 0 0 0 $64 $105 $105 

Budget Activity Total $3,736 $6,000 $15,000 $37,341 $37,725 $37,599 $40,716 

Full-time Equivalents (FTE) 23 26 32 55 81 111 133 

Note: FTEs in the above include 1 FTE funded through reimbursable resources. 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Timely Review of CFIUS 

Cases 100% 100% 100% 100% 100% 100% 100% 100% 

Key: DISC - Discontinued; B - Baseline 

Committee on Foreign Investment in the United States Description of Performance:

Timely Review of CFIUS Cases: This measure tracks compliance with statutory deadlines for 

completing national security reviews of transactions notified to the CFIUS to ensure that the 

CFIUS process is timely and efficient. The target (100 percent) was met in CY 2021. IA’s target 

for this measure in CY 2022 and CY 2023 is 100 percent. 

Committee on Foreign Investment in the United States Budget and Performance 

($25,611,000 from direct appropriations, $15,000,000 from fund transfers, $105,000 from 

reimbursable resources): 

This office supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security:

 Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. Harden assets and 

systems of Treasury and the broader financial system to promote financial system resiliency. 

 Objective 2.2: Economic Measures to Advance National Security. Enhance and protect 

national security through the application of targeted financial measures and review of certain 

foreign investments. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.4: Sustainable Treasury Operations. Improve Treasury’s overall environmental 

and energy sustainability and invest in Bureaus’ adaptation and resiliency efforts to address 

climate change impacts on operations and services. 

 
DOSE-33 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

In FY 2021, Treasury CFIUS continued its growth to support requirements laid out in the 

Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This includes 

continued investment in infrastructure necessary to support an increase in CFIUS’s 

responsibilities, as well as additional staff to manage the workload growth. FY 2021 was the first 

full year that the CFIUS Fund was entirely fee funded. Additional information on CFIUS can be 

found in the CFIUS Congressional Justification.

C – Changes in Performance Measures 

Departmental Offices Salaries and Expenses has no changes to performance measures in FY 

2023. 

Section III – Additional Information 

A – Summary of Capital Investments 

A summary of capital investments, including major information technology and non-technology 

investments, can be viewed and downloaded at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.