Department of the Treasury

Departmental Offices

Salaries and Expenses

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2020
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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 – Operating Levels Table...................................................................................................... 9

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

E – Legislative Proposals.......................................................................................................... 10

Section II – Annual Performance Plan and Report................................................................. 11

A – Strategic Alignment ........................................................................................................... 11

B – Budget and Performance by Budget Activity .................................................................... 11

2.1.1 – Executive Direction Resources and Measures.............................................................. 11

Executive Direction Budget and Performance.......................................................................... 11

2.1.2 – International Affairs and Economic Policy Resources and Measures.......................... 12

International Affairs and Economic Policy Budget and Performance...................................... 12

2.1.3 – Domestic Finance and Tax Policy Resources and Measures........................................ 17

Domestic Finance and Tax Policy Budget and Performance.................................................... 17

2.1.4 – Treasury-wide Management and Programs Resources and Measures.......................... 22

Treasury-wide Management and Programs Budget and Performance ..................................... 22

Section III – Additional Information ........................................................................................ 27

A – Summary of Capital Investments....................................................................................... 27
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Section I – Budget Request

A – Mission Statement

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

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

Government’s finances and resources effectively.

B – Summary of the Request 

The FY 2020 Request proposes increases to help implement programs that bolster U.S. economic 

growth, promote financial stability, enhance national security, transform government-wide 

financial stewardship, and achieve operational excellence. Particular focuses of this request are

the Committee on Foreign Investment in the United States (CFIUS) program’s expanded 

responsibilities under the Foreign Investment Risk Review Modernization Act of 2018 

(FIRRMA), expansion of the Office of Tax Policy’s impact analyses of tax regulations, a 

significant expansion of the Office of Critical Infrastructure Protection and Compliance Policy’s 

(OCIP’s) efforts to protect the U.S. financial services sector from cyberattacks and improve 

resilience of critical infrastructure, and increased funding for additional Domestic Finance 

staffing to support Administration priorities.

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

Expenses (SE) account, DO anticipates transferring in and executing $15 million of the $20 

million CFIUS Fund request, discussed separately.

1.1 – Appropriations Detail Table

Dollars in Thousands

DO Salaries and Expenses

Appropriated Resources

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Executive Direction 128 $35,940 105 $36,474 107 $36,876 2 $402 1.90% 1.10%

Domestic Finance and Tax Policy 265 $68,363 228 $74,199 264 $88,133 36 $13,934 15.79% 18.78%

International Affairs and Economic Policy 211 $50,732 177 $46,981 177 $50,467 0 $3,486 0.00% 7.42%

Treasury-w ide Management and Programs 142 $40,716 114 $41,922 116 $40,497 2 ($1,425) 1.75% -3.40%

Committee on Foreign Investment in the 

United States (CFIUS) 26 $6,000 65 $15,000 81 $20,000 16 $5,000 24.62% 33.33%

Subtotal New Appropriated Resources 772 $201,751 689 $214,576 745 $235,973 56 $21,397 8.13% 9.97%

Other Resources

 Expenditure Transfer from the CFIUS Fund 0 $0 0 $0 0 $15,000 0 $15,000 NA NA

 Reimbursables 91 $79,690 52 $12,432 52 $12,432 0 $0 0.00% 0.00%

Subtotal Other Resources 91 $79,690 52 $12,432 52 $27,432 0 $15,000 0.00% 120.66%

Total Budgetary Resources 863 $281,441 741 $227,008 797 $263,405 56 $36,397 7.56% 16.03%

Notes: FY 2018 other resources and FTE are actuals

 FY 2018 CFIUS funds were enacted in the International Affairs and Economic Policy Budget Activity. They are broken out here for comparison purposes.

FY 2018 FY 2019 FY 2019 to FY 2020

Enacted Annualized CR Request Change % Change

FY 2020
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1.2 – Budget Adjustments Table

C – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs)........................................................+$1,761,000 / +0 FTE

Non-Pay +$1,761,000 / +0 FTE 

Funds are requested for inflation adjustments in non-labor expenses such as GSA rent 

adjustments, postage, supplies, and equipment.

Transfers......................................................................................................+$1,651,000 / +8 FTE

Re-align Office of Critical Infrastructure Protection and Compliance Policy’s (OCIP) 

Cybersecurity Enhancement Funding to DO SE +$1,651,000 / +8 FTE 

DO proposes to realign to the DO SE appropriation the portion of OCIP’s funding for financial 

services sector cybersecurity that is currently provided through the Cybersecurity Enhancement 

Account (CEA). This budget-neutral realignment will combine funding for OCIP under the 

single DO SE appropriation and focus CEA solely on enterprise-wide cybersecurity investments. 
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Efficiency Savings........................................................................................-$1,675,000 / +0 FTE

Contractual Support -$1,675,000 / +0 FTE 

DO will achieve cost savings and efficiencies in contract services through more efficient 

oversight of all contracts, consolidating contracts where appropriate, and partnering with other 

agencies and DO components to leverage common technology or administrative support needs.

Program Increases .................................................................................+$19,660,000 / +48 FTE

Operations and Maintenance (O&M) of Prior-year Enterprise-wide Cybersecurity investments

+$2,175,000 / +0 FTE

The FY 2020 request includes funding to support operations and maintenance (O&M) for prior 

year Cybersecurity Enhancement Account investments. O&M will be funded by Treasury 

Bureaus through Treasury Franchise Fund (TFF) billing. This increase represents the bureau’s 

portion of the $17.5 million O&M total.

Committee on Foreign Investment in the United States (CFIUS) Expansion +$5,000,000 / 

+16 FTE

FIRRMA expanded the jurisdiction of CFIUS to address growing national security concerns over 

foreign exploitation of certain investment structures which traditionally have fallen outside of 

CFIUS jurisdiction. This budget request funds FTE and contract resource requirements for the 

Office of International Affairs and Office of General Counsel necessary to implement FIRRMA 

and handle the expected workload of 1,000 cases per year (compared to 238 prior to FIRRMA). 

Please refer to the CFIUS Activities Congressional Justification chapter for additional 

information.

Impact Analyses of Tax Regulations +$1,802,000 / +6 FTE

One of the Administration’s goals is to bring clarity to the complex Internal Revenue Code and 

to provide useful guidance to taxpayers. Following enactment of the Tax Cuts and Job Act of 

2017, pursuant to a Memorandum of Agreement (MOA) between Treasury and the Office of 

Management and Budget (OMB) in April 2018, Treasury agreed to create a new framework to 

accommodate the Executive Order (EO) 12866 review of tax regulations with the objective of 

providing taxpayers with economic analysis for significant tax regulations while reducing 

regulatory burdens and providing timely tax guidance for taxpayers. To accomplish this, the 

Office of Tax Policy (OTP) requests $1.802 million and 6 FTE to conduct robust regulatory 

impact analyses of “significant” tax regulations as determined by OMB.

The requested funding would provide the resources needed to comply with 60 potential EO 

12866 reviews in FY 2020 versus 10 regulatory reviews under current funding. These reviews 

include conducting the analyses needed to determine the significance of regulations under EO 

12866, including whether specific regulations require a regulatory impact analysis, and when 

needed, the creation of this analysis.

OTP estimates that the Internal Revenue Service (IRS) and Treasury produce approximately 350 

regulatory projects annually. These regulatory projects will be analyzed to determine if 

regulatory impact analysis is required. OTP estimates that 50-60 projects may be deemed 

significant by OMB during a fiscal year.
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To conduct timely and accurate analysis, OTP will work with the IRS Office of Research, 

Analysis and Statistics (RAAS) to stand up a mirrored server at the RAAS location to provide 

OTP personnel with appropriate applications and storage in order to conduct burden estimates 

for regulatory projects.

Strengthen the Financial Services Sector’s Cybersecurity and Critical Infrastructure Protection

(OCIP) +$7,700,000 / +13 FTE

The U.S. financial services sector faces a broad range of cybersecurity vulnerabilities and 

physical hazards, both domestically and internationally. The United States’ adversaries have 

grown in technical capability, and their attacks have likewise increased in sophistication. This 

request would enable Treasury to proactively reduce risks to the sector by identifying previously

unidentified vulnerabilities before they can be exploited.

Vulnerability Identification +$5,300,000 / +7 FTE:

The FY 2020 request will improve Treasury's capabilities to identify and assess vulnerabilities, 

thereby helping mitigate risks to the financial services sector’s infrastructure. This will build 

upon critical infrastructure process maps developed by OCIP in 2014. Of this request, $3.0

million will be used to update outdated maps, identify and diagram additional processes, 

visualize linkages among major sector actors, and link to geographically-based risks.

The remaining $2.3 million of this request will be used to study vulnerabilities at the 27 most 

critical financial institutions and conduct exercises on a broader range of financial services sector 

institutions and sub-sectors. OCIP will also work with the sector to identify and prioritize 

vulnerabilities with an emphasis on the largest financial institutions. This effort will identify 

common systemic risks within these institutions and the other infrastructures on which the sector 

relies (e.g. energy and telecommunications) to pinpoint shared vulnerabilities.

Without the identification and assessment of these vulnerabilities, the financial system will 

remain exposed to an unacceptable level of risk. Both activities will help identify and avoid 

potential damage from malicious actors as well as natural disasters such as hurricanes and 

earthquakes.

Early Vulnerability Mitigation/Avoidance +$2,400,000 / +6 FTE:

To support the President's National Cyber Strategy, issued in September of 2018, OCIP seeks to 

assist the financial services sector by focusing on early detection of a broad range of 

cybersecurity vulnerabilities and developing recommended mitigation strategies. This request 

will allow Treasury and the sector to shift to a more proactive risk reduction approach by finding 

and mitigating vulnerabilities before they can cause damage, reducing the number of incidents as 

well as the cost of the recovery for those that occur. This funding will be used to research and 

understand potential risks of new technology, in particular fintech, promote international 

cybersecurity, expand OCIP's presence at Federal Cyber Centers, and increase collaboration with 

other key U.S. critical infrastructures. 
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Management Capacity Building to Support Program Initiatives +$885,000 / +2 FTE1

Treasury Management requests funding for the oversight and administrative support associated 

with the growth of program offices. The resources would provide funding for:

• Two FTE within the Office of Human Resources (OHR) of the Centralized Treasury 

Administrative Services (CTAS) program. OHR is charged with providing direct support for 

the recruitment, staffing, onboarding, engagement, performance and retention of staff for

DO. For example, the CFIUS program office is expected to increase by 55 FTE through FY 

2020. OHR’s current staffing levels will be unable to appropriately support growth in these 

areas and other FY 2020 initiatives.

• Two FTE within the Office of Privacy, Transparency, and Records of the CTAS program. 

There are 1,559 cases pending in FY 2019 compared to 1,259 in FY 2018. Without these 

additional resources, the FOIA backlog will continue to grow by 300 cases per year. Two 

additional FTE would allow PTR to process the same number of requests they receive. 

• One FTE to the Treasury Management and Budget office to work to analyze bureau base 

budgets and resource needs.

• One FTE to the Office of Strategic Planning and Performance Improvement to support 

increased oversight requirements for the Program Management Improvement and 

Accountability Act, the Foundations in Evidence Building Act, and the President’s 

Management Agenda.

• The Treasury WAVES request system, which is an upgrade of the U.S. Secret Service IT 

System for processing background checks for visitors seeking entrance to the Treasury 

Complex (Main Treasury and the Freedman’s Bank Building). The Treasury WAVES 

request system includes a customer facing application that removes the collection of PII from 

the requestor to the visitors themselves. This program improves the visitor clearance process 

and allows Treasury to carry out its day-to-day business in a more efficient manner. 

Increase Domestic Finance Staff to Support Strategic Objectives and Priority Goals

+$2,098,000 / +11 FTE

Between FYs 2016 and 2018, DF’s workforce declined by 50 personnel (roughly one-third) 

within the offices funded by the DO SE appropriation. After a careful review of policy priorities 

and in light of emerging initiatives, Treasury determined that it needs to increase DF staff by 11 

FTE personnel to achieve the Administration’s goals timely and effectively. 

The FY 2020 request would support achievement of the following Treasury and Administration 

strategic objectives by allowing DF to increase staffing to support the following policy 

objectives:

Office of Assistant Secretary for Financial Markets, +4 FTE

• Reforming housing finance;

• Monitoring and addressing fiscal issues of state and local governments, including municipal 

bonds and fiscal crises;

• Implementing the Core Principles recommendations for reforming regulation of the U.S. 

financial system corporate finance; 

 

1 These FTE numbers include only the direct FTE in DO Salaries and Expenses. The initiative also funds 4 FTE in 

the Franchise Fund.
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• Managing the U.S. debt through securities auctions; and 

• Ensuring accurate and timely fiscal projections of receipts to the government.

Office of the Assistant Secretary for Financial Institutions, +3 FTE

• Implementing the Core Principles recommendations for reforming regulation of the U.S. 

financial system corporate finance.

Office of the Fiscal Assistant Secretary (OFAS), +4 FTE

• Managing the U.S. debt through securities auctions;

• Ensuring accurate and timely fiscal projections of receipts to the government;

• Effectively awarding and monitoring compliance of grants for Gulf Coast restoration;

• Improving federal government financial management; and

• Increasing data transparency about government spending.

In addition to supporting these policy objectives, the new personnel for OFAS will help to 

achieve the following Cross-Agency Priority goals:

• Leverage Data as a Strategic Asset (DATA Act, federal financial management);

• Sharing Quality Services (overseeing the Bureau of the Fiscal Service, which reports to the 

Fiscal Assistant Secretary, and leading federal financial management);

• Shifting from Low-Value to High-Value Work (federal financial management);

• Results-Oriented Accountability for Grants (RESTORE Act awards and compliance); and

• Getting Payments Right (managing the Bureau of the Fiscal Service).

Transfers....................................................................................................+$15,000,000 / +0 FTE

Funds transferred from CFIUS Fund +$15,000,000 / +0 FTE

This funding would be transferred from the Committee on Foreign Investment in the United 

States (CFIUS) Fund. This investment will fund development of an end-to-end IT infrastructure 

comprised of a public-facing portal and a case management system to modernize processes and 

to handle anticipated increasing caseloads for CFIUS member agencies that will promote 

efficiencies in the Committee’s processes. This investment is the first year of a multi-year 

project. Treasury will require steady funding through FY 2021 with costs expected to partially 

non-recur as the project moves into operations and maintenance starting in FY 2022. Please 

refer to the CFIUS Activities Congressional Justification chapter for additional information.
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1.3 – Operating Levels Table

Dollars in Thousands

DO Salaries and Expenses FY 2018 FY 2019 FY 2020

Object Classification Enacted Annualized CR Request

11.1 - Full-time permanent 99,550 89,400 97,627

11.3 - Other than full-time permanent 1,918 1,760 1,760

11.5 - Other personnel compensation 2,385 2,535 2,535

11.9 - Personnel Compensation (Total) 103,853 93,695 101,922

12.0 - Personnel benefits 31,936 28,646 31,495

Total Personnel and Compensation Benefits $135,789 $122,341 $133,417

21.0 - Travel and transportation of persons 4,059 3,299 3,437

22.0 - Transportation of things 265 171 174

23.1 - Rental payments to GSA 618 281 281

23.2 - Rental payments to others 644 657 670

23.3 - Communications, utilities, and miscellaneous charges 294 235 517

24.0 - Printing and reproduction 97 6 6

25.1 - Advisory and assistance services 23,677 9,737 19,984

25.2 - Other services from non-Federal sources 7,736 3,682 4,008

25.3 - Other goods and services from Federal sources 19,877 67,275 72,951

25.4 - Operation and maintenance of facilities 57 0 0

25.7 - Operation and maintenance of equipment 442 227 231

26.0 - Supplies and materials 3,253 2,715 3,046

31.0 - Equipment 4,943 3,950 12,251

32.0 - Land and structures 0 0 0

Total Non-Personnel $65,962 $92,235 $117,556

New Budgetary Resources $201,751 $214,576 $250,973

FTE 772 689 745

Note: FY 2018 FTE are actuals
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D – Appropriations Language and Explanation of Changes

Appropriations Language Explanation of 

Changes

DEPARTMENT OF THE TREASURY

DEPARTMENTAL OFFICES

Federal Funds

SALARIES AND EXPENSES

For necessary expenses of the Departmental Offices including operation 

and maintenance of the Treasury Building and Freedman's Bank 

Building; hire of passenger motor vehicles; maintenance, repairs, and 

improvements of, and purchase of commercial insurance policies for, 

real properties leased or owned overseas, when necessary for the 

performance of official business; executive direction program activities; 

international affairs and economic policy activities; domestic finance 

and tax policy activities, including technical assistance to state and local 

entities; and Treasury-wide management policies and programs 

activities, $235,973,000: Provided, That of the amount appropriated 

under this heading—

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

representation expenses;

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

confidential nature to be allocated and expended under the direction of 

the Secretary of the Treasury and to be accounted for solely on the 

Secretary's certificate; and

(3) not to exceed $24,000,000 shall remain available until 

September 30, 2021, 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 Critical Infrastructure Protection and Compliance 

Policy, including entering into cooperative agreements;

(E) operations and maintenance of facilities; and

(F) international operations.

Note.—A full-year 2019 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, 2019 

(Division C of P.L. 115–245, as amended). The amounts included for 

2019 reflect the annualized level provided by the continuing resolution. 

Removes the one 

time increase in 

representation funds 

provided in 

FY 2019 for the 

Financial Action 

Task Force annual 

conference.

E – Legislative Proposals

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

A – Strategic Alignment

DO is Treasury’s headquarters bureau. It provides leadership in economic and financial policy, 

financial intelligence, and general management. Treasury utilizes effective management, 

policies, and leadership to protect our national security through targeted financial actions, 

promote the stability of the nation’s financial markets, and ensure the government’s ability to 

collect revenue and fund its operations. DO aligns to all Treasury strategic goals and objectives. 

Specific alignment by budget activity is indicated below.

This request also consolidates and streamlines federal financial literacy education efforts. The 

budget proposes that federal efforts to promote financial literacy be focused on the high-impact 

areas of: basic financial capability, housing, higher education, military and veteran programs, 

and investment and retirement planning. More than 20 federal agencies have some form of 

financial education or literacy programs. Collectively, federal agencies spent an estimated $250 

million on financial literacy and education activities in 2017. Streamlining and consolidating 

programs and activities will be a multi-year effort.

B – Budget and Performance by Budget Activity

2.1.1 – Executive Direction Resources and Measures

Executive Direction Budget and Performance

($36,876,000 from direct appropriations, $3,687,000 from reimbursable resources):

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.

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $34,588 $35,313 $37,778 $36,706 $35,787 $36,474 $36,876

Other Resource $15,137 $21,677 $29,632 $22,997 $25,455 $3,687 $3,687

Budget Activity Total $49,725 $56,990 $67,410 $59,703 $61,242 $40,161 $40,563

FTE 162 189 206 169 159 123 125
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2.1.2 – International Affairs and Economic Policy Resources and Measures

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

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

93 93 89 96 97.6 95 95 95

OTA - Program Engagement 3.7 3.8 3.9 4.0 3.8 3.6 3.6 3.6

International Affairs and Economic Policy Budget and Performance 

($50,467,000 from direct appropriations, and $1,835,000 from reimbursable resources): 

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

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

around the world. 

Office of International Affairs (IA)

This office supports the following strategic objectives for Strategic Goal 1, to boost U.S. 

economic growth:

• Objective 1.2 – Strong Economic Fundamentals: Spur faster economic growth by right-sizing 

Treasury and other regulations and advancing domestic economic policies that boost 

investment, employment, and innovation. 

• Objective 1.4 – Free and Fair Trade: Advance a free and fair trade environment for U.S. 

businesses through successful negotiation of trade agreements and investment policies. 

This office supports the following strategic objectives for Strategic Goal 2, to promote financial 

stability: 

• Objective 2.2 – Foreign Exchange Practices: Achieve fair foreign exchange practices through 

multilateral engagement with international partners. 

• Objective 2.3 – Foreign Technical Assistance: Provide technical assistance to enable foreign 

partner countries to better raise and manage financial resources and protect their financial 

sectors. 

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $56,265 $57,362 $59,061 $60,613 $49,677 $46,981 $50,467

Other Resource $4,891 $5,896 $14,680 $10,617 $9,795 $1,835 $1,835

Budget Activity Total $61,156 $63,258 $73,741 $71,230 $59,472 $48,816 $52,302

FTE 226 259 272 268 220 182 182
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This office supports the following strategic objectives for Strategic Goal 3, to enhance national 

security: 

• Objective 3.1 – Strategic Threat Disruption: Identify, dismantle, and disrupt priority threats 

to the U.S. and international financial system. 

• Objective 3.3 – Economic Strength and National Security: Advance American prosperity and 

security through growth, investment, trade, and expanding the American industrial base 

while protecting national security. 

This office supports the following strategic objective for Strategic Goal 4, to transform 

government-wide financial stewardship: 

• Objective 4.1 – Financial Data Access/Use: Increase the access and use of federal financial 

data to strengthen government-wide decision-making, transparency, and accountability. 

This office supports the following strategic objective for Strategic Goal 5, to achieve operational 

excellence:

• Objective 5.1 – Workforce Management: Foster a culture of innovation to hire, engage, 

develop, and optimize a diverse workforce with the competencies necessary to accomplish 

our mission. 

In FY 2018, the Office of International Affairs (IA) worked to put in place policies that achieve 

faster U.S. and global growth and higher after-tax wages for American workers. This involved 

ambitious reforms for trade, energy, financial regulation, infrastructure, and international 

relations, all of which will continue into FY 2019. 

In its role as lead for international negotiations on non-insurance financial services and transfers, 

Treasury pursued critical financial services commitments and robust transfer provisions of trade 

and investment negotiations. Treasury played a key role in the United States-Mexico-Canada 

Agreement negotiations, aimed at working toward a more balanced agreement to replace the 

North America Free Trade Agreement. Treasury also plays an important U.S. government role 

on broader trade issues such as State-owned enterprises, customs, and other trade related 

disciplines that impact Treasury equities. Treasury is playing a lead role in analyzing the 

implications for U.S. financial services firms of the United Kingdom’s exit from the European 

Union. In addition, as the U.S. lead in negotiating reductions of export finance subsidies, 

Treasury continues to press China and other major providers of export finance to agree to 

disciplines on government support, so that U.S. exporters can compete globally on a level 

playing field. These efforts serve not only to enhance U.S. competitiveness but also move export 

credit financing to a more market basis consistent with Congressional mandates.

Treasury 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. Treasury does this via multilateral and bilateral activities working through 

the International Monetary Fund (IMF) and the Group of 20 Nations (G-20). As an example, 

Treasury continues to press for stronger exchange rate surveillance in the IMF. Treasury also 

continues to enhance its oversight of the multilateral development banks’ (MDB) policies and 

programs, particularly with respect to the expansion of their loan programs when market 
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financing is generally plentiful. In FY 2018, Treasury negotiated a set of transformational 

reforms with other shareholders and World Bank Management, which are designed to make the 

World Bank more financially-disciplined, focus its operations in countries that have less access 

to other sources of finance, and ensure it operates more efficiently. 

Treasury promotes economic growth by managing U.S. participation and leveraging U.S. 

leadership positions in the International Financial Institutions in order to mitigate emerging 

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

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

• 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 2018. In FY 2019 and FY 2020, 

IA’s target for this measure remains 100 percent.

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

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

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

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

The target (100 percent) was met in FY 2018. In FY 2019 and FY 2020, IA aims to continue 

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

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

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

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

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

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

annual basis. In FY 2018, 97.6 percent of MDB grant and loan project proposals had 

excellent or satisfactory ratings for the results matrices. The FY 2019 target is 95 percent,

and the FY 2020 target is 95 percent.

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

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

Terrorism and Financial Intelligence advocate for improvements in economic and terrorist 

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

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

Finance ministries and central banks of developing countries that have demonstrated a strong 

commitment to reforming their financial systems or public financial management can receive 

direct assistance from OTA through its cadre of expert advisors. The technical assistance team 

leverages its funding to increase transparency and accountability, reduce corruption, and 

strengthen the development of market-based policies and practices in these economies. 

OTA support promotes more effective use of a country’s own resources and helps reduce 

dependency on foreign aid. This work also supports stabilization of financial sectors in national 

security/foreign policy priority countries (e.g., Ukraine), more transparent and accountable 
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financial sectors for U.S. investors overseas, and the expansion of markets for U.S. exporters, 

thus promoting jobs and economic growth at home. 

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

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

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

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

country ownership as well as the most crucial input to the successful achievement of the 

intermediate goals and ultimate outcomes described in the project’s terms of reference and 

work plan during the fiscal year – such as passage of law or regulation, an increase in 

government revenues, an improvement in a government’s credit rating, or a reduction in 

economic crimes. The measure is scored on a 5-point scale and averaged across all projects 

to provide one overall measure of OTA’s performance. In FY 2018, the Traction score was

3.8, exceeding the target of 3.6. In FY 2019 and FY 2020, IA’s target for Traction is 3.6.

Office of Economic Policy (EP)

This office supports the following strategic objective for Strategic Goal 1, to boost U.S. 

economic growth:

• Objective 1.2 – Strong Economic Fundamentals: Spur faster economic growth by right-sizing 

Treasury and other regulations and advancing domestic economic policies that boost 

investment, employment, and innovation.

This office supports the following strategic objective for Strategic Goal 3, to enhance national 

security: 

• Objective 3.2 – AML/CFT Framework: Identify and reduce vulnerabilities in the U.S. and 

international financial system to prevent abuse by illicit actors. 

This office supports the following strategic objective for Strategic Goal 5, to achieve operational 

excellence:

• Objective 5.1 – Workforce Management: Foster a culture of innovation to hire, engage, 

develop, and optimize a diverse workforce with the competencies necessary to accomplish 

our mission. 

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

economic performance. The office’s high-quality analytic updates served as DO’s main internal 

source of information on U.S. macroeconomic developments and informed a wide range of highlevel engagements and official publications, including the Bank/Fund and regional development 

bank meetings, meetings of the G-7 and G-20, the Quarterly Treasury Bulletin, the report to 

Congress titled, “Foreign Exchange Policies of Major Trading Partners of the U.S.,” the 

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

Government’s Annual Financial Report. 

Economists from EP also represented the United States at Organisation for Economic Cooperation and Development (OECD) Economic Policy Committee and Working Group meetings 

on country forecasts. Finally, the office continued to deliver the High-Quality Market Corporate 

Yield Curve (a set of daily rates issued on a monthly basis) as mandated under the Pension 
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Protection Act and to produce a Treasury Real Coupon-Issue Yield Curve, a companion to the 

Treasury Nominal Coupon-Issue Yield Curve, and several other yield curves. These yield curve 

data are used extensively throughout the private sector and executive agencies that administer 

private and public pension programs and other future payment programs to calculate their annual 

liabilities. 

Economic Policy is 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 in funding to implement “Social Impact Partnership 

Demonstration Projects” and feasibility studies to prepare for those projects. Program funds can 

be obligated through February 8, 2028. The SIPPRA program is intended to demonstrate a new 

model of implementing and funding projects designed to solve entrenched societal problems 

such as homelessness, recidivism and unemployment. 

SIPPRA issued its first Notice of Funding Availability (NOFA) on February 21, 2019 with the 

intent to award up to $66.29 million in funding for social impact partnership project grants with 

half of this funding intended for projects that directly benefit children. Awards are scheduled to 

be made in November 2019.

OMB is standing up the Federal Interagency Council on Social Impact Partnerships (Council), 

which is comprised of representatives from OMB and each of the ten agencies included in 

SIPPRA. The Council is responsible for certifying, prior to award approval, that (1) applications 

contain data and research methodologies to support savings estimates; (2) applicant/independent 

evaluator agreements have been established; (3) estimated savings will be realized if project 

outcomes are achieved. Separately, the SIPPRA Commission, an advisory commission

comprised of nine private-sector individuals nominated by the President and Congressional 

Leadership, has been established and will meet periodically to develop recommendations to the 

Secretary of the Treasury and Council and provide additional advice and assistance as requested.

The Office of Microeconomic Analysis has been actively engaged in helping the public and 

policymakers understand important economic policy issues including economic issue briefs 

covering a wide range of economic topics, including work associated with CFIUS, the housing 

market, and infrastructure investment. Other activities included:

• Co-chairing, with Treasury’s Federal Insurance Office, the interagency Long-Term Care 

Task Force; 

• Regulatory Impact Analysis for Treasury’s Alcohol and Tobacco tax and Trade Bureau on a 

proposed deregulatory policy change; ongoing coordination and analysis related to the 

Secretary’s role as Managing Trustee of the Social Security and Medicare Trust Funds; 

• Analysis of the potential impact on economic growth of the Administration’s infrastructure 

investment proposal; 

• Interagency work on an Economic Policy-initiated regulatory proposal for more flexible and 

less costly appliance energy efficiency regulations; and

• The office continued to lead a government-wide effort to close the skills gap in the economist 

occupation in the Federal government by coordinating efforts between the economist 

workforce, Office of Personnel Management, and OMB to promote better recruitment, 

retention, and development of economists in the federal workforce. That effort resulted this 
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year in new government-wide direct-hire authority for certain Scientific, Technical, 

Engineering and Mathematics (STEM) occupations, including economists.

2.1.3 – Domestic Finance and Tax Policy Resources and Measures

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

DF-Variance Between 

Estimated and Actual Receipts 

(Annual Forecast) (%)

3.25 2.80 3.10 4.00 2.30 4.25 4.25 4.25

Domestic Finance and Tax Policy Budget and Performance 

($88,133,000 from direct appropriations, and $6,633,000 from reimbursable resources): 

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

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

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

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

implementation.

Office of Domestic Finance (DF)

This office supports the following strategic objective for Strategic Goal 1, to boost U.S. 

economic growth:

• Objective 1.2 – Strong Economic Fundamentals: Spur faster economic growth by right-sizing 

Treasury and other regulations and advancing domestic economic policies that boost 

investment, employment, and innovation. 

This office supports the following strategic objectives for Strategic Goal 2, to promote financial 

stability:

• Objective 2.1 – Housing Finance Reform: Support housing finance reform to resolve 

Government-Sponsored Enterprise (GSE) conservatorships and prevent taxpayer bailouts of 

public and private mortgage finance entities, while promoting consumer choice within the 

mortgage market. 

• Objective 2.4 – Financial Sector Critical Infrastructure and Cybersecurity: Enhance security, 

improve resiliency, and reduce the risk of significant cybersecurity and other incidents to the 

financial sector’s critical infrastructure, domestically and internationally. 

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

government-wide financial stewardship: 

• Objective 4.1 – Financial Data Access/Use: Increase the access and use of federal financial 

data to strengthen government-wide decision-making, transparency, and accountability. 

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $81,783 $76,520 $79,748 $81,410 $66,123 $74,199 $88,133

Other Resource $24,997 $40,240 $55,231 $38,650 $42,042 $6,633 $6,633

Budget Activity Total $106,780 $116,760 $134,979 $120,060 $108,165 $80,832 $94,766

FTE 339 364 398 365 311 255 291
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• Objective 4.2 – Debt Management: Fund the Federal Government at the least cost over time. 

• Objective 4.3 – Federal Financial Performance: Improve federal financial management 

performance using innovative practices to support effective government. 

This office supports the following strategic objective for Strategic Goal 5, to achieve operational 

excellence:

• Objective 5.1 – Workforce Management: Foster a culture of innovation to hire, engage, 

develop, and optimize a diverse workforce with the competencies necessary to accomplish 

our mission. 

During FY 2018, DF worked to promote America’s long-term economic strength and stability 

by preserving confidence in the U.S. Treasury securities market, managing federal fiscal 

operations and the U.S. government’s debt, advising state and local governments on their 

finances, supporting small businesses, and strengthening financial institutions and markets. 

DF advanced several key Administration policies, particularly financial regulatory reform and 

cyber security.

Strong Economic Fundamentals

For example, to promote strong economic fundamentals, Treasury continued work to improve 

the financial regulatory system and strengthen the economy consistent with the Administration’s 

“Core Principles” for regulating the U.S. financial system. These Core Principles, issued under 

Executive Order 13772, include empowering Americans to make independent financial 

decisions, save for retirement, and build individual wealth. Since issuance of the Core Principles 

EO in February 2017, Treasury has published several reports making numerous 

recommendations for administrative and statutory reforms, most of which require action by the 

regulators and/or Congress. These reforms would, among other things, discourage taxpayerfunded bailouts, promote American companies’ competitiveness, and make regulation efficient, 

effective, and appropriately tailored. 

Given the breadth of the financial system and a complex regulatory environment, Treasury

divided the review of the financial system into four reports, covering: (1) banks and credit 

unions; (2) capital markets; (3) asset management and insurance; and (4) non-bank financials,

fintech, and innovation. 

Treasury concluded its Core Principles reporting requirements with the July 2018 release of its 

report on nonbank financials, fintech, and innovation. For this report, Treasury consulted 

extensively with a wide range of stakeholders focused on consumer financial data aggregation, 

lending, payments, credit servicing, financial technology, and innovation. Treasury’s 

recommendations are designed to facilitate U.S. firm’s innovation by streamlining and refining 

the regulatory environment. These improvements aim to enable U.S. firms to more rapidly adopt 

competitive technologies, safeguard consumer data, and operate with greater regulatory 

efficiency. 

During FYs 2019 and 2020, Treasury will continue to evaluate progress and work to support the 

implementation of the “Core Principles” recommendations for the U.S. financial system.
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Housing 

Treasury retains significant investments in Fannie Mae and Freddie Mac (the government 

sponsored enterprises, or GSEs), and continues to provide capital support to the GSEs through 

the Senior Preferred Stock Purchase Agreements (PSPAs). These capital support agreements 

provide confidence to the financial markets that the GSEs will fulfill their financial obligations. 

These agreements have been amended several times since they were executed in 2008, most 

recently in FY 2018, when Treasury and the GSEs, acting through their conservator, the Federal 

Housing Finance Agency, agreed to increase the minimum capital reserve each entity was 

allowed to retain. Treasury has significant responsibilities on behalf of taxpayers to monitor the 

nearly $200 billion investment in the GSEs. In addition, advancing housing finance reform,

including progress toward the resolution of the GSE conservatorships, is a priority for Treasury 

in FYs 2019 and 2020.

Public Finance

In August 2018, the Task Force on the United States Postal System, created by Executive Order 

13829 and chaired by the Secretary of the Treasury, delivered recommendations to the President 

to identify a path for the United States Postal Service (USPS) to operate under a sustainable 

business model. This model envisions USPS providing necessary mail services to citizens and 

businesses while competing fairly in commercial markets. The task force, which included the 

Office of Management and Budget and the Office of Personnel Management, conducted 

extensive outreach to stakeholders and performed in-depth research and analysis to understand 

the wide range of challenges facing USPS. In December 2018, the task force released a public 

report of its findings and recommendations.

Financial Sector Critical Infrastructure Protection and Cybersecurity 

During FY 2018, DF also played an important role in supporting critical infrastructure protection 

and cybersecurity in the financial services sector by leading and participating in cybersecurity 

exercises involving other government and private-sector participants. The exercises explored a 

variety of threat scenarios and how the participants would respond. Participants developed afteraction reports for future improvement to reduce vulnerabilities and reduce risks. These types of 

exercises will continue in FYs 2019 and 2020. 

Also, in Treasury’s roles as chair of the Financial and Banking Information Infrastructure 

Committee and member of the Financial Services Sector Coordinating Council, OCIP continued 

sharing cybersecurity information among the member organizations. Treasury also encouraged

private-sector firms to voluntarily share actionable cybersecurity information among firms to 

minimize the time it takes to discover, contain, and mitigate cyber incidents, whether from 

malicious or natural causes. These efforts will also continue in FYs 2019 and 2020. 

Managing the U.S. Government’s Debt

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

Fiscal Projections forecasts the government’s cash and debt activity, including longer term 

projections of fiscal activity. The Office of Debt Management (ODM) seeks to fund the federal 

government at the least cost over time by working to maintain predictable issuance of Treasury 

debt, minimizing the amount of interest the government must pay, and managing debt maturity 

over time. In FY 2018, ODM determined for more than 270 auctions the amount and maturity of 
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debt that the Bureau of the Fiscal Service issued. These debt issuances totaled $9.9 trillion and 

raised more than $1.0 trillion in new cash to fund the U.S. government. Looking ahead, in the 

remainder of FY 2019 and carrying into FY 2020, DF ODM’s responsibility will continue to be 

critical because borrowing needs are forecast to be significant based on the fiscal outlook and 

normalization of the Federal Reserve System’s Open Market Account.

During FY 2018, ODM also successfully announced a new short-term Treasury security, the 

two-month Treasury bill. This new security was implemented with an alternative settlement 

cycle that is designed to smooth settlement amounts for both Treasury and market participants. 

Treasury also recently announced enhancements to the Treasury Inflation-Protected Securities 

program, which will be implemented during FYs 2019 and 2020. 

In addition, working with Financial Industry Regulatory Authority and the Commodity Futures 

Trading Commission, Treasury made important progress regarding data on transactions in both 

cash Treasuries and Treasury futures. ODM has been analyzing this data with the purpose of 

better understanding Treasury market dynamics and market structure. Finally, with contractor 

support, ODM also continued to improve its internal analytical modeling platform: the Data 

Analytics Visualization Engine (DAVE).

Federal Financial Management

To support the President’s Management Agenda, DF released “The Future of Federal Financial 

Management” in April 2018. This Treasury vision focuses on how to improve financial 

interactions with the federal government within the framework of the President’s Management 

Agenda to provide modern, seamless, and secure service. The vision identifies ten initiatives in 

four key areas: (1) optimizing federal disbursing, (2) transforming federal collections, (3) 

strengthening financial reporting, and (4) expanding services available to agencies. 

In addition, during FY 2018, Treasury continued to make progress in government-wide 

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

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

about how it spends taxpayer dollars. In April 2018, DF fully transitioned to the new 

USAspending.gov website by sunsetting the legacy site. The new site allows taxpayers to 

examine nearly $4 trillion in annual federal spending and see how this money flows to local 

communities and businesses. The site includes a new feature, the Data Lab, which provides 

additional use cases, data visualizations, and analysis with insights into federal spending and 

trends. In FY 2018, DF reviewed data quality, and will work with OMB and federal agencies to 

drive continued improvements in FY 2019 and FY 2020. The data is compiled from federal 

agencies and published quarterly.

DF has one performance measure:

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. The 
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actual variance for FY 2018 was 2.3 percent, which is significantly lower than the 4.25 percent 

target.

The FY 2018 level was the lowest variance going back to 2007, when it was 2.1 percent. 

Because tax receipts are quite variable year-to-year and sensitive to changes in macro-economic 

conditions and legislative changes, accurate forecasts in one year do not necessarily portend 

accuracy in a subsequent year or period. The target for both FYs 2019 and 2020 is 4.25 percent.

Office of Tax Policy (OTP)

This office supports the following strategic objectives for Strategic Goal 1, to boost U.S. 

economic growth:

• Objective 1.1 – Tax Law Implementation: Administer tax law to better enable all taxpayers 

to meet their obligations, while protecting the integrity of the tax system. 

This office supports the following strategic objective for Strategic Goal 5, to achieve operational 

excellence:

• Objective 5.1 – Workforce Management: Foster a culture of innovation to hire, engage, 

develop, and optimize a diverse workforce with the competencies necessary to accomplish 

our mission. 

During FY 2018, the Office of Tax Policy (OTP) worked closely with IRS in implementing 

provisions of the Tax Cuts and Jobs Act (TCJA). Together, they implemented TCJA provisions 

related to the new Section 199A pass-through deduction and promulgated proposed regulations 

under Section 170 that preserve the revenue in TCJA related to the imposition of a cap on state 

and local income tax deductions. Treasury and the IRS also implemented TCJA provisions 

related to the Section 965 one-time repatriation tax and published proposed regulations under 

Section 951A dealing with the computation of global intangible low-taxed income, including 

income by U.S. shareholders of foreign subsidiaries. In addition, the IRS established an 

extensive web page on IRS.gov to provide information to the public as it becomes available. 

OTP also provided analysis in support of tax reform implementation, including updated tax 

withholding tables and inflation-adjusted tax parameters and regulatory impact analyses. The 

office also estimated the effects of proposed and final tax reform provisions on tax revenue 

(overall and for specific types of taxpayers), to inform policymakers and to include in the 

Administration’s FY 2019 Budget.

OTP continues to provide leadership for the OECD, the Inclusive Framework, the Global Forum, 

and the G-20, advocating for the interests of U.S. based businesses. OTP also plans to continue 

engaging in international negotiations to modernize existing treaties and to establish key new 

treaty relationships to protect the fiscal and business interests of the U.S.

In FY 2019 – FY 2020, OTP’s primary mission will remain supporting tax reform 

implementation. This work will include regulatory guidance required to implement changes to 

the law by conducting cost-benefit analyses of many regulatory actions. The resulting 

Regulatory Impact Analyses (RIA) require detailed work. OTP received funding for FY 2019 to 
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start hiring FTE to work on the RIA, and in 2020, OTP hopes to continue the implementation 

with additional staff and technology funding to conduct the necessary analyses.

2.1.4 – Treasury-wide Management and Programs Resources and Measures

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

EO 13771 - Number of Deregulatory 

Actions Issued * N/A N/A N/A N/A N/A I B B

EO 13771 - Number of Deregulatory 

Actions Issued that Address 

Recommendations by the Regulatory 

Reform Task Force*

N/A N/A N/A N/A N/A I B B

EO 13771 - Number of Deregulatory 

Actions Issued that Address 

Recommendations by the Regulatory 

Reform Task Force to the Agency 

Head Consistent with Applicable Law *

N/A N/A N/A N/A N/A I B B

EO 13771 - Number of Evaluations to 

Identify Potential Deregulatory Actions 

That Included Opportunity for Public 

Input and/or Peer Review *

N/A N/A N/A N/A N/A I B B

EO 13771 - Number of Regulatory 

Actions Issued * N/A N/A N/A N/A N/A I B B

EO 13771 - Total Incremental Cost of 

All Regulatory Actions and 

Deregulatory Actions (Including Costs 

or Cost Savings Carried Over From 

Previous Fiscal Years)

N/A N/A N/A N/A N/A 0 B B

Percent of Procurement Dollars Spent 

on Small Business 36.91 35.11 36.17 35.01 42.63 35 38.5 N/A

Treasury-wide Engagement Index of 

the FEVS 66 67 67 68 68 69 69 69

Treasury-wide Footprint (Square 

Footage) 36,411 35,439 34,894 34,100 33,766 33,600 33,356 32,895

Treasury-wide Leaders Lead Index of 

the Federal Employee Viewpoint 

Survey (FEVS)

53 54 55 56 56 57 58 58

Note: I – Performance Indicator 

* Executive Order 13771 requires the repeal of two regulatory actions for each new regulatory action issued by an agency. The

Department is fulfilling this requirement by prioritizing burden-reducing, deregulatory actions. At this time Treasury does not have

targets for these measures because it is still in the process of evaluating its deregulatory and regulatory actions for FY 2018.

Treasury-wide Management and Programs Budget and Performance 

($40,497,000 from direct appropriations, and $278,000 from reimbursable resources): 

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 

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $31,802 $35,971 $41,112 $43,387 $45,693 $41,922 $40,497

Other Resource $30,858 $55,213 $3,339 $4,284 $2,398 $278 $278

Budget Activity Total $62,660 $91,184 $44,451 $47,671 $48,091 $42,200 $40,775

FTE 139 171 124 153 147 116 118
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Chief Information Officer; the Office of Privacy, Transparency, and Records; the Office of the 

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

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

and Diversity; the Office of Minority and Women Inclusion; and the Office of the Deputy 

Assistant Secretary for Management and Budget. 

This office supports the following strategic objective for Strategic Goal 2, to promote financial 

stability:

• Objective 2.4 – Financial Sector Critical Infrastructure and Cybersecurity: Enhance security, 

improve resiliency, and reduce the risk of significant cybersecurity and other incidents to the 

financial sector’s critical infrastructure, domestically and internationally. 

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

operational excellence:

• Objective 5.1 – Workforce Management: Foster a culture of innovation to hire, engage, 

develop, and optimize a diverse workforce with the competencies necessary to accomplish 

our mission.

• Objective 5.2 – Treasury Infrastructure: Better enable mission delivery by improving the 

reliability, security, and resiliency of Treasury’s infrastructure.

• Objective 5.3 – Customer Value: Improve customer value by increasing the quality and 

lowering the cost of Treasury’s products and services. 

Treasury-wide Management and Program’s performance metrics are: 

Treasury-wide “Engagement” Index of Federal Employee Viewpoint Survey (FEVS): Treasury’s 

strategy focused on improving employee engagement in a number of areas, thereby creating an 

opportunity to improve the effectiveness of our workforce while improving our ranking among 

other federal agencies. Strategic efforts were focused on the Overall Satisfaction Index, the 

Leaders Lead component of the Employee Satisfaction Index, and the Fairness Index under the 

Diversity and Inclusion Quotient. Treasury conducted two Treasury-wide engagement review 

sessions for high-level leadership during FY 2017 in addition to bureau-level reviews. 

Treasury’s scores for the Engagement Index increased from 67 percent to 68 percent in FY 2017, 

and held steady at 68 percent for FY 2018. Treasury’s engagement score exceeded average score 

for very large agencies by one percent, and was equal to the government-wide score in FY 2018.

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

also set the goal to increase the “Leaders Lead” index above FY 2017 results. Treasury’s score 

for the Leaders Lead Index increased from 55 percent in FY 2016 to 56 percent in FY 2017, and 

held steady at 56 percent in FY 2018. Treasury’s score in FY 2018 was equal to the 

government-wide average and the average score for very large agencies. Targets for FYs 2019 

and 2020 are 58 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. GSA is still in the process of certifying the FY 2018 square footage inventories. 
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Several fourth quarter space reductions were not reflected within GSA’s end of fiscal year square 

footage numbers. The Department is currently working with GSA to establish the Q4 space 

release effective dates. Once these dates have been mutually agreed upon, Treasury should be on 

target to meet the FY 2018 target of 33,600 square feet. 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. However, it should be noted that 

several Treasury programs focused on economic expansion and national security will be 

experiencing considerable growth in investments and personnel. As a result, Treasury’s out-year 

projects are expected to reflect these changes, including the possible expansion of real property 

holdings in certain geographic areas. Bureaus are currently in the process of updating their 

respective Real Property Efficiency Plans for FY 2020 – FY 2024, and Treasury will have a 

better understanding of the legislative and program changes impacts on Treasury’s real property 

footprint within a few weeks. 

Percentage of Procurement Dollars Spent on Small Business: In FY 2018, Treasury aimed to 

meet or exceed all small business contracting goals. Based on preliminary data, Treasury met 

and exceeded all small business prime contracting goals. However, Treasury may not meet all 

small business subcontracting goals. The Small Business Administration (SBA) is expected to 

calculate the data in March 2019. All Treasury bureaus were included in the goaling report, with 

no exclusions. The FY 2019 overall small business goal was set for 38.5 percent. The FY 2020 

small business goal will be set in the fall of 2019. One overarching challenge in FY 2018 and FY 

2019 is that Treasury must follow OMB’s directive to utilize Category Management principles 

and Best-in-Class (BIC) contracts to leverage use of existing government-wide contracting 

vehicles. With a Treasury BIC goal of 35 percent utilization, Treasury Office of Small and 

Disadvantaged Business Utilization issued a Category Management and BIC Small Business 

Utilization policy which is believed to have enhanced the overall small business goal 

achievement. Particularly noteworthy is that Treasury far exceeded the contracting goals for the 

following socioeconomic groups: 

• Small and Disadvantaged Business - goal five percent, achieved 11.4 percent; 

• Women Owned Small Business – goal five percent, achieved 12.45 percent; 

• Historically Underutilized Business zone - goal three percent, achieved 3.47 percent; and

• Service Disabled Veteran Owned Small Business - goal three percent, achieved 3.57 percent. 

Office of the Chief Human Capital Officer

In FY 2018, Treasury published a strategic plan for 2018-2022 that continued the Department’s 

focus on operational excellence by including a specific goal on workforce management. A major 

element of this goal is a transformation to competency-based workforce management. 

Treasury’s focus for FY 2019 will be in solidifying the foundation to support a competencybased approach starting with the cybersecurity and human resources occupations. Additional 

efforts in FY 2019 include a continued focus on building workforce planning capabilities in 

support of federal efforts to expand the strategic management of federal human capital and to 

close skills gaps in government-wide and Treasury-specific mission-critical occupations. As a 

component of the President’s Management Agenda efforts to field a 21st Century Workforce, 

Treasury is collaborating with the Office of Personnel Management and other stakeholder 

agencies to implement an alternative pay and classification system for the Economist occupation. 

Finally, after a successful launch of the learning management module in FY 2018, Treasury will 
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continue implementation of an enterprise Integrated Talent Management System (ITMS) as 

bureaus begin phasing in the performance management module. When fully deployed, the ITMS 

will provide employees a single, modern system for learning, performance, and career planning; 

give leadership a consolidated view of the Department’s human capital landscape; and 

consolidate 24 stand-alone legacy systems into a single, cloud-based system.

Office of Civil Rights and Diversity (OCRD)

Treasury continued working with the bureaus on their Diversity and Inclusion Strategic Plans, 

which map to both the Treasury Strategic Plan and the Human Capital Plan. The department’s 

focus in FY 2019 and FY 2020 will be performing audits of the bureaus’ EEO Programs, 

including a critical look at diversity and inclusion programs, to determine any areas where the 

bureaus need a sharper focus, and to find and recreate “best practices.” EEO offices worked on 

Human Capital engagement teams to improve inclusion scores – this will also be a continuing 

focus in FY 2019 and FY 2020. While scores for “Fairness” continue to be a concern, efforts 

have been made to introduce “Unconscious Bias” training in the workforce and at all 

management levels to help make leaders aware of biases and to learn to put aside such biases 

when making employment decisions. In FY 2018, OCRD also developed and distributed sexual 

harassment prevention training to the workforce in DO, and shared the training with the bureaus. 

Additionally, this office continued to work with the Treasury Executive Institute to develop 

programming for executives and senior level staff in the areas of diversity and inclusion. These 

training and proactive prevention efforts will continue in FY 2019 and FY 2020. EEO 

complaints were adjudicated effectively with the Department improving in meeting EEOC 

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

benchmarks exceed the 90 percent timeliness rate. To better manage case processing, OCRD

plans on upgrading our EEO case management system in FY 2019 and FY 2020. Our 

Alternative Dispute Resolution (ADR) participation numbers also improved; ADR provides an 

alternative to the formal complaint program and helps to resolve cases earlier in the process, 

saving both money and resources. In FY 2018, disability hiring met three out of four benchmark 

targets, and emphasis was placed on improving veterans hiring, with the acquisition in FY 2019 

of a resume data base for use in hiring veterans and disabled veterans. This will be a FY 2019 

pilot program and if successful, will be expanded to the larger disability community in FY 2020. 

Work began on procurement of a Reasonable Accommodation Management system, to better 

manage our reasonable accommodation requests, which is one of our identified risks. The goal 

is to research systems and procure a system in FY 2019 or FY 2020. In FY 2019, the office will 

conclude negotiations to implement a Blanket Purchase Agreement with a nationwide provider 

which will enable all of the Department to provide personal assistant services to severely 

disabled employees. The DO EEO program will repurpose one of its positions to a reasonable 

accommodation coordinator to better serve the needs of its employees with disabilities.

In FY 2018 considerable progress was made in improving OCRD’s external civil rights program 

policies and guidance and efforts will continue in FY 2019 and FY 2020. OCRD will continue 

to lead the efforts of the DO financial assistance programs to implement the compliance 

requirements in the recently issued Treasury civil rights regulations. The effort will include a 

review of grant making procedures with the goal of introducing compliance measures into 

existing processes. OCRD will also offer department-wide civil rights training. 
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Office of the Deputy Chief Financial Officer

For FY 2018, the Department received its nineteenth consecutive unmodified audit opinion on its 

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

consolidated audit for FY 2019 and FY 2020. 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 2018, Treasury is on track to meet and exceed all small 

business prime contracting goals. 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 (k), Small Business Act, the Department focused on small business 

prime and subcontracting goal achievements. 

In FY 2018, the OSDBU implemented several small business strategic policy changes, including 

small business specialists in each acquisition planning meeting, address relevant market research, 

and instituting small business program training to the Bureau Chiefs. In support of the DATA 

Act, OSDBU ensures that small business reporting data is inclusive and accurate. Also, OSDBU 

transformed the office to be more supportive to the Bureau offices. For instance, there is a 

Program Manager for Compliance and Policy, a Program Manager for Subcontracting Oversight 

and Small Business Technical Advisor, and one Program Manager for the In-reach/Out-reach 

program. This change strategically aligns with the Small Business Act and the Secretary’s 

Strategic Plan/Goals.

The OSDBU updated its Small Business Programs Policy Handbook that gives the acquisition 

workforce a “go-to” tool on small business procurements, source selection guidance, and rules 

on socio-economic concerns, among other things. 

Treasury OSDBU meets monthly with the OSDBU Leadership Council and the Small Business 

Procurement Advisory Council (SBPAC) to develop small business strategies that impact all 

federal agencies. Of note, the OSDBU leaders recommended that SBPAC send a representative 

to OMB’s Category Management Forum. By their voting membership and attendance instilled 

the importance of meeting statutory small business goals when using Category Management 

principles as outlined in the President’s Management Agenda. Treasury Secretary identified 

small business goal achievement is a key priority. 

In FY 2019, OSDBU will conduct Small Business Program Compliance and Surveillance 

Reviews on each of the Bureaus having procurement authority. The purpose of the review is to 

ascertain whether small business procurement laws, regulations, policies, and best practices are 

being followed, review roles and responsibilities, identify challenges and issues, ascertain best 

practices and lessons learned, and identify any program deficiencies and weaknesses. A small 

business program health summary will be submitted to the Deputy Secretary by June 2019.
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Office of the Senior Procurement Executive (OPE)

In FY 2018, Treasury continued a comprehensive acquisition transformation strategy designed to 

facilitate innovation, strategic management, efficiency, and effective mission outcomes in 

compliance with the President’s Management Agenda. Central to the strategy is early planning 

and broad stakeholder participation as well as accelerated transition to strategic acquisition 

vehicles. In support of the Federal Information Technology Acquisition Reform Act, the 

Department has placed significant focus on IT acquisition across all procurement programs.

In FY 2018, Treasury continued successful execution of its Major Acquisition Program (MAP) 

reviews in which primary and senior stakeholders (to include procurement, customer, program 

management, and legal representatives) jointly and periodically review procurement strategy and 

progress for critical acquisitions. These reviews provided a forum for development of effective 

acquisition strategies; early identification and resolution of problems; and sharing of experience 

and expertise among various stakeholder personnel. FY 2018 reviews mainly focused on preaward actions and were designed to facilitate successful award of critical contracts. In FY 2018, 

Treasury reviewed 53 acquisitions, valued at $8.3 billion; reviews included 19 IT acquisitions 

valued at $2.5 billion. In FY 2019 and FY 2020, the Department anticipates transitioning from 

pre-award MAP reviews to more robust Acquisition Management Reviews (AMR). An expected 

outcome of the AMR is to help ensure successful contract performance strategically aligns with 

mission outcomes by expanding emphasis on the acquisition lifecycle from the time a 

contracting office receives a complete acquisition package through contract performance, 

closeout and final payment.

Treasury has achieved both savings and efficiencies through aggregating requirements and 

leveraging its purchasing power via enterprise-level management of common spend 

categories. By fully utilizing category management, Treasury seeks to save the Federal 

Government money through smarter purchasing and greater collaboration across stakeholder 

organizations and to achieve greater efficiency with fewer resources. Treasury FY 2018 and 

FY 2019 strategy extends and expands Treasury’s transition to the Office of Management and 

Budget’s (OMB) preferred contract vehicles, reducing the need to establish department level 

contracts and freeing associated resources for focus on other acquisition priorities. In FY 2018, 

Treasury successfully coordinated with OMB’s Category Management Program Management 

Office (PMO) to more accurately measure Treasury’s progress in achieving government-wide 

category management goals. As a result of OPE’s efforts, the Department’s utilization of OMB 

preferred contracts increased from 47 percent in FY 2016, to 54 percent in FY 2017, and 58

percent in FY 2018. The Department anticipates a similar level of progress and collaboration in 

FY 2018 and FY 2019, bringing Treasury into compliance with the percentage goals established 

by the President’s Management Agenda.

Section III – Additional Information

A – Summary of Capital Investments

A summary of capital investment resources, including major information technology and nontechnology investments can be found at:

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.