Department of the Treasury 

Departmental Offices 

Salaries and Expenses 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 
DO SE - 2 

Table of Contents

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

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

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

1.1.1 – Appropriations Detail Table ........................................................................................... 3

1.1.2 – IRA Resource Detail Table ............................................................................................. 4

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

C – Budget Increases and Decreases Description ....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations .............................................................. 12

D – Appropriations Language and Explanation of Changes .................................................... 13

E – Legislative Proposals .......................................................................................................... 13

Section II – Annual Performance Plan and Report ................................................................. 14

A – Strategic Alignment ........................................................................................................... 14

B – Budget and Performance by Budget Activity .................................................................... 14

2.1.1 – Executive Direction Resources and Measures .............................................................. 14

Executive Direction Budget and Performance .......................................................................... 14

2.1.2 – International Affairs and Economic Policy Resources and Measures .......................... 17

International Affairs and Economic Policy Budget and Performance ...................................... 18

2.1.3 – Domestic Finance and Tax Policy Resources and Measures ........................................ 21

Domestic Finance and Tax Policy Budget and Performance .................................................... 22

2.1.4 – Treasury-wide Management and Programs Resources and Measures .......................... 26

Treasury-wide Management and Programs Budget and Performance ..................................... 27

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

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

Section III – Additional Information ........................................................................................ 32

A –Summary of Capital Investments ........................................................................................ 32

 
DO SE - 3 

Section I – Budget Request 

A – Mission Statement 

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

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

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

and resources effectively. 

B – Summary of the Request 

The President’s FY 2024 budget for Treasury Departmental Offices (DO) Salaries and Expenses 

(SE) provides necessary resources for the Treasury Department to address major issues 

confronting the U.S. economy and to rebuild Treasury’s institutional capacity. Funding is 

requested to support a national security initiative to review investments that U.S. firms make 

outside of the United States; initiatives addressing generational issues, such as persistent 

inequality in economic opportunity and climate change; initiatives to ensure DO can sustain 

critical policy work needed to maintain a strong economy, develop evidence to support 

policymaking, and improve the customer experience for the U.S. public; support for international 

engagement, including continued support for Ukraine; and, sustained support for the global 

economic recovery from the coronavirus pandemic. In addition to these requested increases, DO 

anticipates transferring in and executing $16 million from the $21 million request of the 

Committee on Foreign Investment in the United States (CFIUS) Fund, discussed separately. 

1.1.1 – Appropriations Detail Table 

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024 

Appropriated Resources Operating Plan Operating Plan Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Executive Direction 109 $43,895 113 $43,246 147 $56,687 30.1% 31.1% 

International Affairs and 

Economic Policy 188 $58,298 182 $66,979 221 $90,099 21.4% 34.5% 

Domestic Finance and Tax 

Policy 255 $84,960 295 $103,027 331 $114,937 12.2% 11.6% 

Treasury-wide Management 

and Programs 111 $37,944 106 $41,392 104 $44,906 -1.9% 8.5% 

Committee on Foreign 

Investment in the United States 72 $18,012 65 $19,238 102 $25,570 56.9% 32.9% 

Subtotal New Appropriated 

Resources 735 $243,109 761 $273,882 905 $332,199 18.9% 21.3% 

Other Resources 

Reimbursable 38 $9,433 41 $12,000 41 $12,000 0.0% 0.0% 

Transfers from CFIUS Fund 34 $17,000 27 $16,000 39 $16,000 44.4% 0.0% 

Ukraine Supplemental Funding 8 $5,981 18 $11,019 0 $0 -100.0% -100.0% 

IRA Funding Usage 0 $0 29 $15,124 45 $15,719 55.2% 3.9% 

Subtotal Other Resources 80 $32,104 115 $54,143 125 $43,719 8.7% -19.3% 

Total Budgetary Resources 815 $275,213 876 $328,025 1,030 $375,918 17.6% 14.6% 

Note: FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 
DO SE - 4 

1.1.2 – IRA Resource Detail Table 

Dollars in Thousands FY 2022 FY 2022 FY 2023 FY 2024 

Budgetary Resources Enacted Actuals Obligations Estimated Obligations Estimated Obligations 

Inflation Reduction Act Oversight and 

Implementation $50,000 $0 $7,504 $7,459 

Additional Tax Regulatory Work $104,534 $0 $7,620 $8,260 

Total IRA Resources $154,534 $0 $15,124 $15,719 

FTE 0 29 45 

Note: Outyear spending is expected to be consistent with the FY 2024 levels and taper down as IRA programs sunset.

The Inflation Reduction Act of 2022 (P.L. 117-169) (IRA) provided $154,533,803 in mandatory 

funding to DO to support its mission of promulgating tax regulations and providing associated 

oversight and implementation support. The Office of Tax Policy (OTP) began implementation of 

the IRA’s tax regulatory work in FY 2022, and the office plans to expand regulatory staff and 

projects in FY 2023 to address IRA provisions. Oversight and implementation support will be 

carried out in the Office for the Assistant Secretary for Management (ASM), in coordination 

with the Office of the Deputy Secretary. Additional information on the utilization of IRA 

funding is included in Section II below. 

 1.2 – Budget Adjustments Table 

Dollars in Thousands 

 FTE Amount 

FY 2023 Operating Plan 761 $273,882 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $10,354 

Pay Annualization (4.6% average pay raise) 0 $1,812 

Pay Raise (5.2% average pay raise) 0 $6,216 

Non-Pay 0 $2,326 

Non-Recurring Costs (13) ($10,000) 

Reductions to One-Time funding for Outbound Investment Review 0 ($7,000) 

Reduction to ORP Admin Funding (13) ($3,000) 

Other Adjustments: 56 $11,136 

Restoration of CFIUS funding reduced in FY 2023 32 $6,000 

Annualization of FY 2023 staffing initiatives 24 $5,136 

Subtotal Changes to Base 43 $11,490 

FY 2024 Current Services 804 $285,372 

Program Changes: 

Program Increases: 101 $46,827 

Outbound Investment Review 15 $16,700 

Equity Assessment and Program Evaluations 4 $1,104 

Staffing to Support Climate Initiatives 11 $3,184 

Support for Critical DO Policy Functions 37 $8,854 

Improve Hiring and Recruitment Programs 0 $473 

Global Economic Recovery and Ukraine Support 12 $3,020 

Climate Technical Assistance Center 16 $5,000 

DO Cyber Infrastructure, Facilities Infrastructure, IT Modernization 0 $2,428 

Evidence Act Implementation, and Treasury Data & CX Improvement 3 $2,864 

Treasury Attaché Program Expansion 3 $3,200 

Subtotal Program Changes 101 $46,827 

FY 2024 President's Budget Request 905 $332,199 

FY 2024 CFIUS Fund Transfer 39 $16,000 

Total FY 2024 Budgetary Resources 944 $348,199 
DO SE - 5 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ......................................................+$10,354,000 / +0 FTE 

Pay Annualization (4.6%) +$1,812,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2% ) +$6,216,000 / +0 FTE 

Funds are requested for a 5.2 percent average pay raise in January 2024. 

Non-Pay +$2,326,000 / +0 FTE 

Funds are requested to support inflationary costs for non-labor expenses, such as travel, 

contracts, rent, supplies, and equipment. 

Non-Recurring Costs ................................................................................ -$10,000,000 / -13 FTE 

Reductions to One-Time Funding for Outbound Investment Review -$7,000,000 / -0 FTE 

As a result of larger-than-expected CFIUS carry-over funding and hiring delays in FY 2023, DO 

Salaries and Expenses included $7 million as a one-time repurposing of CFIUS unobligated 

balances and other labor costs in FY 2023 to fund labor costs for drafting regulations and the 

buildout of an IT system to support soon-to-be-proposed national security reviews of investments 

made outside of the United States by U.S. firms. In FY 2024, funding will need to be restored to 

support CFIUS anticipated workloads and hiring in various DO offices. 

Reduction to ORP Administrative Funding -$3,000,000 / -13 FTE 

Treasury requests $9 million for the administration of financial assistance programs within the 

Office of Recovery Program (ORP), a reduction of $3 million from the FY 2023 enacted level. 

The requested discretionary funding for ORP within DO SE, in combination with the FY 2023 

enacted flexibility for use of other mandatory administrative funding, remains necessary to 

sustain programs through their authorized period, allowing ORP to take a data-centric, risk-based 

approach to providing accountability and stewardship for pandemic recovery programs. These 

resources will continue to support efforts to improve access to capital for small businesses and in 

underserved communities, including rural and low-income areas. 

Other Adjustments .................................................................................. +$11,136,000 / +56 FTE 

Restoration of CFIUS funding reduced in FY 2023 +$6,000,000 / +32 FTE 

DO Salaries and Expenses funding used in FY 2023 on efforts related to national security 

reviews of investments made outside of the United States by U.S. firms will be restored to 

support CFIUS program activities in FY 2024. 

Annualization of FY 2023 staffing initiatives +$5,136,000 / +24 FTE 

Due to hiring delays, some staff that were brought onboard in the latter half of FY 2023 were not 

full year FTE. Funding will be used in FY 2024 to support the annualization of costs for DO staff 

funded through new appropriations provided in FY 2023. 

Program Increases ................................................................................+$46,827,000 / +101 FTE

Outbound Investment Review +$16,700,000 / +15 FTE 

The Consolidated Appropriations Act, 2023, P.L. 117-328, included language that encouraged 

Treasury to identify the resources needed to establish a targeted outbound investment review 
DO SE - 6 

mechanism. This funding would allow Treasury to establish a program to address national 

security concerns arising from outbound investments from the United States into sensitive 

technologies that could enhance the technological capabilities of countries of concern in ways 

that threaten U.S. national security. As currently contemplated, the program would be 

implemented and administered by Treasury and focus on investments that result in the 

advancement of military and dual-use technologies by countries of concern but are of a nature 

that they are not presently captured by export controls, sanctions, or other related authorities. 

This FY 2024 request builds on one-time funding within DSCIP and temporarily realigned from 

CFIUS in FY 2023, which provide for initial hiring efforts and critical investments in new IT 

systems. 

Staffing to Support DEIA +$1,104,000 / +4 FTE 

This request builds staffing under the recently created Office of Diversity, Equity, Inclusion, and 

Accessibility (ODEIA). These 4 FTEs will provide Department-wide support to help Treasury 

advance equity in its policies, procedures, and practices, and are crucial to achieving a more 

equitable economy. The FTEs will be allocated across program suboffices the following way: 

 1 FTE for the Equity Hub will be responsible for centering issues of equity within policy 

discussions, to include ensuring that equity is considered during the promulgation of tax 

regulations, helping to assess and advise on equity implications of future economic recovery 

packages, and assisting policymakers on equity implications of international finance; 

 1 FTE for the Office of Minority and Women Inclusion will support Department-wide efforts 

to improve the diversity of Treasury’s workforce, as well overseeing efforts to implement the 

FY 2022 – FY 2026 Treasury Strategic Plan; 

 1 FTE will support the Office of Civil Rights and EEO’s efforts to ensure civil rights 

compliance with the relevant laws and statutes and assessment of Treasury bureaus’ DEIA 

programs and offices; and, 

 1 FTE will serve as a Senior Advisor to the ODEIA Chief to help oversee the work of its 

three program offices and coordinate DEIA work across the Department. 

Staffing to Support Climate Initiatives +$3,184,000 / +11 FTE 

The Administration is targeting cuts to greenhouse gas (GHG) emissions by 50% - 52% from 

2005 levels by 2030 and has outlined an ambitious plan to double international climate finance 

and triple international adaptation finance by 2024, to support communities transitioning away 

from coal and to encourage the private sector to disclose climate risk. The Administration has 

tasked Treasury with playing a key role in these efforts, but as currently staffed, Treasury is 

limited in its ability to contribute to crucial elements of the climate agenda. Treasury’s unique 

responsibilities on a range of programs related to climate change – including economic, financial 

sector, and climate-related government policies – are reflected in an ambitious climate strategy 

work program. 

This would build on Treasury’s three phase strategy related to climate which was outlined 

initially in FY 2023: 

1. Phase 1 (accomplished in FY 2021): establishing a Climate Hub with a counselor directly 

reporting to the Secretary that would be responsible for coordinating climate work across the 

Department. 
DO SE - 7 

2. Phase 2 (accomplished in FY 2022): fully staffing the Climate Hub with a team of 4 experts 

who can support the Climate Counselor and Department-wide coordination. 

3. Phase 3 (planned in FY 2024): builds policy strength in key climate functions, including 

hiring international economists who can support bilateral and multilateral efforts outlined in 

International Climate Finance Strategy, domestic finance experts responsible for 

understanding climate risks on the financial system, and economists responsible for 

conducting economic analyses related to the impacts of domestic and international climate 

policies on US energy markets. 

Support for Critical DO Policy Functions +$8,854,000 / +37 FTE 

The gradual reduction of FTE levels across DO policy offices in combination with the absorption 

of new workstreams and lack of adequate funding for inflationary increases over the last several 

years has eroded DO’s capacity to maintain support to fundamental DO mission areas, including 

maintaining the public debt, setting Treasury Department strategy, and performing legal analysis 

on issues related to Treasury equities. Funding is needed to ensure that DO can sustain critical 

policy work needed to maintain a strong economy and create economic growth and financial 

stability. 

As some examples of impacts this funding would have within Domestic Finance (DF), resources 

are not currently available to hire a full range of subject matter experts necessary to build broad 

institutional expertise in digital assets, housing finance, insurance, and other critical areas. As an 

example, to date, DF has executed new workstreams in financial innovation (Treasury Strategic 

Objective 3.3) with detailees rather than permanent hires. Not only does this limit DF’s ability to 

build long-term expertise in these areas, but even with these detail agreements DF is still 

currently insufficiently staffed to address policy issues related to digital assets in the short-term. 

This request would allow DF to hire staff with the necessary expertise to support the timely 

development and execution of a digital assets policy framework and near-term work related to 

the Treasury Digital Assets Working Group. This request would also provide for additional 

staffing in key national security priorities such as the Office of Cybersecurity and Critical 

Infrastructure Protection (OCCIP), in addition to funding fundamental mission areas for DF that 

are critical to maintaining the integrity of the financing operations of the United States, including 

within the Office of Debt Management (ODM), the Office of Fiscal Projections (OFIP), and in 

the areas of insurance and financial markets. 

This request would also support additional staffing for General Counsel (OGC) in the areas of 

enforcement and intelligence (E&I) General Law, Ethics, and Regulation, Banking and Finance, 

and in the OGC front office. OGC E&I staff support the TFI mission from within DO SE. 

Despite a significant increase in sanctions actions from 2017 to present, E&I counsel staff have 

seen no substantial staffing growth. This has happened amid a significant increase in the 

complexity of sanctions authorities managed by the Office of Foreign Assets Control. Counsel 

staff are also needed to assist with FOIA administration and improve responsiveness to 

Congressional oversight requests. Treasury views its role in responding to FOIAs as a critical 

responsibility of the Department. 

 
DO SE - 8 

Improve Hiring and Recruitment Programs +$473,000 / +0 FTE 

DO completed a comprehensive time-to-hire review over the past several months. Since this 

assessment, DO has made a number of adjustments to its hiring support, including: 1) improving 

long-term workforce planning, 2) emphasizing the importance of finalizing Position Descriptions 

and Job Analysis and Assessments prior to recruit requests, 3) encouraging usage of the variety 

of recruitment methods available to DO staff (Sched A, Pathways, merit promotion, etc.), and 4) 

devoting additional resources to the security/adjudication process to improve security clearance 

process times. In order to properly tackle these issues, DO needs additional staffing in Human 

Resources and Human Capital. 

Additionally, this request would fund 1 FTE to provide Human Resources support through the 

Centralized Treasury Administrative Service (CTAS), a collective of common reimbursable 

administrative services that benefit customers within DO. This CTAS FTE would be funded by 

DO customers through the Treasury Franchise Fund and would include one staff member 

responsible for supporting hiring efforts in TFI (which currently has 1 FTE supporting over 500 

staff in TFI), International Affairs and CFIUS (do not have a dedicated FTE supporting over 250 

staff in these offices) and a supervisory position to provide oversight to DO’s Talent Team. 

Global Economic Recovery and Ukraine Support +$3,020,000 / +12 FTE 

This funding would allow DO to more proactively engage on key global economic issues that 

matter to the United States. This would include more forward leaning engagement with the 

International Financial Institutions, through multilateral fora such as the G20, and bilaterally on 

critical economic and national security issues, such as spillover effects from Russia’s invasion of 

Ukraine, global economic recovery from the coronavirus pandemic, debt transparency, and 

climate change. Without adequate staff to support multilateral and bilateral engagements and 

perform critical macroeconomic analysis, DO will not be able to make further progress on all of 

the Department’s objectives and would need to sacrifice opportunities to advance U.S. national 

goals or cede leverage. Specific examples include, but are not limited to: 

 Global Health: To accomplish its objectives in the health space, Treasury needs staffing: 1) 

to develop internal expertise and staffing on health-finance as the G20 Finance-Health Task 

Force evolves into a longer-term coordination body; 2) have resources to engage and develop 

key regional partnerships; and 3) deepen linkages to health system strengthening, including 

with our multilateral/MDB work as well as the range of bilateral programs. 

 Development: Key issues where IA has been unable to either fulfill its responsibilities or 

devote the necessary attention in support of USG national goals include China’s role as a 

development financier; financial inclusion; social inclusion; and multilateral development 

bank (MDB) policy issues that Treasury is under-resourced to adequately address: 

evaluation/results measurement, human resources policies, disclosure/access to information. 

 Food Security: With the accelerating food security crisis following Russia’s invasion of 

Ukraine, using the multilateral tools under Treasury’s supervision to assist countries with the 

impact of the crisis is an urgent priority. Lack of resources has hindered IA’s ability to 

provide the analysis, guidance, and leadership necessary to adequately fulfill Treasury’s 

responsibilities in the MDBs and food security agencies that Treasury supervises for the 

USG. 

 Digital Assets: International work on digital assets has expanded significantly in line with 

the growth in the digital assets market. There are active workstreams at the Financial 
DO SE - 9 

Stability Board, G20, G7, and OECD; and the IMF and MDBs are expanding their work and 

policy to incorporate digital assets. Last year, Treasury delivered to the President the firstever comprehensive framework for responsible development of digital assets. IA is 

continuing to carry out efforts articulated in the framework. Funding will support IA’s work 

with international partners to identify emerging strategic risks associated with digital assets 

and specific threat actor uses of digital assets, and to determine whether any gaps exist in 

legal, regulatory, and supervisory regimes. 

 Macroeconomic Modeling: With additional staff, DO’s Office of Economic Policy would 

have the ability to delve more deeply in the US impacts of key international events. Russia’s 

invasion of Ukraine, for example, has had wide ranging impacts on energy commodities, the 

European economy, and non-energy commodities like foods and metals. Assessment of the 

impact of these developments on the US economy is a key factor in policy making. Analysis 

would be at greater depth and with greater quantitative precision with further staffing. EP 

currently has U.S. focused macroeconomic models but lacks models that capture crosscountry interactions. Such models are critical for analyzing the economic impact of global 

drivers of inflation, emerging climate change impacts, and continued impacts from Russia’s 

invasion of Ukraine. Lingering impacts from the pandemic also require analysis of crosscountry spillovers. 

 Ukraine: The Consolidated Appropriations Act, 2022, provided DO Salaries and Expenses 

with $17 million to support Ukraine’s efforts and counter Russia’s aggression. This funding 

is set to expire at the end of FY 2023. Irrespective of the status of the conflict, by the 

beginning of FY 2024 the Office of International Affairs (IA) will continue to play a 

substantial role in supporting Ukraine’s efforts. This request would annualize 4 staff hired 

using Ukraine Supplemental funding received in FY 2022 to respond to workload on Russia 

and Ukraine beyond September 30, 2023. Current staffing levels supporting Ukraine have 

helped to accomplish, among other things: substantial macroeconomic analysis of the impact 

of sanctions, leadership in the efforts to mobilize U.S. economic assistance for Ukraine, and 

policy development in support of efforts to curb Russian energy supply. Many of these 

workstreams will continue to require staffing beyond FY 2023 to provide 1) continued 

support of Ukraine’s resistance in the international sphere from an economic perspective, 2) 

analysis of and negotiations around continued sanctions of Russia, and/or 3) policy analysis 

in support of how to best assist Ukraine to their country and economy. 

Climate Technical Assistance Center +$5,000,000 / +16 FTE 

Funding is requested for the establishment of a Climate-Related Financial Risk Technical 

Support Center to develop, conduct, and integrate assessments of climate-related financial risk 

exposure from across the Federal government and to facilitate climate financial risk data sharing. 

This initiative is intended to improve the Federal Government’s ability to understand the 

potential impact of climate-related financial risks to Federal assets and programs.

DO Cyber Infrastructure, Facilities Infrastructure, and IT Modernization +$2,428,000 / +0 FTE 

As foreign and domestic actors threaten the American economy and national security, Treasury 

must strengthen its cybersecurity posture, leverage its existing processes and tools, and 

strengthen bi-lateral and multi-lateral partnerships to protect the financial sector. With Treasury’s 

increasing involvement in combatting cybercrime, DO faces increasing risk against the IT 

systems that support its authorities. DO is a primary target for nation state sponsored cyber 
DO SE - 10 

criminals who seek to disrupt our capabilities and destroy our reputation. DO must invest in 

cyber protections commensurate with the risks incurred in our efforts to safeguard the financial 

sector, U.S. economy and in combating cybercrime. Given the heightened risk for a cyber-attack 

targeting DO, this request will support incident response investments which are important to 

continue to protect DO’s IT infrastructure amid an uptick in cyber-attacks due to DO’s activities 

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

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

This request also provides funding for a repairs and improvements (R&I) account within DO for 

noncapital investments within Main Treasury (MT) and Freedman’s Bank Building (FBB). 

While the major repairs to the exterior of the Main Treasury Building are being funded in 

Department-wide Systems and Capital Investments Program account (DSCIP), ad hoc repairs 

and maintenance are usually completed in CTAS because 1) emergency repairs cannot be 

planned for, and 2) many of the repairs are operational in nature and must-do fixes. By not 

keeping up with maintenance and repair needs, the building systems and infrastructure will 

typically not have a full life expectancy and the resulting higher replacement costs place an even 

higher burden on Treasury facilities. 

Evidence Act Implementation, and Treasury Data & CX Improvement +$2,864,000 / +3 FTE 

The Administration has set the expectation that agencies improve their collection and use of 

evidence. At current staffing levels, Treasury has significant challenges in meeting this goal. 

Treasury has not been funded to hire program evaluators centrally who can conduct cross-cutting 

and priority program evaluations. Likewise, while appointments have been made for a Treasury 

Chief Data Officer and Deputy Chief Data Officer who would be responsible for setting 

organizational strategy and participating in cross-agency data councils, the Office of the Chief 

Data Officer (OCDO) has no staff to support specific data priorities within the Department. 

The request would provide DO SE funding for 1 reimbursable CTAS FTE in OCDO to establish 

a DO-wide data strategy and support DO-related priority data initiatives. It would also fund 1 

FTE to support Treasury-wide efforts to acquire needed commercial data sets, establish an 

enterprise data education program, facilitate data sharing, and support infrastructure 

modernization efforts. This work will formally establish the OPEN Data program allowing 

Treasury to form partnerships with the public and external researchers (including academics) to 

evaluate program health, effectiveness, and efficiency.

Within OCDO, these staff would allow the Department to directly engage with bureaus, data 

owners and staff to modernize data infrastructure, build and manage the enterprise data 

inventory, establish data governance policies and programs, establish Treasury-wide analytics 

and data communities of practice, and identify and pursue priority data sharing opportunities. It 

would also enable OCDO staff to lead analytics efforts for high priority projects/programs, 

including long-range analytic studies aligned to Administration and Learning Agenda priorities, 

and develop playbooks and conduct data literacy training. This would also allow CDO to support 

the Evaluation officer by helping to identify, acquire and analyze data that can address priority 

evidence-building activities, and establish an enterprise-wide evidence use repository, enabling 

evidence cataloging and reuse to improve organizational health and resiliency. 
DO SE - 11 

This request would fund 2 FTEs with program evaluation expertise and $0.900M in the Office of 

Strategic Planning and Performance Improvement (OSPPI) to support rigorous program 

evaluations of priority programs and research questions. Within OSPPI, these additional staff and 

funding would allow the Department to conduct 1-3 evaluations annually (depending on scope), 

enable Treasury to coordinate development and sharing of evidence products for high priority 

evaluations/studies, improve oversight and use of Treasury’s Federally Funded Research 

Development Center, provide technical assistance to Treasury bureaus on evaluation design and 

methods, and establish and manage 1-2 additional external partnerships to further increase 

Treasury’s capacity to conduct high priority and rigorous evaluations/studies. 

The CX budget will coordinate an enterprise-based approach to a Voice of Customer program, 

building off of existing efforts and platforms operated by individual High Impact Service 

Providers that can further enable the public reporting of customer feedback data for designated 

services and support customer experience measurement of services across Treasury. 

Treasury Attaché Program Expansion +$3,200,000 / +3 FTE 

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

the program by no fewer than six positions. This request is for 3 FTEs—or half of the positions 

needed to meet the requirements of the 2021 NDAA. 

Treasury financial attachés are posted at U.S. Embassies in foreign countries important to U.S. 

domestic and foreign economic and financial policy and the international fight against terrorism, 

money-laundering, and other illicit finance activities. The attachés complement the Ambassador 

in outreach to foreign finance ministries, international financial institutions, central banks, and 

other agencies, and supply the embassy and Treasury with detailed information and focused 

analysis of foreign economic and financial policies. Their unique perspectives are critical to the 

policy development and implementation and crisis management work at Main Treasury and in 

the U.S. interagency. Among other contributions, Treasury attachés: 

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

market participants; 

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

with extended on‐the‐ground presence; and 

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

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

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

and further the priorities of offices across DO. 

 
DO SE - 12 

1.3 – Object Classification (Schedule O) Obligations

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 109,642 119,546 145,605 

11.3 - Other than full-time permanent 2,386 2,942 2,862 

11.5 - Other personnel compensation 3,911 4,071 3,997 

11.8 - Special personal services payments 828 1,081 1,064 

11.9 - Personnel Compensation (Total) 116,767 127,639 153,528 

12.0 - Personnel benefits 39,937 43,096 51,674 

Total Personnel and Compensation Benefits $156,704 $170,735 $205,202 

21.0 - Travel and transportation of persons 3,241 4,661 4,341 

22.0 - Transportation of things 72 189 171 

23.2 - Rental payments to others 1,081 1,563 1,415 

23.3 - Communications, utilities, and miscellaneous charges 10 76 69 

25.1 - Advisory and assistance services 14,651 13,062 15,038 

25.2 - Other services from non-Federal sources 2,463 2,578 4,328 

25.3 - Other goods and services from Federal sources 82,921 102,785 123,104 

25.4 - Operation and maintenance of facilities 140 126 114 

25.7 - Operation and maintenance of equipment 163 265 241 

26.0 - Supplies and materials 3,150 2,678 3,285 

31.0 - Equipment 3,329 2,480 2,251 

32.0 - Land and structures 1,037 683 640 

Total Non-Personnel $112,258 $131,146 $154,997 

Total Obligations $268,962 $301,881 $360,199 

 

Full-time Equivalents (FTE) 808 829 985 

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

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

exclude Ukraine supplemental and IRA appropriations. 

 
DO SE - 13 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

DEPARTMENTAL OFFICES 

Federal Funds 

SALARIES AND EXPENSES 

For necessary expenses of the Departmental Offices including 

operation and maintenance of the Treasury Building and 

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

maintenance, repairs, and improvements of, and purchase of 

commercial insurance policies for, real properties leased or 

owned overseas, when necessary for the performance of official 

business; executive direction program activities; international 

affairs and economic policy activities; domestic finance and tax 

policy activities, including technical assistance to State, local, 

and territorial entities; and Treasury-wide management policies 

and programs activities, [$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. 

(Department of the Treasury Appropriations Act, 2023.)

This FY 2024 request reduces 

the amount of DO Salaries 

and Expenses funding 

earmarked for the 

administration of financial 

assistance administered by $3 

million, from $12 million per 

year to $9 million. This 

adjustment aligns the level of 

financial support needed for 

the administration of financial 

assistance with DO program 

requirements. Additionally, 

this FY 2024 request includes 

an $8 million increase in twoyear DO Salaries and 

Expenses funding. This 

increase is needed to support 

multi-year program 

requirements related to the 

establishment of an outbound 

investment review program. 

E – Legislative Proposals 

Departmental Offices Salaries and Benefits has no Legislative proposals. 
DO SE - 14 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

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

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

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

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

government’s ability to collect revenue and fund its operations. Offices funded by DO Salaries 

and Expenses are designated as leads or as support offices for every one of Treasury’s FY 2022 - 

2026 strategic objectives. Some of these roles are in conjunction with other offices or bureaus 

(such as 1.1 - Tax Administration with IRS), while some objectives are both led and primarily 

supported by DO offices (such as 4.2 – Global Climate Commitment and Leadership). 

During FY 2022, the U.S. Department of the Treasury has made significant strides in 

implementing the Administration’s economic agenda. This included efforts to lower costs for 

American families and bolster our nation’s economic resilience by addressing lingering 

challenges resulting from the pandemic and unanticipated global threats including Russia’s war 

in Ukraine. This includes important work to implement the Inflation Reduction Act, to bolster 

Treasury market resilience and maintain a competitive economy, tackle the climate crisis, and 

foster equity in the economic landscape. 

The following pages include a specific discussion of performance by offices across the various 

budget activities within DO. This includes specific alignment by budget activity across 

Treasury’s strategic plan goals and objectives, as well as a discussion of performance measures 

by programs. 

B – Budget and Performance by Budget Activity 

2.1.1 – Executive Direction Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Operating 

Plan 

Operating 

Plan Request 

Appropriated Resources $32,993 $35,407 $36,775 $37,333 $43,895 $43,246 $56,687 

Reimbursable Resources $25,455 $4,863 $1,837 $1,789 $1,694 $2,154 $2,154 

Budget Activity Total $58,448 $40,270 $38,612 $39,122 $45,589 $45,400 $58,841 

Full-time Equivalents (FTE) 159 113 102 94 116 120 154 

Note: starting in FY 2022 Executive Direction includes transfers of the Office of Civil Rights and Diversity and the Office of Minority and Women 

Inclusion from the Treasury-Wide Management and Programs budget activity. 

Executive Direction Budget and Performance 

($56,687,000 from direct appropriations, $2,154,000 from reimbursable sources): 

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

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

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

of these offices is captured within the other budget activities. 
DO SE - 15 

Supporting Ukraine 

The Office of Domestic Finance is supporting the government’s response to Ukraine through 

enhanced monitoring of the impact of sanctions on global and domestic financial markets, 

insurance markets and financial institutions, establishing processes and controls to exclude 

sanctioned entities from holding and purchasing U.S. issued debt obligations, and monitoring 

and coordinating with international counterparts potential cyber threats impacting U.S. and 

global critical financial sector infrastructure as a result of the crisis. 

The Office of International Affairs is supporting the government’s response to Russia’s invasion 

of Ukraine and the subsequent spillovers through substantial macroeconomic analysis of the 

impact of sanctions, leadership in the efforts to mobilize budgetary support for Ukraine, and 

policy development in support of efforts to curb Russian energy supply. Many of the work 

streams IA has and will continue to support require staffing beyond FY 2023 in whatever 

circumstances the conflict finds itself by FY 2024. This could manifest itself through 1) 

continued support of Ukraine’s resistance in the international sphere from an economic 

perspective, 2) analysis of and negotiations around continued sanctions of Russia, or 3) policy 

analysis in support of how to best assist Ukraine to their country and economy. 

The U.S. Treasury Department’s Office of Technical Assistance (OTA) has a long-standing 

partnership with the Government of Ukraine aimed at strengthening a range of public financial 

management and financial sector issues. Currently, OTA is working with Ukrainian institutions, 

including the Ministry of Infrastructure, the Deposit Guarantee Fund, State Property Fund, and 

State Tax Service to address economic and financial sector challenges resulting from Russia’s 

invasion of Ukraine. These efforts include a focus on continuity of key public financial 

management operations and preparations for a post-conflict environment. 

Office of Diversity Equity, Inclusion and Accessibility 

In 2022, Treasury has established the Office of Diversity, Equity, Inclusion, and Accessibility 

(ODEIA) that serves as a center of excellence to modernize the Department's overall DEIA 

strategy and drive cohesive implementation and accountability across the Departmental Offices 

and bureaus. The Office of DEIA was established to support Treasury's many diverse segments 

including employees of color, women, people with disabilities, military and veterans, members 

of the LGBTQIA+ community, and others. In addition, ODEIA will champion organizational 

cultural change to move the agency into a more equitable organization through developing policy 

and innovative approaches to advance equity. These policies are designed to ensure that families, 

businesses, and neighborhoods historically excluded from economic opportunities or who have 

experienced persistent poverty are fully included in the nation's economic recovery and future 

growth. 

The newly centralized ODEIA is responsible for four essential functions: 

1) Carrying out policy analysis on racial and economic issues; 

2) Developing a workforce that reflects the diversity of the nation; 

3) Ensuring fair and equitable business utilization; and 

4) Guaranteeing compliance with civil rights laws and regulations. 
DO SE - 16 

To improve our ability to implement these key functions, several changes were made. First, the 

mission of the Office of Minority and Women Inclusion (OMWI) was expanded to cover 

activities Department-wide. Second, OMWI was combined with the Office of Civil Rights and 

Equal Employment Opportunity (OCRE), formerly known as the Departmental Office's Office 

of Civil Rights and Diversity (OCRD). Third, ODEIA added a new component – the Treasury 

Equity Hub. This new office will focus on economic analysis and public policy as it relates to 

how Treasury ensures DEIA is a focal point for reaching and providing services and resources to 

the public. 

ODEIA led Treasury’s DEIA Cross Functional Team to implement the requirements in 

Executive Order (EO) 14035, Diversity, Equity, Inclusion, and Accessibility in the Federal 

Workforce to issue Treasury’s FY 2022-26 DEIA Strategic Plan. The Plan provides Treasury 

with a comprehensive, integrated, and strategic plan that focuses on implementing DEIA 

across the Department, while removing any potential barriers in workforce programs and 

services. 

In FY 2022, OCRE continued with the audits of bureaus’ Equal Employment Opportunity 

(EEO), Diversity and Inclusion (D&I), and External Civil Rights (ECR) Programs with a specific 

focus on the Bureau of Engraving and Printing. The audit included a review of each phase of 

Treasury bureaus’ EEO programs, including D&I, EEO complaint processes, and building 

accessibility reviews to ensure compliance with the applicable law and regulations. In FY 2022, 

EEO complaints were adjudicated effectively within the Department, thereby meeting regulatory 

timeframes both in issuance of decisions and days to investigate complaint. In FY 2023 Treasury 

will look at new ways to improve the efficiency of the EEO process. OCRE also continued to 

lead the Department’s work to achieve full compliance with the external civil rights requirements 

including by conducting civil rights pre-award compliance determinations for SIPPRA and the 

Office of Gulf Coast Restoration. 

In FY 2022, the ODEIA continued to support the work of improving inclusion scores by 

ensuring new DEIA questions were included to Treasury Federal Employment Viewpoint 

Surveys (FEVS). Treasury identified alternatives to surveying its employees by partnering with 

OPM to administer a separate survey consisting of the 20 New IQ items, demographics, and 

custom items that will assist to the Department in gauging perceptions of workplace inclusion for 

the past two years. The OMWI also collaborated with internal stakeholders to digitize the DEIA 

Report to provide on-demand data to leaders and managers on the state of diversity, equity, and 

inclusion (DEI), promote and bring more awareness and accountability, and ultimately expand its 

use beyond Treasury Departmental Offices to include Treasury bureaus. 

Combating Climate Change 

Treasury’s unique responsibilities on a range of programs related to climate change – including 

economic, financial sector, and climate-related government policies – are managed by staff 

across the Department. A small number of staff in the Climate Hub are providing crossDepartmental coordination and strategic direction on issues related to climate change, reflecting 

Treasury’s key role in the Biden Administration’s whole-of-government effort to address climate 

change domestically and internationally including Treasury’s heightened engagement on clean 

energy and climate policy due to the Inflation Reduction Act. 
DO SE - 17 

The Climate Hub and Climate Counselor position were created in 2021. The FY 2022 enacted 

budget funded three additional staff within the Climate Hub in an effort to centrally coordinate 

and lead many of Treasury’s efforts to address climate change. The Treasury Climate Hub 

coordinates and enhances existing climate-related activities by harnessing the tools, capabilities, 

and expertise from across the Department – including from Domestic Finance, Economic Policy, 

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

will enable Treasury to move nimbly and efficiently in prioritizing climate action with support 

from DO staff.

2.1.2 – International Affairs and Economic Policy Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Operating 

Plan 

Operating 

Plan Request 

Appropriated Resources $48,460 $52,428 $52,825 $53,661 $58,298 $66,979 $90,099 

Reimbursable Resources $9,795 $2,701 $1,293 $817 $1,188 $1,512 $1,512 

Budget Activity Total $58,255 $55,129 $54,118 $54,478 $59,486 $68,491 $91,611 

Full-time Equivalents (FTE) 220 161 178 180 191 187 226 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

IA - Monitor Quality 

and Enhance 

Effectiveness of 

International Monetary 

Fund (IMF) Lending 

Through Review of 

IMF Country Programs 

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 

IA - Monitor Quality 

and Enhance 

Effectiveness of MDB 

Lending through 

Review of MDB Grant 

and Loan Proposals 

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 

IA - Percentage of 

MDB Grant and Loan 

Proposals Containing 

Satisfactory 

Frameworks for Results 

Measurement 

97.60% 95.00% 96.00% 97.00% 97.10% 95.00% 95.00% 95.00% 

OTA - Program 

Engagement 3.8 3.8 3.3 3.6 3.5 3.6 3.6 3.6 

Key: DISC - Discontinued; B - Baseline; I - Indicator

International Affairs (IA) Description of Performance: 

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

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

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

IMF resources. The target (100 percent) was met in FY 2022. In FY 2023 and FY 2024, IA’s 

target for this measure remains 100 percent. 

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

Lending through Timely Review of MDB Grant and Loan Proposals: IA reviews MDB loan 
DO SE - 18 

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

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

consistent with congressional mandates. The target (100 percent) was met in FY 2022. In FY 

2023 and FY 2024, IA aims to continue its review of 100 percent of MDB loan and grant 

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

oversight of projects during implementation. 

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

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

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

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

annual basis. In FY 2022, 97 percent of MDB grant and loan project proposals had excellent 

or satisfactory ratings for the results matrices. The FY 2023 target is 95 percent, and the FY 

2024 target is 95 percent. 

 

Office of Technical Assistance Description of Performance: 

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

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

at the working and policy levels. A five-point scale is used to measure traction, with scores 

ranging from a low of 1, indicating there is little if any counterpart involvement, to a high 

score of 5, indicating that OTA advisors have regular and frequent meetings with 

counterparts and counterparts display high levels of involvement. Counterpart engagement is 

critical to OTA efforts to structure and execute effective technical assistance projects that 

support host country ownership and drive project outcomes. The result for FY 2022 is 3.5, a 

slight decrease of 0.1 from the FY 2021 result. The FY 2022 traction score, although 

marginally lower than the FY 2021 score, reflects continued strong traction with OTA 

counterparts globally.

International Affairs and Economic Policy Budget and Performance 

($90,099,000 from direct appropriations, $1,512,000 from reimbursable sources): 

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

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

priorities around the world. 

International Affairs 

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

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

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

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

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

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

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

international financial regulatory standards and multilateral solutions to international 

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

access, infrastructure development, food security, debt sustainability, and health. In 2022 IA 

made further strides reasserting U.S. global leadership on economic issues: raising global 
DO SE - 19 

ambitions on climate finance, enactment of novel approaches such as the Just Energy Transition 

Partnership (JETP); enhancing financial assistance to the poorest and most vulnerable 

economies; and establishing the new Pandemic Fund with approval by the G20 and including an 

initial pledge of $1.6 billion to better prevent, detect, and respond to future pandemics. 

Russia’s unprovoked war in Ukraine lent greater urgency to IA’s work deepening engagement 

with emerging markets and developing economies with a goal of building up long-term 

resilience amid an uneven global recovery from the pandemic. IA worked hard to address 

increasing food insecurity and rising fuel prices, including through a coalition price cap on 

Russian oil and an international financial institution (IFI) action plan to address food insecurity. 

In 2023 IA will seek to build on this progress. IA is playing a leading role in the 

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

President's Emergency Plan for Adaptation and Resilience. IA works to address the large and 

persistent global imbalances and unfair currency practices that threaten strong and sustainable 

U.S. economic growth. Treasury seeks to level the playing field for U.S. businesses through 

multilateral and bilateral engagements on foreign exchange practices and does this via 

multilateral and bilateral activities working through the International Monetary Fund (IMF) and 

the Group of 20 Nations (G20). 

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

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

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

and reinforcing U.S. national security interests in key countries around the world. Treasury IA 

seeks to bolster U.S. support for the multilateral development banks (MDB), including by 

promoting reforms to enhance how they leverage their capital and scale up their delivery and 

impact and continuing its close oversight of the institutions’ efficiency, effectiveness, and 

financial discipline. IA will continue to advance the significant role of these institutions in 

delivering on Treasury’s climate goals with respect to mitigation, adaptation, and climate 

finance. 

Office of Technical Assistance 

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

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

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

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

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

crimes. 

Office of Economic Policy - Macroeconomic Analysis 

The Office of Macroeconomic Analysis (Macro Office) analyzes the sectors of the 

macroeconomic environment, such as (but not limited to) labor markets, inflation, industrial 

production, national income and product accounts, productivity, international trade, and housing 

markets. In FY 2022, the Macro Office briefed the Secretary more than twice a month regarding 

its analysis of labor market and wage reports, inflation reports, and GDP—as well as other topics 

of interest. The Office also drafted memos to inform principals of their analysis on key 
DO SE - 20 

developments in the economy, created topic-specific briefers, and contributed to Treasury’s 

white paper on labor market competition. The Macro Office also participated in four rounds of 

the Troika process, though which the economic assumptions for the President’s Budget and MidSession Review were created. In addition, the Macro Office supported principals and other 

offices, such as the Office of International Affairs, for meetings and presentations to represent 

the views of the U.S. government.

 

Microeconomic Analysis 

The Office of Microeconomic Analysis has continued its core role of aiding the Administration’s 

development and evaluation of economic policy across a wide range of topics. Activities over the 

past year have included ongoing analysis of the impact of pandemic relief programs; evaluation 

of the impact of the Russian invasion of Ukraine on energy and other commodity markets, and 

the follow-on impacts on the U.S. economy; design of Treasury’s price cap proposal to limit 

Russian oil revenues; drafting of public Treasury white papers on labor market topics; publishing 

an ongoing blog series on racial equity; policy input and analysis on climate policy and energy 

market developments; ongoing analysis of supply chain disruptions and their economic impacts; 

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

Security and Medicare Trust Funds. 

Financial Analysis 

The Office of Financial Analysis produces the High-Quality Market Corporate Bond Yield 

Curve for the Pension Protection Act (PPA). The PPA mandates that Treasury publish a 

corporate bond yield curve for calculating the present values of pension liabilities and lump sum 

distributions. The HQM bond yield curve—representing corporate bonds rated AAA, AA, or 

A—uses a methodology developed in the Office of Economic Policy to construct bond yield 

curves by using extended regressions on maturity ranges. Financial Analysis also produces yield 

curves for various Treasury notes, bills, and bonds.

Social Impact Partnerships to Pay for Results Act 

The Social Impact Partnerships to Pay for Results Act (SIPPRA) was included as part of the 

Bipartisan Budget Act of 2018 (P.L. 115-123). SIPPRA created a ten-year $100 million fund to 

support social impact partnership projects by State and local governments to encourage new and 

innovative ways to solve entrenched social problems. The program funds social programs at the 

State or local level that achieve demonstrable, measurable, and scalable results, by making 

payment of funds contingent on positive outcomes. 

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

SIPPRA program. SIPPRA, signed into law on February 9, 2018, appropriated $100 million to 

fund social impact partnership projects and feasibility studies to prepare for such projects. 

Program funds may be obligated through February 8, 2028, and not less than fifty percent of 

funding for social impact partnership projects must be provided for initiatives that directly 

benefit children. The SIPPRA program aspires to demonstrate a new model of implementing and 

funding projects designed to solve entrenched societal problems such as homelessness, 

recidivism among juvenile offenders, and incidences of childhood abuse and neglect.

 
DO SE - 21 

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

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

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

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

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

Two applicants withdrew their applications and Treasury declined to award two of the eight 

certified applications. Treasury, the Department of Labor, and the New York State Energy and 

Research Development Authority entered into SIPPRA’s first grant agreement for a social 

impact partnership project in March 2021. Treasury entered into grant agreements with the City 

and County of Denver in September 2021, with the State of Oklahoma in December 2021, and 

with the New York City Mayor’s Office of Criminal Justice in December 2021. Treasury 

anticipates issuing an additional project NOFA in FY 2023. 

2.1.3 – Domestic Finance and Tax Policy Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Operating 

Plan 

Operating 

Plan Request 

Appropriated Resources $73,804 $72,570 $78,153 $79,566 $84,960 $103,027 $114,937 

Reimbursable Resources $42,042 $8,539 $7,042 $5,862 $6,066 $7,717 $7,717 

Budget Activity Total $115,846 $81,109 $85,195 $85,428 $91,026 $110,744 $122,654 

Full-time Equivalents (FTE) 311 236 245 256 280 323 359 

Performance 

Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

DF - Variance 

Between Estimated 

and Actual Receipts 

(Annual Forecast) (%) 

2.33% 2.50% 11.10% 13.82% 10.8% N/A 4.25% 4.25% 

Key: DISC - Discontinued; B - Baseline; I - Indicator

Domestic Finance Description of Performance: 

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

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

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

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

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

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

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

and regulatory response, the timing and level of receipts continued to be highly unpredictable 

throughout FY 2022. Due to this elevated uncertainty, Departmental Offices suspended 

identification of the numeric metric for FY 2022, although OFP continued to track actual 

results relative to the historic metric. The actual variance for FY 2022 was 10.8 percent 

compared to the 4.25 percent historical target and the 3 percent average for the ten years 

preceding the COVID-19 outbreak (FY 2010 – 2019). Due to ongoing uncertainty 

surrounding the timing and level of receipts stemming from the continuing impact of the 

COVID-19 pandemic, Departmental Offices has again suspended identification of the 

numeric metric for FY 2022. Beginning in FY2023 and FY 2024, Domestic Finance will 

resume using a 4.25 percent variance target, in line with historic norms.
DO SE - 22 

Domestic Finance and Tax Policy Budget and Performance 

($114,937,000 from direct appropriations, $7,717,000 from reimbursable sources): 

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

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

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

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

implementation. 

Office of Domestic Finance (DF) 

Financial Sector Cybersecurity and Critical Infrastructure Protection 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

including capacity building and deterrence. As part of its core responsibilities, OCCIP chairs 

both the G7 Cyber Experts Group and the Financial Banking and Information Infrastructure 

Committee, consisting of all state and federal banking regulators. OCCIP is also on the 

management committee of the Financial Services Sector Coordinating Council. 

Financial Data Access and Use 

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

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

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

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

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

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

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

drive continued improvements in FY 2023 and FY 2024. 

Serving Historically Underrepresented and Underserved Groups 

Treasury is endeavoring to better serve historically underrepresented and underserved groups 

through increased policy engagement and outreach to institutions including community-based 
DO SE - 23 

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

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

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

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

deployment of more than $8.3 billion in investments through the Emergency Capital Investment 

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

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

Transition from USD LIBOR 

During FY 2022, Domestic Finance continued its work monitoring the transition from USD 

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

short remaining lifespan (publication of LIBOR will cease after June 30, 2023) underscores the 

importance of a timely and effective transition due to potential impacts on financial stability. 

Housing Finance Reform 

During FY 2022, Treasury continued to monitor its investments in GSEs. Treasury has had a 

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

placed into conservatorship and subsequently entered into Senior Preferred Stock Purchase 

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

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

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

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

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

with Congress in support of these goals. 

Debt Management 

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

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

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

least cost to the taxpayer over time by maintaining regular and predictable issuance of Treasury 

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

over time. In FY 2022, the deficit declined by approximately $1.4 trillion, and Treasury 

effectively adjusted auction sizes to better align with its reduced borrowing needs. In FY 2022, 

ODM oversaw $17.3 trillion in gross security issuance and $1.67 trillion in net issuance. Interest 

costs also began to increase as the Federal Reserve raised interest rates. As it considers 

borrowing plans for the future, Treasury will continue to monitor the strength of the economy, 

Federal Reserve monetary policy, secondary market activity and liquidity conditions, as well as 

potential disruptions related to the statutory debt limit. 

Office of Recovery Programs (ORP) 

ORP was established in April 2021 and oversees programs authorized through the CARES Act, 

the Consolidated Appropriations Act of 2021, and the American Rescue Plan Act, as well as 

other legislation. These programs include the State and Local Fiscal Recovery Fund (SLFRF), 

Emergency Rental Assistance (ERA), the Homeowner Assistance Fund (HAF), the State Small 

Business Credit Initiative (SSBCI), the Capital Projects Fund, the Emergency Capital Investment 

Program (ECIP), Coronavirus Economic Relief for Transportation Services (CERTS) Program, 

the Payroll Support Program (PSP), the Coronavirus Relief Fund (CRF), and the Airline and 
DO SE - 24 

National Security Loan Program. Among these programs’ key accomplishments: 

 SLFRF has provided funding to over 30,000 state, territorial, local and Tribal governments – 

allowing them to address the fiscal pain caused by COVID-19, support the public health 

response, and make investments in key areas like affordable housing, workforce, and water 

and sewer infrastructure. These funds include a historic $20 billion investment in Indian 

Country; to date, 579 Tribal Nations have instituted over 3,000 projects supporting over 2.6 

million Tribal citizens.1

 Through the Capital Projects Fund (CPF), 33 states have been approved to invest over $4.5 

billion of CPF funding in affordable, reliable high-speed internet, estimated to reach more 

than 1.2 million locations. 

 ERA has provided over 9 million payments to households at risk of eviction, and at the same 

time, has helped build a national infrastructure for eviction prevention that we hope will 

persist even after ERA funds are exhausted. Over 80% of ERA assistance has been delivered 

to very low-income households. 

 Through the ECIP, Treasury has deployed over $8.28 billion in investments in 162 

community financial institutions across the country. 

 The $10 billion SSBCI program is providing capital for small businesses, including those 

historically underserved by the financial system, while announcing the availability of $300 

million in technical assistance funding. 

ORP’s work will continue to build a foundation for the Department’s ongoing ability to support 

households, small businesses and communities across the country by expanding access to capital. 

In particular, ORP continues to build capacity to help Treasury better help small businesses form 

and expand, both through efforts that respond to entrepreneurs’ needs in the context of the 

broader financial system and by incentivizing private capital alongside Federal investments. 

These efforts – undertaken in conjunction with Treasury’s partner agencies – will be especially 

focused on areas and communities where small businesses and households have traditionally 

experienced less access to capital, including rural areas, communities of color, Tribal 

communities, and low-income communities. They will build on programs like SSBCI and ECIP 

that have offered models for how private investment can be catalyzed by Federal initiatives, 

alongside targeted technical assistance. Leveraging the foundation built in pandemic relief, 

Treasury is now positioned to take the systems, the expertise and the networks established to date 

to reach those businesses and communities that have often been shut out of the financial system 

as well as from Federal programs. 

Office of Tax Policy (OTP) 

In FY 2022 the Office of Tax Policy (OTP) provided critical successful support to the 

Administration’s legislative efforts. OTP’s technical assistance contributed to the successful 

passage of the Inflation Reduction Act (IRA). 

In addition to IRA technical assistance, OTP staff worked on implementing key provisions of 

bills passed in FY 2022. Working with the IRS Office of Chief Counsel (IRS:CC), OTP drafted 

regulations implementing key provisions of the Infrastructure Investment and Jobs Act (IIJA), 

1

SLFRF Tribal Recovery Report, November 9, 2022. https://home.treasury.gov/system/files/136/TreasurySLFRFTribalRecoveryReport.pdf
DO SE - 25 

including regulations that will provide guidance on the new required reporting for digital assets. 

OTP staff also worked with IRS:CC to address judicial challenges to the long-standing 

reportable transaction regime, and to revamp guidance so that IRS can continue to pursue 

abusive tax shelters. OTP also worked alongside HHS and Labor Department on key guidance 

under the No Surprises Act which provides vital protections from surprise medical bills for 

consumers and proposed regulations for retirement plans under the Secure Act. 

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

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

the interests of the United States. In FY 2022, OTP also continued negotiations and development 

of the Inclusive Framework Pillar 2 reforms, which are aimed at creating a fairer international 

tax system. Work in FY 2022 culminated in the adoption of an EU directive for implementation 

of Pillar 2. OTP also made important progress on strengthening tax treaty work, including the 

signing of a new tax treaty with Croatia. 

OTP also continues to work to increase take-up of tax credits among eligible taxpayers and to 

advance equity analysis of tax policy. In FY 2022, OTP worked with the IRS to implement 

economic relief by administering the advance Child Tax Credit which sent monthly payments to 

families between July and December 2021. The office also organized and provided mailing lists 

for outreach letters that were sent to more than 9 million taxpayers who were potentially eligible 

for the 2021 Recovery Rebate Credit (RRC), the Child Tax Credit (CTC), and/or the Earned 

Income Tax Credit (EITC). Also in FY 2022, the office developed an extension of a publicly 

available imputation method to impute race and ethnicity to tax data and applied the imputation 

method to the individual tax model to distribute some of the major tax credits by race and 

ethnicity as well as income. 

Inflation Reduction Act 

In FY 2022, OTP began implementation of the IRA, especially green energy and corporate 

provisions. The office also prepared analyses and revenue estimates for proposals that were 

included and considered in the IRA and developed models to estimate analyses for the IRA, such 

as a carbon border tax adjustment. In FY 2023, OTP plans on expanding regulatory staff and 

projects to address both IRA provisions and a regulatory backlog that increased due to chronic 

staffing shortages in both OTP and IRS:CC. 

 
DO SE - 26 

2.1.4 – Treasury-wide Management and Programs Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Operating 

Plan 

Operating 

Plan Request 

Appropriated Resources $40,716 $39,171 $38,279 $39,779 $37,944 $41,392 $44,906 

Reimbursable Resources $2,398 $226 $127 $98 $199 $254 $254 

Budget Activity Total $43,114 $39,397 $38,406 $39,877 $38,143 $41,646 $45,160 

Full-time Equivalents (FTE) 147 100 92 99 111 106 104 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

Percent of Procurement 

Dollars Spend on Small 

Business 

43% 40% 46% 39% 38% 39% 40% 40% 

Treasury-wide 

Employee Engagement 

Index of the Federal 

Employee Viewpoint 

Survey (FEVS) 

68 69 75 74 74 77 75 77 

Treasury-wide 

Footprint (Square 

Footage in thousands) 

 

33,766 

 

33,209 

 

32,517 

 

32,006 31,691 

 

31,948 

 

31,734 31,230 

Treasury-wide Leaders 

Lead Index of the 

Federal Employee 

Viewpoint Survey 

(FEVS) 

56 58 65 66 64 67 66 67 

Key: DISC - Discontinued; B - Baseline; I - Indicator

Treasury-Wide Management and Program Description of Performance:

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

FY 2022, Treasury met and exceeded four out of five small business prime contracting goals. 

Treasury did not meet its overall small business goal. Treasury did not meet any small 

business subcontracting goals. All Treasury bureaus were included in the goaling report, with 

no exclusions. The FY 2022 overall small business goal was set for 39 percent, and Treasury 

achieved 37.89 percent. The FY 2024 target small business goal is 40 percent. One 

overarching challenge in FY 2022 to meet the overall small business goal was that Treasury 

forecasted a 32 percent small business goal based on bureaus non-renewal of small business 

set-asides and non-renewal of 8(a) contracts. Particularly noteworthy is that Treasury far 

exceeded the forecasted goal of 32% and achieved over 37%. Also, in FY 2022, Treasury’s 

small disadvantaged business (SDB) goal was raised from 5% to 10% to meet OMB 

Directive to raise the SDB goal incrementally each year to reach a goal of 15% by FY 2025. 

Treasury exceeded the small business contracting goals for the following socioeconomic 

groups: 

o Small Disadvantaged Business – goal 10.0 percent, achieved 10.46 percent; 

o Women Owned Small Business – goal 5.0 percent, achieved 7.21 percent; and 

o Service-Disabled Veteran Owned Small Business – goal 3.0 percent, achieved 3.5 

percent. 

o Historically Under-utilized Business Zone (HUBZone) – goal 3.0 percent, achieved 4.09 

percent. 
DO SE - 27 

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

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

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

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

Treasury’s score for the Engagement Index were unchanged at 74 percent in both FY 2021 

and FY 2022. Treasury’s engagement score maintained its four percent lead over the average 

score for very large agencies. The engagement index target is 75 percent for FY 2023 and 

acknowledging continuing development needs associated with managing a hybrid workforce, 

DO’s FY 2024 target is increased by 2 percent to 77 percent. 

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

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

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

maximized space utilization by undertaking space realignments, consolidations, and 

improved workstation standards. In FY 2022, Treasury decreased its footprint to an estimated 

31,691 thousand square feet, which is a reduction of 315 thousand square feet from the 

32,006 thousand square foot footprint estimated in FY 2021. In FY 2023, the Department 

will expand its review of new work patterns and trends that could impact the need for real 

property. The Department will continue targeting metropolitan areas with multiple posts of 

duty sites to pursue consolidation opportunities or space reductions where it makes business 

and financial sense. The FY 2024 target for the total square footage that Treasury occupies is 

31,230 thousand square feet. 

 Treasury-wide “Leaders Lead” Index of FEVS: As part of its overall effort to increase 

Employee Engagement, Treasury had set a multi-year goal to increase the “Leaders Lead” 

index. This involved statistically analyzing FEVS data to identify opportunities for 

improvement. Treasury’s score for the Leaders Lead Index decreased from 66 percent in FY 

2021 to 64 percent in FY 2022, dropping below OPM’s 65 percent benchmark for an 

indicator of organizational strength. Treasury’s score in FY 2022 exceeded the average score 

for very large agencies by five percent. The target is 67 percent for FY 2024, to place the 

Leaders Lead index back among those of relative strength for the Department. 

Treasury-wide Management and Programs Budget and Performance 

($44,906,000 from direct appropriations, $254,000 from reimbursable sources): 

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

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

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

Procurement Executive; the Office of Small and Disadvantaged Business Utilization; the Office 

of the Chief Human Capital Officer; the Office of Treasury Operations; the Office of the Deputy 

Chief Financial Officer; the Office of Strategic Planning and Performance Improvement; the 

Office of Risk Management; the Office of the Chief Data Officer; and the Office of the Deputy 

Assistant Secretary for Management and Budget. 

Office of the Chief Human Capital Officer

For FY 2022, the Office of the Deputy Assistant Secretary for Human Resources and Chief 

Human Capital Officer (DASHR-CHCO) focused on strategies to recruit, hire, develop, and 

retain a workforce that was ready to meet the challenges of mission delivery. DASHR-CHCO 

also collaborated closely with the newly established Office of Diversity, Equity, Inclusion and 
DO SE - 28 

Accessibility to promote practices enhancing the Department’s ability to field a workforce whose 

makeup reflects the public Treasury serves. In addition to leading delivery of Treasury’s strategic 

human capital management agenda, DASHR-CHCO also established policies and practices that 

enabled the Department to successfully navigate the post-pandemic re-entry period and to 

establish new work routines for employees and their supervisors. The success of these efforts is 

reflected in Treasury’s Federal Employee Viewpoint Survey results, which indicate that the 

Department was able to maintain strong employee engagement and global employee satisfaction 

during a period that might otherwise have seen precipitous drops in those indices due to 

employees re-entering the traditional worksite after the pandemic response period. 

Office of the Deputy Chief Financial Officer 

For FY 2022, the Department received its 23rd consecutive unmodified audit opinion on its 

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

consolidated audits to be conducted for FYs 2023 and 2024. Overall, the Department has made 

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

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

Office of Small and Disadvantaged Business Utilization (OSDBU) 

Based on preliminary data for FY 2022, Treasury obligated over $9 billion in eligible small 

business dollars and awarded over $3.43 billion dollars to small businesses. Treasury met and 

exceeded four out of five small business prime contracting goals. Treasury did not meet its 

overall small business goal by 1.1 percent. Treasury did not meet any small business 

subcontracting goals in FY 2022. Treasury OSDBU identified several possible root causes for 

not meeting Treasury’s small business prime and subcontracting goals in FY 2022, including 

lower than expected percentage of small business prime contracts, limited enforcement of 

existing Treasury procurement policies related to small business set-aside opportunities, and 

additional training needs for Treasury’s acquisition professionals related to subcontracting preand post-award requirements.

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

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

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

base. Treasury received an overall grade of “B” due to not meeting all their small business prime 

- and sub - contracting goals and a decrease in Treasury’s number of new entrants. Treasury 

missed a grade of “A” by less than 1 percentage point. This is a testament to the hard work and 

professionalism of the procurement and acquisition teams across Treasury’s bureaus and the 

serious commitment to utilizing small businesses that emanates from Treasury’s 

leadership. Treasury received a grade of A+ in compliance with the Small Business Act, Section 

15 (k), where the Department continued to focus on small business programs in mission 

execution, compliance and oversight, policy and training, and internal and external stakeholder 

engagements and outreach. 

In FY 2022, per FAR Part 19.201, OSDBU successfully executed virtual Small Business 

Programs Compliance Reviews where four Bureaus conducted small business program selfassessments. Central to the compliance review strategy is early acquisition planning and broad 

stakeholder participation. The results of the compliance reviews provided for a comprehensive 
DO SE - 29 

small business acquisition transformation strategy that included bureau acquisition workforce 

small business education across the Department. Overall, the Department made progress in 

enhancing its small business programs and remains committed to ensuring high standards of 

small business program compliance. Treasury bureaus were assessed as “favorable” for its small 

business programs in FY 2022. In FY 2022, Treasury OSDBU reviewed 38 acquisition actions 

valued at over $10 million that were not set-aside for small business and rejected 20 of these 

actions due to inadequate and unsubstantiated market research. After the rejections, small 

business set-aside opportunities were found for all 20 actions. Seventeen subcontracting plans 

were reviewed and accepted by OSDBU and the Small Business Administration Procurement 

Center Representative. Compliance with the subcontracting plans is monitored semi-annually. 

In response to Executive Order 13985, Treasury OSDBU is a member of “Treasury’s 

Procurement Equity Council” to ensure Treasury 1) increases small and disadvantaged business 

participation in Treasury contracts, 2) reduces barriers for new small businesses to enter into 

Treasury contracts, 3) improves Treasury’s supplier diversity in procurement opportunities, and 

4) tracks the agency’s progress towards achieving measurable outcomes. 

In response to OMB Memorandum 22-03, OSDBU instituted the “Small Business Innovation 

and Research Phase III Pilot” Program, increased the small-disadvantaged business goal to 10%, 

and added annual small business participation goals to SES and acquisition managers’ 

performance plans. OSDBU also enhanced its market research tool to provide contracting 

officers and program managers data to meet their small business goaling objectives. 

In FY 2023, OSDBU will again require Bureaus to conduct small business compliance selfassessments. OSDBU will validate the self-assessments before end of the fiscal year and identify 

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

bureau small business programs. The annual small business program health summary, based on 

these areas for improvements, will be submitted to the Deputy Secretary in early FY 2024. In FY 

2023 Treasury OSDBU will also continue to provide small business training to Treasury’s 

acquisition workforce, collaborate with FinCEN on their monthly Innovation Hours, work with 

SSBCI in locating small business funding recipients who want to do business with Treasury, and 

look for advanced IT SBIR Phase III opportunities. 

Office of the Procurement Executive (OPE) 

In FY 2022, the Office of the Procurement Executive (OPE) oversaw $9.3B in contract 

obligations, closely collaborating with Bureaus to ensure timely procurement execution while 

implementing the Administration’s strategic procurement priorities. OPE focused on executing 

the responsibilities of the Chief Acquisition Officer, Senior Procurement Executive (SPE), 

Suspension and Debarment Official (for procurement and non-procurement), Chancellor of the 

Treasury Acquisition Institute, Senior Accountable Official for Domestic Sourcing, Agency 

Acquisition Innovation Advocate, Agency Competition Advocate, Agency Task and Delivery 

Order Ombudsman, Agency Charge Card Program Manager, and Acquisition Career Manager. 

In carrying out these responsibilities, OPE issues procurement policy, establishes acquisition 

goals, evaluates and monitors bureau procurement organizations, implements category 

management, governs Treasury and federal-wide procurement systems, manages the acquisition 
DO SE - 30 

workforce, oversees Treasury charge card programs, manages Treasury’s suspension and 

debarment program, continuously improves the acquisition environment, and delegates 

procurement authority to Treasury bureaus to execute contracting activities while providing 

appropriate oversight to those activities. 

OPE sets strategic goals for Treasury-wide implementation of Administration priorities for 

procurement including equity, domestic sourcing, supply chain risk management, climate 

change, and category management. Two examples of this work focus on procurement equity and 

domestic sourcing. To advance equity in Treasury procurement, OPE established the Treasury 

Procurement Equity Council (TPEC). Chartered by the SPE, the TPEC brings together Treasury 

bureaus, senior leaders, and management functions to identify and replicate promising practices 

that advance equity in procurement. To align category management practices with equity goals, 

OPE revised market research and prioritization guidance in FY 2022, significantly aiding efforts 

to achieve equity goals while continuing to create savings through efficient use of contracting 

vehicles. In FY 2023, OPE will continue efforts to advance equity through reviewing acquisition 

strategies for equity impacts and expanding focus on equity initiatives to include subcontracting 

with businesses in underserved communities. To advance domestic sourcing objectives in FY 

2022, OPE established tools and guidance for evolving Made in America requirements including 

a submission portal for bureaus that provides relevant information and workflow routing. In FY 

2023, OPE will partner with the Manufacturing Extension Partnership on developing domestic 

capability for products Treasury purchases from other than domestic sources. 

Office of the Chief Data Officer (OCDO) 

In FY 2022, The Office of Chief Data Officer conducted strategic engagement interviews with 

CDOs and their colleagues across Treasury, to understand each Bureau’s priorities and 

challenges. The office synthesized results into a set of concrete themes and engagements that 

will help OCDO best prioritize, posture, and support the Bureau’s operational mission while 

providing broader strategic data support across Department and Administration priorities. 

 

Data Literacy Engagement: the office quickly assessed OCDO’s internal priorities (informed by 

Bureau input) and led a review and validation of the existing data literacy framework and led 

several engagements with Bureaus to inform a data literacy pilot which will conclude in FY 

2023. This is especially critical as data literacy was one of several priorities Treasury Senior 

Leaders have agreed requires an enterprise focus. The relationships developed with industry, 

combined with knowledge of the inner workings of Treasury, has allowed the office to accelerate 

progress towards creating the path for an enterprise Treasury Data Academy practice. 

 

Talent Identification & Networking: the office has worked to identify talented resources to 

support the work of OCDO. In FY 2022, the office formally onboarded a Presidential 

Management Fellow (PMF), a Presidential Management Council (PMC) fellow, and in FY 2023, 

the office intends to onboard a Presidential Innovation Fellow. These are extremely talented 

individuals who not only have the education and experience to support the work of OCDO, but 

who are also recognized for their contributions, maturity, and desire to be good stewards of 

taxpayer dollars by helping to create and sustain the conditions for good government. 
DO SE - 31 

Evidence Building Requests 

The office expanded the focus of the current Data Inventory Working Group to develop an 

inventory of all of Treasury's metadata assets. The office also developed requirements to evaluate 

the implementation of an enterprise data catalogue, which promotes transparent access to 

Treasury's data to support our work. The team met with eight potential vendors, participated in 

listening sessions for vendor product catalogues, and briefed the Data Governance Board on the 

next steps to officially establish a procurement action for the catalogue. This collaboration effort 

between OCDO and OCIO secured $350K to support initial procurement actions. Having access 

to data in one location allows the Department to more quickly identify data needed to support 

large strategic efforts such as future of work planning, diversity equity and inclusion studies, and 

compliance objectives of the Evidence Act and Federal Data Strategy

The office hired a Deputy CDO and onboarded both a PMC and a PMF to support specific data 

education, data infrastructure, and zero trust working group project management support. 

Together with members of the Data Governance Board and Data Advisory Council, the office 

assessed recent guidance for the establishment of a Scientific Integrity Policy at Treasury and 

was instrumental in helping to organize a small cross-Treasury committee to develop the draft 

policy. Treasury's Statistical Official led the group and recently presented the draft policy to the 

Data Governance Board for feedback and input. This is a new policy that will require further 

refinement and resourcing as determined by the current Administration. 

A draft OPEN Data policy has been developed, but not yet approved, as the OCDO continues to 

experience resource limitations. This requirement will carry-over into FYs 2023 and 2024. 

Treasury's Data Governance Board conducted baseline assessment of staffing the Scientific 

Integrity Officer role and supported the development of the draft Scientific Integrity Policy. 

The draft policy is expected to be finalized in FY 2023. OCDO also provided guidance for the 

development of Treasury's Data Literacy Program and Data Infrastructure assessments. 

The office completed development of the draft Treasury Data Infrastructure Framework that 

contains key requirements or needs across our enterprise in the areas of data standards, analytics, 

governance, technology, people and skills, literacy, and security. The data infrastructure 

framework has been used to engage Treasury CDOs and other leaders on the requirements to 

implement the Evidence Act and help Treasury meet its operational requirements using data. 

Inflation Reduction Act 

As well as funds for the Office of Tax Policy, IRA provided $50 million to DO for oversight and 

implementation support for actions by the IRS. These functions will be carried out in the Office 

for the Assistant Secretary for Management (ASM), in coordination with the Office of the 

Deputy Secretary. In FY 2023, the ASM will continue work begun in FY 2022 to bolster 

oversight capabilities, to include hiring personnel with expertise in implementation and planning, 

compliance, technology modernization, customer experience capacity, data science, among 

others. 
DO SE - 32 

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

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Operating 

Plan 

Operating 

Plan Request 

Appropriated Resources $6,000 $15,000 $22,341 $22,661 $18,012 $19,238 $25,570 

CFIUS Fund Transfers 0 0 $15,000 $15,000 $17,000 $16,000 $16,000 

Reimbursable Resources 0 0 0 $64 $286 $363 $363 

Budget Activity Total $6,000 $15,000 $37,341 $37,725 $35,298 $35,601 $41,933 

Full-time Equivalents (FTE) 26 32 55 81 107 93 142 

Performance 

Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

Timely Review of 

CFIUS Cases 100% 100% 100% 100% 100% 100% 100% 100% 

Key: DISC - Discontinued; B - Baseline; I - Indicator

Committee on Foreign Investment in the United States Description of Performance:

Timely Review of CFIUS Cases: This measure tracks compliance with statutory deadlines for 

completing national security reviews of transactions notified to the CFIUS to ensure that the 

CFIUS process is timely and efficient. The target (100 percent) was met in CY 2022. IA’s target 

for this measure in CY 2023 and CY 2024 is 100 percent. 

Committee on Foreign Investment in the United States Budget and Performance 

($25,570,000 from direct appropriations, $16,000,000 from fund transfers, $363,000 from 

reimbursable resources): 

In FY 2022, Treasury CFIUS continued its growth to support requirements laid out in the 

Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This includes 

continued investment in infrastructure necessary to support an increase in CFIUS’s 

responsibilities, as well as additional staff to manage the workload growth. 

Section III – Additional Information 

A –Summary of Capital Investments 

A summary of capital investments, including major information technology and non-technology 

investments, can be viewed and downloaded at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.