Executive Summary - 1 

FY 2024 EXECUTIVE SUMMARY  

President’s Budget Discretionary Appropriation Request 

Dollars in Thousands 

 

FY 2022 

Enacted 

(post IRS 

transfer) 

FY 2023 

Enacted 

(pre IRS 

transfer) 

FY 2023 

Enacted 

(post IRS 

transfer) 

FY 2024 

President's 

Budget 

Management & Financial $1,704,947 $1,880,728 $1,880,728 $2,199,881 

Departmental Offices Salaries and Expenses 1, 2 $243,109 $273,882 $273,882 $332,199 

Committee on Foreign Investment in the United States (CFIUS) $20,000 $21,000 $21,000 $21,000 

CFIUS Fees ($20,000) ($21,000) ($21,000) ($21,000) 

Subtotal CFIUS Fund (non add) $20,000 $21,000 $21,000 $21,000 

Office of Terrorism and Financial Intelligence 1

 $195,192 $216,059 $216,059 $244,000 

Cybersecurity Enhancement Account $80,000 $100,000 $100,000 $215,000 

Department-wide Systems and Capital Investments Program $6,118 $11,118 $11,118 $30,881 

Office of Inspector General $42,275 $48,878 $48,878 $49,180 

Treasury Inspector General for Tax Administration $174,250 $174,250 $174,250 $187,368 

Special Inspector General for TARP $16,000 $9,000 $9,000 $0 

Special Inspector Pandemic Recovery $8,000 $12,000 $12,000 $16,000 

Community Development Financial Institutions Fund $295,000 $324,000 $324,000 $341,478 

Financial Crimes Enforcement Network 1

 $161,000 $190,193 $190,193 $228,908 

Alcohol and Tobacco Tax and Trade Bureau $128,067 $148,863 $148,863 $155,604 

Bureau of the Fiscal Service $355,936 $372,485 $372,485 $399,263 

Tax Administration 1, 3, 4 

Internal Revenue Service Total $12,594,054 $12,319,054 $12,319,054 $14,136,585 

Taxpayer Services $2,807,606 $2,780,606 $2,880,606 $3,422,449 

Enforcement $5,363,622 $5,437,622 $5,165,741 $5,904,441 

Operations Support $4,147,826 $4,100,826 $4,122,707 $4,520,076 

Business Systems Modernization $275,000 $0 $150,000 $289,619 

Subtotal, Treasury Appropriations excluding TEOAF $14,299,001 $14,199,782 $14,199,782 $16,336,466 

Treasury Executive Office of Asset Forfeiture (TEOAF) 

Permanent Rescission ($175,000) ($150,000) ($150,000) $0 

Subtotal, Treasury Appropriation including TEOAF $14,124,001 $14,049,782 $14,049,782 $16,336,466 

Treasury International Programs $2,056,460 $2,364,515 $2,364,515 $4,037,358 

Multilateral Development Banks $1,527,172 $1,906,315 $1,906,315 $2,292,825 

Climate Change and Environment Funds $274,288 $275,200 $275,200 $1,420,700 

Quality Infrastructure $0 $0 $0 $40,000 

Food Security $48,000 $53,000 $53,000 $121,833 

Office of Technical Assistance $38,000 $38,000 $38,000 $45,000 

IMF Facilities and Trust Funds $102,000 $20,000 $20,000 $0 

Debt Restructuring and Relief $67,000 $72,000 $72,000 $67,000 

Treasury Int'l Assistance Programs $0 $0 $0 $50,000 

Total, Treasury Appropriations excluding TEOAF $16,355,461 $16,564,297 $16,564,297 $20,373,824 

Total, Treasury $16,180,461 $16,414,297 $16,414,297 $20,373,824 1

Excludes IRA resources, Ukraine supplemental appropriations, or one-time mandatory funding. 

2

FY 2023 Omnibus includes $12M to support the Office of Recovery Programs administrative shortfall. 

3

FY 2022 Enacted (post IRS transfer) includes a transfer of $74 million from Enforcement to Taxpayer Services ($27 million) 

and Operations Support ($47 million). 

4

FY 2023 Enacted (post IRS transfer) includes a transfer of $271.9 million from Enforcement to Taxpayer Services ($100 million), 

Operations Support ($21.9 million) and Business Systems Modernization ($150 million). 
Executive Summary - 2 

MISSION STATEMENT 

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. 

 

OVERVIEW OF REQUEST 

 

The Budget requests $16.3 billion in base discretionary resources for the 

Department of the Treasury’s domestic programs, a $2.1 billion or 15 percent 

increase from the FY 2023 enacted level. 

 Improves Taxpayer Experience and Supports a Fair Tax System. The Inflation 

Reduction Act addressed long-standing IRS funding deficiencies by providing 

$79.4 billion in stable, long-term funding through 2031 to improve tax 

compliance by finally pursuing wealthy and corporate tax evaders who too often 

avoid paying taxes owed and improving service for the hundreds of millions of 

Americans who pay what they owe. The funding will allow the IRS to 

significantly improve customer service, modernize decades-old technology, 

infrastructure, administer new clean energy tax credits, and rebuild the 

administrative capacity of the agency. To realize these goals and support timely 

and robust implementation of the important tax provisions in the Inflation 

Reduction Act, annual discretionary appropriations are vital to maintain current 

services and allow the IRS to utilize the long-term funding for transformative 

modernization. To ensure that taxpayers receive the highest quality customer 

service and that all Americans are treated fairly by the U.S. tax system, the 

Budget provides a total of $14.1 billion for the IRS, $1.8 billion (15 percent) 

above the 2023 enacted level. This includes an increase of $642 million to 

improve the taxpayer experience and expand customer service outreach to 

underserved communities and all taxpayers. The Budget also provides $290 

million for IRS Business Systems Modernization, which did not receive annual 

funding in 2023, to continue and accelerate the development of new digital tools 

to enable better communication between taxpayers and the IRS. In addition to 

annual discretionary funding, the Budget proposes to maintain deficit reducing 

IRA-funded initiatives to combat wealthy and corporate tax evasion in 2032 and 

beyond. This proposal builds on decades of analysis demonstrating that program 

integrity investments to enforce existing tax laws increase revenues in a 

progressive way by closing the tax gap—the difference between taxes owed and 

taxes paid. 

 Expands Access to Credit to Underserved Communities. The Budget provides 

$341 million for the Community Development Financial Institutions (CDFI) 

Fund, an increase of $17 million (5 percent) above the 2023 enacted level, which 

provides historically underserved and often low-income communities access to 
Executive Summary - 3 

credit, capital, and financial support to grow businesses, increase affordable 

housing, and reinforce healthy neighborhood development. To better address the 

shortage of long-term affordable credit for development projects in 

disadvantaged communities and unlock up to $500 million in financing support, 

the Budget also includes a $10 million subsidy for the CDFI Fund’s Bond 

Guarantee Program. 

 Increases Corporate Transparency and Safeguards the Financial System. 

Treasury plays a leading role in monitoring and disrupting corruption, money 

laundering, terrorist financing, and the use of the financial system by malicious 

actors domestically and abroad, including as part of the Administration’s 

response to Russian aggression against Ukraine. The Budget provides $244 

million to the Office of Terrorism and Financial Intelligence (TFI), $28 million 

above the 2023 enacted level, to expand Treasury’s capacity to provide financial 

intelligence and conduct sanctions-related economic analysis while continuing to 

modernize the sanctions process. The Budget also provides $229 million for the 

Financial Crimes Enforcement Network (FinCEN), $39 million above the 2023 

enacted level, to support the launch of the Beneficial Ownership Secure System 

and investment in the Treasury offices charged with closing financial reporting 

loopholes that allow illicit actors to evade scrutiny, mask their dealings, and 

undermine corporate accountability. 

 Strengthens Enterprise Cybersecurity. The Budget provides $215 million, an 

increase of $115 million above the 2023 enacted level, to protect and defend 

sensitive agency systems and information, including those designated as highvalue assets. The Budget increases centralized funding to strengthen Treasury’s 

overall cybersecurity efforts and continue the implementation of a Zero Trust 

Architecture. These investments would protect Treasury systems from future 

attacks. 

 Restores Critical Agency Capacity. The Budget provides $332 million for 

Treasury’s Departmental Offices, a 21 percent increase over the 2023 enacted 

level, to restore staffing levels for Treasury’s core policy offices to 2016 levels and 

support Treasury’s expanding role in promoting investment security and 

advancing equitable growth. The increase in funding would also support 

Treasury’s Climate Hub and establish a climate-related technical support center 

to conduct assessments of climate-related risks across Government programs. 

The Budget builds institutional capacity to support Treasury-wide coordination 

of program evaluation and expand engagement with historically 

underrepresented and underserved groups to advance equity across all Treasury 

programs. 
Executive Summary - 4 

Appropriation1 Direct Reimb. Total Direct Reimb. Total Direct 

Departmental Offices Salaries and Expenses2 779 38 817 837 41 878 991 

DO-IRA (non-add) - - - 29 - 29 45 

Terrorism and Financial Intelligence 583 32 615 613 32 645 685 Cybersecurity Enhancement 7 - 7 30 - 30 53 Office of Inspector General 190 - 190 210 - 210 210 Treasury Inspector General for Tax Administration 702 2 704 735 2 737 742 

TIGTA-IRA (non-add) - - - 59 - 59 129 

Special Inspector General for TARP 43 - 43 35 - 35 12 Special Inspector General for Pandemic Recovery 53 - 53 55 - 55 55 Community Development Financial Institutions Fund 71 - 71 89 - 89 91 Financial Crimes Enforcement Network 285 1 286 289 3 292 350 Alcohol and Tobacco Tax and Trade Bureau 479 12 491 548 11 559 551 Bureau of the Fiscal Service3 1,854 11 1,865 1,832 9 1,841 1,852 

Internal Revenue Service4 79,071 521 79,592 83,310 698 84,008 97,794 

IRS-IRA (non-add) 5,6 - - - 10,021 - 10,021 19,545 

Subtotal, Treasury Appropriated Level 84,117 617 84,734 88,583 796 89,379 103,386 Office of Financial Stability (Administrative Account) 7 - 7 5 - 5 1 Office of Recovery Programs7 106 - 106 64 - 64 138 

Community Development Financial Institutions Fund, Emergency Support 9 - 9 9 - 9 9 Capital Magnet Fund 5 - 5 9 - 9 9 Office of Financial Research 119 - 119 148 - 148 184 Financial Stability Oversight Council 17 - 17 34 - 34 44 Treasury Franchise Fund - 2,047 2,047 - 2,185 2,185 - 

Bureau of Engraving and Printing - 1,848 1,848 - 1,873 1,873 - 

United States Mint - 1,587 1,587 - 1,705 1,705 - 

Office of the Comptroller of the Currency - 3,481 3,481 - 3,555 3,555 - 

Terrorism Insurance Program 8 - 8 10 - 10 13 IRS Private Collection Agent Program4 414 - 414 469 - 469 469 

Subtotal, Treasury Non-Appropriated Level 685 8,963 9,648 748 9,318 10,066 867 Total, Treasury 84,802 9,580 94,382 89,331 10,114 99,445 104,253 6/ 63 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2024 IRA Funding Usage includes amounts for Energy Security tax credits ($180 million and 1,810 FTE), Taxpayer Services ($816 million and 6,489 FTE), Enforcement ($1,408 million and 7,239 FTE), Operations Support ($2,380 million and 3,810 FTE), and Business Systems Modernization ($1,034 million and 197 FTE).1/ Presentation for appropriated accounts include FTE funded with annual appropriated resources, user fees, carryover, multiyear authority, IRA, and supplemental funding. 7/ The Office of Recovery Programs presentation include FTE related to Transportation Services, Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation WorkersProgram, Coronavirus Relief Fund, Homeowner Assistance Fund, Emergency Rental Assistance, State Small Business Credit Initiative (SSBCI) and Emergency Capital Investment Program.

Fiscal Year Comparison of Full-Time Equivalent (FTE) Staffing (Direct and Reimbursable)

2022 Actual 2023 Enacted 2024 Pre

3/ Direct FTE for the Bureaus of the Fiscal Service include FTE funded from the Debt Collection Fund. 2/ Departmental Offices presentation include Direct FTE funded for from the Social Impact Demonstration Projects account.4/ The FY 2023 and 2024 FTEs may differ from numbers reported in the 2024 Budget Appendix and the FY 2023 Operating Plan due to timing of legislative actions and agency decisions.5/ 85 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2023 IRA Funding Usage includes amounts for Direct eFile ($15 million), Taxpayer Services ($838 million and 7,394 FTE), Enforcement ($372 million and 1,543 FTE), Operations Support ($1,018 million and 727 FTE), and Business Systems Modernization ($580 million and 357 FTE). 
Executive Summary - 5 

 DO CFIUS1 TFI Cyber DSCIP OIG TIGTA SIGTARP2 SIGPR CDFI FinCEN TTB FS 

FY 2023 Enacted $273,882 $216,059 $100,000 $11,118 $48,878 $174,250 $9,000 $12,000 $324,000 $190,193 $148,863 $372

Maintaining Current Levels (MCLs) $10,354 $0 $7,650 $298 $0 $2,091 $7,869 $0 $529 $1,204 $5,568 $5,770 $14

Pay Annualization $1,812 $1,237 67 $414 $1,629 $107 $187 $655 $1,038 $2

Pay Raise $6,216 $4,243 231 $1,419 $5,588 $368 $642 $2,248 $3,560 $9

Non-Pay $2,326 $2,170 $258 $652 $54 $375 $2,664 $1,172 $2

Non-Recurring Costs (10,000) ($10,655) ($93,150) ($11,118) Efficiency Savings/Reinvestment Other Adjustment/Initiative Annualization $11,136 $7,641 (1,789) 

Adjustments to Base $11,490 $0 $4,636 ($92,852) ($11,118) $302 $7,869 $0 $529 $1,204 $5,568 $5,770 $14FY 2024 Base $285,372 $0 $220,695 $7,148 $0 $49,180 $182,119 $9,000 $12,529 $325,204 $195,761 $154,633 $387

Program Decreases ($9,000) ($2,000) CFIUS Fund Appropriation $21,000 CFIUS User Fees ($21,000) Program Increases/Reinvestments $46,827 $23,305 $207,852 $30,881 5,249 3,471 18,274 $33,147 $971 $12

Subtotal, Program Changes $46,827 $0 $23,305 $207,852 $30,881 $0 $5,249 ($9,000) $3,471 $16,274 $33,147 $971 $12FY 2024 President's Budget funded from discretionary resources $332,199 $0 $244,000 $215,000 $30,881 $49,180 $187,368 $0 $16,000 $341,478 $228,908 $155,604 $399

1/ CFIUS Fund enacted levels are net appropriations including user fees.2/ SIGTARP has no Budget Adjustments table for the FY 2024 Budget. The program is sunsetting in FY 2024 and using remaining no-year funds for an orderly shutdown.

Summary of FY 2024 Increases and Decreases

(Dollars in Thousands)
Executive Summary - 6 

FY 2024 President's Budget by Strategic Goal   

Dollars in Thousands 

Treasury Goal/Objective 

Promote 

Equitable 

Economic 

Growth 

and 

Recovery 

Enhance 

National 

Security 

Protect 

Financial 

Stability 

and 

Resiliency 

Combat 

Climate 

Change 

Modernize 

Treasury 

Operations 

Total 

Management & Financial $766,057 $796,455 $167,891 $77,914 $391,565 $2,199,881 

Departmental Offices Salaries and Expenses $121,417 $73,141 $46,231 $32,648 $58,762 $332,199 

Committee on Foreign Investment in the United States Fund $21,000 $21,000 

CFIUS Fees ($21,000) ($21,000) 

Office of Terrorism and Financial Intelligence $244,000 $244,000 

Cybersecurity Enhancement Account $215,000 $215,000 

Treasury Capital Investments and Modernization Fund $5,147 $25,734 $30,881 

Office of Inspector General $45,442 $1,918 $492 $1,328 $49,180 

Treasury Inspector General for Tax Administration $140,713 $8,619 $8,057 $2,998 $26,981 $187,368 

Special Inspector General for Pandemic Recovery $16,000 $16,000 

Community Development Financial Institutions Fund $304,179 $37,299 $341,478 

Financial Crimes Enforcement Network $171,681 $29,758 $4,578 $22,891 $228,908 

Alcohol and Tobacco Tax and Trade Bureau $134,313 $2,243 $110 $18,938 $155,604 

Bureau of the Fiscal Service $3,993 $79,853 $83,845 $31,941 $199,632 $399,263 

Tax Administration $13,986,394 $150,191 $14,136,585 

IRS Taxpayer Services $3,347,216 $75,233 $3,422,449 

IRS Enforcement $5,892,372 $12,069 $5,904,441 

IRS Operations Support $4,457,187 $62,889 $4,520,076 

Business Systems Modernization $289,619 $289,619 

Total, Treasury $14,752,450 $796,455 $167,891 $228,105 $391,565 $16,336,466 
Executive Summary - 7 

ORGANIZATION

Treasury is organized into the Departmental Offices, seven bureaus, and four offices of the Inspectors General. 

The Departmental Offices are primarily responsible for headquarters operations and formulating policy, while 

the bureaus are the operating units of the organization. 
Executive Summary - 8 

DEPARTMENTAL OFFICES

Domestic Finance works to support equitable and 

sustainable economic growth and financial stability 

through policies that increase the resilience of 

financial institutions and markets, and which 

increase access to credit for small businesses and 

low-to-moderate income communities. It focuses on 

Treasury Department activities in the areas of 

financial institutions, federal and municipal debt 

finance, financial regulation, and capital markets. 

Terrorism and Financial Intelligence uses unique 

policy, intelligence, enforcement, and regulatory 

tools and authorities to disrupt and disable 

terrorists, criminals, and other national security 

threats while also safeguarding the financial 

system against abuse by illicit actors. 

International Affairs protects economic prosperity 

and national security by working to foster a most 

favorable external environment for sustained jobs 

and economic growth. 

Tax Policy develops and implements tax policies 

and programs, reviews regulations and rulings to 

administer the Internal Revenue Code, and 

provides revenue estimates for proposals and 

receipt estimates for the President’s Budget. 

Economic Policy 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.

The Treasurer of the United States serves as a 

principal advisor to the Secretary, including 

coordinating Tribal relations across the 

Department, directly overseeing the U.S. Mint, the 

Bureau of Engraving and Printing, and liaising 

with the Federal Reserve. 

The Office of Management and Chief Financial 

Officer manages the Department’s financial 

resources and oversees Treasury-wide programs, 

including human capital, organizational 

performance, enterprise risk management, 

information technology, acquisition, and data. 

The Office of Recovery Programs principally focuses 

on efficiently administering Treasury’s programs to 

support an equitable and swift recovery from the 

economic challenges precipitated by the COVID-19 

pandemic. 

The Office of Diversity, Equity, Inclusion, and

Accessibility serves as a center of excellence to 

modernize the Department's overall diversity, 

equity, inclusion, and accessibility (DEIA) strategy, 

and drives cohesive implementation and 

accountability across the Department.

  

 

Other offices within Departmental Offices include 

General Counsel, Legislative Affairs, and Public Affairs.
Executive Summary - 9 

INSPECTORS GENERAL

 

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—provide 

independent audits, investigations, and oversight of 

Treasury and our programs. 

BUREAUS 

The Alcohol and Tobacco Tax and Trade Bureau (TTB)

collects federal excise taxes on alcohol, tobacco, firearms, 

and ammunition, while enforcing and administering 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 its related crimes—including 

terrorism—and promotes national security through the 

strategic use of financial authorities and the collection, 

analysis, and dissemination of financial intelligence. 

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 

marketable and special-purpose U.S. Treasury securities, 

and accounts for the resulting debt. Additionally, it 

delivers administrative shared services to federal agencies 

and conducts government-wide accounting and reporting. 

The Internal Revenue Service (IRS) determines, assesses, 

and collects U.S. tax revenue and helps taxpayers 

understand their tax responsibilities, while aiming to 

prevent tax-related fraud. 

The United States Mint (U.S. Mint) designs, mints, and 

issues U.S. circulating coins, as well as numismatic and 

bullion coins and strikes, Congressional gold medals and 

other medals of national significance. It maintains 

physical custody and protection of most of the nation’s 

gold and 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 

in a safe and sound manner, provide fair access to 

financial services, treat customers fairly, and comply with 

applicable laws and regulations.
Executive Summary - 10 

TREASURY STRATEGIC MANAGEMENT

FRAMEWORK

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

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

allow stakeholders within and outside the organization to assess the organization’s health and impact, while 

promoting effective decision-making, and improving the execution of its strategies and resource allocations. In 

this spirit, we developed a framework using best-in-class organizational performance practices to help achieve 

our strategic goals and objectives. 

ORGANIZATIONAL PERFORMANCE REVIEW CYCLE

Our organizational performance reviews provide a regular forum for open dialogue and coordination between 

the bureaus and the Departmental Offices’ management and leadership. We bring together different 

perspectives to set and align priorities, identify, and solve problems, review agency performance, and drive 

results. We review agency results quarterly to measure progress on our goals. Also, as required by the Program 

Management Improvement Accountability Act (PMIAA), we integrate portfolio reviews of programs within our 

performance review cycle activities. Through our Strategic Objective Annual Review (SOAR) process, we 

conduct an annual exercise to validate our supporting objectives as well as analyze performance results across 

Treasury components to identify a set of strategic objectives as priority focus areas for the following year. We 

also leverage our strategic management framework, including the SOAR, to discuss the agency’s evidence 

building efforts and learning agenda. 

At designated points throughout the fiscal year, we assess annual priorities, evaluate progress against goals 

and objectives, discuss new strategies to improve program outcomes, and align our available funding to 

maximize results for the agency. We describe our process and framework for managing to our strategic 

objectives and performance outcomes in Table 1 on the following page. 
Executive Summary - 11

TABLE 1: TREASURY ANNUAL ORGANIZATIONAL PERFORMANCE REVIEW CYCLE Sessions

Fall

(October – November)

Winter

(February – March)

Spring

(April – May)

Summer

(June – July)

Focus

Bureau Organizational

Health & Priorities

Strategic Objective Annual

Review (SOAR)

Cross‐cutting

Risks/Challenges; Critical

Programs/Projects

Budget; “Vitals” Check for

Critical Program and Projects

Chair

Deputy Secretary, Assistant

Secretary for

Management/Performance

Improvement Officer

(ASM/PIO); Strategic Goal

Leads

Strategic Goal Leads ASM/PIO ASM/PIO and Budget Officer,

Strategic Goal Leads

Goals/Outcomes

 Review prior year’s

performance at the

bureau/office level

 Recognize successes

 Set priorities for year

ahead

 Identify shortfalls/risks;

accountability;

 Assess organizational

health

 Evaluate cross‐agency

progress toward

strategic objectives

(including progress of

critical programs and

projects)

 Identify/validate

Treasury priorities

and/or strategic shifts

 Outline potential topics

for annual review with

OMB

 Issue‐based sessions:

Dive deep on cross‐

cutting issues identified

in the SOAR, 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

performance impacts

and risk mitigation

 Strengthen IT

acquisition, budgeting,

and accountability,

budgeting, and

accountability

 Check in (vitals check)

on critical

program/project health

and update list of critical

programs/projects

 
Executive Summary - 12

FY 2022 – 2026 STRATEGIC FRAMEWORK

The strategic framework comprises the Department’s FY 2022 – 2026 strategic goals and objectives and Agency Priority 

Goals (APGs), which align to specific objectives. All bureaus and offices align their programs and performance within this 

framework. 
Executive Summary - 13

FY 2022 – 2023 AGENCY PRIORITY GOALS

In addition to the goals and objectives in the Department’s Strategic Plan, Treasury identifies Agency Priority Goals (APGs), 

which are priorities that the Department wants to accomplish within two years. The Department publicly reports APG 

progress quarterly on Performance.gov and tracks progress during quarterly reviews. 

Treasury’s FY 2022 – 2023 APGs are outlined below, and progress updates can be found on Performance.gov and in the 

subsequent Treasury budget account chapters. In FY 2023, Treasury will identify a new set of APGs for FY 2024 – 2025. 

 

FY 2022–2023 APG: Improving the Payment Experience 

Aligned to Treasury Strategic Objective 3.3: Financial Innovation 

See Internal Revenue Service (IRS) and Bureau of Fiscal Service budget chapters and Performance.gov for progress updates 

Create a modern, seamless, inclusive, and secure Federal payment experience for the public that meets customer needs 

while reducing costs, expanding financial inclusion, and improving climate sustainability of Treasury’s operations. By 

September 30,2023, Treasury will: 

 Increase the electronic payment rate for Treasury-disbursed payments to 96.56% by the end of FY 2023, compared 

with 96.18% in FY 2021; and 

o Achieving this increased electronic payment rate would lead to an estimated reduction of 4.8 million checks. 

 Increase the electronic payment rate for IRS individual tax refunds to 81.00% by the end of FY 2023, compared with 

80.34% in FY 2021. 

FY 2022–2023 APG: Increasing Treasury’s Sustainability 

Aligned to Treasury Strategic Objective 4.4 Sustainable Treasury Operations 

See Departmental Offices Salaries and Expenses budget chapter and Performance.gov for progress updates 

Model best practices in sustainable operations, supporting the Department’s key role in the whole-of-government effort to 

manage climate-related risks and enable the transition to a net-zero economy. By September 30, 2023, the Department of 

the Treasury will: 

 Transition Treasury’s Fleet to Electric Vehicles (EV): Convert 33%1 of the vehicles to EVs for those vehicles with 

lease terms needing renewal; and 

 Implement a Climate Literacy Program: Deliver educational products to 100% of Treasury’s target audience of 

executives and key staff who are needed to support and sustain Treasury’s climate change and sustainability 

priority initiatives (e.g., facility and fleet operations, budget and finance, legal counsel, and procurement). 

FY 2022–2023 APG: Promote Transparency in the Financial System 

Aligned to Treasury Strategic Objective 2.4 Transparency in the Financial System 

See Terrorism and Financial Intelligence (TFI) and Financial Crimes Enforcement Network (FinCEN) budget chapters and 

Performance.gov for progress updates 

Establish a robust regulatory framework to ensure timely information on the highest priority threats to combat the misuse of 

companies by criminals. By September 30, 2023, the Department of the Treasury will strengthen and adapt the Anti-Money 

Laundering (AML) and Combating Financing of Terrorism (CFT) framework by publishing and updating regulatory 

requirements and creating a solution that will securely collect, store, and manage beneficial ownership information for use 

by law enforcement and other authorized partners. 

1 In May 2022, the target “Convert 37% of the vehicles to EVs” was revised to “Convert 33% of the vehicles to EVs.” 
Executive Summary - 14

PERFORMANCE OVERVIEW 

We carry great responsibility for fostering prosperity and security for the American people. We play a critical role both in 

the U.S. economy and globally to meet the needs of the nation. The Treasury Strategic Plan 2022 – 2026 charts a course to 

guide our responsibilities to the public. The following performance overview reflects our accomplishments and challenges in 

the goal areas of strengthening equitable economic growth, enhancing national security, protecting financial stability, 

combatting climate change, and modernizing our operations in service to the country.  

Goal 1: Promote Equitable Economic Growth and Recovery 

Treasury plays a central role in addressing systemic 

issues in the financial system and strengthening economic 

resiliency for all Americans, while taking the lead in 

partnering with foreign countries to promote global 

recovery and sustainable growth. We have four strategic 

objectives under the goal of promoting equitable economic 

growth and recovery. 

Our first strategic objective—assessed as an area of 

noteworthy progress and focus area for improvement in 

our FY 2022 SOAR process—concentrates on the fair and 

impartial administration of the tax code through a more 

efficient tax system. Our second strategic objective under 

this goal relates to global economic leadership, aiming to 

restore U.S. leadership in multilateral forums and foster 

cooperation with our international partners to strengthen 

the global economy, while promoting sustainable and 

inclusive growth. Our third strategic objective—assessed 

as an area of noteworthy progress in our FY 2022 SOAR 

process—focuses on promoting equitable financial 

recovery and addressing systemic inequities to prepare 

the country to be more resilient for future challenges. 

Lastly, our fourth strategic objective under this goal 

relates to our partnership with the Department of 

Housing and Urban Development (HUD) and other 

federal agencies to develop a stable and resilient housing 

market. 

TAX ADMINISTRATION AND POLICY

In FY 2022, the Office of Tax Policy (OTP) published 

guidance and regulations to clarify the U.S. tax code and 

improve taxpayer compliance. Notable regulation 

changes include: 

 guidance implementing the No Surprises Act, 

providing important protections for health plan 

participants from surprise medical bills; 

 proposed regulations addressing the “family glitch” to 

extend eligibility to families for the Affordable Care 

Act’s premium tax credit; and 

 finalized regulations and a sub-regulatory guidance 

providing needed certainty for taxpayers regarding 

the availability of foreign tax credits for certain 

Puerto Rico taxes. 

From July 2021 to December 2021, the OTP worked with 

IRS colleagues to disburse more than $94 billion in 

monthly Child Tax Credit payments to families, with over 

61 million children receiving the benefit. In addition to 

helping implement the American Rescue Plan Act of 2021

(ARP), the OTP staff collaborated with OMB and 

Congress to influence passage of the Inflation Reduction 

Act (IRA). 

The IRS recognizes the importance of identifying and 

addressing the most egregious non-compliant taxpayers. 

During FY 2022, the IRS continued to detect and pursue 

high-income nonfilers to maintain confidence in the tax 

system. 
Executive Summary - 15

In FY 2022, the IRS further enabled customer callback 

technology on 15 additional phone applications for a total 

of 31 deployments in its call centers. The IRS also 

expanded its Taxpayer Digital Communications 

functionality, which allows taxpayers to securely 

exchange information and messages with the IRS. In 

FY 2022, the IRS made large strides to provide quality 

and accessible services by enhancing the taxpayer 

experience through developing and deploying artificial 

intelligence powered voice and chat bots, as well as new 

online account features allowing individual taxpayers to 

view their personalized tax information and transact with 

the IRS via self-service. 

The IRS’s Integrated Modernization Business Plan, 

released in 2019 and revised in 2022, builds on significant 

achievements and reflects an expanded view of 

requirements needed to modernize the IRS technology 

environment. The IRS made considerable progress in 

executing on deliverables throughout the first three years 

of the modernization plan, delivering more than 50 

capabilities in FY 2022. 

The IRS has begun implementing requirements under the 

IRA, which gives the IRS the resources to ensure that it 

enforces tax laws fairly and delivers quality level of 

taxpayer services. 

Further, in support of fair and impartial administration 

of the tax code, the TTB continues to modernize tax 

administration to improve taxpayer compliance by 

incorporating data analytics to quickly detect and address 

missed filings to ensure fair competition. In FY 2022, the 

TTB implemented a new import claims refund program to 

ensure U.S. importers have access to the tax benefits 

provided under the new Craft Beverage Modernization 

Act provisions taking effect on January 1, 2023. This new 

program will be the first major release associated with 

the IT modernization effort—called myTTB—which aims 

to create an integrated online filing experience for TTB 

taxpayers.   

GLOBAL ECONOMIC LEADERSHIP

Over the past two years, the global economy faced two 

major disruptions related to the Coronavirus Disease of 

2019 (COVID-19) pandemic and Russia’s ongoing war in 

Ukraine. The Office of International Affairs (IA) is 

leading work with our partners to mitigate the impact 

from Russia’s war in Ukraine on energy and food security. 

The IA bolstered our role in the global community to 

tackle urgent challenges—including global shortages in 

key goods, as well as volatility in food, fuel, and fertilizer 

prices—working to improve the overall global economy. 

In FY 2022, we also took efforts to position multilateral 

development banks to better address a growing number of 

global challenges, including climate change, pandemics, 

and international conflict. 

As part of an overall global effort to tackle food insecurity, 

the U.S. committed around $10 billion in FY 2022 to 

deliver food to those who are facing starvation and to 

build long-term resilience to food shortages. In May 2022, 

we worked closely with International Financial 

Institutions (IFI) to issue and commit to implementing 

the IFI Action Plan to Address Food Insecurity. 

In FY 2022, we continued to modernize our trade 

relationships and supply chains to make them more 

resilient to global shocks, including impacts from the 

weaponization of trade as a tool of geopolitical coercion. 

Strengthening trade relationships with U.S. allies via 

“friend-shoring” is our approach to advancing trade that 

is free, fair, and secure. 

Separately, in the spirit of global economic leadership, we 

generated a historic agreement among 137 countries to 

restabilize the international tax system by reallocating 

taxing rights and establishing a global minimum tax. We 

also successfully completed the first U.S. tax treaty 

negotiations since the Tax Cuts and Jobs Act by 

concluding negotiations with Croatia on a new tax treaty. 

ECONOMICALLY RESILIENT COMMUNITIES

We are not only addressing the impact of COVID-19, but 

also addressing systemic inequities to strengthen the 

economy and prepare the country to be more resilient for 

future challenges. The Office of Recovery Programs 

(ORP) significantly increased capacity over the past year 

to fulfill its mission to lead our implementation of 

pandemic recovery programs, including nearly $420 
Executive Summary - 16

billion from the ARP. Over multiple fiscal years, ORP has 

built a strong foundation to serve over 35,000 government 

recipients across the nation, through ten programs that 

support economically disadvantaged small businesses, 

households, communities, and individuals. 

We deployed more than $18 billion to support missiondriven lending and investments for low- and moderateincome borrowers, small businesses, communities of color, 

and rural areas. We supported pandemic response 

through the $350 billion State and Local Fiscal Recovery 

Fund (SLFRF)—the first program in federal history to 

provide fiscal relief to states, localities, and tribes 

regardless of size. As of FY 2022, recipients reported 

committing $16 billion to address water, sewer, and 

broadband infrastructure, and $4.8 billion to assist small 

businesses. 

TTB facilitated small business growth and innovation by 

delivering timely service to U.S. breweries, wineries, and 

distilleries, and issued more than 90 percent of new 

permits and alcohol beverage formula and label approvals 

within targeted service standards. 

Fiscal Service’s Financial Management Quality Service 

Management Office (FM QSMO) made significant strides 

toward establishing its Marketplace for use by federal 

agencies. Fiscal Service is supporting diversity and 

equity in the marketplace by being inclusive in vendor 

outreach, offering consultations to interested vendors, and 

collaborating with agencies to support equitable selection 

from diverse providers in the marketplace. The QSMO 

Marketplace will include standards-based solutions and 

services from commercial vendors, federal shared service 

providers, and Fiscal Service centralized services. 

RESILIENT HOUSING MARKET

In FY 2022, we deployed a range of tools to support the 

housing stability of millions of households, including 

implementing dedicated programs for struggling renters 

and homeowners, while supporting flexibility in how state 

and local governments use funds to increase housing 

supply.

In FY 2022, the $46 billion Emergency Rental Assistance 

Program (ERA) made more than seven million unique 

household payments to renters at risk of eviction, keeping 

eviction rates on average below pre-pandemic levels. We 

developed innovative approaches to achieve these goals, 

including developing a reallocation program to increase 

utilization of funds, removing potential barriers to eligible 

individuals receiving rental support, and encouraging 

ERA grantees to use best practices for eviction 

prevention. 

The $10 billion Homeowner Assistance Fund (HAF) —

through a plan review process that prioritized best 

practices—is using lessons from the Great Recession 

mortgage crisis to target assistance for borrowers in 

greatest need, including the leveraging of humancentered design and partnering with other agencies to 

urge servicers to pause foreclosure on HAF applicants.

Through March 31, 2022, recipients committed more than 

$12 billion from SLFRF to meet housing needs, including 

more than $4 billion to support affordable housing 

development and preservation. We also made targeted 

enhancements to regulatory flexibility in SLFRF and the 

Low-Income Housing Tax Credit to support housing 

production and affordability.  

Supporting Tribal Government Communities 

The SLFRF program also provided funding for over

3,000 projects and services in Tribal government

communities.  Tribes utilized SLFRF funds to

expand the system of healthcare in Indian Country,

to create innovative programs to recover the tribal

economy, and to find resilient solutions for

inadequate infrastructure.  
Executive Summary - 17

GOAL 1: KEY PERFORMANCE DATA HIGHLIGHTS 

Measure

(Responsible Bureau/Office)

FY 19 FY 20 FY 21 FY 22 FY 22

Target Result vs Target

Customer Service Representative Level of

Service (CSR LOS) (IRS)1 65.4% 53.1% 18.5% 17.4% 30% Unmet

Timeliness of Critical Individual Filing Season

Tax Products (IRS)2 92.6% 78.4% 92% 96.4% 89% Exceeded

Percentage of Permit Applications Processed

within Service Standards (TTB)3 57.6% 84.1% 92.2% 91.2% 85.0% Exceeded

Engagement of Partner Countries in

Programs – 5 point scale (International

Affairs) 4

3.6 3.3 3.6 3.5 3.6 Unmet

Enterprise Self‐Assistance Participation Rate

(ESAPR) (IRS)5 85.4% 90.6% 92.3% 93.9% 91.0% Exceeded

Percent of Procurement Dollars Spent on

Small Business (Management)6 40.4% 45.0% 39.9% 37.6% 39% Unmet

Explanation of Results 1CSR LOS was 17.4 percent which was 41.9 percent below plan of 30 percent. IRS reduced the campus phone staffing to a minimal

amount to focus on reducing the paper inventory.  Phone Demand through September of 81.3 million was 32 percent lower than

prior year of 119.9 million.  The Primary Abandoned Call Rate of 18.2 percent is 21 percent lower compared to last year during

the same time frame.  The IRS will continue to monitor demand in real time and shift staff between telephones and paper

processing to address demand.  With the receipt of funding from the IRA, the IRS plans to deliver a higher level of service in FY

2023.   2Timeliness of Critical Individual Filing Season (CIFS) Tax Products to the Public of 96.4 percent is 8.3 percent above the plan of 89

percent.  81 of 84 CIFS tax products were available to the public timely.  Critical tax product timeliness is regarded as tax products

that are made available to the public seven calendar days before the official IRS start of the (individual) filing season.  To achieve

and exceed the target, the IRS prioritized work on the release of critical products, especially forms and instructions, approved

overtime, credit, and compensatory time during workdays, weekends, and holidays; and monitored workload planning.   3This measure represents the overall rate at which TTB is meeting its annual service standard (75 days for FYs 2019 – 2022) for all

original permit applications and registrations.  The measure reflects the efficiency and consistency of TTB’s permitting process

and supports effective communication with industry members regarding TTB’s level of service.  In FY 2022, TTB issued more than

91 percent of applications within its 75‐day service standard, surpassing its 85 percent target.  To sustain these improvements,

TTB is undertaking process and system enhancements, including an effort to streamline permit application requirements.  

4Measures the degree to which foreign counterparts are engaging proactively and constructively with OTA advisors, at the

working and policy levels.  Counterpart engagement is both a key outcome of OTA efforts to structure and execute effective

technical assistance projects that support host country ownership.  The result for FY 2022 is 3.5, a reduction of 0.1 from FY 2022

target of 3.6. 

5The Enterprise Self‐Assistance Participation Rate of 93.9 percent was 3.2 percent higher than plan of 91.0 percent. In FY 2022

total self‐assisted services 1.5 billion was around 29 percent higher than FY 2021 of 1.2 billion, total assisted services of 97.5

million was 0.1 percent lower than FY 2021 of 97.6 million, and total services were 1.6 billion which is around 27 percent higher

than prior year of 1.3 billion.  Beginning in 2022, ESAPR included Business Masterfile numbers in the installment agreements,

OPAs, electronic payments and paper payments for a more inclusive metric.   

6This goal measures the percentage of procurement dollars obligated toward small businesses (or Treasury’s overall small

business goal) and highlights Treasury’s efforts to ensure that small businesses have the maximum practicable opportunity to

provide goods and services to the federal government.  Treasury fell short of meeting its FY 2022 small business goal of 39

percent.  However, Treasury overperformed and exceeded the socio‐economic small business goals.  

  
Executive Summary - 18

Goal 2: Enhance National Security 

We must continue to apply national security tools and 

strengthen bilateral and multilateral partnerships to 

confront the expanding array of transnational threats, 

issues contributing to the instability of weak states, and 

the malicious use of emerging technologies by 

adversaries. 

Under this goal, our first strategic objective centers on 

hardening the U.S. and global financial system and our 

infrastructure against cyber incidents. Our second 

strategic objective—assessed as an area of noteworthy 

progress and focus area for improvement in our FY 2022 

SOAR process—is to strengthen U.S. national security 

through a secure economy, by applying our authorities 

and tools to ensure that we address threats to U.S. 

national security and strategic interests posed by criminal 

elements, foreign adversaries, and certain foreign 

investments. 

The third strategic objective focuses on modernizing 

sanctions as a policy tool to effectively address emerging 

threats, strengthening use of sanctions across the 

Department, and deploying the most updated analytic 

and collaborative tools. Our fourth strategic objective—

assessed as a focus area for improvement in our FY 2022 

SOAR process—emphasizes the integrity of markets and 

the global financial framework through increased 

transparency in domestic and international financial 

systems to aid the detection of illicit financial activity. 

CYBER RESILIENCY OF FINANCIAL SYSTEMS AND 

INSTITUTIONS

As declared in Presidential Policy Directive 21, Critical 

Infrastructure Security and Resilience, Treasury is the 

Sector Risk Management Agency for the financial services 

sector and is responsible for advancing coordinated 

national efforts to strengthen and maintain secure, 

functioning, and resilient critical infrastructure. 

In FY 2022, we took steps to strengthen cyber resiliency, 

including communicating to the sector indicators of: (1) 

compromise, (2) activities of malicious cyber actors, (3) 

third-party risks, and (4) possible mitigation and 

remediation efforts. Furthermore, we streamlined our 

incident coordination processes to quickly inform our 

leadership of cybersecurity impacts to our networks and 

to the financial sector. We also continued to perform 

routine vulnerability and security architecture 

assessments to identify cyber deficiencies and develop 

corrective measures for our critical assets that provide 

underlying mission-essential support for financial-related 

systems. 

We made significant strides in FY 2022 to strengthen our 

assets and systems against cyber incidents, while 

reviewing resiliency and contingency plans, which 

ultimately underscores a more proactive and resilient 

enterprise security posture at Treasury. Similarly, in 

December 2021, we orchestrated response efforts to 

strategically and comprehensively address the Apache 

Log4J vulnerability in our systems, which involved 

coordinating short- and long-term approaches to address 

the vulnerability across multiple technology components 

and varied technology environments. 

We and our component bureaus also instituted 

communication channels with the broader financial 

services sector to collaborate and identify opportunities to 

streamline processes, and raise situational awareness of 

the continuously evolving threat landscape. 

ECONOMIC MEASURES TO ADVANCE NATIONAL 

SECURITY

Terrorism and Financial Intelligence (TFI) counters the 

ability of financial networks that support terrorists, 

transnational organized crime, weapons of mass 

destruction proliferators, and other threats to 

international security through intelligence analysis, 

sanctions, and international private-sector cooperation. 

TFI’s authorities, such as economic sanctions, are key 

tools in implementing U.S. foreign policy to pressure 

foreign countries and regimes, such as Russia. TFI also 

continues to maintain similar efforts that target malign 

activity emanating from China, North Korea, Syria, and 

other countries that threaten national security. 
Executive Summary - 19

The IA, in its role as chair of the Committee on Foreign 

Investment in the United States (CFIUS), reviewed a 

record number of transactions in FY 2022, and took 

important and necessary measures to safeguard national 

security. CFIUS also continues to proactively identify a 

growing number of potential non-notified transactions, 

while handling increasingly complex transactions, 

particularly those involving data firms.  

MODERNIZE SANCTIONS REGIME

As part of modernizing the use of sanctions as a policy 

tool, TFI is implementing a new Sanctions Economic 

Analysis Unit under a newly designated Chief Sanctions 

Economist. The unit is charged with developing economic 

and financial policy analyses to inform the design and 

implementation of sanctions policy and targeting options 

under existing or proposed authorities. 

In addition, the unit will provide a globally consistent 

approach to economic and financial policy analyses to 

better inform how we design and implement sanctions 

and develop as a center of excellence for analyses on the 

effectiveness of sanctions. This includes providing firmand industry-specific analyses of potential collateral 

effects of proposed sanctions to identify issues that may 

be appropriate to mitigate, including issues related to 

U.S. persons, in connection with our sanction actions. 

TRANSPARENCY IN THE FINANCIAL SYSTEM

One of the most effective ways to deter criminals and to 

stem the harms that flow from their actions—including 

harm to American citizens and our financial system—is to 

follow the criminals’ money, expose criminal activity, and 

prevent networks from benefiting from the enormous 

power of our economy and the financial system. Through 

the Promoting Transparency in the Financial System 

APG, we are working to establish a robust regulatory 

framework to ensure we receive timely information on the 

highest priority threats and combat criminals’ misuse of 

companies. 

To combat these illicit efforts, TFI, through FinCEN, 

undertook efforts to modernize the Bank Secrecy Act and 

develop new beneficial ownership related regulations and 

guidance to better safeguard the U.S. financial system 

and protect the pocketbooks of Americans. 

The Beneficial Ownership Information (BOI) is a key 

component of our broader efforts to protect the U.S. 

financial system from abuse by criminals and illicit 

actors. The rollout of the final BOI reporting rule is a key 

milestone in our efforts to implement the Corporate 

Transparency Act (CTA), which advances the U.S. 

Strategy on Countering Corruption, and prevents the 

proceeds of corruption and illicit finance from 

compromising the integrity of the U.S. financial system. 

The final BOI reporting rule and the CTA more broadly 

will help ensure that money launderers, tax evaders, 

criminals, and other illicit actors cannot hide their illgotten gains in the U.S. with anonymity and impunity. 

Source: Adobe Stock

Increased Sanctions Against Russia  

TFI has significantly increased sanctions against

Russia related to its actions against Ukraine over

the past year and continues to economically

sanction Russia.
Executive Summary - 20

GOAL 2: KEY PERFORMANCE DATA HIGHLIGHTS 

Measure

(Responsible Bureau/Office) FY 19 FY 20 FY 21 FY 22 FY 22

Target Result vs Target

Percentage of CFIUS Cases Reviewed within

Statutory Timeframes, reported by calendar

year (International Affairs)1

100% 100% 100% TBD 100% TBD

Number of New or Modified Sanctions

Programs Established by Executive Order or

Congressional Mandate (TFI)2

7 6 7 7 N/A N/A

Explanation of Results

1This measure tracks compliance with statutory deadlines for completing national security reviews of transactions notified to the

CFIUS to ensure that the CFIUS process is timely and efficient.  We report results on a calendar year basis, at which time the

comparison can be made of actual results verses target.  

2This indicator tracks the number of new or modified sanctions programs that we must be implemented and enforced.  However,

the indicator does not capture the levels of relative complexity for each sanction program or the complexity of individual national

security objectives that sanctions attempt to achieve.  We do not set targets for new or modified sanctions programs since the

existence of a sanctions program is not itself a measure of success.  
Executive Summary - 21

Goal 3: Protect Financial Stability and Resiliency 

We continued to promote a more resilient financial 

system through coordination with U.S. financial 

regulators and international partners. The Financial 

Stability Oversight Council (FSOC) is chaired by 

Secretary Yellen and charged with identifying risks to the 

financial stability of the U.S. The FSOC advanced its 

four priority policy areas, deepening its capacity to 

monitor risks to the financial system: (1) nonbank 

financial intermediation, (2) Treasury market resilience, 

(3) climate-related financial risk, and (4) digital assets. 

We also advanced efforts to enhance the resilience of the 

Treasury market and to facilitate the climate transition 

with state and local governments. 

We play a critical role in improving financial resiliency 

and addressing vulnerabilities in core financial markets. 

The first strategic objective—assessed as an area of 

noteworthy progress in our FY 2022 SOAR process—

focuses on our role in monitoring and addressing domestic 

and international financial risks. The second objective is 

to improve the resilience of critical government securities 

to markets to minimize borrowing costs over time and 

support the critical roles that these safe assets play in a 

global financial system. The third strategic objective—

assessed as a focus area for improvement in our FY 2022 

SOAR process—centers on promoting a financial system 

that delivers inclusive financial services, by way of 

expanding access to digital financial services, and 

encouraging the responsible use of innovative financial 

technology.   

FINANCIAL SYSTEM VULNERABILITIES

As part of the FSOC’s efforts to address risks posed by 

nonbank financial intermediaries, we and other FSOC 

members evaluated risks hedge funds, open-end funds, 

and money market funds pose. The FSOC began work to 

establish an interagency risk monitoring system for hedge 

funds and considered potential options to mitigate 

associated risks. On climate-related financial risk, the 

FSOC published its Report on Climate-Related Financial 

Risk in FY 2022, which identified climate change as an 

emerging risk to financial stability. The FSOC continued 

its work to identify emerging broader vulnerabilities to 

the financial system through its monthly interagency 

staff-level Systemic Risk Committee meetings, as well as 

through recommendations to address those vulnerabilities 

published in December 2021 in its annual report. 

Through our participation at the Financial Stability 

Board (FSB), we advanced work to address these 

vulnerabilities internationally, including by shaping 

policy proposals to enhance money market fund 

resilience, promoting progress under the FSB Roadmap 

for Addressing Climate-related Financial Risks, and 

contributing to a proposed framework for the 

international regulation of digital asset activities. 

The Office of Financial Research (OFR)—which is charged 

with looking across the financial system to collect and 

standardize financial data, monitor and analyze risks, 

and perform research and analysis related to financial 

stability—supported the FSOC’s assessment of financial 

stability risks and advanced long-term research towards 

the goal of promoting and maintaining financial stability. 

RESILIENT TREASURY AND MUNICIPAL 

SECURITIES MARKETS 

In FY 2022, the Office of Debt Management, along with 

the Office of State and Local Finance, have been 

instrumental in enhancing the resilience of the debt 

market. The Office of Debt Management continued to 

work in collaboration with the Inter-Agency Working 

Group (IAWG) on Treasury Market Surveillance—

comprised of staff from Treasury, the Board of Governors 

of the Federal Reserve System, the Federal Reserve Bank 

of New York, the U.S. Securities and Exchange 

Commission, and the Commodity Futures Trading 

Commission—on various workstreams. The IAWG 

published a staff progress report and hosted the annual 

Treasury Market Conference in November 2021, and 

IAWG member agencies continued to make progress on 

these objectives throughout the year. In September 2022, 

we published a fact sheet highlighting 12 key 

accomplishments from this year and will issue another 

staff progress report before the next annual conference in 

November 2022. 
Executive Summary - 22

In March 2022, the Office of State and Local Finance 

convened a roundtable on climate transition among 

Treasury, federal and regulatory partners, and state and 

local government representatives. The participants 

considered policy issues and best practices for funding 

and financing the transition to a net-zero economy, 

including disclosure of climate-related financial risks to 

investors. 

FINANCIAL INNOVATION

In November 2021, the President’s Working Group on 

Financial Markets, joined by the Federal Deposit 

Insurance Corporation and the Office of the Comptroller 

of the Currency, published a report on stablecoins, which 

are a type of digital asset with the potential to become 

widely used for payments. The report identified potential 

risks of continued growth in stablecoin markets and 

usage, absent appropriate regulation, and contained 

recommendations related to digital assets, which 

similarly built upon on our work in international forums, 

including the FSB. 

We collaborated with FSB members on two reports 

related to digital assets regulation, including (1) the 

FSB’s revised High-Level Principles on the Regulation, 

Oversight, and Supervision of Global Stablecoin 

Arrangements, and (2) the report on the Regulation, 

Supervision and Oversight of Crypto-Asset Activities and 

Markets. Recommendations from these reports are 

intended to be flexible, so that they can be easily 

incorporated into a wide variety of regulatory frameworks 

and for any type of crypto-asset activities that may pose 

risks to financial stability. 

In March 2022, President Biden convened experts from 

across the Administration to ensure a coordinated and 

comprehensive approach to digital assets policy, and 

charged us with a leadership role in this work. In March 

2022, Executive Order (EO) 14067, Ensuring Responsible 

Development of Digital Assets, established the following 

policy objectives with respect to digital assets: (1) protect 

consumers, investors, and businesses in the U.S.; (2) 

protect U.S. and global financial stability and mitigate 

systemic risk; (3) mitigate the illicit finance and national 

security risks posed by misuse of digital assets; (4) 

reinforce U.S. leadership in the global financial system 

and in technological and economic competitiveness, 

including through the responsible development of 

payment innovations and digital assets; (5) promote 

access to safe and affordable financial services; and (6) 

support technological advances that promote responsible 

development and use of digital assets. 

In July 2022, we and the interagency partners delivered 

to the President the Framework for International 

Engagement on Digital Assets, which outlines a U.S. 

government-wide approach to promoting the responsible 

development of digital assets globally. The framework is 

intended to ensure that, with respect to the development 

of digital assets, we: (1) respect America’s core democratic 

values; (2) protect consumers, investors, and businesses; 

(3) preserve appropriate global financial system 

connectivity and platform and architecture 

interoperability; and (4) maintain the safety and 

soundness of the global financial system and 

international monetary system. The framework calls for 

us to amplify and expand international work on digital 

assets through forums and international financial 

institutions, including at the G7 and FSB. The 

Source: Adobe Stock

Digital Currency 

In FY 2022, we participated in the development of

the G7’s Public Policy Principles for Retail Central

Bank Digital Currencies (CBDC) report, which set

out a common set of considerations on the public

policy implications of CBDC, reflecting the shared

and enduring values of the G7 on transparency,

the rule of law, and sound economic governance.
Executive Summary - 23

framework also encourages the U.S. to identify where it 

can strengthen existing regional and bilateral 

engagements and, where appropriate, ramp up 

engagement with new partners to achieve our objectives 

with respect to digital assets. 

Also as charged by EO 14067, in September 2022, we 

published a report on the future of the U.S. money and 

payments systems, in which Treasury encourages 

continued work on innovations to promote a system that 

is more competitive, efficient, and inclusive, and that also 

helps maintain and build on the U.S.’ global financial 

leadership. The report recommends advancing policy and 

technical work on a potential U.S. CBDC, so that the U.S. 

is prepared if a CBDC is determined to be in the nation’s 

interest. We also published a report on the implications 

of digital assets for consumers, investors and businesses, 

and laid out a detailed action plan to prevent digital 

assets from being used for financial crimes, such as 

money laundering and terrorism financing. In October 

2022, the FSOC released a report on potential financial 

stability risks, and recommended steps to address gaps in 

the regulation of digital assets in the United States. 

Separately, financial innovation can be seen with our 

focus on addressing counterfeiting. As of FY 2022, 

counterfeiting is an increasingly important issue for the 

Bureau of Engraving and Printing (BEP) and the U.S. 

Mint. To combat increasingly sophisticated counterfeiting 

threats, related to U.S. currency notes, the BEP, the 

Federal Reserve Board, and the U.S. Secret Service 

continue to collaborate extensively on redesigning notes 

to make counterfeiting more difficult. In FY 2022, the 

BEP successfully executed the first of many large-scale 

testing activities, which included security features 

approved by the Secretary and a new tactile feature for 

the visually impaired. Extensive, ongoing testing and 

factory trials will lead to a planned rollout of redesigned 

U.S. currency notes beginning in 2026 with the targeted 

issuance of the new $10 design. 

Similarly, the Anti Counterfeit Division at the U.S. Mint 

is actively working on characterizing coins in circulation 

and evaluating scanning methods for high-speed detection 

of counterfeit coins. We are also exploring image 

registration for coins using surface morphology, which 

could potentially be used for validating U.S. Mint coinage. 

Related to financial innovation and in support of the 

Improving the Payment Experience APG, Fiscal Service 

collaborated with top check-producing federal agencies 

(such as the Social Security Administration and the IRS) 

to improve the payment experience, reduce the number of 

check payments, and promote the benefits of increasing 

electronic payments. To promote inclusion, Fiscal Service 

is leveraging the Treasury-sponsored Direct Express debit 

card program to deliver payments to unbanked and 

underserved Americans. Additionally, Fiscal Service 

initiated an evaluation to understand how we can 

improve the delivery of government payments to hard-toreach populations. 

Moreover, in FY 2022, Fiscal Service developed a working 

blockchain prototype to explore how blockchain 

technology can improve the transparency and reporting of 

federal grant payments. Under the Joint Financial 

Management Improvement Program, Fiscal Service and 

the Government Accountability Office collaborated to 

successfully connect the first multi-agency blockchain in 

the federal government. Learnings from this 

collaboration will help other agencies understand the 

benefits and impacts of a multi-agency blockchain for 

various use cases.  

Lastly, with the announcement of new Series I United 

States Savings Bond interest rates, Fiscal Service 

witnessed unprecedented demand for Series I savings 

bonds and a surge in call and case volumes. Fiscal 

Service executed a number of steps to respond to 

customers and focused on providing a positive customer 

experience, including: (1) adding resources to the call 

center, (2) updating to the website and phone menus to 

provide answers to common questions, and (3) developing 

system enhancements to better enable customers to 

complete transactions without requiring customer service 

support. 
Executive Summary - 24

GOAL 3: KEY PERFORMANCE DATA HIGHLIGHTS 

Measure

(Responsible Bureau/Office)

FY 19 FY 20 FY 21 FY 22 FY 22

Target Result vs Target

Dollar Amount (in billions) of Delinquent

Debt Collected through All Tools (Fiscal

Service)1

$9.65 $10.68 $5.04 $5.52 $5.26 Exceeded

Percentage of Treasury Payments Made

Electronically (Fiscal Service)2 95.6% 96.0% 96.2% 96.4% 96.4% Pending

Percentage of Total Federal Government

Receipts Settled Electronically (Fiscal

Service)3

98.4% 99.0% 99.6% 99.8% 99.0% Exceeded

Number of Paper Checks Printed Fiscal Year

to Date (millions) (Fiscal Service)4 54.2 50.5 48.8 45.7 45.7 Pending

Explanation of Results 1This measure provides the total amount of delinquent debt collected, in billions, through debt collection tools Fiscal Service

operates.  FY 2020 totals include collection of $3.4 billion from Economic Impact Payments to satisfy delinquent child support.  

Several state and federal creditor agencies suspended collection activity beginning in April 2020 due to economic concerns

around COVID‐19. 2This measure provides the portion of the total volume of electronic payments.  FY 2020, FY 2021, and FY 2022 data does not

include pandemic‐related relief payments such as economic impact payments and advance child tax credit payments.  The FY

2022 final actual is pending.

3This measure provides the percentage of total federal government revenue collection dollars settled electronically.  

4This measure provides the number of payments made via paper checks.  This measure provides the number of payments made

via paper checks.  FY 2020, FY 2021, and FY 2022 data does not include pandemic‐related relief payments such as economic

impact payments and advance child tax credit payments.  The FY 2022 final actual is pending.
Executive Summary - 25

Goal 4: Combat Climate Change 

We work ambitiously with domestic and international 

partners to emphatically respond to the challenges of 

climate change, including taking action to adapt to an 

already changing climate. With our partners, we work on 

mitigating risks associated with climate change and 

strive toward positioning the global economy for a clean 

and sustainable future. Our work in this area will 

strengthen the country’s energy security and enhance the 

country’s competitiveness in the clean energy economy.

Of the four strategic objectives for achieving this goal, the 

first is to demonstrate global leadership through reengagement with international partners to put the world 

on a sustainable climate pathway. The second strategic 

objective—assessed as a focus area of improvement in our 

FY 2022 SOAR process—aims to promote the flow of 

capital towards clean and renewable investments, 

creating a more resilient and climate-forward economy. 

The third strategic objective focuses on identifying and 

mitigating climate-related financial risks through 

improved approaches to measure, monitor, and address 

climate impacts. The fourth strategic objective focuses on 

our efforts to reduce greenhouse gas emissions, increase 

resiliency of our facilities and operations, and increase 

climate change knowledge and expertise within Treasury. 

GLOBAL CLIMATE COMMITMENT AND 

LEADERSHIP

We elevated U.S. leadership in global climate action 

through leadership roles in multilateral forums. We are 

pressing the World Bank and other development banks to 

raise their climate ambitions while pursuing existing 

development priorities. 

In October 2022, we signed a loan agreement for the 

Clean Technology Fund (CTF)—a multilateral trust fund 

that helps to scale up low carbon technologies in 

developing countries. This contribution made good on the 

U.S.’s pledge to support the CTF’s Accelerating Coal 

Transition Investment Program made at the 2021 G7 

Summit alongside G7 partners. CTF will use the loan to 

support U.S. climate commitments, including Just Energy 

Transition Partnerships. 

CLIMATE INCENTIVES AND INVESTMENT

In FY 2022, we worked with stakeholders, Congress and 

other agencies to develop proposals to use tax incentives 

to encourage individuals and businesses to invest in 

renewable energy and transmission, expand usage of 

household clean energy and energy efficient technologies, 

and drive meaningful reductions in carbon emissions.

CLIMATE-RELATED FINANCIAL RISKS

The FSOC and its members made considerable progress 

in advancing the recommendations identified in its 

October 2021 Report on Climate-Related Financial Risk, 

including significant actions members took to address 

climate related capacity building, disclosures, data, and 

risk assessments. The FSOC also established a new stafflevel interagency committee to serve as a coordinating 

body to share information, facilitate the development of 

common approaches and standards, and foster 

communication across the FSOC members. Lastly, the 

OFR conducted a data and analytics hub pilot to help the 

FSOC assess climate-related risks to financial stability.

Source: Adobe Stock

Inflation Reduction Act (IRA) 

In August 2022, Congress passed, and the

President signed into law the IRA, which makes the

largest investment in addressing climate change in

our nation’s history.  Of the IRA’s total $369 billion

climate investment, $270 billion will be delivered

via tax incentives, putting us at the forefront of

implementing this historic legislation.  
Executive Summary - 26 

SUSTAINABLE TREASURY OPERATIONS

Executive Order 14008, Tackling the Climate Crisis at 

Home and Abroad directs federal agencies to develop a 

Climate Action Plan (CAP) to assess and combat climaterelated vulnerabilities. In collaboration with the National 

Oceanic and Atmospheric Administration, we are 

developing a climate literacy curriculum that will provide 

basic education on the causes and effects of climate 

change, alongside strategies for building Departmentwide 

resiliency. Through the Increasing Treasury 

Sustainability APG, we are working to model best practices 

in sustainable operations, supporting the Department’s key 

role in the whole-of-government effort to manage climaterelated risks and enable the transition to a net-zero emissions 

economy. 

Resilience-building efforts are focused on the main 

priority action areas identified in the CAP, such as 

financial investment, real property weatherization, and 

procurement. Activities in the CAP action areas include 

the incorporation of climate risk considerations in our 

retrofitting and new construction efforts, as well as 

purchasing of renewable energy credits and energysavings performance contracts, which are critical to 

meeting the Administration’s requirements to convert our 

operations to cleaner sources of electricity. 

Other major projects to strengthen climate resiliency 

include:

 expanding the IRS’s presence in Puerto Rico, which 

will not only mitigate service disruptions from 

extreme weather, but also create jobs and allow for 

increased taxpayer access to bilingual services; 

 constructing a new, weather-resilient production 

facility in Maryland for BEP, which will greatly 

reduce operational risks associated with the current 

older Washington, D.C., facility; and 

 weatherizing and updating the Main Treasury 

building’s exterior façade, deterring water damage 

through extensive repair and restoration work. 

To provide more quantitative strategic planning support 

for adapting to and building resilience against climaterelated concerns, we considered our growing need for 

ready access to a central repository of climate data 

(quantitative, machine-readable information) in multiple 

formats (shapefiles, excel tables, csv files), as well as data 

analysts and subject matter experts who can understand 

and use the data to better propose and support policy 

decisions.

GOAL 4: KEY PERFORMANCE DATA HIGHLIGHTS 

Measure

(Responsible Bureau/Office) FY 19 FY 20 FY 21 FY 22 FY 22

Target Result vs Target

Treasury‐wide Footprint (Thousands of

Square Feet) (Management)1 33,209 32,517 32,006 TBD 31,948 TBD

Explanation of Results

1The actual FY 2022 square footage of Treasury‐wide real property is not available until December 2022, at which time the

comparison can be made of actual results versus target.
Executive Summary - 27

Goal 5: Modernize Treasury Operations 

Modernizing our operations is critical to achieving our 

mission and accomplishing our strategic priorities, which 

begins with making enterprise-wide improvements. Our 

first strategic objective under this goal—assessed as a 

focus area for improvement in our FY 2022 SOAR 

process—is intended to help us become a more diverse 

and inclusive workforce. The second strategic objective 

focuses on modernizing our workplace infrastructure and 

work routines to increase our agility, flexibility, and 

resilience. The third strategic objective—assessed as a 

focus area for improvement in our FY 2022 SOAR 

process—centers on improving Treasury’s data maturity 

and capacity for evidence building. Our fourth strategic 

objective is to create a customer-focused culture, 

leveraging approaches to improving customer experience 

and simultaneously our overall capabilities and practices.

RECRUIT AND RETAIN A DIVERSE AND INCLUSIVE 

WORKFORCE

In FY 2022, we established the Office of Diversity, Equity, 

Inclusion, and Accessibility (ODEIA), which will serve as 

a center of excellence to modernize our overall DEIA 

strategy and drive cohesive implementation and 

accountability across the departmental offices and 

bureaus. The new structure allows for a more significant, 

more concentrated, and dedicated focus on civil rights 

compliance and mitigation, as well as DEIA-related 

accountability, competencies, and transparency. 

In addition, ODEIA is championing organizational 

cultural change to move the agency into a more equitable 

organization through developing policy and innovative 

approaches. These policies are designed to ensure that 

families, businesses, and neighborhoods historically 

excluded from economic opportunities or that experienced 

persistent poverty are fully included in the nation's 

economic recovery and future growth.

The ODEIA centralizes four essential functions: 

 carrying out policy analysis on how we can unlock the 

unrealized potential of marginalized communities; 

 developing a workforce that reflects the diversity of 

the nation; 

 ensuring fair and equitable business utilization; and 

 guaranteeing compliance with civil rights laws and 

regulations. 

We made a few changes to improve our ability to 

modernize our approach to DEIA. First, we developed a 

Treasury-wide expansion of the Office of Minority and 

Women Inclusion (OMWI) (that does not duplicate or 

override the efforts of the Office of the Comptroller of the 

Currency's OMWI). We combined the OMWI with the 

Office of Civil Rights and Equal Employment 

Opportunity, formerly known as the Departmental 

Office's Office of Civil Rights and Diversity. Additionally, 

ODEIA is adding a new component – the Equity Hub. 

This new office will focus on economic analysis and public 

policy as it relates to how we ensure DEIA is a focal point 

for reaching and providing services and resources to the 

public. 

We implemented an internal DEIA Issuance System, 

through which we issue Equal Employment Opportunity, 

civil rights, diversity and inclusion, and equity guidance 

or policies to our workforce. We also published the first 

DEIA Strategic Plan to guide our work into the future. 

Furthermore, ODEIA has implemented a number of new 

initiatives to improve our focus on diversity and inclusion 

in hiring and recruitment including contracting with the 

Professional Diversity Network to specifically target a 

more diverse applicant pool for our vacancies. We rolled 

out the new DEI Learning Journey in Integrated Talent 

Management System to help managers and employees 

better understand what it means to embrace diversity 

and inclusion. We also obtained support and resources to 

establish a recruitment program and developed a 

retention program to identify ways to retain current 

employees, which we will implement across Treasury. 

Finally, we incorporated new performance standards into 

all Senior Executive Service performance plan to focus 

leadership on their role in this expanded vision for 

DEIA. 
Executive Summary - 28

In addition to ODEIA efforts, the IRS also obtained Direct 

Hire Authority (DHA) through the Office of Personnel 

Management (OPM) and the Consolidated Appropriations 

Act of 2022 to reach a broader applicant pool and reduce 

the number of days to hire. Through these authorities, 

the IRS can hire tax examiners, clerks, customer service 

representatives and critical operations support personnel. 

The OPM DHA allows 10,000 new hires through 

December 2023 and is limited to the Submission 

Processing and Accounts Management functions in the 

IRS’s Wage & Investment organization. The DHA 

granted under the Consolidated Appropriations Act of 

2022 allowed unlimited hires through September 30, 

2022, in support of backlog reduction.

FUTURE WORK ROUTINES

We displayed outstanding engagement across leadership 

and with the workforce to protect employee health and 

safety during the pandemic, while navigating re-entry of 

employees to the physical workplace. The Treasury 

COVID-19 Coordination Team, established in response to 

Executive Order 13991, Protecting the Federal Workforce 

and Requiring Mask-Wearing, continues to oversee the 

implementation of a comprehensive, science-based 

COVID-19 workplace safety plan. 

We leveraged information technology tools to: (1) simplify 

vaccination status reporting, (2) centralize information 

resources regarding re-entry, (3) enable staff to reserve 

"hoteling" spaces for remote workers, and (4) provide 

access to training and Human Resources forms required 

for remote work. We began planning for the gradual 

increase in employees reporting to the physical workplace 

in early FY 2022, and successfully completed our re-entry 

by August 2022. To support the workforce post re-entry, 

we offered new flexible work arrangements and remote 

work, deployed improved collaboration technologies for 

hybrid teams, and tested new approaches to space 

configurations and sharing.

BETTER USE OF DATA

We made good progress in formulating an initial data 

infrastructure strategy designed to maximize the value of 

data for delivering improved business outcomes. This 

strategy leverages the Foundations for Evidence-Based 

Policymaking Act of 2018 (Evidence Act) and key 

elements of the Federal Data Strategy to promote data 

sharing and use, further enabling enterprise investments 

in evidence building activities. Through this work, we are 

better positioned to leverage our newly created data 

inventory to improve enterprise visibility into our key 

data assets, which accelerates opportunities to turn data 

into insights for addressing Administration and Treasury 

leadership priorities. Enterprise-wide engagement has 

enabled us to reach consensus on several key multi-year 

priorities aligned to critical management initiatives in our 

Strategic Plan. 

Source: Adobe Stock

Professional Diversity Network 

Our new partnership with the Professional

Diversity Network strengthens our focus on

diversity hiring by intentionally matching Treasury

job announcements with a broad range of diverse

groups including People of Color, LGBTQ+,

Veterans, People with Disabilities and many

others.  This combined with the new DEIA Learning

Journey, provides managers with training to

promote hiring from a more diverse candidate

pool.  This training also supports managers and

employee awareness about inclusion to ensure we

are cultivating a culture that embraces the

diversity of new and current Treasury employees.
Executive Summary - 29

Similarly, Fiscal Service is committed to modernizing the 

publication of Fiscal Service data. Fiscal Service 

continued to make progress on FiscalData.treasury.gov, 

migrating a total of 39 datasets to the site and 

establishing continuous data feeds with eight existing 

datasets. 

CUSTOMER EXPERIENCE PRACTICES

We have a responsibility to manage customer experience 

and improve service delivery using leading practices and 

a human centered approach. Due to the large customer 

base and high impact of those served by our programs, in 

FY 2022, OMB identified Treasury as a High Impact 

Service Provider (HISP), designating the Community 

Development Financial Institutions Fund and Fiscal 

Service’s Direct Express programs as High Impact 

Services. In addition, the IRS continues to be designated 

as an HISP. 

In May 2022, we launched a customer experience (CX) 

Community of Practice that brings together CX leaders 

and practitioners from across Treasury to build a 

customer-centric culture, foster collaboration, and share 

CX best practices and knowledge. Several of our offices 

have established dedicated CX teams, including a 

Taxpayer Experience Office at the IRS and the Office of 

the Chief Customer Officer at Fiscal Service. 

GOAL 5: KEY PERFORMANCE DATA HIGHLIGHTS 

Measure

(Responsible Bureau/Office) FY 19 FY 20 FY 21 FY 22 FY 22

Target Result vs Target

Percentage of Aged Hardware (IRS)1 31.0% 16.0% 9.3% 7.1% 20% Exceeds

Treasury‐wide EVS Satisfaction Index

(Management)2 65% 71% 67% 65% 67% Unmet

Explanation of Results

1The percent of aged hardware was 7.1 percent which exceeded the 20 percent target for FY 2022.  The major driver in

exceeding this goal was the focus on hardware selections and timely refresh implementations.  For FY 2023, IRS will continue

with standard operations and review options for process improvements.

2The Federal Employee Viewpoint Survey (FEVS) is the primary tool that agencies use to measure employee sentiment.  Each

year, we track and report on the FEVS Overall Satisfaction Index which comprises three FEVS satisfaction questions.  
Executive Summary - 30 

ENTERPRISE RISK MANAGEMENT

FRAMEWORK

OMB Circular No. A-123, Management’s Responsibility 

for Enterprise Risk Management and Internal Control, 

provides guidance to federal managers to effectively 

manage risks to achieve strategic objectives. 

Management, together with the Chief Risk Officer (CRO), 

is responsible for establishing a governance structure to 

implement a robust process of risk management and 

internal control, as well as an enterprise-wide risk profile. 

Successful implementation requires us to establish and 

foster an open and transparent culture that encourages 

personnel to communicate information about potential 

risks and other concerns that impact our programs and 

operations. 

The CRO meets regularly with senior leaders to discuss 

top risks to critical programs, systems, projects, and 

priorities, including response strategies. The Office of 

Risk Management (ORM) also established an Enterprise 

Risk Management (ERM) Council, chaired by the Deputy 

CRO, which brings together risk managers from each of 

our bureaus and policy offices on a bi-monthly basis to 

share best practices and discuss risks. ORM works with 

the bureaus and policy offices across Treasury to monitor 

and annually update our risk profile. 

Beyond its work at Treasury, ORM leads an interagency 

ERM community of practice including officials from more 

than 50 federal agencies. This group originated from 

ORM’s efforts to support agencies in their implementation 

of ERM, including the July 2016 publication of the 

Playbook: Enterprise Risk Management for the U.S. 

Federal Government. This government-wide working 

group meets bimonthly to discuss common risks and 

various methods of implementing the guidelines of the 

circular.

RISKS AND CHALLENGES

Through the FY 2022 SOAR and enterprise risk 

management process, we identified the following crosscutting operational risks. 

Evolving Cyber Climate: We and the financial services 

sector face increasing attacks from criminal and nationstate threat actors attempting to disrupt operations or 

steal data from sensitive systems. The tactics, 

techniques, and procedures that these threat actors 

employ are constantly evolving.

Human Resources: Our mission capability and capacity 

may be eroded due to operational challenges in human 

resources, such as in the areas of recruitment, training 

and development, personnel security, and diversity and 

inclusion. These challenges may be intensified when 

paired with changing mission and skill requirements. 

Prioritizing Objectives to Effectively Leverage Limited 

Resources: We have many extremely important ongoing 

missions and are also at the forefront of several new 

initiatives to improve our economy and return it to a 

stable footing. Due to uncertain funding amounts and 

timing, new or changing legislative requirements, and 

reduced capacity, we may not be agile enough to 

sufficiently balance new initiatives with existing 

requirements or projects. 

Data and Evidence: Infrastructure, Analytics 

Capabilities, and Sharing: Insufficient or aging IT 

infrastructure, lack of data accessibility and reliability, or 

inability to successfully use and interpret data may 

deteriorate our decision-making ability in critical mission 

areas.

Significant Disruptions to Operations: We may face 

significant disruptions to operations, due to climate 

change, natural disasters, terrorist events, pandemics, or 

a lapse in appropriations. This may impact our ability to 

successfully deliver on our mission, constrain our progress 

in critical work areas, and create challenges for 

employees, contractors, customers, and taxpayers. 

Procurement, Acquisition, and Vendors: Our ability to 

achieve mission outcomes through procuring high-quality 

goods and services may be negatively affected by the everincreasing complex burden layered on the procurement 

environment and the decline of available acquisition 

program management skillsets.
Executive Summary - 31 

CLIMATE-RELATED RISKS AND CHALLENGES

We issue broad guidelines rather than overly restrictive instructions for conducting climate risk assessments as we have 

diverse missions and operations. These guidelines included, but were not limited to, key factors such as flooding, heat, and 

extreme weather (e.g., hurricanes). Additionally, climate change presents challenges through supply chain disruptions, since 

extreme weather events in other areas of the world may affect production of critical materials that we need to complete our 

mission. Such disruptions may be similar to the supply chain shortage experienced during the COVID-19 pandemic. While 

we have several efforts under way to address these risks across the Department, a significant gap exists in the need for a 

central repository of climate, data, as well as data analysts and subject matter experts who can understand and use the data 

to propose and support policy decisions.   
Executive Summary - 32 

FY 2023 STRATEGIC OUTLOOK

In March 2022, we published our FY 2022 – 2026 

Strategic Plan, which describes the long-term goals and 

objectives we aim to achieve during this Administration, 

building from the progress we made and the challenges 

we identified.

Our FY 2022 SOAR outlined several critical leadership 

actions in the following priority areas for the coming year: 

(1) transparency in the financial system; (2) financial 

innovation; (3) climate incentives and investment; (4) 

diverse and inclusive workforce; and (5) better use of 

data.

Looking ahead, we will make progress in these areas and 

other key priorities through several targeted initiatives:

 implement the Transparency in the Financial System 

APG, establishing a robust regulatory framework to 

ensure timely information on the highest priority 

threats to combat criminals’ misuse of companies 

(Goal 2: Enhance National Security); 

 support legislative proposals that advance payment 

integrity and financial management innovation 

programs (Goal 3: Protect Financial Stability and 

Resiliency); 

 implement tax incentives for climate-friendly 

investments and energy security tax credits for 

manufacturing as authorized by the IRA (Goal 4: 

Combat Climate Change); 

 implement the Equity Action Plan, consistent with 

Executive Order 13985: Advancing Racial Equity and 

Support for Underserved Communities through the 

Federal Government, which outlines how we are 

building the infrastructure necessary to identify and 

reduce barriers to equal opportunity and to help 

ensure that our programs and services better reach 

historically underserved communities. The standingup of the ODEIA helped develop and drive DEIA 

strategy across Treasury (Goal 5: Modernize 

Treasury Operations); and 

 prioritize recommended actions in our EvidenceBuilding Capacity Assessment to help inform 

investment and resource alignment decisions and 

determine how we can best coordinate to address 

gaps in evidence building and use (Goal 5: Modernize 

Treasury Operations). 

In addition, we will work diligently to support 

implementation of the IRA, legislation that takes a 

critical step toward correcting the two-tiered tax system 

to ensure large corporations and high-income earners 

cannot avoid paying the taxes they owe, as well as 

making operational improvements to enhance taxpayer 

experience. 

The IRA also addresses climate change, putting Treasury 

at the forefront of implementing this historic legislation. 

We have begun work on implementation, which will be a 

priority over the coming year as many of the law’s 

provisions take effect in FY 2023. 
Executive Summary - 33

ADDITIONAL INFORMATION

HUMAN CAPITAL PLAN IMPLEMENTATION 

In FY 2023, Treasury’s Human Capital Community will continue its efforts to recruit, engage, and retain a 

diverse workforce that represents the communities that Treasury serves. The following highlights several of the 

strategies on which we will focus during FY 2023: 

 Establish a Treasury wide Workforce Planning policy, process, and tools, to align strategic planning 

with the talent pipeline, create a clear view of talent demand and supply issues (workforce gaps), 

provide managers with reports and tools to determine the impact of talent decisions and prioritize 

future workforce investments, provide leaders insight to talent risks before impacting business 

objectives, and control unplanned talent costs and employee productivity limitations 

 Establish a Treasury wide Recruitment Program and Recruitment Council 

 Optimize the use of workforce flexibilities to enhance recruitment and retention outcomes to include 

increasing telework options and participation and increasing targeted use of recruitment flexibilities 

 Improve employees’ Intrinsic Work Experience as measured by the Federal Employee Viewpoint 

Survey (FEVS) by working with Bureaus to widely utilize Treasury’s new Empowerment and 

Innovation curriculum 

 Enhance employees' sense of psychological safety by improving training and communications on Merit 

System Principles and Whistleblower Protections 

 Develop detailed plans to reduce Employee Engagement gaps in two key demographic groups (LGBTQ+ 

and Disabled) 

 Improve the overall employee experience by partnering with the Bureaus to identify organizations that, 

according to FEVS results, need additional support and resources to address employee concerns and 

develop plans to provide the needed assistance 

 Provide oversight and direction of key HRIT enhancements and investments 

 Expand Treasury’s Evaluation System Assessment and Accountability program, through policy, 

guidance, and oversight to include the implementation of the Maturity Advancement Plan 

 Lead National Security Memorandum 3 Finance and Economic Interagency efforts 

 Develop a Treasury wide approach for conducting mission critical competency assessments and support 

bureau competency assessment activities 

 Enhance HR hiring reports and dashboards by incorporating additional data elements made available 

by the migration to USA Staffing 

SUMMARY OF MANAGEMENT AND PERFORMANCE CHALLENGES 

In accordance with the Reports Consolidation Act of 2000, the Inspectors General are required to provide the 

Secretary of the Treasury with their perspective on the most serious management and performance challenges 

facing the Department of the Treasury. At the end of each fiscal year, the Treasury Office of Inspector General 
Executive Summary - 34

(OIG) and Treasury Inspector General for Tax Administration (TIGTA) send an update of these management 

challenges to the Secretary of the Treasury (hereafter referred to as “Secretary”) and cite any new challenges for 

the upcoming fiscal year. The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) 

identifies their management or performance challenges for the Office of Financial Stability (OFS) separately in 

their quarterly report to Congress. This section contains the OIG and TIGTA identified management and 

performance challenges and management’s response.2

In this year’s memorandum, OIG reported five challenges, one of which is new and reports on the challenges faced 

with implementing climate initiatives. As shown below, four challenges are repeated and updated from last year 

to include Treasury’s continued role in combatting the economic fallout of the Coronavirus Disease 2019 (COVID19) global pandemic, as well as its impacts on related workforce and workstreams. 

 COVID-19 Pandemic Relief (Repeat) 

 Cyber Threats (Repeat) 

 Anti-Money Laundering/ Terrorist Financing and Bank Secrecy Act Enforcement (Repeat) 

 Information Technology Acquisition and Project Management (Repeat) 

 Climate Initiatives Risk (New) 

In addition to the above challenges, we are reporting a concern about regulating digital assets. 

OIG identified challenges and a concern based on the threat they pose to Treasury’s mission and stakeholders’ 

interests. They also acknowledge the Department’s accomplishments and efforts over the past year to address 

critical matters as noted within each challenge. That said, the COVID-19 pandemic caused a global health 

emergency and economic crisis that Treasury continues to tackle. Furthermore, Treasury will continue to provide 

financial assistance to the transportation industry and to all 50 states, units of local government, U.S. territories, 

and tribal governments for the foreseeable future. Treasury will need to continue to act swiftly and draw on its 

existing resources to meet economic needs. 

TIGTA – Identified Management Challenges 

For FY 2023, TIGTA identified the IRS’s top management and performance challenges as: 

 Improving Taxpayer Service; 

 Protecting Taxpayer Data and IRS Resources; 

 Modernizing IRS Operations; 

 Administering Tax Law Changes; 

 Increasing Domestic and International Tax Compliance and Enforcement; and 

 Reducing Tax Fraud and Improper Payments.

GAO – Identified High-Risk Areas

 Modernizing the U.S Financial Regulatory System (OFR/FSOC/OCC/Federal Reserve); and 

 Enforcement of Tax Laws (IRS). 

2 The FY 2022 AFR is available at https://home.treasury.gov/system/files/266/Treasury‐FY‐2022‐AFR.pdf . The

response letters are on pages 218‐227 (OIG) and 241‐244 (TIGTA).
Executive Summary - 35

GOOD ACCOUNTING OBLIGATION IN GOVERNMENT ACT (GAO-IG ACT) 

The Good Accounting Obligation in Government Act (the Act) requires each Federal agency to include, in its 

annual budget justification, a report that identifies each public recommendation issued by the Government 

Accountability Office (GAO) and the agency's inspector(s) general (IGs) that has remained unimplemented for 

one year or more from the budget justification submission date. In compliance with the Act, Treasury has 

included a report listing each public recommendation issued by GAO, Treasury Office of Inspector General 

(OIG), and Treasury Inspector General for Tax Administration (TIGTA). For recommendations with which 

Treasury agreed, this report provides timelines for full implementation of the planned corrective actions (PCAs). 

For recommendations with completed PCAs, this report indicates the status as "Implemented and Awaiting 

Auditor Verification." For recommendations with which Treasury disagreed or did not implement corrective 

actions due to budgetary constraints or other factors, this report indicates their status as either "Rejected" or 

"On Hold," respectively. For recommendations where Treasury did not formally respond or take action, this 

report indicates “No Action Taken.” 

The Act also requires a reconciliation between the agency records of unimplemented recommendations and each 

IGs' Semiannual Report to Congress (SAR). Treasury IGs use the same system (Treasury’s Joint Audit 

Management Enterprise System (JAMES)) for the reporting of unimplemented recommendations in the SAR. In 

addition, Treasury IGs have direct access to JAMES and regularly review and validate the recommendation 

implementation status recorded in JAMES by conducting corrective action verifications and follow-up audits. A 

reconciliation table is provided as part of this report to illustrate that the discrepancies between this report and 

the SAR are due to differences in reporting criteria. 

The information used to create this report is based on JAMES and GAO’s recommendations database available 

on www.gao.gov. 

Reporting Methodology and Report Structure 

This report includes GAO, OIG, and TIGTA recommendations issued up through 01/31/2022 that remained 

unimplemented for one year or more from the planned fiscal year 2024 budget justification submission date. 

The report has five parts: 

Appendix 1: A report listing GAO recommendations and their implementation status. 

Appendix 2: A report listing OIG recommendations and their implementation status. 

Appendix 3: A report listing TIGTA recommendations and their implementation status. 

Appendix 4: A reconciliation of this report and the IGs’ SARs. 

Appendix 5: A listing of acronyms used throughout this report. 

This year’s report with executive summaries and other detailed reports are available on Treasury’s website at 

https://home.treasury.gov/about/budget-financial-reporting-planning-and-performance/good-accountingobligation-in-government-act-gao-ig-act-reports. 
Executive Summary - 36

EVIDENCE ACT 

The Foundations for Evidence-Based Policymaking Act ("Evidence Act"), Public Law 115-435, takes steps to 

advance evidence-building functions in the Federal government. The law builds on existing Federal policies and 

data infrastructure investments to support information quality, access, and use. Treasury’s FY 2024 budget 

requests funding to increase capacity for evidence-building activities, including research, statistics, and 

evaluation. The Budget also proposes funds to evaluate Treasury programs. The Annual Performance Plan and 

Report section of each budget chapter (Section II, part B) highlights the ways in which evidence, including 

program evaluation and research findings, was used to further the agency’s understanding of program 

performance, establish performance goals, and inform future priorities. Additionally, where the agency made 

changes to performance measures, the Annual Performance Plan and Report (Section II, Part C) describes how 

evidence informed these changes. 

Treasury’s FY 2022 – 2026 Learning Agenda is set of priority questions designed to generate evidence through 

research, evaluation, or analysis to inform agency decision-making on policy development or program 

administration. The Learning Agenda includes questions about past program performance and potential 

strategies or approaches to improve performance and meet agency goals. Additionally, the Treasury FY 2024 

Annual Evaluation Plan identifies significant evaluations that Treasury plans to conduct next year to evaluate 

critical programs and develop evidence in support of the agency’s learning agenda. Finally, the Treasury FY 

2022 – 2026 Capacity Assessment highlights areas of agency strength and opportunities to increase the use of 

evidence, including performance data and evaluation findings, to guide decision-making. As Treasury works to 

strengthen its overall capacity for evidence-building and enterprise governance, the agency will continue to 

consider how evidence can be used to inform performance planning and reporting.3 

IDEA ACT 

As required by section 3(b)(2) of Public Law 115-336, 132 Stat. 5025-5028, the 21st Century Integrated Digital 

Experience Act (21st Century IDEA or the Act), Treasury will provide a report to Congress highlighting 

progress across the enterprise and an integrated approach to modernize agency websites and digital services. 

This report will include major accomplishments and continued progress in design standardization, bureau 

website and application modernization, and IDEA compliance for recovery efforts. As required in Section 4(d), 

Treasury will also continue to digitize all paper-based forms related to serving the public and centralize access 

to these forms. Please see U.S. Department of the Treasury Public Law 115-336, “21st Century Integrated 

Digital Experience Act” December 2022 Report Prepared for the Office of Management and Budget and the 

public per the requirements of section 3(d) of Public Law 115-336. for more information. 

3 The Treasury FY 2022 – 2026 Learning Agenda and Capacity Assessment and the FY 2024 Annual Evaluation Plan are 

available at: https://home.treasury.gov/about/budget-financial-reporting-planning-and-performance/budget-requestannualperformance-plan-and-reports 
Executive Summary - 37

MACHINE READABLE SUMMARY TABLES 

Treasury has developed, for online posting, machine-readable files of the budget summary tables in the 

executive summary chapter of the FY 2024 Congressional Budget Justification. Please see the following link for 

more information:  https://home.treasury.gov/about/budget-financial-reporting-planning-andperformance/budget-requestannual-performance-plan-and-reports. 
Executive Summary - 38

SUMMARY OF FY 2023 APPROPRIATIONS LANGUAGE

DEPARTMENTAL OFFICES 

SALARIES AND EXPENSES 

For necessary expenses of the Departmental Offices including operation and maintenance of the 

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

maintenance, repairs, and improvements of, and purchase of commercial insurance policies for, 

real properties leased or owned overseas, when necessary for the performance of official 

business; executive direction program activities; international affairs and economic policy 

activities; domestic finance and tax policy activities, including technical assistance to State, 

local, and territorial entities; and Treasury-wide management policies and programs activities, 

[$273,882,000]$332,199,000, of which not less than [$12,000,000]$9,000,000 shall be available 

for the administration of financial assistance, in addition to amounts otherwise available for such 

purposes: Provided, That of the amount appropriated under this heading— (1) not to exceed 

$350,000 is for official reception and representation expenses; (2) not to exceed $258,000 is for 

unforeseen emergencies of a confidential nature to be allocated and expended under the direction 

of the Secretary of the Treasury and to be accounted for solely on the Secretary's certificate; and 

(3) not to exceed [$34,000,000]$42,000,000 shall remain available until September 30, 

[2024]2025, for— (A) the Treasury-wide Financial Statement Audit and Internal Control 

Program; (B) information technology modernization requirements; (C) the audit, oversight, and 

administration of the Gulf Coast Restoration Trust Fund; (D) the development and 

implementation of programs within the Office of Cybersecurity and Critical Infrastructure 

Protection, including entering into cooperative agreements; (E) operations and maintenance of 

facilities;[ and] (F) international operations; and (G) investment security. 

OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE 

SALARIES AND EXPENSES 

For the necessary expenses of the Office of Terrorism and Financial Intelligence to safeguard the 

financial system against illicit use and to combat rogue nations, terrorist facilitators, weapons of 

mass destruction proliferators, human rights abusers, money launderers, drug kingpins, and other 

national security threats, [$216,059,000]$244,000,000, of which not less than $3,000,000 shall 

be available for addressing human rights violations and corruption, including activities 

authorized by the Global Magnitsky Human Rights Accountability Act (22 U.S.C. 2656 note): 

Provided, That of the amounts appropriated under this heading, up to [$12,000,000] $16,000,000

shall remain available until September 30, [2024]2025. 

CYBERSECURITY ENHANCEMENT ACCOUNT 

For salaries and expenses for enhanced cybersecurity for systems operated by the Department of 

the Treasury, [$100,000,000]$215,000,000, to remain available until September 30, [2025]2026: 

Provided, That such funds shall supplement and not supplant any other amounts made available 

to the Treasury offices and bureaus for cybersecurity: Provided further, That of the total amount 

made available under this heading [$6,000,000]$9,000,000 shall be available for administrative 

expenses for the Treasury Chief Information Officer to provide oversight of the investments 

made under this heading: Provided further, That such funds shall supplement and not supplant 

any other amounts made available to the Treasury Chief Information Officer. 
Executive Summary - 39

DEPARTMENT-WIDE SYSTEMS AND CAPITAL INVESTMENTS PROGRAM 

For development and acquisition of automatic data processing equipment, software, and 

services; for the hire of zero emission passenger motor vehicles and for supporting charging or 

fueling infrastructure; for expenses related to realignment of leased office space within the 

District of Columbia; and for repairs and renovations to buildings owned by the Department of 

the Treasury, [$11,118,000] $30,881,205, to remain available until September 30, [2025] 2026: 

Provided, That these funds shall be transferred to accounts and in amounts as necessary to satisfy 

the requirements of the Department's offices, bureaus, and other organizations: Provided further, 

That this transfer authority shall be in addition to any other transfer authority provided in this 

Act: Provided further, That none of the funds appropriated under this heading shall be used to 

support or supplement "Internal Revenue Service, Operations Support" or "Internal Revenue 

Service, Business Systems Modernization". 

OFFICE OF THE INSPECTOR GENERAL 

SALARIES AND EXPENSES 

For necessary expenses of the Office of Inspector General in carrying out the provisions of the 

Inspector General Act of 1978, [$48,878,000]$49,180,000, including hire of passenger motor 

vehicles; of which not to exceed $100,000 shall be available for unforeseen emergencies of a 

confidential nature, to be allocated and expended under the direction of the Inspector General of 

the Treasury; of which up to $2,800,000 to remain available until September 30, [2024]2025, 

shall be for audits and investigations conducted pursuant to section 1608 of the Resources and 

Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast 

States Act of 2012 (33 U.S.C. 1321 note); and of which not to exceed $1,000 shall be available 

for official reception and representation expenses. 

COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES 

For necessary expenses of the Committee on Foreign Investment in the United States, 

$21,000,000, to remain available until expended: Provided, That the chairperson of the 

Committee may transfer such amounts to any department or agency represented on the 

Committee (including the Department of the Treasury) subject to advance notification to the 

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

That amounts so transferred shall remain available until expended for expenses of implementing 

section 721 of the Defense Production Act of 1950, as amended (50 U.S.C. 4565), and shall be 

available in addition to any other funds available to any department or agency: Provided further, 

That fees authorized by section 721(p) of such Act shall be credited to this appropriation as 

offsetting collections: Provided further, That the total amount appropriated under this heading 

from the general fund shall be reduced as such offsetting collections are received during fiscal 

year [2023] 2024, so as to result in a total appropriation from the general fund estimated at not 

more than $0. 
Executive Summary - 40

TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION 

SALARIES AND EXPENSES 

For necessary expenses of the Treasury Inspector General for Tax Administration in carrying out 

the Inspector General Act of 1978, as amended, including purchase and hire of passenger motor 

vehicles (31 U.S.C. 1343(b)); and services authorized by 5 U.S.C. 3109, at such rates as may be 

determined by the Inspector General for Tax Administration; [$174,250,000]$187,368,000, of 

which $5,000,000 shall remain available until September 30, [2024]2025; of which not to exceed 

$6,000,000 shall be available for official travel expenses; of which not to exceed $500,000 shall 

be available for unforeseen emergencies of a confidential nature, to be allocated and expended 

under the direction of the Inspector General for Tax Administration; and of which not to exceed 

$1,500 shall be available for official reception and representation expenses. 

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND PROGRAM 

ACCOUNT 

To carry out the Riegle Community Development and Regulatory Improvement Act of 1994 

(subtitle A of title I of Public Law 103–325), including services authorized by section 3109 of 

title 5, United States Code, but at rates for individuals not to exceed the per diem rate equivalent 

to the rate for EX-III, [$324,000,000]$341,478,343. Of the amount appropriated under this 

heading— (1) not less than [$196,000,000]$201,179,343, notwithstanding section 108(e) of 

Public Law 103–325 (12 U.S.C. 4707(e)) with regard to Small and/or Emerging Community 

Development Financial Institutions Assistance awards, is available until September 30, [2024] 

2025, for financial assistance and technical assistance under subparagraphs (A) and (B) of 

section 108(a)(1), respectively, of Public Law 103–325 (12 U.S.C. 4707(a)(1)(A) and (B)), of 

which up to $1,600,000 may be available for training and outreach under section 109 of Public 

Law 103–325 (12 U.S.C. 4708), of which up to $3,153,750 may be used for the cost of direct 

loans, of which up to $10,000,000, notwithstanding subsection (d) of section 108 of Public Law 

103–325 (12 U.S.C. 4707(d)), may be available to provide financial assistance, technical 

assistance, training, and outreach to community development financial institutions to expand 

investments that benefit individuals with disabilities[, and of which up to $2,000,000 shall be for 

the Economic Mobility Corps to be operated in conjunction with the Corporation for National 

and Community Service, pursuant to 42 U.S.C. 12571]: Provided, That the cost of direct and 

guaranteed loans, including the cost of modifying such loans, shall be as defined in section 502 

of the Congressional Budget Act of 1974: Provided further, That these funds are available to 

subsidize gross obligations for the principal amount of direct loans not to exceed $25,000,000: 

Provided further, That of the funds provided under this paragraph, excluding those made to 

community development financial institutions to expand investments that benefit individuals 

with disabilities and those made to community development financial institutions that serve 

populations living in persistent poverty counties, the CDFI Fund shall prioritize Financial 

Assistance awards to organizations that invest and lend in high-poverty areas: Provided further, 

That for purposes of this section, the term "high-poverty area" means any census tract with a 

poverty rate of at least 20 percent as measured by the 2016–2020 5-year data series available 

from the American Community Survey of the Bureau of the Census for all States and Puerto 

Rico or with a poverty rate of at least 20 percent as measured by the 2010 Island areas Decennial 

Census data for any territory or possession of the United States; (2) not less than $25,000,000, 

notwithstanding section 108(e) of Public Law 103–325 (12 U.S.C. 4707(e)), is available until 
Executive Summary - 41

September 30, [2024] 2025, for financial assistance, technical assistance, training, and outreach 

programs designed to benefit Native American, Native Hawaiian, and Alaska Native 

communities and provided primarily through qualified community development lender 

organizations with experience and expertise in community development banking and lending in 

Indian country, Native American organizations, Tribes and Tribal organizations, and other 

suitable providers; (3) not less than $35,000,000 is available until September 30, [2024] 2025, 

for the Bank Enterprise Award program; (4) not less than $24,000,000, notwithstanding 

subsections (d) and (e) of section 108 of Public Law 103–325 (12 U.S.C. 4707(d) and (e)), is 

available until September 30, [2024] 2025, for a Healthy Food Financing Initiative to provide 

financial assistance, technical assistance, training, and outreach to community development 

financial institutions for the purpose of offering affordable financing and technical assistance to 

expand the availability of healthy food options in distressed communities; (5) not less than 

$9,000,000 is available until September 30, [2024] 2025, to provide grants for loan loss reserve 

funds and to provide technical assistance for small dollar loan programs under section 122 of 

Public Law 103–325 (12 U.S.C. 4719): Provided, That sections 108(d) and 122(b)(2) of such 

Public Law shall not apply to the provision of such grants and technical assistance; (6) up to 

[$35,000,000]$37,299,000 is available for administrative expenses, including administration of 

CDFI Fund programs and the New Markets Tax Credit Program, of which not less than 

$1,000,000 is for the development of tools to better assess and inform CDFI investment 

performance and CDFI program impacts, and up to $300,000 is for administrative expenses to 

carry out the direct loan program; and (7) [during fiscal year 2023, none of the funds available 

under this heading are available ]up to $10,000,000 is available until September 30, 2025, for the 

cost, as defined in section 502 of the Congressional Budget Act of 1974, of commitments to 

guarantee bonds and notes under section 114A of the Riegle Community Development and 

Regulatory Improvement Act of 1994 (12 U.S.C. 4713a): Provided, That commitments to 

guarantee bonds and notes under such section 114A shall not exceed $500,000,000: Provided 

further, That such section 114A shall remain in effect until December 31, [2023] 2025: Provided 

further, That of the funds awarded under this heading[, except those provided for the Economic 

Mobility Corps], not less than 10 percent shall be used for awards that support investments that 

serve populations living in persistent poverty counties: Provided further, That for the purposes of 

this paragraph and paragraph (1), the term "persistent poverty counties" means any county, 

including county equivalent areas in Puerto Rico, that has had 20 percent or more of its 

population living in poverty over the past 30 years, as measured by the 1990 and 2000 decennial 

censuses and the 2016–2020 5-year data series available from the American Community Survey 

of the Bureau of the Census or any other territory or possession of the United States that has had 

20 percent or more of its population living in poverty over the past 30 years, as measured by the 

1990, 2000 and 2010 Island Areas Decennial Censuses, or equivalent data, of the Bureau of the 

Census.

SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF 

PROGRAM 

SALARIES AND EXPENSES 

[For necessary expenses of the Office of the Special Inspector General in carrying out the 

provisions of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343), 

$9,000,000.]
Executive Summary - 42

FINANCIAL CRIMES ENFORCEMENT NETWORK 

SALARIES AND EXPENSES 

For necessary expenses of the Financial Crimes Enforcement Network, including hire of 

passenger motor vehicles; travel and training expenses of non-Federal and foreign government 

personnel to attend meetings and training concerned with domestic and foreign financial 

intelligence activities, law enforcement, and financial regulation; services authorized by 5 U.S.C. 

3109; not to exceed $25,000 for official reception and representation expenses; and for assistance 

to Federal law enforcement agencies, with or without reimbursement, 

[$190,193,000]$228,908,000, of which not to exceed [$55,000,000]$94,600,000 shall remain 

available until September 30, [2025] 2026. (Department of the Treasury Appropriations Act, 

2023.) 

BUREAU OF THE FISCAL SERVICE 

SALARIES AND EXPENSES 

For necessary expenses of operations of the Bureau of the Fiscal Service, [$372,485,000] 

$399,263,000; of which not to exceed $8,000,000, to remain available until September 30, 

[2025] 2026, is for information systems modernization initiatives; and of which $5,000 shall be 

available for official reception and representation expenses. In addition, [$165,000] $225,000, to 

be derived from the Oil Spill Liability Trust Fund to reimburse administrative and personnel 

expenses for financial management of the Fund, as authorized by section 1012 of Public Law 

101–380. 

ALCOHOL AND TOBACCO TAX AND TRADE BUREAU 

SALARIES AND EXPENSES 

For necessary expenses of carrying out section 1111 of the Homeland Security Act of 2002, 

including hire of passenger motor vehicles, [$148,863,000]$155,604,000; of which not to exceed 

$6,000 shall be available for official reception and representation expenses; and of which not to 

exceed $50,000 shall be available for cooperative research and development programs for 

laboratory services; and provision of laboratory assistance to State and local agencies with 

or without reimbursement: Provided, That of the amount appropriated under this heading, 

$5,000,000 shall [be for the costs of accelerating the processing of formula and label 

applications: Provided further, That of the amount appropriated under this heading, $5,000,000, 

to remain available until September 30, 2024, shall be for the costs associated with enforcement 

of and education regarding the trade practice provisions of the Federal Alcohol Administration 

Act (27 U.S.C. 201 et seq.)] remain available until September 30, 2025. 
Executive Summary - 43

UNITED STATES MINT PUBLIC ENTERPRISE FUND 

Pursuant to section 5136 of title 31, United States Code, the United States Mint is provided 

funding through the United States Mint Public Enterprise Fund for costs associated with the 

production of circulating coins, numismatic coins, and protective services, including both 

operating expenses and capital investments: Provided, That the aggregate amount of new 

liabilities and obligations incurred during fiscal year [2023] 2024 under such section 5136 for 

circulating coinage and protective service capital investments of the United States Mint shall not 

exceed $50,000,000. 

INTERNAL REVENUE SERVICE 

TAXPAYER SERVICES 

For necessary expenses of the Internal Revenue Service to provide taxpayer services, including 

pre-filing assistance and education, filing and account services, taxpayer advocacy services, and 

other services as authorized by 5 U.S.C. 3109, at such rates as may be determined by the 

Commissioner, [$2,780,606,000]$3,422,449,000, of which not to exceed $100,000,000 shall 

remain available until September 30, [2024] 2025, of which not less than $11,000,000 shall be 

for the Tax Counseling for the Elderly Program, of which not less than $26,000,000 shall be 

available for low-income taxpayer clinic grants, including grants to individual clinics of up to 

$200,000, of which not less than $40,000,000, to remain available until September 30, [2024] 

2025, shall be available for the Community Volunteer Income Tax Assistance Matching Grants 

Program for tax return preparation assistance, and of which not less than $236,000,000 shall be 

available for operating expenses of the Taxpayer Advocate Service: Provided, That of the 

amounts made available for the Taxpayer Advocate Service, not less than $7,000,000 shall be for 

identity theft and refund fraud casework. 

ENFORCEMENT 

For necessary expenses for tax enforcement activities of the Internal Revenue Service to 

determine and collect owed taxes, to provide legal and litigation support, to conduct criminal 

investigations, to enforce criminal statutes related to violations of internal revenue laws and other 

financial crimes, to purchase and hire passenger motor vehicles (31 U.S.C. 1343(b)), and to 

provide other services as authorized by 5 U.S.C. 3109, at such rates as may be determined by the 

Commissioner, [$5,437,622,000]$5,904,441,000; of which not to exceed $250,000,000 shall 

remain available until September 30, [2024] 2025; of which not less than $60,257,000 shall be 

for the Interagency Crime and Drug Enforcement program; and of which not to exceed 

$25,000,000 shall be for investigative technology for the Criminal Investigation Division: 

Provided, That the amount made available for investigative technology for the Criminal 

Investigation Division shall be in addition to amounts made available for the Criminal 

Investigation Division under the "Operations Support" heading. 

OPERATIONS SUPPORT 

For necessary expenses to operate the Internal Revenue Service to support taxpayer services and 

enforcement programs, including rent payments; facilities services; printing; postage; physical 

security; headquarters and other IRS-wide administration activities; research and statistics of 

income; telecommunications; information technology development, enhancement, operations, 
Executive Summary - 44

maintenance and security; the hire of passenger motor vehicles (31 U.S.C. 1343(b)); the 

operations of the Internal Revenue Service Oversight Board; and other services as authorized 

by 5 U.S.C. 3109, at such rates as may be determined by the Commissioner; 

[$4,100,826,000]$4,520,076,000, of which not to exceed $275,000,000 shall remain available 

until September 30, [2024] 2025; of which not to exceed $10,000,000 shall remain available 

until expended for acquisition of equipment and construction, repair and renovation of facilities; 

of which not to exceed $1,000,000 shall remain available until September 30, [2025] 2026, for 

research; and of which not to exceed $20,000 shall be for official reception and representation 

expenses: Provided, That not later than 30 days after the end of each quarter, the Internal 

Revenue Service shall submit a report to the Committees on Appropriations of the House of 

Representatives and the Senate and the Comptroller General of the United States detailing major 

information technology investments in the Internal Revenue Service [Integrated Modernization 

Business Plan] portfolio, including detailed, plain language summaries on the status of plans, 

costs, and results; prior results and actual expenditures of the prior quarter; upcoming 

deliverables and costs for the fiscal year; risks and mitigation strategies associated with ongoing 

work; reasons for any cost or schedule variances; and total expenditures by fiscal year: Provided 

further, That the Internal Revenue Service shall include, in its budget justification for fiscal year 

[2024] 2025, a summary of cost and schedule performance information for its major information 

technology systems. 

BUSINESS SYSTEMS MODERNIZATION 

For necessary expenses of the Internal Revenue Service's business systems modernization 

program, $289,619,000, to remain available until September 30, 2026, and shall be for the 

capital asset acquisition of information technology systems, including management and related 

contractual costs of said acquisitions, including related Internal Revenue Service labor costs, 

and contractual costs associated with operations authorized by 5 U.S.C. 3109: Provided, That 

not later than 30 days after the end of each quarter, the Internal Revenue Service shall submit a 

report to the Committees on Appropriations of the House of Representatives and the Senate and 

the Comptroller General of the United States detailing major information technology 

investments in the Internal Revenue Service portfolio including detailed, plain language 

summaries on the status of plans, costs, and results; prior results and actual expenditures of the 

prior quarter; upcoming deliverables and costs for the fiscal year; risks and mitigation 

strategies associated with ongoing work; reasons for any cost or schedule variances; and total 

expenditures by fiscal year. 

ADMINISTRATIVE PROVISIONS— INTERNAL REVENUE SERVICE 

SEC. 101. Not to exceed 5 percent of the appropriation made available in this Act to the Internal 

Revenue Service under the "Enforcement" heading, and not to exceed 5 percent of any other 

appropriation made available in this Act to the Internal Revenue Service, may be transferred to 

any other Internal Revenue Service appropriation upon the advance approval of the Committees 

on Appropriations of the House of Representatives and the Senate. 

SEC. 102. The Internal Revenue Service shall maintain an employee training program, which 

shall include the following topics: taxpayers' rights, dealing courteously with taxpayers, crosscultural relations, ethics, and the impartial application of tax law. 
Executive Summary - 45

SEC. 103. The Internal Revenue Service shall institute and enforce policies and procedures that 

will safeguard the confidentiality of taxpayer information and protect taxpayers against identity 

theft. 

SEC. 104. Funds made available by this or any other Act to the Internal Revenue Service shall 

be available for improved facilities and increased staffing to provide sufficient and effective 1–

800 help line service for taxpayers. The Commissioner shall continue to make improvements to 

the Internal Revenue Service 1–800 help line service a priority and allocate resources necessary 

to enhance the response time to taxpayer communications, particularly with regard to victims of 

tax-related crimes. 

SEC. 105. The Internal Revenue Service shall issue a notice of confirmation of any address 

change relating to an employer making employment tax payments, and such notice shall be sent 

to both the employer's former and new address and an officer or employee of the Internal 

Revenue Service shall give special consideration to an offer-in-compromise from a taxpayer who 

has been the victim of fraud by a third –party payroll tax preparer. 

SEC. 106. None of the funds made available under this Act may be used by the Internal Revenue 

Service to target citizens of the United States for exercising any right guaranteed under the First 

Amendment to the Constitution of the United States. 

SEC. 107. None of the funds made available in this Act may be used by the Internal Revenue 

Service to target groups for regulatory scrutiny based on their ideological beliefs. 

SEC. 108. None of funds made available by this Act to the Internal Revenue Service shall be 

obligated or expended on conferences that do not adhere to the procedures, verification 

processes, documentation requirements, and policies issued by the Chief Financial Officer, 

Human Capital Office, and Agency-Wide Shared Services as a result of the recommendations in 

the report published on May 31, 2013, by the Treasury Inspector General for Tax Administration 

entitled "Review of the August 2010 Small Business/Self-Employed Division's Conference in 

Anaheim, California" (Reference Number 2013–10–037). 

SEC. 109. None of the funds made available in this Act to the Internal Revenue Service may be 

obligated or expended— (1) to make a payment to any employee under a bonus, award, or 

recognition program; or (2) under any hiring or personnel selection process with respect to rehiring a former employee; unless such program or process takes into account the conduct and 

Federal tax compliance of such employee or former employee. 

SEC. 110. None of the funds made available by this Act may be used in contravention of section 

6103 of the Internal Revenue Code of 1986 (relating to confidentiality and disclosure of returns 

and return information). 

SEC. 111. The Secretary of the Treasury (or the Secretary's delegate) may use the funds made 

available in this Act, subject to such policies as the Secretary (or the Secretary's delegate) may 

establish, to utilize direct hire authority to recruit and appoint qualified applicants, without 

regard to any notice or preference requirements, directly to positions in the competitive service 

to process backlogged tax returns and return information. 

SEC. 112. Notwithstanding section 1344 of title 31, United States Code, funds appropriated to 

the Internal Revenue Service in this Act may be used to provide passenger carrier transportation 

and protection between the Commissioner of Internal Revenue's residence and place of 

employment. 

SEC. 113. The Secretary of the Treasury (or the Secretary's delegate) may use 

funds made available to the Internal Revenue Service in this or any other provision 
Executive Summary - 46

of law to appoint, without regard to sections 3304 and 3309 through 3319 of title 

5, United States Code, qualified candidates to positions in the competitive service 

in occupations for which the Secretary of the Treasury (or the Secretary's delegate) 

has determined in writing that there is a critical hiring need or severe shortage of 

highly qualified candidates: Provided, That the Secretary (or the Secretary's delegate) 

shall consult with the Office of Personnel Management on the positions to recruit 

(including quantity), as well as candidate recruitment, assessment, and selection 

policies; issue guidance to human resources practitioners in the Internal Revenue 

Service on use of this authority; use Office of Personnel Management qualification 

standards in all recruitments made; and exercise the authority under chapter 71 

of title 5, United States Code and applicable collective bargaining agreements: 

Provided further, That, the appointment authority provided by this section shall 

expire on September 30, 2027:Provided further, That, not later than 180 days after 

expiration of this authority, the Secretary shall, in consultation with the Director 

of the Office of Personnel Management, provide a report to Congress that includes 

demographic data of individuals hired pursuant to this authority; salary information 

of individuals hired pursuant to this authority; and how IRS exercised this 

authority consistent with merit systems principles. 

SEC. 114. The Secretary of the Treasury (or the Secretary's delegate) may use 

funds made available to the Internal Revenue Service in this Act or any other provision 

of law, subject to such policies as the Secretary (or the Secretary's delegate) 

may establish, to take such personnel actions as the Secretary (or the Secretary's 

delegate) determines necessary to administer the Internal Revenue Code of 1986, 

including (1) in addition to the authority under section 7812(1) of the Internal 

Revenue Code of 1986, appointing not more than 200 individuals to positions in 

the Internal Revenue Service under streamlined critical pay authority subject to 

the requirements and conditions under section 9503 of title 5, United States Code, 

except that subsection 9503(a)(3) of such title shall not apply; and (2) appointing 

not more than 300 individuals to positions in the Internal Revenue Service at any 

one time for which (A) the rate of basic pay may be established by the Secretary of the Treasury (or

the Secretary's delegate) at a rate that does not exceed the salary set in accordance with section 

104 of title 3, United States Code; and (B) the total annual compensation paid to an employee in 

such a position, including allowances, differentials, bonuses, awards, and similar cash 

payments, may not exceed the maximum amount of total annual compensation payable at the 

salary set in accordance with section 104 of title 3, United States Code: Provided, That the 

authority provided under this paragraph shall expire on September 30, 2031. 

ADMINISTRATIVE PROVISIONS—DEPARTMENT OF THE TREASURY 

(INCLUDING TRANSFERS OF FUNDS) 

SEC. 113. Appropriations to the Department of the Treasury in this Act shall be available for 

uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901), including maintenance, 

repairs, and cleaning; purchase of insurance for official motor vehicles operated in foreign 

countries; purchase of motor vehicles without regard to the general purchase price limitations for 

vehicles purchased and used overseas for the current fiscal year; entering into contracts with the 

Department of State for the furnishing of health and medical services to employees and their 
Executive Summary - 47

dependents serving in foreign countries; and services authorized by 5 U.S.C. 3109. 

SEC. 114. Not to exceed 2 percent of any appropriations in this title made available under the 

headings "Departmental Offices—Salaries and Expenses", "Office of Inspector General", 

"Special Inspector General for the Troubled Asset Relief Program", "Financial Crimes 

Enforcement Network", "Bureau of the Fiscal Service", and "Alcohol and Tobacco Tax and 

Trade Bureau" may be transferred between such appropriations upon the [advance approval] 

prior notification of the Committees on Appropriations of the House of Representatives and the 

Senate: Provided, That no such transfer [under this section ]may increase or decrease any such 

appropriation by more than 2 percent: Provided further, that not to exceed 5 percent of any 

appropriation made available under the heading "Office of Terrorism and Financial 

Intelligence" and "Financial Crimes Enforcement Network" may be transferred between such 

appropriations upon the prior notification of the Committees on Appropriations of the House of 

Representatives and the Senate. 

SEC. 115. Not to exceed 2 percent of any appropriation made available in this Act to the Internal 

Revenue Service may be transferred to the Treasury Inspector General for Tax Administration's 

appropriation upon the [advance approval] prior notification of the Committees on 

Appropriations of the House of Representatives and the Senate: Provided, That no transfer may 

increase or decrease any such appropriation by more than 2 percent. 

SEC. 116. None of the funds appropriated in this Act or otherwise available to the Department of 

the Treasury or the Bureau of Engraving and Printing may be used to redesign the $1 Federal 

Reserve note. 

SEC. 117. The Secretary of the Treasury may transfer funds from the "Bureau of the Fiscal 

Service—Salaries and Expenses" to the Debt Collection Fund as necessary to cover the costs of 

debt collection: Provided, That such amounts shall be reimbursed to such salaries and expenses 

account from debt collections received in the Debt Collection Fund. 

SEC. 118. None of the funds appropriated or otherwise made available by this or any other Act 

may be used by the United States Mint to construct or operate any museum without the [explicit 

approval] prior notification of the Committees on Appropriations of the House of 

Representatives and the Senate, the House Committee on Financial Services, and the Senate 

Committee on Banking, Housing, and Urban Affairs. 

SEC. 119. None of the funds appropriated or otherwise made available by this or any other Act 

or source to the Department of the Treasury, the Bureau of Engraving and Printing, and the 

United States Mint, individually or collectively, may be used to consolidate any or all functions 

of the Bureau of Engraving and Printing and the United States Mint without the [explicit 

approval] prior notification of the House Committee on Financial Services; the Senate 

Committee on Banking, Housing, and Urban Affairs; and the Committees on Appropriations of 

the House of Representatives and the Senate. 

SEC. 120. Funds appropriated by this Act, or made available by the transfer of funds in this Act, 

for the Department of the Treasury's intelligence or intelligence related activities are deemed to 

be specifically authorized by the Congress for purposes of section 504 of the National Security 

Act of 1947 (50 U.S.C. 414) during fiscal year [2023] 2024 until the enactment of the 

Intelligence Authorization Act for Fiscal Year [2023] 2024. 

SEC. 121. Not to exceed $5,000 shall be made available from the Bureau of Engraving and 

Printing's Industrial Revolving Fund for necessary official reception and representation expenses. 
Executive Summary - 48

[SEC. 122. The Secretary of the Treasury shall submit a Capital Investment Plan to the 

Committees on Appropriations of the House of Representatives and the Senate not later than 30 

days following the submission of the annual budget submitted by the President: Provided, That 

such Capital Investment Plan shall include capital investment spending from all accounts within 

the Department of the Treasury, including but not limited to the Department-wide Systems and 

Capital Investment Programs account, Treasury Franchise Fund account, and the Treasury 

Forfeiture Fund account: Provided further, That such Capital Investment Plan shall include 

expenditures occurring in previous fiscal years for each capital investment project that has not 

been fully completed.] 

SEC. [123] 122. During fiscal year [2023] 2024— (1) none of the funds made available in this or 

any other Act may be used by the Department of the Treasury, including the Internal Revenue 

Service, to issue, revise, or finalize any regulation, revenue ruling, or other guidance not limited 

to a particular taxpayer relating to the standard which is used to determine whether an 

organization is operated exclusively for the promotion of social welfare for purposes of section 

501(c)(4) of the Internal Revenue Code of 1986 (including the proposed regulations published at 

78 Fed. Reg. 71535 (November 29, 2013)); and (2) the standard and definitions as in effect on 

January 1, 2010, which are used to make such determinations shall apply after the date of the 

enactment of this Act for purposes of determining status under section 501(c)(4) of such Code of 

organizations created on, before, or after such date. 

SEC. [124] 123. Within 45 days after the date of enactment of this Act, the Secretary of the 

Treasury shall submit an itemized report to the Committees on Appropriations of the House of 

Representatives and the Senate on the amount of total funds charged to each office by the 

Franchise Fund including the amount charged for each service provided by the Franchise Fund to 

each office, a detailed description of the services, a detailed explanation of how each charge for 

each service is calculated, and a description of the role customers have in governing in 

the Franchise Fund. 

SEC. [125] 124. (a) Not later than 60 days after the end of each quarter, [the Office of Financial 

Stability and] the Office of Financial Research shall submit reports on their activities to the 

Committees on Appropriations of the House of Representatives and the Senate, the Committee 

on Financial Services of the House of Representatives, and the Senate Committee on Banking, 

Housing, and Urban Affairs. (b) The reports required under subsection (a) shall include— (1) the 

obligations made during the previous quarter by object class, office, and activity; (2) the 

estimated obligations for the remainder of the fiscal year by object class, office, and activity; 

(3) the number of full-time equivalents within each office during the previous quarter; 

(4) the estimated number of full-time equivalents within each office for the remainder of the 

fiscal year; and (5) actions taken to achieve the goals, objectives, and performance measures 

of each office. (c) At the request of any such Committees specified in subsection (a), [the Office 

of Financial Stability and] the Office of Financial Research shall make officials available to 

testify on the contents of the reports required under subsection (a). 

SEC. [126] 125. In addition to amounts otherwise available, there is appropriated to the Special 

Inspector General for Pandemic Recovery, [$12,000,000] $16,000,000, to remain available until 

expended, for necessary expenses in carrying out section 4018 of the Coronavirus Aid, Relief, 

and Economic Security Act (Public Law 116–136). 

[SEC. 127. Section 127 of the Department of the Treasury Appropriations Act, 2019 (title I of 

division D of Public Law 116–6) is amended by inserting before the period at the end the 
Executive Summary - 49

following: ", including public improvements in the area around such facility to mitigate traffic 

impacts caused by the construction and occupancy of the facility".] 

SEC. 126. Not to exceed 5 percent of any appropriation made available in this Act for the 

Department of the Treasury may be transferred to the Department's information technology 

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

title X of division A of the National Defense Authorization Act for Fiscal Year 2018 (Public Law 

115–91), for the purposes specified in section 1077(b)(3) of such Act, upon the prior notification 

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

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

through September 30, 2027. 

SEC. 127. Up to $1,000,000 of any appropriation in this title may be transferred to the Special 

Inspector General for TARP or the Special Inspector General for Pandemic Recovery 

appropriations upon the prior notification of the Committees on Appropriations of the House of 

Representatives and the Senate.