TREASURY

Strategic Plan 2022–2026

THE D

EPARTMENT OF THE TREASURY

1789
Department of the Treasury 2022–2026 Strategic Plan

Strategic Plan Overview

Goal 1: Promote Equitable Economic 

Growth and Recovery

Goal 2: Enhance National Security

Goal 3: Protect Financial Stability and Resiliency 

Goal 4: Combat Climate Change

Goal 5: Modernize Treasury Operations
TREASURY

Strategic Plan 2022–2026

THE

D

EPARTMENT OF THE TREASURY

1789
About the Cover

Images on the cover reflect Treasury’s multifaceted mission to build and maintain 

equitable economic growth at home and abroad, combat national security threats 

to protect the integrity of the financial system, and manage the U.S. government’s 

finances and resources effectively.

About this Document

Treasury Strategic Plan 2022–2026 is a publication of the United States 

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

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

copies, please email osppi@treasury.gov. 

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

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

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

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

As a work of the United States government, unless otherwise indicated, all 

elements of this document are in the public domain in the United States. 
I am proud to share the Strategic Plan of the Department of 

the Treasury for Fiscal Years 2022–2026. 

There is much we cannot predict about the next four years, 

but there are certain things we know: The United States will 

be recovering from one of the most precipitous downturns 

in our history, the economic crisis caused by the COVID19 pandemic. At the same time, we will have to address 

the structural problems that have plagued our economy for 

decades: the decline in labor force participation, income and racial 

inequality, and serious underinvestment in crucial public goods like 

childcare, education, and physical infrastructure. And then there are rising challenges, 

like climate change, which, left unchecked, will undermine every aspect of our economy 

from supply chains to the financial system. 

America’s ability to compete in the latter part of the 21st century depends on how well 

we meet this collection of challenges. Treasury must play a critical role. The following 

plan outlines how our Department is readying – and, in some cases, transforming – 

ourselves to do this. It covers Treasury’s priorities for the next four years and underscores 

our commitment to re-engaging allies and centering equity across mission areas to 

achieve our goals.

We are now engaged in the most important economic project in recent history: Repairing 

the broken foundations of our economy, and on top of them, building something stronger 

and fairer than what came before. 

Sincerely,

Janet Yellen

Secretary of the Treasury 

DEPARTMENT OF THE TREASURY

Washington, D.C. 20220
vi

Department of the Treasury Strategic Plan 2022–2026

How to use the Strategic Plan 

What is this Plan, and how do I use it? 

The Government Performance and Results Act Modernization Act of 2010 (GPRAMA) requires 

federal agencies to publish new strategic plans one year after each presidential inauguration. 

Treasury’s Strategic Plan for Fiscal Years (FY) 2022–2026 describes long-term goals the agency 

aims to achieve during this administration.

We organized it into three main parts: Agency and Mission, Strategic Goals and Objectives, and 

Accountability Processes. This is how different audiences can use the Strategic Plan:

Treasury

 Employees

Treasury 

Leaders

External Stakeholders and 

Customers, including the 

American Public and other 

Federal agencies

Use as a roadmap to 

prioritize your work and 

monitor progress in the 

context of the Department’s 

priorities.

Use as an internal 

decision-making guide to 

align resources, prioritize 

activities, and monitor the 

progress and contributions 

of your organization in 

achieving the Department’s 

strategic priorities.

Use to understand 

Treasury’s priorities, how 

we will measure success, 

and potential areas of 

partnership.

Within the strategic plan, “goals” articulate broad societal impacts that Treasury aims to achieve, 

while “strategic objectives” support goals and reflect more focused policy or operational areas where 

we plan to make significant improvements. We designated accountable officials for each goal and 

strategic objective. These officials are responsible for overseeing and monitoring progress towards 

achieving strategic objectives and goals, coordinating with internal and external stakeholders to 

execute goals and strategic objectives, and delivering status updates and progress reports regularly 

(for more information on accountability processes, go to page 47). Each strategic objective within this 

document has a consistent layout and components vital to making this a useful guide for decisionmaking (for more information on the elements of a Treasury strategic objective, go to page vii).

Learning Agenda and Evidence-building Capacity Assessment 

Consistent with the expectations outlined in the Foundations for Evidence-based Policymaking Act 

of 2018 (Evidence Act), Treasury continues its commitment to incorporate data and evidence into 

Departmental decision-making. For this Strategic Plan, the Department identified a set of research 

questions that were most pertinent to the new group of strategic objectives. Called a “Learning 

Agenda,” this set of research questions outlines the activities that Treasury aims to undertake during 

the next four years to build evidence in these priority areas. Treasury also developed an assessment 

(Capacity Assessment) to better understand the Department's ability to build and use evidence. For 

the full Learning Agenda questions and Capacity Assessment results, see page 49 and the Appendix. 

Introduction How to use the Strategic Plan
Introduction Elements of a Strategic Objective vii

Department of the Treasury Strategic Plan 2022–2026

Elements of a Strategic Objective 

 This page will help readers navigate the Strategic Plan by identifying the elements of a strategic objective. 

1. Objective Short Name and Statement provides the scope of the objective and identifies the specific, 

measurable, and achievable change the Department aims to make.

2. Who’s Involved identifies the lead and supporting Treasury organizations that are responsible for implementing the strategic objective. It also identifies the external partners Treasury intends to collaborate with and 

the customers Treasury will serve in implementing the objective. 

3. Why Does This Matter? makes the case for why Treasury should focus attention on this issue. It describes 

the scope of the problem, its impact on the American public, Treasury’s proposed solutions and role in solving 

the problem, and the risk if Treasury does not act. 

4. Desired Outcomes describes how the Department defines success for the objective. It lists what measures 

or indicators the Department will internally monitor or externally report to understand whether Treasury is making progress in achieving the strategic objective.

5. Cross-cutting Themes are priorities for the administration that impact multiple goals and objectives. 

6. Strategies identify the specific approaches Treasury bureaus and offices will take to achieve and track progress towards the strategic objective. 

7. Learning Agenda Questions are research questions that Treasury aims to answer to better understand the 

subject area and improve the effectiveness and impact of its key programs, policies, and strategies. These questions 

are further discussed in Treasury’s full Learning Agenda, an Appendix to this plan. 

8. Critical Management Initiatives are specific priority human capital, data, and information technology 

(IT) initiatives that the Department needs to implement to effectively execute the identified strategic objectives. 

These initiatives help drive management priorities, inform enterprise IT, data, and Human Capital plans, and 

enhance Treasury’s capacity for evidence-building activities supporting the Department’s priorities. 
viii

Statue of Albert Gallatin, fourth Secretary of the Treasury.

Department of the Treasury Strategic Plan 2022–2026

Treasury’s Mission

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.

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

trust in all that we do, explore better ways of conducting business through innovation, seek diversity

of thought and expertise to inform our decisions, embrace and adapt to change, and hold ourselves 

accountable for accomplishing meaningful results for the American public. 

Introduction Treasury’s Mission
ix

Department of the Treasury Strategic Plan 2022–2026

Table of Contents

I. Introduction

How to use the Strategic Plan........ .............................................................................. vi

Elements of a Strategic Objective ............................................................................... vii

Treasury’s Mission ........................................................................................................ viii

Table of Contents ......................................................................................................... ix

II. Agency and Mission

About Treasury ............................................................................................................. 1

Organizational Structure............................................................................................... 2

Bureau Descriptions ..................................................................................................... 3

Departmental Office Descriptions ................................................................................ 4

Understanding the Landscape..................................................................................... 5

Risk Appetite ................................................................................................................ 6

Goal Overview .............................................................................................................. 7

Strategic Plan Crosswalk ............................................................................................. 8

III. Strategic Goals and Objectives

Goal 1: Promote Equitable Economic Growth and Recovery

1.1 Tax Administration and Policy ................................................................................ 9

1.2 Global Economic Leadership ................................................................................. 11

1.3 Economically Resilient Communities ..................................................................... 13

1.4 Resilient Housing Market ....................................................................................... 15

Goal 2: Enhance National Security

2.1 Cyber Resiliency of Financial Systems and Institutions......................................... 17

2.2 Economic Measures to Advance National Security ............................................... 19

2.3 Modernize Sanctions Regime ................................................................................ 21

2.4 Transparency in the Financial System.................................................................... 23

Goal 3: Protect Financial Stability and Resiliency

3.1 Financial System Vulnerabilities ............................................................................. 25

3.2 Resilient Treasury and Municipal Securities Markets............................................. 27

3.3 Financial Innovation ............................................................................................... 29

Goal 4: Combat Climate Change

4.1 Global Climate Commitment and Leadership........................................................ 31

4.2 Climate Incentives and Investment ........................................................................ 33

4.3 Climate-Related Financial Risks............................................................................. 35

4.4 Sustainable Treasury Operations ........................................................................... 37

 Goal 5: Modernize Treasury Operations

5.1 Recruit and Retain a Diverse and Inclusive Workforce .......................................... 39

5.2 Future Work Routines............................................................................................. 41

5.3 Better Use of Data ............................................................................................... 43

5.4 Customer Experience Practices............................................................................. 45

IV. Accountability Processes

Tracking Progress......................................................................................................... 47

Integrating Planning and Learning ............................................................................... 48

Annual Updates............................................................................................................ 50

Introduction Table of Contents
1 Agency and Mission About Treasury

Department of the Treasury Strategic Plan 2022–2026

About Treasury

Foundation

After the American Revolution, Congress realized that funding a war without proper infrastructure and 

financial discipline presented an enormous challenge to our country’s economic stability. Out of the necessity 

to levy and collect taxes and manage the U.S. government’s finances, Congress established the Department 

of the Treasury on September 2, 1789. President George Washington appointed Alexander Hamilton as 

Treasury’s first Secretary. Since then, more than 70 Secretaries have led the Department.

Throughout its history, Treasury has served as the launch point for other federal agencies. For example, the 

U.S. Postal Service, U.S. Customs Service, Secret Service, Federal Law Enforcement Training Center, and 

U.S. Coast Guard all were a part of the Department at one time. 

Today’s Treasury 

Treasury remains one of the world’s premier financial actors, responsible for the nation’s debt management, 

cash production, disbursement of Social Security benefit payments, tax collection, and federal agency financing. As technology and markets have evolved, Treasury has adapted to identify and reduce vulnerabilities in 

the financial system, preventing abuse by illicit actors. As threats have evolved, the Department employs its 

national security tools and authorities—including sanctions—to identify, disrupt, and dismantle national 

security threats and further U.S. foreign policy.

Globally, Treasury represents the U.S. in important economic forums and international financial institutions, including the Group of Seven (G7) and the Group of Twenty (G20), which hold annual summits 

with heads of state to discuss global economic and foreign policy issues. Treasury has significant responsibility for promoting stability and growth in the global economy via leadership roles in the International 

Monetary Fund, the World Bank, regional development banks, and other multilateral organizations, such 

as the Financial Stability Board and the Financial Action Task Force.
Agency and Mission Organizational Structure 2

Department of the Treasury Strategic Plan 2022–2026

Organizational Structure

Treasury is organized into the Departmental Offices, operating bureaus, and inspectors general. The 

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

Departmental Office Bureau Inspector General

Secretary

Deputy Secretary

Chief of Staff

Tax Policy International 

Finance 

Office of Technical 

Assistance

Financial Markets Terrorist Financing and 

Financial Crimes

Intelligence 

and Analysis

Treasury Executive 

Office for Asset 

Forfeiture

Foreign Assets

Control

International Trade 

& Development

Investment Security

Community 

Development Financial 

Institutions Fund

Office of Financial 

Stability

Financial

Institutions

Economic Policy

Public Affairs

Chief Information 

Officer

Legislative Affairs

Management

Office of Recovery 

Programs

General Counsel

Treasurer

Office of Financial 

Research

Financial Stability 

Oversight Council 

Secretariat

Fiscal Assistant 

Secretary

Domestic Finance Terrorism and Financial 

Intelligence International Affairs

Special Inspector General for 

the Troubled Asset Relief Program

Special Inspector General for 

Pandemic Recovery

Treasury Inspector General

for Tax Administration

Inspector General

Internal Revenue

Service

Bureau of the

Fiscal Service

Financial Crimes 

Enforcement 

Network

Alcohol and 

Tobacco Tax and 

Trade Bureau

United States Mint

Office of the 

Comptroller 

of the Currency

Bureau of 

Engraving

and Printing
3 Agency and Mission Bureau Descriptions

Department of the Treasury Strategic Plan 2022–2026

Bureau Descriptions

Bureaus

The Alcohol and Tobacco Tax and Trade Bureau (TTB): collects federal excise taxes on alcohol, 

tobacco, firearms, and ammunition. It enforces and administers laws covering the production, use, 

and distribution of alcohol and tobacco products.

The Bureau of Engraving and Printing (BEP): develops and produces U.S. currency notes, as well 

as secure documents for government use.

The Financial Crimes Enforcement Network (FinCEN): safeguards the financial system from 

illicit use, combats money laundering, and promotes national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

The Bureau of the Fiscal Service (Fiscal Service): promotes financial integrity and operational 

efficiency by operating the U.S. government’s collections and deposit systems and providing central 

payment services to the American public on behalf of federal agencies. It also manages the collection 

of delinquent debt, borrows funds needed to operate the U.S. government through the sale of U.S. 

Treasury securities, and accounts for the resulting debt. Additionally, it serves as the Quality Service 

Management Office and establishes standards for core financial management, delivers administrative shared services to federal agencies, provides government-wide accounting and reporting, and 

incubates and acts as a catalyst for agencies to adopt innovative solutions that improve financial 

management operations. 

The Internal Revenue Service (IRS): provides top-quality service to taxpayers by helping them 

understand and meet their tax responsibilities, administers and enforces the tax code with integrity 

and fairness, prevents tax fraud, and upholds the Taxpayer Bill of Rights.

The United States Mint (U.S. Mint): designs, mints, and issues U.S. circulating coins, as well as 

numismatic and bullion coins; in addition to striking Congressional gold medals and other medals 

of national significance. It maintains physical custody and protection of most of the nation’s gold 

and all of its silver assets.

The Office of the Comptroller of the Currency (OCC): charters, regulates, and supervises national 

banks and federal savings associations, as well as federal branches and agencies of foreign banks, to 

ensure that they operate safely and soundly, provide fair access to financial services, treat customers 

fairly, and comply with applicable laws and regulations.

Four Inspectors General – the Office of Inspector General (OIG), the Treasury Inspector 

General for Tax Administration (TIGTA), the Special Inspector General for the Troubled 

Asset Relief Program (SIGTARP), and the Special Inspector General for Pandemic Recovery 

(SIGPR) – provide independent audits, investigations, and oversight of Treasury and its programs.
Agency and Mission Departmental Office Descriptions 4

Department of the Treasury Strategic Plan 2022–2026

Departmental Office Descriptions

Departmental Offices 

Domestic Finance (DF): works to support equitable and sustainable economic growth and financial 

stability through policies to increase the resilience of financial institutions and markets and financial 

wellbeing of consumers, and to increase access to credit for small businesses and low-to-moderate 

income communities. It develops policies and guidance for the Department's activities in financial 

institutions, federal and municipal debt finance, financial regulation, and capital markets.

Economic Policy (EP): reports on economic developments and assists in the determination of 

appropriate economic policies. It also reviews and analyzes domestic economic issues and financial 

market developments.

International Affairs (IA): protects economic prosperity and national security by fostering the most 

favorable external environment for sustained jobs and economic growth.

Tax Policy (TP): develops tax policies on behalf of the administration. In conjunction with the IRS 

Office of Chief Counsel, it propagates regulations to clarify the Internal Revenue Code and improve 

tax compliance, provides revenue estimates for the administration’s revenue proposals, and prepares 

receipt estimates for the Treasury.

Terrorism and Financial Intelligence (TFI): marshals the Department's policy, enforcement, 

regulatory, and intelligence functions to sever the lines of financial support to international terrorists, weapon of mass destruction proliferators, narcotics traffickers, money launderers, and other 

threats to U.S. national security.

Office of Recovery Programs (ORP): oversees programs authorized through the Coronavirus Aid, 

Relief, and Economic Security (CARES), the Consolidated Appropriations Act of 2021, and the 

American Rescue Plan Act designed to respond to the economic crisis precipitated by the COVID19 pandemic. 

Climate Hub: coordinates Treasury’s work to inform, guide, incentivize, and mobilize financial flows 

for climate mitigation and climate adaptation and supports the broader alignment of the financial 

system with a path to net-zero emissions by mid-century.

Office of Management and Chief Financial Officer (ASM): manages the Department’s financial resources and oversees Treasury-wide programs, including human capital, organizational 

performance, enterprise risk management, information technology, acquisition, diversity issues, and 

data governance. 

Other offices within Departmental Offices include the General Counsel, Legislative Affairs, Public 

Affairs, Treasurer, and Office of Small and Disadvantaged Business Utilization (OSDBU).
5 Agency and Mission Understanding the Landscape

Department of the Treasury Strategic Plan 2022–2026

Understanding the Landscape

To shape the Department’s Strategic Plan, Treasury conducted a rigorous scan of its operating environment 

to identify factors that may impact its strategic priorities and ability to achieve its mission over the next four 

years. The resulting Strengths, Weaknesses, Opportunities, and Threats (SWOT) assessment reflects the key 

internal (strengths, weaknesses) and external (opportunities, threats) factors that impact the Department’s 

operating environment, as well as the level of influence that Treasury has over each factor.

Stakeholder Engagement

Treasury engaged with internal and external stakeholders to identify ongoing and emerging priorities for the 

Department. These initial engagement activities resulted in an environmental scan that Treasury leaders used, 

along with the findings of the Department’s annual strategic review, to identify draft strategic objectives for the 

new plan. The Deputy Secretary of the Treasury chaired a series of planning sessions with the Department’s 

senior leaders to further refine these priorities, clarify desired outcomes, and develop strategies to achieve these 

objectives. In addition to the process described below, Treasury met with Strategic Planning teams of other 

federal agencies to obtain feedback on draft priorities and conducted a public outreach campaign to gather 

input from underserved populations on how Treasury can better support them.

Understanding the Unique Status of Tribal Governments 

As referenced in President Biden’s Memorandum on Tribal Consultation and Strengthening Nation-toNation Relationships executed on January 26, 2021, American Indian and Alaska Native Tribal Nations are 

sovereign governments recognized under the Constitution of the United States, treaties, statutes, Executive 

Orders, and court decisions. Treasury is committed to strengthening its relationships with Tribal governments and Indian Country to work to better understand and respond to the needs of Tribal governments 

regarding agency policies, programs, services, regulations, guidance and other policy statements or actions 

that have Tribal implications. To further its commitment to recognizing our unique government-to-government relationship with Tribal Nations, Treasury has also adopted an Action Plan for improving its engagement with Tribal governments. (For more information, please see Treasury’s Tribal Consultation Policy 

and the Treasury Action Plan to Improve Tribal Relations.) As part of this commitment, Treasury held an 

initial consultation on the development of the FY 2022-2026 Treasury Strategic Plan and is committed to 

holding additional consultation once the plan is published and available for Tribal Leaders’ review.
6

Department of the Treasury Strategic Plan 2022–2026

Risk Appetite

Risk Appetite 

To further understand Treasury’s operating environment, the Office of Risk Management conducted a risk 

appetite analysis and identified the amount and type of risk Treasury is willing to accept, on a broad level, in 

pursuit of its goals and objectives. Low appetite means that there is a preference to reduce risk as much as possible through mitigations. Moderate appetite implies that there is a willingness to accept some risks strategically 

and mitigate all others. Treasury acknowledges that sometimes risks must be accepted to pursue opportunities. 

The Department integrated thoughtful analysis into strategic planning processes to determine the level of risk 

that can be accepted and align strategic decisions with the risk appetite. 

Treasury has a low risk appetite for conducting fundamental mission activities and critical programs and projects, which include programs or projects that are essential to Treasury’s successful execution of its mission. 

Failure, interruption, or compromise of these programs and projects could undermine Treasury’s capability to 

achieve its objectives, severely impact government operations, and result in significant loss of trust in Treasury, 

Federal Government, U.S. Economy, and National Security by key stakeholders or the public. The Department 

identifies these critical programs and projects at the goal level (see page 48 for list). Treasury has a moderate risk 

appetite for taking positive risks to implement and execute Treasury’s long-term goals and specific strategies.

High-Level Strengths, Weaknesses, Opportunities, and Threats (SWOT) Assessment

Agency and Mission Risk Appetite
7 Agency and Mission Goal Overview

Department of the Treasury Strategic Plan 2022–2026

Goal Overview

Goal 1: Promote Equitable Economic Growth 

and Recovery

The COVID-19 pandemic has exacerbated the 

pre-existing inequities in America’s economic 

system and created a slowdown in global trade. 

Treasury must address systemic issues in the 

financial system and strengthen economic resiliency for all Americans. The Department must 

take the lead internationally to partner with foreign countries to advance ambitious policies for 

equitable global recovery and sustainable growth. 

Goal 2: Enhance National Security 

An expanding array of transnational threats, 

continued instability in weak states, and the 

malicious use of critical and emerging technologies by adversaries present security concerns for 

the United States that may impact the integrity of the U.S. financial system, which is foundational to our national security. As foreign and 

domestic actors threaten American economic 

and national security, Treasury must apply its 

tools and strengthen bilateral and multilateral 

partnerships to defeat these threats and take a 

leading role in protecting the U.S. and international financial systems from abuse. 

Goal 3: Protect Financial Stability and Resiliency 

The COVID-19 pandemic also exposed 

existing vulnerabilities in the financial system, 

especially in the nonbank financial sector, and 

caused additional stress to global and domestic 

economies. To improve financial resiliency ahead 

of the next inevitable crisis and reduce associated costs to the economy, Treasury must address 

vulnerabilities in core financial markets through 

responsible regulatory reforms. These reforms 

include improved liquidity risk management 

and adjustments to financial market infrastructure considering changes in technology and 

investor demand. 

Goal 4: Combat Climate Change

The United States and the world face a 

climate crisis and a narrowing window of action 

to avoid the worst impacts of climate change. 

At the same time, the transition to a low carbon economy represents a historic economic 

opportunity for the U.S. and global economy. 

The U.S. federal government must work alongside our domestic and international partners to 

respond ambitiously to tackle the challenges of 

climate change, adapt to an already changing climate, mitigate the risks, and position the global 

economy for clean and sustainable growth. 

Goal 5: Modernize Treasury Operations 

Modernizing Treasury’s operations is critical to 

achieving Treasury’s mission and strategic priorities. In particular, the Department will focus 

on a narrow set of enterprise-level improvements that, if made, will improve mission 

delivery across all organizations and strategic 

objectives. These include building and retaining a workforce that represents the diverse people and communities the Department serves, 

enabling the work routines of the future to 

capitalize on the lessons learned from the 

pandemic work environment, strengthening 

decision-making through improved use of data, 

and increasing trust in government by building 

consistent customer experiences. 

Cross-cutting Themes 

Treasury identified four Cross-cutting Themes 

that are administration priorities and impact 

multiple goals and objectives: 

 Re-engaging Allies

 Climate Change

 Equity

 Customer Experience
8

Department of the Treasury Strategic Plan 2022–2026

Strategic Plan Crosswalk

Agency and Mission Strategic Plan Crosswalk

Tax Administration and Policy Enhance tax compliance and service; improve tax policy design. IRS, TP TTB, EP    

Global Economic Leadership Generate sustainable and inclusive global economic growth. IA EP, TP, TTB   

Economically Resilient Communities Promote equitable financial recovery and growth through 

support and flow of capital to small businesses, households, and underserved communities. DF, ORP

TTB, OSDBU, 

ASM, Fiscal, 

EP

  

Resilient Housing Market Together with HUD and other federal agencies, promote a stable and 

resilient housing market that expands fair and equitable access to homeownership and affordable 

rental opportunities and protects taxpayers.

DF EP, TP, ORP  

Cyber Resiliency of Financial Systems and Institutions Harden assets and systems of 

Treasury and the broader financial system to promote financial system resiliency. ASM, DF All Bureaus/ 

Offices  

Economic Measures to Advance National Security Enhance and protect national security 

through the application of targeted financial measures and review of certain foreign investments. TFI, IA FinCEN  

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. 

TFI IA  

Transparency in the Financial System Increase transparency in the domestic and international 

financial system.

TFI/ 

FinCEN IA, IRS   

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.

DF IA, EP, OCC   

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.

DF EP   

Financial Innovation Encourage responsible financial sector innovation. DF

IA, TFI, FinCEN, 

Fiscal, Mint, BEP, 

IRS, TP, OCC

   

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.

IA EP, DF, TP   

Climate Incentives and Investment Create and promote incentives and policies for the private 

sector to invest in climate-friendly and resilient projects and activities.

EP DF, TP, 

IA, OCC   

Climate-Related Financial Risks Identify and mitigate key sources of climate-related 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.

DF EP, ASM, 

TP, IA, OCC   

Sustainable Treasury Operations Improve Treasury’s overall environmental and energy 

sustainability and invest in Treasury Bureaus’ adaptation and resiliency efforts to address climate 

change impacts on operations and services.

ASM All Bureaus/ 

Offices   

Recruit and Retain a Diverse and Inclusive Workforce Recruit and retain a diverse 

workforce that represents communities that Treasury serves.

ASM All Bureaus/ 

Offices  

Future Work Routines Transform the Department’s work routines to support changing mission and 

workforce needs.

ASM All Bureaus/ 

Offices   

Better Use of Data Increase timely access to and use of quality data and other types of evidence 

to inform decision-making.

ASM All Bureaus/ 

Offices   

Customer Experience Practices Mature and embed strong customer experience practices 

across the Department, establishing Treasury’s reputation for consistently positive experiences.

ASM All Bureaus/ 

Offices  

Climate Change

Treasury 

supports

Treasury 

leads

Goal 3

Protect Financial Stability 

and Resiliency

Goal 2

Enhance National Security

Goal 1

Promote Equitable Economic 

Growth and Recovery

Goal 4

Combat Climate Change

Goal 5

Modernize Treasury Operations

EquityRe-engaging AlliesCustomer Experience
9

Source: Internal Revenue Service. (2021, February 24). Information Technology (IT) Annual Key Insights Report for Fiscal Year (FY) 

2020. Retrieved from https://www.irs.gov/pub/irs-pdf/p5453.pdf

Internal Revenue Service. (2020). FY 2020 Customer Experience Cross-Agency Performance Goal Action Plan. Retrieved 

from https://www.performance.gov/cx/dashboard/actionplans/2020/2020-hisp-action-plan-treas-irs.pdf

Goal 1 Promote Equitable Economic Growth and Recovery

Enhance tax compliance and service; improve tax policy design.

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

Fair and impartial administration of the tax code through a more efficient tax system that ensures that we 

treat all Americans fairly is a key priority for Treasury. Issuing clear and timely guidance, making it easier 

for taxpayers to submit required forms and filings, will enhance tax compliance. This, coupled with fair and 

impartial enforcement, will increase revenues for the United States Government to make critical investments 

for the American people. Promoting awareness and adoption of tax credits and benefits will also improve the 

lives of millions of Americans and will increase confidence in the federal tax system.

Desired Outcomes 

• Increased voluntary tax compliance

• Reduced tax gap

• Improved taxpayer experience

• Improved efficiency and fairness of the tax code

• Increased awareness of and access to tax benefits

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Internal Revenue Service (IRS), 

Office of Tax Policy (TP)

Alcohol and Tobacco Tax and Trade 

Bureau (TTB), Economic Policy (EP)

Tax Preparers, Other Federal Agencies, State 

Tax Administrators, Congress, Security Summit

Taxpayers, Tax 

Professionals

Tax Administration and Policy

Goal 1 Objective 1.1
10

Objective 1.1 Strategies

Objective 1.1 Tax Administration and Policy

Strategy 1.1.A IRS, TTB

Modernize tax administration to improve the 

taxpayer experience and reduce taxpayer burden, 

delivering responsive service and easy-tonavigate filing requirements for taxpayers. 

Measures and Indicators of Success:

 Responsive taxpayer service that increases taxpayer 

access, adoption, trust, and confidence

 Increased percentage of timely delivered capabilities 

in the IRS Integrated Modernization Business Plan

 Improved service times for refunds/claims

 Increased online filing rates

 Increased filing compliance rates

Strategy 1.1.B IRS, TTB

Increase audit coverage and strengthen fraud 

prevention efforts.

Measures and Indicators of Success:

 Increased audit coverage for large corporations, 

partnerships, and high-income/high wealth 

individuals

 Effective and efficient resolution of audit/cases 

 Increased prevention and detection of fraud 

Critical Management Initiatives

- Modernize tax information technology systems while 

continuing to strengthen cybersecurity protections 

and build the critical infrastructure needed to enhance 

taxpayer service and enforcement activities

- Modernize tax policy analytic tools to better inform tax 

policy decision-making

- Improve the ability for TP and IRS to collaborate 

through technology

- Review hiring authorities to strengthen the talent pool 

and improve retention in high-demand skills, including 

IT and analytics

- Develop and implement a recruitment and hiring 

strategy to support attracting talent in Historically 

Underutilized (HU) communities 

- Investigate and minimize skills gaps for two 

Enforcement Mission Critical Occupations (MCOs), 

Tax Examiner and Customer Service Representatives 

- Enhance employee skills sets through systems and 

processes training

Strategy 1.1.C IRS, TTB

Increase outreach, education, and compliance 

tools, particularly in underserved communities, to 

improve taxpayer awareness and adoption of tax 

credit/benefits and tax compliance.

Measures and Indicators of Success:

 Increased uptake of tax benefits by underserved 

communities

 Increased outreach through social media and other 

non-traditional forms of communication

Strategy 1.1.D TP, EP

Develop and analyze the current tax code as well 

as proposals that seek to change the tax code.

Measures and Indicators of Success:

 Research to assess the level of bias/disparate 

impacts in the tax code and develop proposals to 

address any identified inequities

 Proposals to improve tax compliance and taxpayer 

experience 

 Proposals to reform corporate and international 

corporate taxation

 Proposals to reform individual taxation, including 

expansions of the child tax credit and the earned 

income tax credit

 Regulatory work on implementing current tax law

Learning Agenda Questions

- How can the IRS/TTB address taxpayer needs and 

preferences to deliver a better taxpayer experience? 

- How can the IRS/TTB simplify interactions for 

taxpayers, such as providing more self-service 

options, improving processes for filing, responding to 

audit notices or examinations, correcting returns, and 

remitting payments? 

- How can the IRS/TTB use information reporting, 

artificial intelligence, data, and advanced analytic 

techniques to reduce the tax gap, improve 

compliance, and diminish repeat noncompliance?

- To what extent do barriers and biases in the 

tax system prevent equity and fairness in the 

administration and enforcement of the tax code and 

access to direct payments? 
11

Source: U.S. Department of the Treasury. (2021, March 21). Technical Assistance Resources. Retrieved 

https://home.treasury.gov/about/offices/international-affairs/technical-assistance/technical-assistance-resources

Goal 1 Promote Equitable Economic Growth and Recovery

Generate sustainable and inclusive global economic growth.

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

Restoring U.S. leadership in multilateral forums and cooperating with partners to protect, enforce, and improve 

a rules-based order will strengthen the global economy while at the same time allowing the United States to 

promote more sustainable and inclusive growth. 

Desired Outcomes 

• Restored confidence in U.S. economic policy 

leadership

• Rapid return to pre-pandemic economic 

growth trajectories in advanced, emerging, and 

developing economies

• Improved conditions for more sustainable and 

inclusive economic growth in all economies

• Increased access to foreign markets for U.S. 

businesses and workers

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

International Affairs (IA) Economic Policy (EP), Tax Policy 

(TP), Alcohol and Tobacco Tax and 

Trade Bureau (TTB)

 Foreign governments, multilateral institutions, 

civil society organizations, business community 

U.S. businesses and workers

Global Economic Leadership

Goal 1 Objective 1.2
12

Objective 1.2 Strategies

Objective 1.2 Global Economic Leadership

Strategy 1.2.A IA, EP, TTB

Support and promote trade policies and practices 

that level the playing field for U.S. workers and 

industries, reduce barriers to trade, and develop 

markets for U.S. goods and services.

Measures and Indicators of Success:

 Increased access to foreign markets by U.S. 

businesses

 Identified/addressed technical barriers to trade that 

have the potential to adversely affect U.S. alcohol 

exports

Strategy 1.2.B IA, TP

Promote policies and initiatives (including 

financing and technical assistance) that support 

sustainable economic development, address debt 

vulnerabilities, and reduce inequality globally in 

key countries and regions.

Measures and Indicators of Success:

 Effective technical assistance delivered to finance 

ministries and central banks in developing and 

transitional countries

 Enhanced effectiveness of international financial 

institution support to developing countries for 

pandemic response and sustainable recovery

 Improved Common Framework debt treatments 

for low-income countries, including enhanced 

debt transparency and participation by all official 

bilateral and private creditors 

 Supported multilateral forums the U.S. participates 

in to develop and implement sustainable global tax 

reforms on minimum taxation and the allocation of 

business taxing rights

 Increased sharing of information and best practices 

in tax policy and administration to encourage 

comparable data collection across countries to 

promote sustainable economic growth and reduce 

income inequality

Strategy 1.2.C IA

Promote exchange rates that reflect underlying 

economic fundamentals and discourage targeting 

of exchange rates for competitive purposes.

Measures and Indicators of Success:

 Reduced foreign exchange intervention among 

trading partners and greater transparency about 

intervention 

Learning Agenda Questions

- None identified

Critical Management Initiatives

- Increase diversity in the applicant pool for Economists 

and other key Mission Critical Occupations (MCOs) 

through targeted outreach 

- Enable a broader suite of secure collaboration 

and communication tools for use with interagency, 

international, and financial institutions to successfully 

engage counterparts and key stakeholders

- Mature Treasury’s data acquisition strategy to access 

and consolidate the use of business data from 

commercially provided business sources
13

 *: Totals do not reflect amounts rescinded by the Infrastructure Investment and Jobs Act.

**: Total omits the expanded Child Tax Credit, authorized by the American Rescue Plan. 

Source: Retrieved from www.treasury.gov/policy-issues/coronavirus/assistance-for-american-industry 

Goal 1 Promote Equitable Economic Growth and Recovery

Promote equitable financial recovery and growth through support and flow of capital to 

small businesses, households, and underserved communities.

Why does this matter?

The economic impact of COVID-19 will remain long after the public health crisis is resolved. The recovery and growth of the economy must not only address the immediate challenges facing the nation but also 

address systemic inequities to build an economy that is better than the one that existed before the pandemic. 

This will, in turn, better prepare the country to be more resilient for future challenges. Treasury seeks to catalyze equitable growth by promoting access to capital and resources for underserved communities, supporting 

the effective use of those resources, and improving the services that businesses rely on to innovate and expand. 

Strengthening access to capital and Treasury services will stimulate new opportunities, particularly for underserved communities, which will promote a healthier, more equitable, and resilient economy. 

Desired Outcomes 

• Increased capital access and investment in underserved 

communities, including low- and moderate-income areas and 

underserved communities 

• Increased recovery, growth, and start-up of small and disadvantaged 

businesses, including through supplier diversity efforts

• Increased percentage of 

financially stable Americans

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic Finance 

(DF), Office of 

Recovery Programs 

(ORP)

Alcohol and Tobacco Tax and Trade Bureau 

(TTB), Office of Small & Disadvantaged 

Business Utilization (OSDBU), 

Management, Bureau of the Fiscal Service 

(Fiscal), Economic Policy (EP)

Small, Minority, and Women-Owned 

Business (SMWOB) organizations, 

consumer organizations, other federal 

agencies, private sector investors in 

underserved communities

Community Development Financial 

Institutions (CDFIs), Minority Depository 

Institutions (MDIs), other community 

lenders, state, local, and territorial 

governments, TTB-regulated businesses

Economically Resilient Communities

Goal 1 Objective 1.3

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 
14

Objective 1.3 Strategies

Objective 1.3 Economically Resilient Communities

Strategy 1.3.A DF, OSDBU, Management, Fiscal

Strengthen and support CDFI, MDIs, and 

other institutions to increase access to capital 

and services to individuals and businesses in 

underserved communities.

Measures and Indicators of Success:

 Increased net assets and increased median total 

assets of certified CDFIs

 Increased loans and investments reported by CDFIs 

in Target Markets

 Increased investment in CDFIs, MDIs, and 

other institutions that are responsive to economic 

development needs of underserved communities 

 Increased private sector investments in underserved 

communities by leveraging Treasury investments

Strategy 1.3.B DF, ORP, EP

Enhance the ability of the federal, state, local, 

territorial, and Tribal governments to respond to and 

recover from the economic crisis. 

Measures and Indicators of Success:

 Resources invested in traditionally underserved 

individuals/communities through relief programs 

 Economic growth in underserved communities 

 Maintained capacity of state, local, territorial, and 

Tribal governments 

 Stand-up of the Office of Recovery Programs

 Increased public sector hiring/re-hiring 

 Evaluated effectiveness of recovery programs

Strategy 1.3.C TTB

Improve services and enforcement for the alcohol 

and tobacco industries that Treasury regulates to 

increase growth and promote fair competition.

Measures and Indicators of Success:

 Timely issuance of permits/registrations to new and 

growing businesses 

 Timely issuance of label and formula approvals for 

new alcohol beverage products

 Increased first-time approval rate for permits, labels, 

and formula applications

Learning Agenda Questions

- To what extent are American Rescue Plan (ARP) programs 

being implemented equitably?

- What is the impact of ARP programs on households, 

businesses, and governments?

- What are the impacts of the Emergency Capital Investment 

Program, Rapid Response Program, and Minority Lending 

Programs on CDFIs or MDIs? 

- How does the CDFI Fund impact and boost investments 

in low-income communities in the long term, including 

Persistent Poverty Counties?

Strategy 1.3.D DF, ORP

Implement initiatives to help individuals and 

households prepare for, respond to, and recover 

from the economic crisis.

Measures and Indicators of Success:

 Completed analysis with the Financial Literacy and 

Education Commission to improve consumer financial 

education and resilience considering climate change

 Increased American households’ timely and safe 

access to tax refunds and other government payments 

enacted to provide support in response to the 

economic crisis

Strategy 1.3.E DF, OSDBU, Management, 

Fiscal 

Strengthen the ability of minority depository 

institutions and SMWOBs to serve as Treasury 

suppliers and service providers, including financial 

agents and contractors.

Measures and Indicators of Success:

 Increased capacity of MDIs, minority-owned, and 

women-owned financial and professional services 

firms to serve as Treasury service providers

 Reduced barriers to SMWOBs to serving as 

Treasury contractors

 Increased dollars and percentage of contracting 

with MWOBs of all sizes and across racial/ethnic 

minority groups

 A Financial Management Quality Management 

Service Office (FM QSMO) Marketplace that 

encourages and supports diversity and equity 

 Increased small business industrial base and 

supplier diversity 

Critical Management Initiatives

- Implement a structure and staffing plan to meet ARP 

programmatic needs 

- Modernize IT infrastructure to improve direct services 

to businesses through online systems, including federal 

alcohol and tobacco permitting and alcohol beverage 

labeling approvals

- Implement IT capability to proactively review data for 

compliance and ability to compare to publicly available data 

sets

- Coordinate data and information sharing with agencies and 

external partners

- Leverage hiring flexibilities to attract a diverse talent pool 

and strengthen partnerships with underserved communities 

- Enhance employee skills sets through systems and 

processes training and review hiring authorities to 

strengthen the talent pool and improve retention in highdemand skills, including IT and analytics
15

Source: National Association of Retailors (2020, August 12). Housing Affordability Index. Retrieved from 

https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index

Goal 1 Promote Equitable Economic Growth and Recovery

Together with HUD and other federal agencies, promote a stable and resilient housing 

market that expands fair and equitable access to homeownership and affordable rental 

opportunities and protects taxpayers.

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

Long-term and cyclical forces hamper the U.S. housing market and constrain access to affordable housing, 

including pandemic-induced material and labor shortages and high levels of demand leading to record-low 

inventories. Tight inventories amidst high demand mean rising prices and declining affordability. 

Homeownership is a primary way to build wealth, and the racial homeownership gap is a primary driver of the 

racial wealth gap. Together with HUD and other federal agencies, Treasury seeks to promote the long-term 

stability of the U.S. housing market through robust and liquid residential finance lending markets and access 

to sufficient and affordable residential housing opportunities. Treasury has direct equities in housing policy by 

supporting affordable housing inventory through the Low-Income Housing Credit (LIHTC) and congressionally appropriated and other grant programs and emergency relief funds. 

Desired Outcomes 

• Increased supply of residential housing inventory that is 

affordable for rent and purchase to households across social and 

economic demographics

• Decreased number of avoidable evictions, housing foreclosures, 

and housing payment delinquencies for relief beneficiaries

• Increased access to affordable and 

safe mortgage credit to traditionally 

excluded groups and decrease in the 

racial homeownership gap

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic Finance 

(DF)

Economic Policy (EP), 

Tax Policy (TP), Office of 

Recovery Programs (ORP)

Lenders, loan servicers, Department of Housing and Urban Development 

(HUD), other federal agencies, state and local governments, civil rights and 

housing advocacy groups, investors, developers, industry professionals

Tenants, 

homebuyers, 

homeowners

Resilient Housing Market

Goal 1 Objective 1.4
16

Objective 1.4 Strategies

Objective 1.4 Resilient Housing Market

Strategy 1.4.A DF

Promote a housing system that provides 

opportunities for access to stable and affordable 

housing and creates additional affordable 

housing supply.

Measures and Indicators of Success:

 Increased construction and rehabilitation of 

affordable housing 

 Increased investment in affordable rental housing

 Increased number of affordable housing units 

subsidized

 Reduced racial homeownership gap

Strategy 1.4.B DF, EP, TP, ORP

Support and implement initiatives and policies 

that protect homeowners and renters, particularly 

historically underserved groups, from housing 

instability, and promote a stable and liquid 

secondary mortgage market.

Measures and Indicators of Success:

 Decreased avoidable evictions, foreclosures, and 

rental and mortgage payment delinquencies relative 

to total potential households at-risk

 Matched or improved share of delinquent 

homeowners or renters who are homeowners or 

renters of color to pre-COVID-19 baseline 

 Assessed vulnerabilities in the housing finance 

ecosystem that may affect mortgage market 

liquidity, including asset quality and loan 

performance

 Developed administration positions on 

Government Sponsored Enterprise (GSE) reform 

issues to facilitate progress toward a desired future 

state for the GSEs

Learning Agenda Questions

- What strategies deployed in the recovery from 

COVID-19 best prevented evictions and foreclosures? 

How can we track evictions nationwide? 

- What are strategies to reduce production costs or 

preserve affordable housing while still making it high 

quality and resilient to climate change?

Critical Management Initiatives

- Improve access to data to expand policy 

development and programs designed to increase 

affordable housing (especially in supply-constrained 

markets) while reducing rental and mortgage payment 

delinquencies 

- Increase diversity in the applicant pool for economists 

and other key Mission Critical Occupations (MCOs) 

through targeted outreach
17 Goal 2 Enhance National Security 

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

Technology is integral to the financial sector but faces an increasingly diverse and sophisticated array of 

cyber threats, including from trusted third parties. As the financial industry and federal government rely on 

information and operational technology and computer networks, which can be vulnerable via the IT supply chain, Treasury must address its own cybersecurity vulnerabilities and demonstrate leadership, ensure 

operational resiliency, and provide support to, external stakeholders. This will help to ensure that the U.S. 

and global financial system and Treasury’s infrastructure are hardened against cyber incidents and the 

Department’s full range of tools is deployed to counter malicious cyber actions. Treasury and the financial 

services sector face increasing attacks from cyber criminals and state actors attempting to disrupt operations 

or steal data from sensitive systems. The tactics and procedures used by perpetrators of these incidents are 

constantly evolving. There is a risk that a cyber-attack could be successful and may seriously affect Treasury 

and the financial sector. If any of Treasury’s high-value asset systems cannot execute core functions, it could 

have nationwide and international ramifications.

Desired Outcomes 

• Implementation of the five pillar Treasury strategy to combat ransomware

• Timely and actionable incident coordination across the Department, the U.S. financial services sector, and 

the U.S. Government

• Effective detection, deterrence, and disruption of malicious cyber activities and improved financial sector 

ability to identify and take actions against such activities 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management, 

Domestic Finance 

(DF)

International Affairs (IA), Terrorism and Financial

Intelligence (TFI), Financial Crimes Enforcement Network, 

(FinCEN), Bureau of the Fiscal Service (Fiscal), Bureau 

Chief Information Officers (CIOs), 

Fiscal Agents, Financial Agents, Financial 

Institutions, Department of Homeland 

Security, Federal Bureau of Investigation, 

and other law enforcement

Financial Regulator 

Community, Financial 

Sector

Harden assets and systems of Treasury and the broader financial system to promote 

financial system resiliency.

Goal 2 Objective 2.1

Cyber Resiliency of Financial Systems and Institutions 

Source: U.S. Department of the Treasury, Office of Terrorism and Financial Intelligence 
Objective 2.1 Cyber Resiliency of Financial Systems and Institutions 18

Strategy 2.1.A DF, Fiscal, IA, Bureau CIOs

Engage domestic and international partners 

to enhance sector cyber hygiene to include 

resilience, continuity, and emergency 

preparedness and identify and address 

technology vulnerabilities, including 

use of third-party service providers for 

Treasury infrastructure.

Measures and Indicators of Success:

 Full implementation of Executive Order on 

Improving the Nation’s Cybersecurity

 Regular and normalized sharing of threat 

information and best practices with the financial 

industry, including Treasury CIOs 

 Developed global cybersecurity, operational risk, 

and emerging technology-related standards 

 Effective sharing of indicators of compromise on 

attack methodologies with private sector partners

 Regular engagement with international partners 

to coordinate efforts to address operational 

vulnerabilities

Strategy 2.1.B TFI, FinCEN, ASM, IA, DF

Promote cyber hygiene and protect financial 

infrastructure by leveraging Treasury’s existing 

authorities to detect, deter, and disrupt malicious 

cyber activities. 

Measures and Indicators of Success:

 Effective reporting from financial institutions 

related to cyber incidents and impactful analysis 

thereof shared with financial supervisors and, 

where applicable, law enforcement and other 

stakeholders

 Increased exchange of financial intelligence 

through financial intelligence units on malicious 

cyber activities or suspected crimes

 Consistently received robust reporting of 

cybersecurity/ransomware payments

Strategy 2.1.C DF, Fiscal, Management, 

Bureau CIOs

Upgrade, secure, and scale technology resources 

to effectively support Treasury's current role in 

national security matters.

Measures and Indicators of Success:

 Hardened Treasury’s internal systems to protect 

high-value assets and data from malicious cyber 

actions and breaches of trusted third parties

 Implemented a 120-day plan to upgrade defenses

 Updated Treasury High-Value Asset threat 

assessments 

 Developed resiliency plans to address cyber events, 

including improved communication protocols for 

all Treasury components 

 Increased cloud development and creation of 

centralized data lakes supporting national security 

and cyber security

Learning Agenda Questions

- How can Treasury strengthen its situational 

awareness of cybersecurity threats in the financial 

sector and encourage greater industry participation in 

the Office of Cybersecurity and Critical Infrastructure 

Protection (OCCIP) initiatives?

Critical Management Initiatives

- Enable and improve real-time and near real-time 

data reporting to strengthen Treasury’s incident 

coordination and expedient response to threat actors 

- Develop strategies specific to zero-trust, cloud 

migration, and multi-factor authentication

- Implement Executive Order 14028: Improving the 

Nation's Cybersecurity

- Consolidate enterprise-level commercial data 

products

- Conduct studies of the Treasury workforce that 

support cyber and Financial Institution Reform and 

Recovery Enforcement Act (FIRREA) work to mitigate 

areas of risk (e.g., pay and skills development) 

Objective 2.1 Strategies
19 Goal 2 Enhance National Security 

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

A secure economy strengthens U.S. national security. Treasury will assertively address threats to U.S. national 

security and strategic interests posed by criminal elements, foreign adversaries, and certain foreign investments. 

Treasury must apply its policy, intelligence, regulatory, and enforcement authorities and tools in a strategic and 

integrated way to ensure that Treasury identifies actors engaged in illicit activities or efforts to otherwise undermine U.S. interests. Treasury must deny them the ability to use the U.S. and international financial systems to 

advance their objectives. Treasury can coordinate this work with foreign governments and multilateral institutions to make the international financial system a hostile environment for illicit financing and threats to U.S. 

interest. Moreover, the U.S. remaining an attractive, open, and secure investment environment is paramount to 

U.S. national security, innovation, and a strong economy. To address national security risks arising from certain 

foreign investments, Treasury must leverage Committee on Foreign Investment in the United States (CFIUS) 

authorities, processes, and tools in coordination with interagency and, as appropriate, international partners. 

Desired Outcomes 

• Protected the U.S. and international financial systems from abuse by 

identifying and disrupting the financing of threats to national security

• Ensured covered foreign investments in the United States (including covered 

real estate transactions) do not give rise to unresolved national security risks 

and collaborated with allies and partners on investment screening to protect 

against transnational risks posed by certain foreign investments

• Advanced the Administration’s 

foreign policy and national 

security priorities, using 

financial measures in concert 

with allies and partners 

wherever possible

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Terrorism and Financial 

Intelligence (TFI), 

International Affairs (IA)

Financial Crimes 

Enforcement Network 

(FinCEN)

National Security Council, Federal Financial Regulators, 

other federal agencies, Intelligence Community, Federal 

Law Enforcement Agencies, other CFIUS member 

agencies, Foreign Partners

The private sector, U.S. policy 

makers, National Security 

Community, U.S. and 

Foreign partners

Enhance and protect national security through the application of targeted financial 

measures and review of certain foreign investments.

Goal 2 Objective 2.2

Economic Measures to Advance National Security

Source: U.S. Department of the Treasury, Office of Terrorism and Financial Intelligence 
Objective 2.2 Economic Measures to Advance National Security 20

Strategy 2.2.A TFI, FinCEN, IA 

Deploy Treasury’s financial tools and authorities 

strategically and efficiently to protect the U.S. and 

international financial systems from abuse while 

guarding against undermining these measures 

through overuse or misuse.

Measures and Indicators of Success:

 Coordinated, maximally effective financial 

disruption actions that advance U.S. foreign policy 

priorities using policy, intelligence, regulatory, and 

enforcement tools

 Foreign counterparts join the United States in 

bilaterally or multilaterally coordinated actions, 

both public and private, that disrupt the illicit 

generation, movement, storage, or investment of 

funds that expand the disruptive impact beyond 

that which would have been achieved unilaterally

Strategy 2.2.B TFI, IA, FinCEN

Engage and support allies and partners on 

strategies to combat illicit finance threats and 

address vulnerabilities in their financial systems, 

Anti-Money Laundering and Combating the 

Financing of Terrorism (AML/CFT), and 

sanctions regimes.

Measures and Indicators of Success:

 As a result of efforts to build and strengthen 

bilateral and multilateral partnerships and prioritize 

information sharing, partners take proactive 

measures, either domestically or multilaterally, to 

respond to threats to the U.S. and collective security

 U.S. membership in international organizations, 

such as the Financial Action Task Force (FATF), 

furthers positive advancement of international 

standards—including those governing new and 

innovative technologies—that help address 

vulnerabilities in the global financial system and 

therefore enhances U.S. national security

Strategy 2.2.C IA

Institutionalize and continuously strengthen: the 

processing of covered transactions to ensure that 

the Committee addresses national security risks; 

and the monitoring and enforcement of CFIUS 

national security agreements.

Measures and Indicators of Success:

 Institutionalized processes and procedures that 

continue to facilitate the rigorous and timely 

review of CFIUS cases to ensure the Committee 

addresses national security risks arising from 

covered transactions

 Accelerated timelines for identification and 

processing of covered transactions that have not 

been voluntarily filed with CFIUS (“non-notified 

transactions”)

 Robust oversight of CFIUS national security 

agreements and efficient termination of any 

determined to no longer be necessary to address 

identified national security risks

 Timely responses and resolutions to issues that 

arise during continuous monitoring of mitigation 

agreements

 Timely remediation and appropriate enforcement 

of apparent breaches of mitigation agreements 

Strategy 2.2.D IA

Engage and support foreign allies and partners 

to support their efforts to establish or enhance 

investment screening regimes.

Measures and Indicators of Success:

 Deepened international engagement that 

further promotes and supports the adoption 

and development of effective national security 

investment screening regimes 

 Improved situational awareness of allies and 

partners about risks arising from certain foreign 

investments that may threaten shared national 

security interests

 Established and enhanced information sharing 

mechanisms, channels, and procedures with allies 

and partners to share best practices and foreign 

investment trend information

Learning Agenda Questions

- What would best facilitate cross-Treasury 

coordination on policy issues that leverage all 

Treasury tools and authorities to advance national 

security objectives?

Critical Management Initiatives

- Strengthen national security through strategic 

improvements in the recruitment and retention of 

targeted Mission Critical Occupations (MCOs) 

- Ensure that standard, common cybersecurity 

platforms are effectively upgraded, secured and 

scaled for Department-wide use inclusive of 

Treasury’s current role in national security matters

- Improve the use of data and data technologies 

(AI/ML) to conduct monitoring of the U.S. and 

international financial systems, quickly identify 

illicit actors, and mitigate their risk to the financial 

infrastructure

Objective 2.2 Strategies
21 Goal 2 Enhance National Security 

 Cross-cutting Themes Re-engaging Allies  Climate Change  Equity  Customer Experience 

Why does this matter?

Sanctions are a key tool for the U.S. government to address critical national security and foreign policy 

threats. For this tool to be effective and fit to purpose for years to come, the authorities and processes used for 

the deployment of sanctions should be continuously reviewed and updated to address emerging challenges. 

Further, Treasury must effectively leverage its sanctions workforce across the Department, addressing recruitment and retention of high-skilled talent to meet the data and analytical needs required to support the growing array of work in the sanction’s arena. 

If Treasury does not commit to using the most updated analytic and collaborative technologies, it may not be 

able to stay abreast of, or effectively respond to, increasing stakeholder demands. This includes the ability to 

analyze complex financial and Bank Secrecy Act (BSA) data to identify emerging threats, identify new trends, 

and support national security events.

Desired Outcomes 

• Deploy sanctions effectively to achieve priority national security, foreign policy, and economic policy 

objectives

• The United States maintains the longstanding ability to use sanctions as a policy tool 

• Meaningfully address collateral consequences, including impacts to humanitarian trade and aid delivery 

internationally

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Terrorism and 

Financial Intelligence 

(TFI)

International 

Affairs (IA)

National Security Council, National Economic Council, 

Federal Financial Regulators, other Federal agencies, 

Intelligence Community, Federal Law Enforcement 

Agencies, Foreign Partners

The private sector, U.S. policy 

makers, National Security 

Community, U.S. and Foreign 

partners

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. 

Goal 2 Objective 2.3

Modernize Sanctions Regime 

Source: U.S. Department of the Treasury. (2021, October). The Treasury 2021 Sanctions Review. Retrieved from 

https://home.treasury.gov/system/files/136/Treasury-2021-sanctions-review.pdf 
Objective 2.3 Modernize Sanctions Regime 22

Strategy 2.3.A TFI

Conduct comprehensive sanctions review 

and implement recommendations designed to 

promote a warranted, strategic, and judicious use 

of sanctions.

Measures and Indicators of Success:

 The targeting of illicit actors and/or entities is 

maximized to disrupt illicit financial activity while 

minimizing broad spillovers through appropriate 

licensing, communications, and coordination 

activities

 Developed analytical construct to evaluate 

sanctions programs and key sanctions actions 

systematically and consistently

 Implemented recommendations in the sanctions 

review

Learning Agenda Questions

- How can Treasury best measure the effectiveness of 

its sanctions policies and leverage those insights to 

design and implement effective sanctions policies in 

the future? 

Strategy 2.3.B TFI, IA

Modernize and strengthen internal Treasury, 

United States government, and international 

coordination and engagement on sanctions to 

enhance their effectiveness.

Measures and Indicators of Success:

 Updated TFI structure, mission, and strategy to 

keep pace with increased reliance on sanctions as a 

foreign policy and national security tool

 Further develop and share Treasury’s sanctions 

expertise with key interagency and international 

partners

 Expanded Treasury’s external engagement and 

outreach on sanctions

Critical Management Initiatives

- Identify and acquire developmental activities to 

strengthen sanctions expertise and capabilities

- Effectively upgrade, secure, and scale standards for 

use of classified resources across the Department 

to support Treasury’s current role in national security 

matters

Objective 2.3 Strategies
23 Goal 2 Enhance National Security 

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Why does this matter?

Illicit proceeds are equaling an estimated two percent of U.S. gross domestic product (GDP) flow through the U.S. financial 

system each year. Permitting illicit actors to benefit from the stability and security of the U.S. financial system weakens financial transparency, distorts markets, and hurts ordinary Americans. Financial technology is growing and transforming the financial industry landscape, which is interconnected at a global level. Rapid evolution and adoption of new technologies can yield 

economic and social benefits and present new potential for illicit financial activity. To protect the integrity of markets and of 

the global financial framework, Treasury must increase transparency in the domestic and international financial systems to aid 

the detection of illicit financial activity.

U.S. financial institutions’ resources may not be leveraged to their fullest potential due to a strict check‐the‐box compliance approach from internal auditors. This may detract from their ability to enhance the effectiveness of their Bank Secrecy 

Act/Ant-Money Laundering (BSA/AML) programs and report robust, contextual, and timely information on the highest 

priority threats to support investigations.

Desired Outcomes 

• Successful implementation of the Anti-Money 

Laundering Act of 2020, including the Corporate 

Transparency Act (which requires the establishment of a 

beneficial ownership reporting regime) and a regulatory 

review of the BSA’s implementing regulations

• Increased access to beneficial ownership information by 

law enforcement and other authorized users significantly 

improving the ability to mitigate illicit finance risk

• Strengthened supervision, including through additional 

resourcing of supervisory staff, of money services 

businesses (MSBs) and depository institutions lacking a 

federal functional regulator 

• A U.S. and international financial system better 

positioned to detect, disrupt, and deter corruption

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Terrorism and Financial 

Intelligence (TFI), Financial Crime 

Enforcement Network (FinCEN) 

International Affairs 

(IA), Internal Revenue 

Service (IRS)

Federal Functional Regulators, Department of Justice, 

Law Enforcement Agencies, Foreign Partners, Financial 

Institutions, Non-Governmental Organizations 

The private sector, National 

Security Community, U.S. 

and Foreign partners

Increase transparency in the domestic and international financial system.

Goal 2 Objective 2.4

Transparency in the Financial System

Source: Polaris. (2019). 2019 Data Report: The U.S. National human Trafficking hotline. 

U.S. State Department. (2021, June). Trafficking in Persons Report. 

U.S. Department of Justice. (2021, March). Drug Enforcement Administration National Drug Threat Assessment. 

Federal Bureau of Investigation. (2020). Internet Crime Report 2020. 
Objective 2.4 Transparency in the Financial System 24

Strategy 2.4.A TFI, FinCEN, IRS

Strengthen and adapt the AML/CFT regulatory 

framework to collect the beneficial ownership 

information, fully cover real estate transactions, 

and address emerging challenges and evolving 

regulatory requirements.

Measures and Indicators of Success:

 Implementation of AML Act requirements, 

including the creation of a fully funded and 

functioning beneficial ownership database

 Effective AML/CFT regulation for virtual 

currency and service providers 

 Updated regulatory framework for real-estate to 

effectively cover cash transactions

Strategy 2.4.B IA, TFI, FinCEN, IRS

Engage domestic and international partners to 

develop and implement financial transparency 

standards, enhance anticorruption efforts, and 

expand financial access and inclusion.

Measures and Indicators of Success:

 Improved information sharing on illicit finance 

with foreign partners, including finance ministries 

and financial intelligence units 

 Effective global implementation of international 

AML/CFT standards and reduction of regulatory 

arbitrage through multilateral organization and 

bilateral engagement 

Strategy 2.4.C TFI, FinCEN, IRS

Publish AML/CFT priorities, risk assessment, and 

national illicit finance strategy to address priority 

threats.

Measures and Indicators of Success:

 Timely publication of money laundering, terrorist 

financing, and proliferation risk assessments and 

national illicit finance strategy

Strategy 2.4.D TFI, FinCEN

Publish national AML/CFT priorities to inform riskbased supervision.

Measures and Indicators of Success:

 Issue updated national AML/CFT Priorities 

under the AML Act of 2020, as needed and no 

later than every four years after June 30, 2021 (the 

date of publication of the first national AML/CFT 

Priorities)

Strategy 2.4.E TFI, FinCEN

Support adoption of digital identification to 

strengthen the ability of financial institutions to 

identify and verify the identity of customers in 

line with their customer due diligence obligations 

in order to dissuade criminals from using U.S. 

financial institutions, curb fraud in government 

programs, and reduce compliance costs for U.S. 

financial institutions. 

Measures and Indicators of Success:

 Increased adoption of digital identification by 

government, private sector, and individuals 

Learning Agenda Questions

- How will developments in digital assets and other 

Fintech innovations affect illicit finance threats?

Critical Management Initiatives

- Modernize secure collaboration, conferencing, and 

facilities/space resource management leveraging 

commodity IT and shared services applications

- Improve data sharing and enhanced data 

infrastructure to more effectively identify threat actors 

and detect, disrupt, and deter abuse of the U.S. and 

international financial systems 

Objective 2.4 Strategies
25 Goal 3 Protect Financial Stability and Resiliency

Goal 3 Objective 3.1

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Why does this matter?

Sustainable and equitable economic growth requires a resilient financial system. The economic well-being of Americans depends 

on the financial system’s ability to provide capital to businesses and individuals, provide vehicles for savings, and allow for the 

intermediation of financial transactions even in the face of adverse events. The 2008 economic crisis and the 2020 COVIDrelated market disruptions demonstrate that financial system vulnerabilities, if left unaddressed, can take stress in the financial 

system and transmit it to the real economy. Treasury will work with its domestic and international partners, including members 

of the Financial Stability Oversight Council (FSOC) and the Financial Stability Board (FSB), to coordinate and improve collective actions to mitigate threats to financial stability. 

This objective focuses on Treasury’s role in monitoring and addressing financial risks domestically and internationally. Treasury 

will also encourage responsible financial innovation and identify and mitigate climate-related financial risks, addressed in objectives 3.3 and 4.3, respectively. 

Desired Outcomes 

• The financial system continues to facilitate the flow of 

credit, efficient payments, and allocation of risk without 

significant disruptions in periods of stress

• Domestic and global financial vulnerabilities monitored 

and proactively addressed

• Risks of unintended financial market fragmentation 

and unlevel playing field mitigated 

• New and growing threats to financial stability 

addressed, with a focus on risks from climate change 

and digital assets

• Aligned regulatory framework to innovations in the 

marketplace to reduce risks to consumers and investors 

and the financial system

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.

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic Finance 

(DF)

International Affairs (IA), Economic 

Policy (EP), Office of the Comptroller of 

the Currency (OCC)

Financial Stability Oversight Council (FSOC) 

member agencies, Financial Stability Board 

(FSB) members

U.S. consumers, investors, workers, 

and businesses; the financial sector 

Financial System Vulnerabilities

Source: U.S. Department of the Treasury, Financial Stability Oversight Council 
26

Strategy 3.1.A DF, IA

Make nonbank financial intermediation more 

resilient.

Measures and Indicators of Success:

 Completion of reviews by FSOC working groups 

of nonbank financial intermediation activity and 

issuance of recommendations, if needed, to improve 

the resilience of market practices

 Achievement of key milestones in the FSB’s NonBank Financial Intermediation roadmap

Strategy 3.1.B DF, IA, EP, OCC

Regularly assess cyclical vulnerabilities and 

possible actions to mitigate risks to financial 

stability. 

Measures and Indicators of Success:

 Monitored critical cyclical financial vulnerabilities 

to identify emerging risks to financial stability and 

to inform discussions by Treasury and financial 

regulators

 Incorporated identified cyclical vulnerabilities 

into the FSOC annual report and made 

recommendations to regulators or Congress to 

address vulnerabilities as appropriate

Strategy 3.1.C IA

Advance U.S. interests in financial regulation 

and stability, including the promotion of 

global financial stability and a level playing 

field, in international forums and with foreign 

counterparts.

Measures and Indicators of Success:

 Provided leadership on U.S. priorities, such as 

the effects of COVID-19 on the financial sector, 

non-bank financial intermediation, cyclical 

vulnerabilities, and operational resilience, at 

the FSB, G7, G20, Organization for Economic 

Co-operation and Development (OECD), and 

other international forums, to identify potential 

vulnerabilities in the global financial system and 

address through cooperation on recommended 

policies, standards, or other actions

 Advancement of U.S. objectives on financial 

regulation and stability directly with key 

international counterparts, including through 

Treasury-led bilateral and regional dialogues

 Assessment of global financial sector 

vulnerabilities, including through the FSB, to 

identify risks to the financial system

Learning Agenda Questions

- To what extent did nonbank financial firms and 

activities contribute to market stress in March 2020?

- What additional data and analytical methods 

could we use to improve the monitoring of cyclical 

vulnerabilities?

Critical Management Initiatives

- Expand the use of data and modern data 

technologies by the DF, IA, and the Office of Financial 

Research (OFR) to improve monitoring of the U.S. and 

global financial systems, promote timely identification 

and mitigation of risks

- Recruit additional staff and target training to develop 

additional expertise related to monitoring potential 

risks to financial stability, including emerging areas 

such as digital assets and cyber

Objective 3.1 Financial System Vulnerabilities

Objective 3.1 Strategies
27 Goal 3 Protect Financial Stability and Resiliency

Goal 3 Objective 3.2

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Why does this matter?

Treasury and municipal securities markets have evolved significantly as the industry, regulatory environment, trading 

practices, and investor demands have changed. Some elements have not kept pace, raising risks that these critical markets are 

vulnerable to stresses, which could have significant consequences for economic growth and financial stability. Treasury can 

help mitigate vulnerabilities by supporting developments that improve the resilience of these markets to stresses and reducing 

government borrowing costs over time. With Federal, State, and local government debt now exceeding $32 trillion, ensuring 

that these markets remain resilient and support all other priorities outlined in this plan, including equity and climate change, is 

a critical component of sound fiscal policy. 

Desired Outcomes 

• Treasury securities markets remain deep and liquid and prove to be resilient to stress 

• Improved data accessibility and quality for the official sector and public

• Efficient and stable municipal bond market

Improve the resilience of critical government securities markets to minimize borrowing 

costs over time and support the critical roles that these safe assets play in the global 

financial system.

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic Finance 

(DF)

Economic Policy (EP) U.S. Securities and Exchange Commission (SEC), Federal Reserve 

Board, Federal Reserve Bank of New York, Commodity Futures Trading 

Commission, municipal market regulators

Municipal securities 

issuers, investors, 

infrastructure providers

Resilient Treasury and Municipal Securities Markets

Source: The Federal Reserve, Haver analytics 
28

Strategy 3.2.A DF, EP

Evaluate structural changes in the Treasury 

securities markets and make recommendations 

to make it more resilient to future disruptions, 

promoting the central role of U.S. Treasury 

securities in global finance.

Measures and Indicators of Success:

 Identification and communication of policy 

recommendations to improve Treasury market 

resilience

 Implementation of recommended improvements

 Improved quality of Treasury market analysis

Strategy 3.2.B DF, EP

Evaluate structural changes in the municipal 

securities market and make recommendations 

to promote greater efficiency, liquidity, and 

transparency.

Measures and Indicators of Success:

 Increased market monitoring to understand 

the causes and effects of changes in municipal 

bondholder composition and municipal bond 

market volatility and liquidity 

 Collaboration with municipal market regulators 

to improve disclosures, including climate-related 

financial risks, and reduce transaction costs

 Identification of fiscal policy and tax policy 

recommendations to improve the municipal bond 

market to spur investment in public infrastructure

Learning Agenda Questions

- How can Treasury improve its analysis of these 

evolving markets, and how should it consider various 

tradeoffs when making recommendations to improve 

their resiliency?

Critical Management Initiatives

- Fill gaps in access to commercial data and increase 

data collection by the Office of Financial Research 

(OFR)

- Modernize and make more resilient the systems used 

to finance the U.S. government

Objective 3.2 Resilient Treasury and Municipal Securities Markets

Objective 3.2 Strategies
29 Goal 3 Protect Financial Stability and Resiliency

Goal 3 Objective 3.3

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Why does this matter?

Treasury seeks to promote a financial system that delivers inclusive access to financial services that effectively meet the needs 

of market participants while maintaining financial stability and market integrity. Emerging financial technologies have accelerated aspirations for a more equitable and inclusive financial system. Many innovations in digital finance (e.g., digital currency) remain nascent, with risks and benefits yet to be assessed. But the Department can and should do more to reach those 

whose financial needs remain unmet by the financial services sector. Expanding access to digital financial services (payments, 

credit, saving, insurance) is a key component to increasing financial inclusion, domestically and internationally. Treasury should 

encourage the responsible use of innovative financial technology, both across the financial sector and in its own programs, to 

deliver affordable and secure financial services that better serve consumers and small businesses. Failing to do so could result 

in financial regulation becoming unresponsive to the needs and expectations of the public. Similarly, Treasury can improve its 

own financial activities by leveraging private sector technology to better execute federal financial management services, secure 

U.S. currency from counterfeiting, and deliver payments to the public. Treasury’s commitment to transition to electronic payments from physical payments (e.g., checks) has the potential to advance both its financial inclusion and net-zero carbon goals.

Desired Outcomes 

• Coordinated policies that encourage financial 

innovation in digital finance while mitigating risks to 

consumers and the financial system 

• Increased access to digital financial services for 

underserved consumers and small businesses

• Improved efficiency and effectiveness of federal 

payments and collections

• Effective engagement through international forums 

that enhance the availability of financial services and 

the stability and integrity of the financial system 

Encourage responsible financial sector innovation. 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic 

Finance (DF)

International Affairs (IA), Terrorism and Financial Intelligence (TFI), 

Financial Crimes Enforcement Network (FinCEN), Bureau of the Fiscal 

Service (Fiscal), U.S. Mint, Bureau of Engraving and Printing (BEP), 

Internal Revenue Service (IRS), Office of Tax Policy (TP), Office of the 

Comptroller of the Currency (OCC)

Financial regulators, Financial 

Stability Board (FSB) members, 

Fiscal and Financial Agents, 

Consumer Advocates, Congress

Consumers, 

Investors, Federal 

Agencies, Financial 

Firms 

Financial Innovation

Source: U.S. Department of the Treasury, Office of Domestic Finance 
30

Strategy 3.3.A DF, IA, TP, TFI, FinCEN

Develop and execute a framework to address 

the potential risks, benefits, and challenges 

presented by digital assets and related platforms.

Measures and Indicators of Success:

 Development of a strategy for a coordinated U.S. 

approach to overseeing the development of digital 

assets (e.g., digital currency) and related platforms

 Engagement with the public, international 

counterparts, and other stakeholders on how best 

to realize the possible benefits of digital assets 

while minimizing the potential risks to consumers 

and the financial system

 Promotion of policy approaches internationally 

that foster a level playing field and mitigate risks of 

regulatory arbitrage

Strategy 3.3.B DF, Fiscal, IA, TP, OCC

Engage with the private sector, academia, and 

other official sector stakeholders to promote 

financial sector innovations that advance financial 

inclusion and enhance the financial system. 

Measures and Indicators of Success:

 Advocacy of policies that facilitate the delivery 

of digital financial services (e.g., payments, 

credit, savings, insurance) that meet the needs of 

underserved consumers and small businesses

 Advancement of a comprehensive data strategy 

that enables consumers to access and share their 

financial data securely

Strategy 3.3.C Fiscal, IRS

Modernize and digitize federal financial management 

processes, including payment integrity, and expand 

awareness of, access to, and use of innovative 

technologies within the government.

Measures and Indicators of Success:

 Increased electronic Federal payments and 

collections

 Increased adoption and improved use of federal 

shared services 

 Expanded transparency and the use of financial 

data for decision-making in federal financial 

management

 Reduced improper payments

Strategy 3.3.D BEP, Mint

Strengthen currency security measures to 

prevent currency counterfeiting while meeting 

Federal Reserve Bank orders and diversifying 

representation on our national currency.

Measures and Indicators of Success:

 Increased the effectiveness and diversity of currency 

security measures

 Milestones for re-design of the nation’s currency 

met

Learning Agenda Questions

- How are we currently using artificial intelligence, 

machine learning models and alternative data in 

financial services (e.g., underwriting), and what further 

guidance, oversight, or regulation might be necessary 

to enable innovation that better serves and protects 

consumers?

- How can Treasury improve the delivery of government 

payments to hard-to-reach populations (e.g., 

unbanked)?

- What are the risks and opportunities regarding the 

use of technology by financial institutions (regtech) 

and by the official sector (suptech) to conduct 

compliance and oversight functions?

Critical Management Initiatives

- Refine the current knowledge management tools and 

templates, and implement knowledge management 

processes for prioritized Mission Critical Occupations 

(MCOs)

- Promote and expand the use of data and modern 

analytic technologies (e.g., Artificial Intelligence/

Machine Learning) for modeling, monitoring, and 

assessing risk

- Expand Treasury’s capabilities for secure 

collaboration with academic institutions and other 

non-federal entities 

Objective 3.3 Financial Innovation

Objective 3.3 Strategies
31 Goal 4 Combat Climate Change

Source: U.S. Department of the Treasury, Office of International Affairs 

31

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

International 

Affairs (IA)

Economic Policy (EP), 

Domestic Finance (DF), 

Office of Tax Policy (TP)

Federal partners (e.g., National Security Council, National 

Economic Council, Department of State, Securities and Exchange 

Commission, Federal Reserve), International Financial Institutions, 

Foreign Governments, Private Sector

Domestic and international 

investors, institutions, and 

partner governments

Why does this matter?

Climate change is an economic, financial, humanitarian, and national security issue. Failure to take swift steps to address 

its impacts will be devastating to the global community. Executive Order 14008, Tackling the Climate Crisis at Home and 

Abroad, requires international engagement to go together with domestic action to address climate change. Recognizing the 

potential future effects of climate change, an already changing climate, and the need to act swiftly, Treasury must ambitiously 

re-engage with international partners, both bilaterally and multilaterally, to act and put the world on a sustainable climate 

pathway. Further, Treasury must demonstrate global leadership through international and domestic efforts, integrating and 

coordinating approaches to a global financial policy that combats climate change. 

Desired Outcomes 

• Global reduction of greenhouse gas emissions

• Increased alignment of financial flows consistent with the goals of the Paris Agreement 

• Increased public and private sector resiliency to the impacts of climate change 

• Promoted comparable, consistent, and reliable measures to improve quantification, and any necessary mitigation, of 

climate-related financial risks domestically and internationally 

• Advanced information transparency of comparable, consistent, and relatable data to inform domestic and 

international investors and institutions that enable them to identify and assess opportunities and gauge climate risks

Goal 4 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 4.1 Global Climate Commitment and Leadership 32

Strategy 4.1.A IA, EP

Integrate climate considerations across all 

multilateral (G7, G20, FSB) and bilateral 

partnerships and into regional and country 

macroeconomic surveillance.

Measures and Indicators of Success:

 Rebuilt U.S. climate change credibility and 

leadership

 Number of U.S.-led initiatives adopted through 

international forums 

 Increased global climate resiliency 

 Relative increase in Treasury’s engagement on 

climate adaptation in multilateral and plurilateral 

forums

 Enabled investment in low-greenhouse gas 

emission technologies

Strategy 4.1.B IA, TP

Promote global efforts to phase-out public 

finance of carbon-intensive fossil fuels by scaling 

back support for international investments in 

carbon-intensive projects and setting an example 

by eliminating domestic subsidies.

Measures and Indicators of Success:

 International public financial institutions to phaseout fossil fuel financing in all but exceptional cases, 

including at the multilateral development banks 

(MDBs), export credit policy significantly rotating 

away from fossil fuels, and continued commitments 

from MDBs on climate ambition.

Learning Agenda Questions

- None identified

Strategy 4.1.C IA, DF 

Engage private sector, international organizations, 

and international counterparts to identify, 

support, implement, and improve international 

coordination on policies and tools for increasing 

climate-aligned investment opportunities and 

financial flows.

Measures and Indicators of Success:

 Engagement of international financial institutions 

and U.S. bilateral finance institutions to identify 

and enhance financial instruments to increase 

mobilization of private sector climate finance 

through interventions at the multilateral 

development bank boards and bilaterally

 Engagement of international counterparts and 

other relevant stakeholders to identify and support 

policies and financing tools to attract and promote 

climate-aligned private capital

 Advance comparable, consistent, and relatable data 

to inform domestic and international investors 

and institutions so that they can identify and 

assess opportunities and gauge climate risks while 

promoting financial stability

Critical Management Initiatives

- Identify, assess, and leverage quality climate data to 

build scorecards that track the conversion of fossil 

fuel financing to other sustainable energy options and 

provide investors with data-based climate investment 

decisions for domestic and international institutions

- Increase access to Treasury data assets and leverage 

the use of analytics to improve quantification and 

mitigation of climate-related financial risks

- Enable a broader suite of secure collaboration and 

communication tools with interagency, international, 

and financial institutions to successfully engage 

counterparts and key stakeholders

Objective 4.1 Strategies
33 Goal 4 Combat Climate Change

Source: U.S. Department of the Treasury, Office of Economic Policy

33

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Economic Policy 

(EP)

Domestic Finance (DF), Tax Policy 

(TP), International Affairs (IA), Office of 

the Comptroller of the Currency (OCC)

Congress, National Climate Advisor (NCA), Special Presidential Envoy 

for Climate (SPEC), Department of Energy, Department of Transportation, 

Environmental Protection Agency, state and local governments

Private sector 

Why does this matter?

Financial incentives create powerful indicators of societal values. Promoting the flow of capital toward clean/

renewable investments and away from carbon-intensive investments is critical to meet the ambitious climate 

targets the Administration has set and help support a more resilient and climate-forward economy. At the 

same time, we need to ensure that investments are designed to protect the economy from the impacts of climate change to the extent feasible. These investments should help protect communities adversely impacted 

by the transition away from fossil fuels.

Desired Outcomes 

• Removed tax incentives to produce and use fossil fuels and increased incentives for climate-friendly 

production

• Supported economic development in domestic and international communities adversely impacted by 

energy transitions 

• Increased tools to help identify climate-aligned investments at home and abroad, including analysis of the 

potential role of green bonds

Goal 4 Objective 4.2

Climate Incentives and Investment 

Create and promote incentives and policies for the private sector to invest in climatefriendly and resilient projects and activities.
Objective 4.2 Climate Incentives and Investment 34

Strategy 4.2.A EP, DF, IA, OCC 

Strengthen collaboration with domestic and 

international partners on promoting climate 

investment incentive policies.

Measures and Indicators of Success:

 Increased sharing of consistent, comparable, 

and reliable information to investors to make 

well-informed decisions to support sustainable 

investments 

 Increased number of tools developed to help 

investors identify climate-aligned investments at 

home and abroad

 Coordinated efforts with international partners 

on implementing and measuring greenhouse gas 

reduction approaches

Strategy 4.2.B TP, EP 

Promote tax incentives to stimulate investment in 

climate friendly projects and activities.

Measures and Indicators of Success:

 Increased private investment in climate-aligned 

projects and activities domestically, internationally, 

and in Tribal Nations

 Increased use of renewable energy credits by 

industry

 Eliminated federal fossil fuel subsidies

 Supported domestic border carbon adjustment 

mechanism or similar measures

Strategy 4.2.C DF, EP 

Leverage federal resources to support the 

transition to climate friendly projects and 

activities.

Measures and Indicators of Success:

 Spurred innovation, commercialization, and 

deployment of clean energy technologies and 

infrastructure

 Economic revitalization of coal, oil, and gas-reliant 

communities

Learning Agenda Questions

- How does Treasury ensure climate policies protect 

communities disproportionately impacted by climaterelated risk?

Critical Management Initiatives

- Improve accessibility, quality, and use of data and 

analytics by leveraging shared enterprise data 

management platform services to enable investorinformed, climate-aligned investment decisions

- Identify and attract the skills needed to support 

climate incentive and investment activity as needed 

(temporary/surge)

Objective 4.2 Strategies
35 Goal 4 Combat Climate Change

Source: NOAA National Centers for Environmental Information (NCEI) (2021). U.S. Billion-Dollar Weather and Climate Disasters. 

Retrieved from https://www.ncdc.noaa.gov/billions/ 

35

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Domestic Finance 

(DF)

Economic Policy (EP), Management, Tax 

Policy (TP), International Affairs (IA), Office 

of the Comptroller of the Currency (OCC)

Congress, National Climate Advisor (NCA), Special Presidential 

Envoy for Climate (SPEC), Department of Energy, Department of 

Transportation, Environmental Protection Agency, 

state and local governments

Domestic and 

international investors 

and institutions

Why does this matter?

Climate-related financial risks may affect financial stability and the broader economy, but there are challenges in assessing such risks and in evaluating the need to mitigate such risks. Executive Order 14030, Climate-Related Financial 

Risk, calls for action across the Executive Branch to assess and mitigate such risks in coordination with the independent financial regulatory agencies. Necessary steps include developing and executing approaches to measure and monitor impacts on the financial sector, government, businesses, and households. Addressing these issues will ensure that 

investors and institutions can appropriately gauge climate-related investment risks and opportunities and that such 

risks are not amplified by adverse developments within the financial sector or government budget. In addition, as the 

Department engages with partners to implement activities to combat climate change, Treasury must ensure that such 

policies do not disparately impact low-income and communities of color.

Desired Outcomes 

• Effective measurement, mitigation, and reporting of 

climate-related financial risks faced by the financial sector

• Effective measurement, mitigation, and reporting of 

climate-related financial risks associated with Treasury 

programs or activities

• Households and communities have robust tools and 

resources to understand how climate-related risks may 

impact their financial well-being and mitigate such 

risks, especially among low-income and historically 

underserved communities.

Goal 4 Objective 4.3

Climate-Related Financial Risks

Identify and mitigate key sources of climate-related financial risks to the macroeconomy, financial 

system, investors, governments including federal and subnational exposures, and households, 

understanding that risks may have disparate impacts on disadvantaged communities.
Objective 4.3 Climate-Related Financial Risks 36

Strategy 4.3.A DF, EP, OCC, IA

Improve the use of data in assessing climaterelated financial risks.

Measures and Indicators of Success:

 Effective production of data and measurement 

of climate-related financial risks and appropriate 

related steps to ensure financial stability and risk 

management by impacted entities and households 

in the face of such risks

 In international forums, promotion of comparable, 

consistent, and reliable approaches to the 

measurement and mitigation of climate-related 

financial risks, in a manner consistent with U.S. 

approaches

Strategy 4.3.B DF, IA

Promote awareness of climate-related 

financial risks and action to address identified 

vulnerabilities associated with such risks. 

Measures and Indicators of Success:

 Enhanced reporting on climate-related financial 

risks facing the financial sector, the economy, and 

the government in official-sector reports

 Developed processes across financial regulatory 

agencies to identify vulnerabilities and take action 

to mitigate such vulnerabilities

 Increased Treasury engagement and federal policy 

development on the insurance sector and climaterelated financial risks

 In international forums and with foreign 

counterparts, promoted robust approaches to 

financial risk identification and mitigation to foster 

global financial stability and a level playing field

Strategy 4.3.C Management, DF

Assess climate-related financial risks to Treasury 

programs and activities, working with other 

agencies to incorporate climate-related risks into 

near-term and long-term budgeting. 

Measures and Indicators of Success:

 A coordinated interagency approach to the 

measurement and mitigation of climate-related 

financial risks in federal government programs and 

activities

 Effective measurement of climate-related financial 

risks associated with Treasury programs or 

activities

Strategy 4.3.D DF, EP, TP

Assess and address impacts of climate-related 

financial risks and associated policies on 

households and communities in general, with a 

particular focus on low-income and communities 

of color. 

Measures and Indicators of Success:

 Assessed and developed strategies that prevent 

low-income and communities of color from being 

adversely and disparately impacted by climaterelated financial risks or policies designed to 

mitigate such risks

 Improved information and tools to allow lowincome and communities of color to better 

understand and manage climate-related financial 

risks they face

 Reported on the potential for disruptions for 

private insurance coverage in U.S. regions 

vulnerable to climate change impacts

Learning Agenda Questions

- None identified

Critical Management Initiatives

- Establish a plan to identify, assess, improve, and 

use data to build metrics that track climate-related 

financial risks and measure impacts of those risks 

on low-income households and disadvantaged 

communities

- Apply the United States Digital Service standards/

Integrated Digital Experience Act requirements 

to Treasury.gov to promote transparency around 

climate-related financial risks

Objective 4.3 Strategies
37 Goal 4 Combat Climate Change

Source: U.S. Department of the Treasury, Office of Management 

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management Bureau Operations (Facilities, Fleet, Procurement, Logistics, 

Sustainability, and Energy Management) community, Internal 

Revenue Service (IRS), Bureau of Engraving and Printing 

(BEP), U.S. Mint, Bureau of the Fiscal Service (Fiscal), Alcohol 

and Tobacco Tax and Trade Bureau (TTB), Financial Crimes 

Enforcement Network (FinCEN), Departmental Offices (DO), 

Bureau procurement community 

Federal Chief Sustainability Officer 

(CSO) and CSO Steering Committee, 

Council on Environmental Quality, Federal 

Energy Management Program, General 

Services Administration (GSA), Office of 

Management and Budget (OMB) 

Renewable energy sector, 

climate-vulnerable populations 

and sectors, government 

organizations (federal, 

state, local)

Why does this matter?

Global warming, sea level rise, more intense and frequent major weather events, and disruptions to energy availability 

are impacting Treasury’s mission, facilities, operations, and services. To address these impacts, Treasury must improve 

mitigation efforts to reduce its greenhouse gas (GHG) emissions, while adapting to a changing environment by making its facilities, operations, and critical supply chains more resilient to climate disruptions. Treasury needs to improve 

the workforce’s knowledge and awareness of climate change, the science that supports climate policies, and the means 

to address the impacts of climate change on Treasury’s mission and operations.

Desired Outcomes 

• Reduced GHG emissions from government 

operations 

• Increased resiliency of Treasury’s facilities and 

operations to the impacts of climate change 

• Establishment of procurement policies and processes that 

prioritize climate change considerations in purchasing decisions 

• Establishment of a Department-wide climate literacy program 

to increase climate change knowledge and expertise

Goal 4 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.
Objective 4.4 Sustainable Treasury Operations 38

Strategy 4.4. A Management, Bureau 

Operations (Facilities, Fleet, Sustainability, and 

Energy Management) community

Use the Department of the Treasury’s purchasing 

power to reduce greenhouse gas emissions 

across Treasury’s operations.

Measures and Indicators of Success:

 Increased use of electrical energy produced 

by renewable sources (e.g., solar, wind, and 

hydroelectric), including increased utilization of 

Renewable Energy Credits (RECs) for Treasury 

owned and delegated facilities 

 Treasury's vehicular fleet transitioned to electric 

vehicles (EVs)

Strategy 4.4. B Management, Bureau 

Operations (Facilities, Fleet, Sustainability, and 

Energy Management) community

Adapt and make more resilient the Department’s 

real property portfolio to address the impacts of 

climate change.

Measures and Indicators of Success:

 Completed climate-vulnerability assessments of 

all Treasury facilities and establishment of a plan 

to address each significant-risk situation either 

through adaptation or relocation, as appropriate 

 A resilient real property portfolio for contending 

with the impacts of climate change

Strategy 4.4.C Management, Bureau 

Procurement Community 

Transform Treasury’s procurement policies and 

processes to consistently prioritize climate 

change considerations in purchasing decisions.

Measures and Indicators of Success:

 Established procurement policies and processes 

that prioritize climate change considerations 

in purchasing decisions, including support to 

disadvantaged communities and sources more 

heavily impacted by climate change

 Established contingency plans for sustaining 

critical supply chains for operational mission 

requirements (e.g., materials needed for currency 

and coinage production, personal protective 

equipment, alternate power suppliers, etc.)

Strategy 4.4.D Management, Bureau 

Operations (Facilities, Fleet, Sustainability, and 

Energy Management) community, IRS, Fiscal, 

TTB, FinCEN, DO, Mint, BEP

Increase climate change knowledge and expertise.

Measures and Indicators of Success:

 Establishment and implementation of a Treasurywide climate literacy program

 Reduced knowledge/expertise gap for climaterelated positions 

Learning Agenda Questions

- How can Treasury most effectively build capacity and 

climate literacy for climate adaptation and sustainable 

operations? 

- Which professional communities of interest and 

organizations should we prioritize for rebuilding 

climate change expertise? 

- What investments do we need to make to address 

Treasury’s climate vulnerabilities, and how much will 

it cost?

Critical Management Initiatives

- Improve and use secure enterprise-wide data 

collection systems and analyses, coupled with 

performance measures, to aid in transparency and 

data/performance-based decision-making

- Identify and address both immediate and long-term 

staffing needs for the Replacement BEP Production 

Facility 

- Review and assess policies and practices 

surrounding remote work and telework to determine 

potential cost savings achievable through leased 

office space reductions and the estimated associated 

reductions in carbon emissions by the end of FY2026

- Identify and acquire or develop the critical skills 

needed to support climate change through 

recruitment and learning 

Objective 4.4 Strategies
39 Goal 5 Modernize Treasury Operations 

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management Bureau Human Resource Officers (HROs), 

Bureau Diversity and Inclusion (D&I) community, 

Bureau Equal Employment Opportunity 

(EEO) Officers 

Office of Personnel Management (OPM), Office of 

Management and Budget (OMB), Equal 

Employment Opportunity Commission (EEOC), 

external recruitment partners and resources

Treasury employees 

and contractors, 

potential applicants

Why does this matter?

Employment opportunities and leadership roles within the Department must represent the American people, including with 

respect to race, ethnicity, religion, gender identity, sexual orientation, age, and disability. In addition to ensuring Treasury can 

conduct its mission effectively and equitably, Treasury’s efforts to become a more diverse and inclusive organization will also 

aid in fostering creativity, innovation, productivity, and higher levels of employee engagement. 

To accomplish this, the Treasury requires an increased focus on developing a diverse pipeline for hiring and promotions 

and investing in training and development opportunities to improve retention and inclusion in the Treasury workforce. 

Various levels of funding and varied maturity levels in strategic human capital management across Treasury and its bureaus, 

combined with human resources challenges in the face of accelerating changes to mission and skill requirements, could 

lead to an erosion of Treasury’s mission capability. Investing in recruitment and employee development while creating a 

modernized environment (physical, virtual, and cultural) that best supports the workforce, will advance efforts to retain top 

talent and enable employees to focus on the accomplishment of Treasury’s mission.

Desired Outcomes 

• Increased demographic representation to ensure the Treasury 

workforce reflects the diversity of the people we serve 

• Improved representation of minorities, the disabled, and women in 

senior/upper level and executive positions and in Mission Critical 

Occupations (MCOs) where they are underrepresented 

• Make Treasury more accessible to our workforce and to the 

communities we serve

• Advancement of equity in the employee 

lifecycle

• Increased use of personnel authorities to 

enhance diversity in the Treasury workforce

Recruit and retain a diverse workforce that represents communities that Treasury serves.

Goal 5 Objective 5.1

Recruit and Retain a Diverse and Inclusive Workforce

Source: U.S. Department of the Treasury, Office of Management
Objective 5.1 Recruit and Retain a Diverse and Inclusive Workforce 40

Objective 5.1 Strategies

Strategy 5.1.A Management, Bureau HROs, 

EEOs, and D&I Officers

Employ measures to reach previously 

inaccessible talent.

Measures and Indicators of Success:

 Increased number of paid internships that provide 

a viable career path 

 Investment in recruitment strategies for outreach 

to underrepresented communities 

 Increased awareness of and the number of remote 

positions/opportunities 

Strategy 5.1.B Management, Bureau 

HROs, EEOs, and D&I Officers

Identify and mitigate sources of bias in selection 

and promotion processes.

Measures and Indicators of Success:

 Increased diversity in the selection of candidates 

at all levels (including senior/upper level and 

executives)

 Increased equity in employment patterns (Diversity 

Equity and Inclusion scorecard) 

 Increased use of competency assessments

 Increased hiring and retention of persons with 

disabilities

Strategy 5.1.C Management, Bureau 

HROs, EEOs, and D&I Officers

Demonstrate leadership commitment to promote 

a culture of inclusion, diversity, and equity.

Measures and Indicators of Success:

 Improved equity and inclusion Federal Employee 

Viewpoint Survey scores 

 Adequately resourced Diversity Equity Inclusion 

& Accessibility (DEIA) functions throughout 

Treasury

 Identified managerial competencies around DEIA, 

development of training

Strategy 5.1.D Management, Bureau 

HROs, EEOs, and D&I Officers

Provide a modern, equitable, and inclusive work 

experience.

Measures and Indicators of Success:

 Increased accessibility of telework and remote work 

flexibilities

 Expanded training and career development 

opportunities, including those that promote 

diversity

Learning Agenda Questions

- How can Treasury increase representation concerning 

its public-facing call-center workforce?

- To what extent has increased diversity in 

management and leadership positions influenced 

organizational performance or improved employees’ 

sense of inclusion?

Critical Management Initiatives

- Enhance adoption of enterprise-wide IT platforms and 

shared service applications to provide a consistent 

employee experience across the Department

- Expand and improve the use of data and data 

technologies to assess employee perception 

more regularly, and model impacts of policy and 

organizational changes on equity, inclusion, and 

diversity efforts
41 Goal 5 Modernize Treasury Operations 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management Treasury Leadership, Bureau Chief Information 

Officers (CIOs), and Human Capital Officers 

(HCOs)

National Treasury Employees’ Union 

(NTEU), Office of Personnel Management 

Treasury Employees, Treasury 

and Bureau leadership

Why does this matter?

The convergence of the COVID-19 pandemic and climate crisis has resulted in a critical decision point for 

Treasury about its long-term physical, IT, and human capital infrastructure. As the pace of change accelerates and Treasury plays a growing role in responding to national crises – foreseen and unforeseen – the agency 

must increase its agility, flexibility, and resilience. 

How we work together is changing. Failure to support and empower the workforce will stifle the innovation 

needed to transform and meet the evolving needs of our customers. Technology advances can enable a more 

distributed and diverse workforce that can access the best talent anywhere and provide a more sustainable and 

resilient infrastructure. Treasury will also need to evolve its culture and provide equitable access to best-in-class 

tools, training, and facilities. To achieve this integrated vision, Treasury must modernize the Department’s 

workplace infrastructure and work routines to meet a “whole person” culture, maintain competitiveness, and 

enable a “new normal” for an engaged and inclusive workforce of the future.

Desired Outcomes 

• Improved Treasury and bureau Federal Employee Viewpoint Survey (FEVS) results and resulting rankings 

against other agencies 

• A seamless experience for the workforce through modern IT and physical infrastructure 

• Improved organizational resilience and flexibility to increase responsiveness to changing customer needs 

and future crises

Transform the Department’s work routines to support changing mission and 

workforce needs.

Goal 5 Objective 5.2

Future Work Routines 

Source: U.S. Department of the Treasury, Office of Management

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 
Objective 5.2 Future Work Routines 42

Objective 5.2 Strategies

Strategy 5.2.A Management, Bureau heads, 

deputies, CIOs, and HCOs

Equip the workforce with the skills, competencies, 

and flexibility to succeed in the future.

Measures and Indicators of Success:

 Expanded use of telework and remote work 

 Developed core competencies (e.g., data, customer 

experience, project management) required for an 

agile and flexible workforce 

 Established a mature workforce and succession 

planning capability

Strategy 5.2.B Management, Bureau CIOs 

and HCOs

Transform work routines to meet changing 

customer and employee needs by fostering 

a culture of innovation and continuous 

improvement.

Measures and Indicators of Success:

 Empowered employees and leaders (FEVS)

 Treasury recognized as an innovation leader in 

government (e.g., Rank Awards, Sammies)

 Matured program management, change 

management, and process improvement capabilities 

(bureau PM/CM/CPI maturity)

 Increased use of formal reskilling programs to meet 

emerging talent needs 

Strategy 5.2.C Management, Bureau CIOs 

and HCOs

Modernize the physical and virtual workplace to 

provide an improved employee experience.

Measures and Indicators of Success:

 Equipped employees with effective collaboration 

tools and spaces

 Built a flexible, modern, and efficient shared office 

spaces

 A dynamic culture of inclusion and teamwork for 

in-person, remote, and hybrid teams (FEVS)

 Designed a consistent, efficient, and high-quality 

employee experience that allows employees to focus 

on the mission

 Improved coordination of employee technology, 

facility, and people investments

Learning Agenda Questions

- How are our customers’ needs changing, how are 

employee needs changing, and how do you foster 

innovation and collaboration in a hybrid organization?

Critical Management Initiatives

- Enhance adoption of enterprise-wide commodity IT 

platforms and shared service applications to provide 

a consistent employee experience

- Expand the use of existing data and data collection 

systems to assess impacts of future work routines 

on employee sentiment, and gauge strategies to 

enhance collaboration amongst employees and 

between the customers and communities they serve
43 Goal 5 Modernize Treasury Operations 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management Data Governance Board, Data Advisory 

Council, Bureau CDOs, Bureau of the 

Fiscal Service

CDO Council, Data Sharing partners 

(other agencies), Fiscal Agents, Office of 

Management and Budget

Treasury components, Federal 

partners, Policy/research institutions 

Why does this matter?

Treasury seeks to fully unlock the value of its data for mission, service, and the public good. The Foundations 

for Evidence-Based Policymaking Act of 2018 required agencies to assess the agency’s data maturity and 

capacity for evidence-building. Treasury identified many “pockets of excellence” through these assessments, 

where evidence generated through research, evaluations, analysis, and statistical activities is routinely used to 

inform decision-making. However, silos, inconsistent data standards, and resource constraints make it difficult to share data across components of the Department and with other federal partners. 

Treasury’s ability to support critical decisions across mission areas and detect emerging issues with data may 

be impeded by a lack of data accessibility and reliability, inability to successfully use and interpret the data, 

or capability to process or analyze data. Treasury must strengthen its data infrastructure, data governance, 

and analytic capabilities within its workforce to develop and maintain a culture where Treasury generates 

high-quality data products and evidence that are easy to consume and share. 

Desired Outcomes 

• Increased data sharing between Treasury components and with other federal partners

• Adopted an enterprise data governance to improve data sharing, accessibility, and quality 

• Improved data literacy to establish the skills necessary to use data and derive common meaning from its use

Increase timely access to and use of quality data and other types of evidence to inform 

decision-making.

Goal 5 Objective 5.3

Better Use of Data 

Source: U.S. Department of the Treasury, Office of Management

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 
Objective 5.3 Better Use of Data 44

Objective 5.3 Strategies

Strategy 5.3.A Management, Data 

Governance Board, Bureau CDOs

Strengthen Treasury’s ability to develop and 

use high-quality data through enterprise data 

governance and adoption of data standards.

Measures and Indicators of Success:

 Development and implementation of data 

standards and governance policy, including lexicon 

and guidance

 Increased number of data sets under data 

stewardship 

 Increased number of active evidence-building 

projects directly supporting Learning Agenda 

Strategy 5.3.B Management, Data 

Governance Board, Bureau CDOs

Improve Treasury’s data infrastructure by 

modernizing Treasury’s legacy systems, 

advancing the use of secure cloud services, and 

harnessing new and emerging technologies. 

Measures and Indicators of Success:

 Increased number of legacy data interfaces 

modernized 

 Increased number of database functions automated 

by Robotic Process Automation (RPA)

Strategy 5.3.C Management, Data 

Governance Board, Bureau CDOs

Strengthen analytic capabilities across Treasury’s 

workforce by improving data literacy.

Measures and Indicators of Success:

 Increased number of employees who complete data 

literacy training

 Increased number of data scientists hired 

 Strengthened enterprise-level data analysis 

capabilities (people, tools, and systems) among 

Treasury workforce

Learning Agenda Questions

- How can we combine Treasury’s debt portfolio data 

with disaggregated demographic data to inform 

equity assessments?

- What are ways to improve data collection, use, 

and sharing to improve Treasury’s ability to deliver 

services and make programmatic and policy 

decisions more equitably? 

Strategy 5.3.D Management, Data 

Governance Board, Bureau CDOs

Advance equity in Treasury’s programs and 

services by increasing access to data that can be 

used to assess and measure equity and inform 

program policy and decision-making. 

Measures and Indicators of Success:

 Increased number of publicly shared datasets, 

including federal financial data on usaspending.gov, 

and utilization by external partners and customers

 Creation of standard data-sharing agreements and 

quantity of datasets shared 

 Increased number of datasets managed under 

common platforms

 Creation and utilization of an equity database used 

for assessing equity

Strategy 5.3.E Management, Data 

Governance Board, Fiscal, Bureau CDOs

Increase quality, sharing, and use of financial data 

with the U.S. public to promote transparency, 

equity, and accountability in federal spending.

Measures and Indicators of Success:

 Improved the publication of data on USAspending.

gov utilizing user research 

 Increased in the number of new datasets made 

available to the public through Fiscaldata.treasury.gov

 Number of datasets centrally warehoused for use by 

other management applications (e.g., for dashboarding 

or Technical Business Management (TBM))

Critical Management Initiatives

- Develop an integrated data and analytics workforce 

plan to strategically attract, train, and retain 

individuals with data and analytical skills

- Mature and enforce the adoption of enterprisewide commodity IT platforms, shared service 

applications, and integration tools 

- Implement an enterprise metadata catalog solution 

to provide a searchable inventory of Treasury’s 

available data

- Mature Treasury’s data sharing and acquisition 

strategy to reduce cost and improve access through 

the consolidated use of data between Treasury 

components, with other federal agencies, and from 

commercially available sources
45 Goal 5 Modernize Treasury Operations 

 Cross-cutting Themes Re-engaging Allies  Climate Change Equity  Customer Experience 

Who's Involved

Treasury Lead Treasury Supports External Partners Customers

Management Internal Revenue Service (IRS), Alcohol and Tobacco Tax and Trade 

Bureau (TTB), Bureau of the Fiscal Service (Fiscal), Bureau of Engraving 

and Printing (BEP), U.S. Mint, Chief Information Officer (CIO), Process 

Improvement, and Customer Experience (CX) Communities

 Fiscal Agents, Office of 

Management and Budget, 

Federal agencies

Federal agencies, 

business/financial 

sector, taxpayers, tax 

community partners

Why does this matter?

Treasury provides many critical services to the American people–from Main Street to Wall Street–and federal 

agencies. Treasury has been designated (beginning in FY 2022) as a federal High Impact Service Provider due to the 

scale and impact of its public-facing services. For example, in 2020, the Internal Revenue Service (IRS) processed 

returns from 240 million individuals and businesses and assisted 60 million customers on the phone or in person. The 

Bureau of the Fiscal Service disbursed 88 percent of all federal government payments, including IRS tax refunds, Social 

Security benefits, and Veteran’s benefits. When the agency provides a modern, efficient customer experience, it increases 

Americans’ trust in government. When it develops cumbersome regulations or fails to deliver programs equitably, it 

negatively impacts perceptions of government services. According to the American Customer Satisfaction Index, the 

Federal Government ranks among the bottom of all industries in the United States in customer satisfaction – which 

leaves plenty of room for improvement. 

Treasury therefore must create a culture that focuses on the customer, leveraging the latest research and modern 

approaches to improving customer experience to improve its overall capabilities and practices. Failure to do so reduces 

program effectiveness and disrupts the efforts of other federal agencies we serve to better serve their customers.

Desired Outcomes 

• Improved customer experience for all Treasury high 

impact services/journeys

• High impact services/journeys identified and optimized 

to improve timeliness and quality services

• Timely collection of customer feedback/data

• Increased percentage of high impact services/journeys 

that have dedicated human-centered design/process 

improvement teams that are using customer-focused 

methods

Mature and embed strong customer experience practices across the Department, 

establishing Treasury’s reputation for consistently positive experiences.

Goal 5 Objective 5.4

Customer Experience Practices

Source: McKinsey and Company. (2018). Public Sector Journey Benchmark Survey. 
Objective 5.4 Customer Experience Practices 46

Objective 5.4 Strategies

Strategy 5.4.A Management, Bureau Heads, 

Deputies, and Customer Experience Leaders 

Establish and communicate a Department-wide 

customer experience (CX) vision. 

Measures and Indicators of Success:

 Common customer experience vision and language 

used across Treasury bureau strategy and planning/

budget documents

 Active engagement by all bureaus in communities 

of practice

Strategy 5.4.B Bureau CX Leaders, Chief 

Data Officers, and Performance/Planning 

Officers

Use advanced analytic tools, research methods, 

and outreach to better understand Treasury 

customers and potential disparate impacts.

Measures and Indicators of Success:

 Percentage of bureaus that have defined the core 

CX/Service Delivery (SD) performance measures 

to monitor continuously and have identified the 

data sources for each core measure

 Percentage of data elements collected that are 

needed to create a comprehensive view of the 

customer to run enterprise-wide analytics

 Percentage of high impact services/journeys that 

have developed customer feedback loops and close 

to real-time data collection

 Baseline satisfaction (CSAT), trust, and level of 

effort (ease) across high impact services

Strategy 5.4.C Management, Bureau CX 

Leaders

Create and update an inventory of high-impact 

services/journeys annually to enable a 360 

view of the customer and prioritize service 

improvements across all of Treasury’s customers. 

Measures and Indicators of Success:

 Creation of a library of high impact services/ 

journeys and customer personas 

 Data integration across bureaus for common/

shared journeys and customers

Strategy 5.4.D Management, Bureau CX, 

Process Improvement, Program Management 

Improvement, and CIO Leaders

Put the customer at the center of improvements 

across high-impact services/journeys using 

human-centered design and continuous process 

improvement.

Measures and Indicators of Success:

 Finalized program management policy that 

integrates CX expectations for Treasury programs

 Percentage of high impact services/journeys 

defined, aligned to critical programs list, evaluated 

for IT Modernization, and with dedicated service 

delivery/process improvement teams that are 

using customer-focused continuous improvement 

methods

 Increased number of process improvement events 

conducted

 Increased number of certified practitioners (Lean 

Six Sigma, Service Design, Project/Program 

Management, Business Process Management)

Learning Agenda Questions

- What are effective strategies for serving hard-to-reach 

customers, particularly those who lack access to 

reliable internet, banks/financial institutions, and the 

credentials required to verify their digital identity?

- What is the right beacon metric for measuring 

customer experience for the Department?

Critical Management Initiatives

- Provide training and career paths within Treasury 

on Customer Experience and Continuous Process 

Improvement (CPI) skills

- Explore tailored role-based performance standards or 

definitions of success for employees and leaders 

- Adopt human-centered design practices into agile 

development processes, including IT, across the 

Department

- Apply United States Digital Service standards/ 

Integrated Digital Experience Act (IDEA) requirements 

to all public-facing websites
47 Accountability Processes Tracking Progress 

Department of the Treasury 2022–2026 Strategic Plan 

Tracking Progress 

Tracking Progress

The Government Performance and Results Act of 1993 (GPRA) and the GPRA Modernization Act of 2010 established the 

need for agencies to identify performance goals, report progress against targets, and conduct data-driven reviews. These 

practices serve two key purposes for stakeholders within and outside the organization: to assess the organization’s health 

and impact and inform decision-making and strategy (including effective resource allocation). Treasury’s strategic framework was developed to meet these two purposes and support best-in-class organizational performance practices to help 

achieve the Department’s strategic objectives. This framework also integrates statutory requirements established by the 

Federal Information Technology Acquisition Reform Act (FITARA), the Program Management Improvement Accountability 

Act (PMIAA), and the Foundations for Evidence-Based Policymaking Act of 2018 (Evidence Act).

Treasury’s quarterly organizational performance reviews (described in the table below) provide a regular forum for open 

dialogue and coordination between Department and bureau and office leadership, bringing together different perspectives to set and align priorities, identify, and solve problems, review performance goals, and drive evidence-based decisions and results. 

To enhance accountability and ensure the strategic plan serves as a guide for decision-making throughout the Department, 

Treasury senior leadership designated goal leads and objective leads responsible for overseeing and monitoring progress 

towards the desired outcomes in the Strategic Plan. Throughout the quarterly review cycle outlined below, these senior 

accountable officials will provide Treasury leadership with an update on progress and areas where assistance is needed to 

meet priorities. These sessions will also inform course corrections and annual updates to the strategic plan.

Fall Winter Spring Summer

Focus Bureau Performance 

and Priorities

Strategic Objective 

Annual Review 

(SOAR)

Cross-cutting 

challenges; Critical 

Programs

Budget 

Goals/Outcomes

• Review prior fiscal 

year’s performance 

at bureau/office level 

• Recognize 

successes 

• Set priorities for the 

year ahead 

• Identify shortfalls/

risks; accountability; 

assess organizational 

health 

• Evaluate progress 

towards strategic 

goals and 

objectives (incl. 

progress of critical 

programs and 

projects)

• Identify/validate 

Treasury priorities 

or strategic shifts

• Outline potential 

topics for OMB 

annual review 

• Issue-based 

sessions: deep 

dive on crosscutting issues, 

identify near-term 

improvement 

strategies

• Program-based 

sessions: check 

in on critical 

programs/ projects 

identified in the 

SOAR that need 

Treasury leadership 

attention

• Align funding to 

priorities, performance 

impacts, and risk 

mitigation

• Strengthen IT 

acquisition, budgeting, 

and accountability 

• Identify efficiencies and 

redundancies in request 

• Check in on health and 

update list of critical 

programs/projects 

based on budget 

requests 

Treasury’s Annual Organizational Performance Review Cycle
Accountability Processes Integrating Planning and Learning 48

Department of the Treasury 2022–2026 Strategic Plan 

Integrating Planning and Learning

Linking to Other Planning Processes 

Treasury aligns its strategic objectives to the President’s Management Agenda to respond to the management priorities 

of the Administration. To enable effective implementation across the Department, Treasury aligns its Strategic Plan 

with bureau strategic plans and enterprise-wide management plans, including the Treasury Information Technology 

Strategic Plan and Human Capital Operating Plan. Additionally, Treasury’s strategic planning and human capital 

teams work together to enhance employees’ understanding of how individual performance commitments align to 

organizational priorities. 

Treasury also identifies Agency Priority Goals (APGs), which are priorities that the Department wants to accomplish 

within two years. The Department also publicly reports APG progress quarterly on Performance.gov and tracks progress during quarterly reviews. Treasury also reports annual strategic progress through its Annual Performance Plan and 

Report (APP/R), which is included in the annual President’s Budget. Treasury aligns resource and strategic priorities 

through the Annual Performance Plan and Report, Agency Financial Report, and Annual Evaluation Plan to create 

an integrated and evidence-based organizational performance and accountability framework.

Treasury Critical Programs and Projects for FY 2022–2026 Strategic Plan 

The Program Management Improvement Accountability Act of 2016 (PMIAA) requires agencies to conduct annual portfolio reviews to improve program outcomes and program/project management practices. Treasury’s enterprise-level 

program and project portfolios correspond to the goals in the Strategic Plan. The Department identified the following critical programs and projects to include in the annual portfolio reviews, which are integrated into the quarterly 

review cycle. Since this is Treasury’s first round of PMIAA implementation, a guiding principle for the Department 

is to start small and expand the scope based on lessons learned. This list reflects the most critical programs and projects from a select number of bureaus and policy offices. The insights gained from the first round of implementation 

will enable the Department to scale up to include additional critical programs and projects in the future.

Goal Program Project

Goal 1: Promote 

Equitable Economic 

Growth and 

Recovery

• IRS Modernization

• Emergency Rental Assistance

• Homeowner Assistance Fund

• State and Small Business Credit 

Initiative

• Coronavirus State and Local Fiscal 

Recovery Fund

• Capital Projects Fund

• CDFI Fund Minority Lending Program

Goal 2: Enhance 

National Security

• Cyber and Crypto-currency Threat 

Programs

• Beneficial Ownership 

Database

Goal 3: Protect 

Financial Stability 

and Resiliency

• Circulating Coin Production

• New Family of Notes: Security Feature 

Development and Currency Design

• Financing Modernization

• Facilities: New DC Production Facility 

and Western Currency Facility 

Expansion/Update

Goal 5: Modernize 

Treasury Operations

• Continuous Process Improvement 

(CPI) Capability Building

• Data Infrastructure Improvement

• Departmental Coordination 

of Diversity, Equity, Inclusion, 

Accessibility 
49 Accountability Processes Integrating Planning and Learning

Advancing Racial Equity and Support for Underserved Communities

Treasury is committed to advancing equity through its policies and programs and engaging regularly with diverse 

communities to ensure the Department's programs create opportunity in underserved communities. In 2021, Treasury 

conducted an equity assessment and developed an Equity Action Plan to identify and remove barriers hindering equal 

access to Treasury's programs and services, the Nation's financial systems, and the Department's procurement and 

contracting opportunities. Recognizing the importance of establishing an accountability framework for equity goals 

and the critical role advancing equity plays in Treasury's mission, Treasury aligned this Equity Action Plan with the 

Department's FY 22-26 Strategic Plan.

Equity is identified as a cross-cutting theme in 15 of 19 objectives in the Treasury FY 22-26 Strategic Plan as 

summarized on page 8. Strategies to mitigate long-term disparities in economic outcomes and promote equitable 

growth as well as measures to track progress towards these objectives are embedded throughout the plan. The 

accountability framework described on page 47 is Treasury leadership's primary tool for ensuring progress is being 

made towards the Department's priorities, including those outlined in the Equity Action Plan. Treasury has begun 

incorporating discussions of equity in mission areas and operations into the department's quarterly performance 

review (QPR) and budget formulation processes. 

Evidence and the Strategic Plan

Treasury strives to instill a data-driven and learning culture into the Department’s routines and organizational processes. The previously outlined accountability cycle highlights how we integrate performance measurement and data 

analysis into operational decision-making and strategic management processes. Treasury uses evidence to strengthen 

the Departmental budget cycle and identify priority investments to help Treasury achieve its goals. The Evidence Act 

requires agencies to develop a Multi-year Learning Agenda and Capacity Assessment, which Treasury has included 

as appendices to this Strategic Plan. 

Learning Agenda

The Learning Agenda is Treasury’s multi-year strategic evidence-building plan and focuses the Department’s 

attention on the evidence needed to implement the FY 2022–2026 Strategic Plan. Treasury will produce evidence 

that informs high priority operational and mission strategic issues in executing the Learning Agenda. During the 

strategic planning process, Treasury leaders identified areas where Treasury seeks to learn more about a topic/issue 

or lacks the necessary evidence base to make decisions or understand the impact. For each Strategic Objective, the 

“Learning Agenda Questions” section identifies the priority questions that make up Treasury’s Learning Agenda. 

The Learning Agenda Appendix further determines the nature and timing of planned activities and the data, tools, 

methods, and analytic approaches that Treasury will employ to answer each priority question. 

Capacity Assessment 

Concurrent to developing the Strategic Plan, Treasury also assessed its capacity to build and use evidence generated 

through research, analysis, evaluation, and statistical activities. This capacity assessment highlights Treasury’s strengths 

and opportunities to grow capacity through increased investment in and attention to the Department’s staffing, funding, infrastructure, and processes. Treasury seeks to strengthen its evidence capacity through the Critical Management 

Initiatives identified for each Strategic Objective. While these initiatives do not address all gaps in evidence capacity across Treasury’s components, they represent the human capital, IT, and data infrastructure needs critical to 

achieving the priorities laid out in the Strategic Plan and Learning Agenda.

Department of the Treasury 2022–2026 Strategic Plan 

Integrating Planning and Learning
Use this pocket folder to hold 

annual update sheets.

Annual Updates