U.S. Department of the Treasury

FY 2024 Budget in Brief

Summary of FY 2024 President’s Budget

Executive Summary....................................................................................................................................... 1

Summary Tables and Charts

FY 2024 President’s Budget Discretionary Appropriations Request ...........................................1

Fiscal Year Comparison of Full-Time Equivalent (FTE) Staffing ...............................................4

Summary of FY 2024 Increases and Decreases............................................................................5

FY 2024 President’s Budget by Strategic Goal ............................................................................6

Appropriated Accounts – Bureau Program Detail

Departmental Offices Salaries and Expenses ............................................................................................... 7

Cybersecurity Enhancement Account.......................................................................................................... 15

Department-wide Systems and Capital Investments Program..................................................................... 23

Terrorism and Financial Intelligence............................................................................................................ 29

Committee on Foreign Investment in the US (CFIUS)................................................................................. 37

Office of Inspector General.......................................................................................................................... 41

Special Inspector General for TARP............................................................................................................ 45

Treasury Inspector General for Tax Administration ..................................................................................... 47

Special Treasury Inspector General for Pandemic Recovery ...................................................................... 51

Community Development Financial Institutions Fund.................................................................................. 57

Financial Crimes Enforcement Network....................................................................................................... 63

Alcohol and Tobacco Tax and Trade Bureau .............................................................................................. 69

Bureau of the Fiscal Service........................................................................................................................ 77

Internal Revenue Service ............................................................................................................................ 87

Non-Appropriated Accounts – Bureau Program Detail

Office of Financial Stability ........................................................................................................................ 101

Office of Financial Research..................................................................................................................... 105

Financial Stability Oversight Council......................................................................................................... 109

Treasury Franchise Fund .......................................................................................................................... 113

Treasury Forfeiture Fund........................................................................................................................... 119

Bureau of Engraving and Printing.............................................................................................................. 123

United States Mint ..................................................................................................................................... 129

Office of the Comptroller of the Currency .................................................................................................. 135

Treasury International Programs

International Programs .............................................................................................................................. 137

Supplemental Information

Summary of FY 2024 Appropriations Language........................................................................................ 147

Mandatory Funding Levels for the FY 2024 President’s Budget – Treasury Chapter ................................ 159

The information presented in the FY 2024 Budget in Brief is accurate and complete as of 

March 9, 2023. Any updates will be reflected in the budget available on the Department of the 

Treasury website, www.Treasury.gov.

FY 2024 EXECUTIVE SUMMARY

President’s Budget Discretionary Appropriation Request 

Dollars in Thousands

FY 2022 

Enacted

(post IRS 

transfer)

FY 2023 

Enacted

(pre IRS 

transfer)

FY 2023 

Enacted

(post IRS 

transfer)

FY 2024

President's 

Budget

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

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

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

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

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

Office of Terrorism and Financial Intelligence 1 $195,192 $216,059 $216,059 $244,000 

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

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

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

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

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

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

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

Financial Crimes Enforcement Network 1 $161,000 $190,193 $190,193 $228,908 

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

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

Tax Administration 1, 3, 4

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

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

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

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

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

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

Treasury Executive Office of Asset Forfeiture (TEOAF) 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2

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

3

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

and Operations Support ($47 million).

4

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

Operations Support ($21.9 million) and Business Systems Modernization ($150 million).

Department of the Treasury - Budget in Brief 1
MISSION STATEMENT 

Maintain a strong economy by promoting conditions that enable equitable and 

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

protecting the integrity of the financial system, and managing the U.S. 

Government’s finances and resources effectively.

OVERVIEW OF REQUEST 

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

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

increase from the FY 2023 enacted level. 

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

Reduction Act addressed long-standing IRS funding deficiencies by providing

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

by finally pursuing wealthy and corporate tax evaders who too often avoid paying

taxes owed and improving service for the hundreds of millions of Americans who

pay what they owe. The funding will allow the IRS to significantly improve

customer service, modernize decades-old technology, infrastructure, administer

new clean energy tax credits, and rebuild the administrative capacity of the

agency. To realize these goals and support timely and robust implementation of

the important tax provisions in the Inflation Reduction Act, annual discretionary

appropriations are vital to maintain current services and allow the IRS to utilize

the long-term funding for transformative modernization. To ensure that taxpayers

receive the highest quality customer service and that all Americans are treated

fairly by the U.S. tax system, the Budget provides a total of $14.1 billion for the

IRS, $1.8 billion (15 percent) above the 2023 enacted level. This includes an

increase of $642 million to improve the taxpayer experience and expand customer

service outreach to underserved communities and all taxpayers. The Budget also

provides $290 million for IRS Business Systems Modernization, which did not

receive annual funding in 2023, to continue and accelerate the development of new

digital tools to enable better communication between taxpayers and the IRS. In

addition to annual discretionary funding, the Budget proposes to maintain deficit

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

2032 and beyond. This proposal builds on decades of analysis demonstrating that

program integrity investments to enforce existing tax laws increase revenues in a

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

taxes paid.

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

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

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

historically underserved and often low-income communities access to credit,

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

Department of the Treasury - Budget in Brief 2
reinforce healthy neighborhood development. To better address the shortage of 

long-term affordable credit for development projects in disadvantaged 

communities and unlock up to $500 million in financing support, the Budget also 

includes a $10 million subsidy for the CDFI Fund’s Bond Guarantee Program. 

• Increases Corporate Transparency and Safeguards the Financial System.

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

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

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

to Russian aggression against Ukraine. The Budget provides $244 million to the

Office of Terrorism and Financial Intelligence (TFI), $28 million above the 2023

enacted level, to expand Treasury’s capacity to provide financial intelligence and

conduct sanctions-related economic analysis while continuing to modernize the

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

Enforcement Network (FinCEN), $39 million above the 2023 enacted level, to

support the launch of the Beneficial Ownership Secure System and investment in

the Treasury offices charged with closing financial reporting loopholes that allow

illicit actors to evade scrutiny, mask their dealings, and undermine corporate

accountability.

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

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

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

overall cybersecurity efforts and continue the implementation of a Zero Trust

Architecture. These investments would protect Treasury systems from future

attacks.

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

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

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

support Treasury’s expanding role in promoting investment security and

advancing equitable growth. The increase in funding would also support

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

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

Budget builds institutional capacity to support Treasury-wide coordination of

program evaluation and expand engagement with historically underrepresented

and underserved groups to advance equity across all Treasury programs.

Department of the Treasury - Budget in Brief 3
Appropriation1 Direct Reimb. Total Direct Reimb. Total Direct 

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

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

Terrorism and Financial Intelligence 583 32 615 613 32 645 685 

Cybersecurity Enhancement 7 - 7 30 - 30 53 

Office of Inspector General 190 - 190 210 - 210 210 

Treasury Inspector General for Tax Administration 702 2 704 735 2 737 742 

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

Special Inspector General for TARP 43 - 43 35 - 35 12 

Special Inspector General for Pandemic Recovery 53 - 53 55 - 55 55 

Community Development Financial Institutions Fund 71 - 71 89 - 89 91 

Financial Crimes Enforcement Network 285 1 286 289 3 292 350 

Alcohol and Tobacco Tax and Trade Bureau 479 12 491 548 11 559 551 

Bureau of the Fiscal Service3 1,854 11 1,865 1,832 9 1,841 1,852 

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

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

Subtotal, Treasury Appropriated Level 84,117 617 84,734 88,583 796 89,379 103,386 

Office of Financial Stability (Administrative Account) 7 - 7 5 - 5 1 

Office of Recovery Programs7 106 - 106 64 - 64 138 

Emergency Support 

Community Development Financial Institutions Fund, 9 - 9 9 - 9 9 

Capital Magnet Fund 5 - 5 9 - 9 9 

Office of Financial Research 119 - 119 148 - 148 184 

Financial Stability Oversight Council 17 - 17 34 - 34 44 

Treasury Franchise Fund - 2,047 2,047 - 2,185 2,185 - 

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

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

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

Terrorism Insurance Program 8 - 8 10 - 10 13 

IRS Private Collection Agent Program4 414 - 414 469 - 469 469 

Subtotal, Treasury Non-Appropriated Level 685 8,963 9,648 748 9,318 10,066 867 

Total, Treasury 84,802 9,580 94,382 89,331 10,114 99,445 104,253 

Program, Coronavirus Relief Fund, Homeowner Assistance Fund, Emergency Rental Assistance, State Small Business Credit Initiative (SSBCI) and Emergency Capital Investment Program.

7/ The Office of Recovery Programs presentation include FTE related to Transportation Services, Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation Workers

FTE), and Business Systems Modernization ($1,034 million and 197 FTE).

($180 million and 1,810 FTE), Taxpayer Services ($816 million and 6,489 FTE), Enforcement ($1,408 million and 7,239 FTE), Operations Support ($2,380 million and 3,810 

6/ 63 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2024 IRA Funding Usage includes amounts for Energy Security tax credits 

1/ Presentation for appropriated accounts include FTE funded with annual appropriated resources, user fees, carryover, multiyear authority, IRA, and supplemental funding. 

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

2023 Enacted 2024 Pre2022 Actual

Modernization ($580 million and 357 FTE). 

Taxpayer Services ($838 million and 7,394 FTE), Enforcement ($372 million and 1,543 FTE), Operations Support ($1,018 million and 727 FTE), and Business Systems 

5/ 85 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2023 IRA Funding Usage includes amounts for Direct eFile ($15 million), 

4/ The FY 2023 and 2024 FTEs may differ from numbers reported in the 2024 Budget Appendix and the FY 2023 Operating Plan due to timing of legislative actions and agency decisions.

3/ Direct FTE for the Bureaus of the Fiscal Service include FTE funded from the Debt Collection Fund. 

2/ Departmental Offices presentation include Direct FTE funded for from the Social Impact Demonstration Projects account.
 DO CFIUS1 TFI Cyber DSCIP OIG TIGTA SIGTARP2 SIGPR CDFI FinCEN TTB FS 

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

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

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

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

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

Non-Recurring Costs (10,000) ($10,655) ($93,150) ($11,118) 

Efficiency Savings/Reinvestment 

Other Adjustment/Initiative 

Annualization $11,136 $7,641 (1,789) 

Adjustments to Base $11,490 $0 $4,636 ($92,852) ($11,118) $302 $7,869 $0 $529 $1,204 $5,568 $5,770 $14

FY 2024 Base $285,372 $0 $220,695 $7,148 $0 $49,180 $182,119 $9,000 $12,529 $325,204 $195,761 $154,633 $387

Program Decreases ($9,000) ($2,000) 

CFIUS Fund Appropriation $21,000 

CFIUS User Fees ($21,000) 

Program Increases/Reinvestments $46,827 $23,305 $207,852 $30,881 5,249 3,471 18,274 $33,147 $971 $12

Subtotal, Program Changes $46,827 $0 $23,305 $207,852 $30,881 $0 $5,249 ($9,000) $3,471 $16,274 $33,147 $971 $12

FY 2024 President's Budget funded 

from discretionary resources $332,199 $0 $244,000 $215,000 $30,881 $49,180 $187,368 $0 $16,000 $341,478 $228,908 $155,604 $399

Summary of FY 2024 Increases and Decreases

(Dollars in Thousands)

1/ CFIUS Fund enacted levels are net appropriations including user fees.

2/ SIGTARP has no Budget Adjustments table for the FY 2024 Budget. The program is sunsetting in FY 2024 and using remaining no-year funds for an orderly shutdown.

Department of the Treasury - Budget in Brief 5
FY 2024 President's Budget by Strategic Goal 

Dollars in Thousands

Treasury Goal/Objective

Promote 

Equitable 

Economic 

Growth

and 

Recovery

Enhance 

National 

Security 

Protect 

Financial 

Stability 

and 

Resiliency 

Combat 

Climate 

Change

Modernize 

Treasury 

Operations 

Total

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

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

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

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

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

Cybersecurity Enhancement Account $215,000 $215,000 

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

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

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

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

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

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

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

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

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

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

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

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

Business Systems Modernization $289,619 $289,619 

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

Department of the Treasury - Budget in Brief 6
Departmental Offices Salaries and Expenses

Program Summary by Budget Activity

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

Summary

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. 

Department of the Treasury - Budget in Brief 7
Budget Highlights

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 

Budget Adjustments

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% in FY 2024) +$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. 

Department of the Treasury - Budget in Brief 8
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 the 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 

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 is temporarily realigned 

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

IT systems. 

Department of the Treasury - Budget in Brief 9
Staffing to Support DEIA +$1,104,000 / +4 FTE 

This request would allow the recently created Office of Diversity, Equity, Inclusion, and 

Accessibility (ODEIA) to expand. These four additional FTEs will provide Department-wide 

support to help Treasury advance equity in its policies, procedures, and practices, and would 

support the DO’s efforts to center issues of equity within policy discussions to achieve a more 

equitable economy. In addition, these resources will support Department-wide efforts to improve 

the diversity of Treasury’s workforce, ensure civil rights compliance, and help oversee the 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 

program. This request would build policy strength in key climate functions, including 

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

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. 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.

Department of the Treasury - Budget in Brief 10
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 while the complexity of sanctions authorities managed by the 

Office of Foreign Assets Control has increased significantly. 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.

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. 

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. Funding would support workstreams in the areas of health, development, 

food security, digital assets, macroeconomic modeling, and in support of Ukraine. 

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 

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

Department of the Treasury - Budget in Brief 11
cyber protections commensurate with the risks incurred in our efforts to safeguard the financial 

sector, U.S. economy and in combating cybercrime. 

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.

This request would fund FTEs with program evaluation expertise and non-labor in the Office of 

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

program evaluations of priority programs and research questions and support DO-related priority 

data initiatives. 

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, establish and manage 1-2 additional 

external partnerships to further increase Treasury’s capacity to conduct high priority and rigorous 

evaluations/studies, build and manage the enterprise data inventory, establish data governance 

policies and programs, and identify and pursue priority data sharing opportunities. It would also 

enable staff to lead analytics efforts for high priority projects/programs, including long-range 

analytic studies aligned to Administration and Learning Agenda priorities. 

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. 

Department of the Treasury - Budget in Brief 12
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. 

Legislative Proposals 

DOSE has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

International Affairs and 

Economic Policy OTA - Program Engagement 3.3 3.6 3.5 3.6 3.6

Treasury-wide Management and 

Programs

Treasury-wide Leaders Lead 

Index of the Federal Employee 

Viewpoint Survey (FEVS)

75 74 74 75 77 

Treasury-wide Management and 

Programs

Percent of Procurement Dollars 

Spent on Small Business 46% 39% 38% 40% 40% 

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.

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

its overall effort to increase Employee Engagement, Treasury had set a multi-year goal to 

increase the “Leaders Lead” index. This involved statistically analyzing FEVS data to identify 

opportunities for improvement. Treasury’s score for the Leaders Lead Index 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. 

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 

Department of the Treasury - Budget in Brief 13
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 

had preliminarily planned for a 32% small business. 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: 

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

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

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

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

percent.

Department of the Treasury - Budget in Brief 14
Cybersecurity Enhancement Account

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan

Operating 

Plan Request $ Change % Change

Cybersecurity Enhancement Account (CEA) $80,000 $100,000 $215,000 $115,000 115.00%

Subtotal, CEA $80,000 $100,000 $215,000 $115,000 115.00%

Recovery from Prior Years $1,005 $0 $0 $0 0.00%

Unobligated Balances Brought Forward $18,595 $57,461 $58,000 $539 0.94%

Subtotal, Other Resources 19,600 $57,461 $58,000 $539 0.94%

Total Program Operating Level $99,600 $157,461 $273,000 $115,539 73.38%

Direct FTE 10 30 53 23 76.67%

Total Full-time Equivalents (FTE) 10 30 53 23 76.67%

Summary

The FY 2024 President’s Budget request of $215 million for the Cybersecurity Enhancement 

Account (CEA) was formulated to support the Department’s continued efforts focused on risk 

reduction. The request includes $45 million for bureau-specific investments related to missionspecific needs that must be achieved to integrate with Treasury’s enterprise cybersecurity 

services. 

Guiding Treasury’s FY 2024 request are the milestones articulated in Executive Order 14028 

(EO 14028), Improving the Nation’s Cybersecurity, as well as the numerous Office of 

Management and Budget (OMB) memorandums including M-21-31 Improving the Federal 

Government’s Investigative and Remediation Capabilities and M-22-09 Moving the U.S. 

Government Toward Zero Trust Cybersecurity Principles. The FY 2024 request also supports 

compliance efforts associated with Department of Homeland Security (DHS) Cybersecurity and 

Infrastructure Security Agency (CISA) guidance that sets new cybersecurity standards and 

objectives. These new directives also prioritize cloud-based security, security operations center 

(SOC) enhancements, and security logging. 

Consistent with prior year funding, the CEA will be used as a centralized account for the design, 

development, and evolution of enterprise-wide cybersecurity capabilities and services. An 

enterprise approach allows Treasury to enhance efficiency, communication, transparency, and 

accountability around the mission. A cross-cutting approach to managing the CEA investments 

allows the Department to elevate the importance of the associated technical initiatives and 

provide Treasury leadership, OMB, and Congress with a more holistic vantage point of 

cybersecurity activities across the Department. 

The investments within the CEA continue to align with the National Institute of Standards and 

Technology (NIST) Cybersecurity Framework (CSF), which is the continued de facto industry 

framework for cybersecurity programs. Treasury also aligns its investments to OMB-driven 

initiatives, so that there is traceability between the funding outlays and concrete outcomes. 

Department of the Treasury - Budget in Brief 15
Budget Highlights

Dollars in Thousands

FTE Amount

FY 2023 Operating Plan 30 $100,000 

Changes to Base: 

Non-Recurring Costs ($93,150)

Maintaining Current Levels (MCLs): $298 

 Pay Annualization (4.6% average pay raise) $67 

 Pay Raise (5.2% average pay raise) $231 

Subtotal Changes to Base ($92,852)

FY 2023 Current Services 30 $7,148 

Program Changes: 

Program Increases: 23 $207,852 

Enterprise Specific Investments: $163,190 

Cloud Enterprise Investment 18 $59,744 

Zero Trust Architecture Implementation 2 $43,232 

Security Logging $35,448 

Other Cybersecurity Priorities 3 $24,766 

Bureau Specific Investments: $44,662 

Zero Trust Architecture - Bureau of the Fiscal Service $30,375 

Cloud Adoption - Bureau of the Fiscal Service $11,637 

Zero Trust - Alcohol and Tobacco Tax and Trade Bureau $2,500 

Other Cyber Priorities - Bureau of the Fiscal Service $150 

Subtotal Program Changes 23 $207,852 

FY 2024 President's Budget Request 53 $215,000 

Budget Adjustments

Changes to Base ....................................................................-$93,150,000 / -0 FTE

Non-Recurring Costs, -$93,150,000 / -0 FTE

This amount represents non-recurring initial investments. 

Maintaining Current Levels .......................................................+$298,000 / +0 FTE 

Pay Annualization, +$67,000 / +0 FTE

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

Pay Raise, +$231,000 / +0 FTE

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

Program Increases ............................................................+$207,852,000 / +23 FTE

Cloud Enterprise Investment, +$59,743,600 / +18 FTE

Treasury requests FY 2024 funding for cloud enterprise cybersecurity enhancements and 

upgraded capabilities to meet ever growing security and compliance risks as Treasury continues 

to drive cloud adoption across the enterprise. With the imminent provisioning of an enterprise 

multi-cloud environment, Treasury will need to design, develop, and implement security 

patterns/guardrails to help ensure sanctioned and secure use of cloud platforms. 

In addition, the Department will need to expand its security operations capabilities to 

accommodate the increased telemetry generated by cloud assets/workloads, along with 

Department of the Treasury - Budget in Brief 16
developing new detection logic for cloud-specific monitoring. While Treasury expects cloud will 

offer unprecedented opportunities for scalable and predictable infrastructure management, there 

will be discernible impacts on Treasury’s ability to observe, detect, and respond to threats to its

attack surface. 

Zero Trust Architecture Implementation, +$43,231,600 / +2 FTE

Zero Trust Architecture (ZTA) seeks to minimize implicit trust and reinvigorate least 

privilege. The ZTA approach is a paradigm shift from verifying once at the perimeter to 

continual verification of each user, device, application, and transaction. The impacts of the 

transition to ZTA are significant—not just technology reconfiguration but also adjusting current

operating models to a new approach to risk management. Philosophically we think of ZTA as:

• Enabling a new default security posture using the practice of “never trust, always verify” 

across the entire technology stack.

• Altering Treasury’s approach for access enforcement, leveraging granular policies to assess 

the user identity, user device, and the categorization of the data before making an access 

decision. 

• Shifting from defending the “macro attack surface” to the “micro protect surface.” 

For FY 2024, Treasury continues to understand, manage, and design a new generation of 

ZTA-aligned IT services, functions, and systems to meet security needs. Funding will support 

this program and include the following investments, noting that this list is subject to change to 

meet newly issued requirements:

• A consistent, robust, and scalable Treasury-wide Zero Trust Architecture with a focus on 

integration with the Treasury Cybersecurity Architecture. 

• Enhanced capabilities to detect and manage traffic compromise, data exfiltration, malicious 

activity, and ransomware, with an eye toward the technical exposure from the SolarWinds 

incident. 

The FY 2024 investment in ZTA supports work towards a compliant zero trust maturity 

model. This large-scale investment approach requires Treasury to enhance visibility and threat 

detection at the application level to improve its ability to support continuous threat analysis, 

detection, and response, and enable the analysis of encrypted traffic. Compartmentalization, 

micro segmentation, and reinforcing enforcement of continuous identity verification and access 

policies aligned with Zero Trust will improve the Department’s resistance to fraudulent 

tampering of privileged accounts. 

Security Logging, +$35,448,000 / +0 FTE

This FY 2024 investment will support Treasury’s compliance with the security logging 

requirements outlined in OMB Memorandum M-21-31, which requires all logs to be accessible 

and visible for the highest-level operations center at the Department. This will require expansion 

of the Treasury Shared Services Security Operations Center (TSSSOC) enterprise logging 

solution to be able to receive, store, analyze, and process security event and system logs from all 

Treasury offices and bureaus as well as nearly 40 Treasury shared services. With this 

investment, Treasury will: 

• Create and monitor traps for detecting data-stream disruption. 

Department of the Treasury - Budget in Brief 17
• Implement a facility to share the logs with CISA, the Federal Bureau of Investigation, and 

other authorities required. 

• Provide storage and retention for log data consistent with OMB Memorandum M-21-31 

requirements.

• Analyze logs in real time to detect attacks and other activities of interest.

• Develop automated hunt and incident response playbooks that take advantage of Security, 

Orchestration, Automation, and Response capabilities. 

• Create and implement a user behavioral analytics capability to allow for early detection of 

malicious behavior on all user and non-user accounts. This requires machine learning and 

artificial intelligence techniques to detect anomalous user actions and help combat advanced 

threats.

This investment is critical in Treasury’s pursuit to comply with OMB Memorandum M-21-31 to 

successfully secure Treasury information technology systems. 

Other Cybersecurity Priorities, +$24,765,840 / +3 FTE

In FY 2024, Treasury will continue to make progress on ongoing critical cybersecurity 

investments. Continued funding of these critical investments is necessary to sustain progress 

made on some investments and launch new projects not previously identified. 

Responding to the changing threat landscape in an interconnected environment has amplified the 

need for identifying and assessing the security posture of high value assets (HVAs) as well as 

vendors within our supply chain. Additionally, based on the complex nature of cybersecurity, 

ongoing maturation of these programs is necessary to enable much needed visibility into the 

myriad of threats, vulnerabilities, and cybersecurity risks facing our agency. These priority 

investments include but are not limited to: 

• Supply Chain Risk Management Enhancements 

• Enterprise Cyber Risk Management 

• Governance, Risk, and Compliance 

• HVAs

• Enterprise Threat and Vulnerability Management

• Vulnerability Disclosure Policy Platform

• Cyber Threat Intelligence

• Security improvements to our enterprise applications 

• Continued annual threat hunts, to verify total eviction of the SolarWinds threat actor 

Bureau Specific Investments, +$44,662,960/ +0 FTE 

Zero Trust Architecture, Cloud Adoption, and Other Cyber Priorities – Bureau of the 

Fiscal Service, +$42,162,960 / +0 FTE 

The budget request will accelerate the Bureau of the Fiscal Service’s (Fiscal Service’s) Cloud 

Adoption away from aging, costly platforms to low code, cloud‐based architecture to, in part, 

remediate Fiscal Service audit deficiencies. This applies to Fiscal Service’s specific portfolio of 

applications and systems including: 

• HVAs: Many of the Fiscal Service’s HVAs that support the National Computer Forensic 

Institute are currently hosted on aging platforms based on antiquated code. For example, one 

of these platforms is the Fiscal Service Mainframe, which costs $45.9 million annually and 

Department of the Treasury - Budget in Brief 18
carries substantial contractual costs that are anticipated to continue increasing over time.

• Federal Information Security Modernization Act (FISMA) Systems: Consistent with the 

EO 14208, this funding will allow Fiscal Service to move 60+ FISMA systems to secure 

cloud services, including Software as a Service, Infrastructure as a Service, and Platform as a 

Service. It will also enhance the business continuity and disaster recovery of these systems. 

Additionally, this supports: 

• Identity Assurance: Common Approach to Identity Assurance licensing costs for millions of 

public citizens that access Fiscal Service systems each year. This investment in Zero Trust is 

necessary to achieve the required identity assurance levels for public-facing applications. 

• Training: Necessary training on advanced cyber tools and techniques so appropriate 

safeguards are in place to ensure effective delivery of critical infrastructure services. 

Zero Trust – Alcohol and Tobacco Tax and Trade Bureau, +$2,500,000 / +0 FTE 

This budget request will improve Alcohol and Tobacco Tax and Trade Bureau’s ability to detect 

and respond to sophisticated threats by making investments in the following areas: 

• Additional endpoint detection and response licenses.

• Hardware/software to increase overall network traffic visibility, as well as to gain the 

capability to analyze and visualize anomalies for potential threats in the traffic; and 

• Upgrade Security Information and Event Management hardware/software to allow for greater 

log storage retention and the ability to collect additional sources of log files for detection and 

forensic purposes. 

Legislative Proposals 

The Cybersecurity Enhancement Account has no legislative proposals. 

Strategic Alignment

The CEA is focused on an enterprise approach to bolstering and security of Treasury’s critical IT 

systems and infrastructure to meet the Department’s strategic goals and objectives uninterrupted. 

The CEA aligns with the following Treasury strategic goals and objectives as presented in the 

FY 2022 - FY 2026 strategic plan: 

Goal 2: Enhance National Security

• Objective 2.1 – Cyber Resiliency of Financial Systems and Institutions - Harden assets and 

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

Goal 3: Protect Financial Stability and Resiliency 

• Objective 3.1 – Financial System Vulnerabilities - Identify and address current and emerging 

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

sustainable and equitable growth. 

Department of the Treasury - Budget in Brief 19
Performance Highlights 

Description of Performance

This year, CEA is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 - FY 2026 Strategic Plan. This work will include 

benchmarking performance and may result in changes to performance measures in the FY 2025 

budget. 

Number of Major Incidents: The number of major incidents, as defined in OMB Memorandum 

M-19-02, reported by Treasury to Congress in a given fiscal year. This is a measure of how 

effective Treasury’s collective defenses are at mitigating the most damaging security threats. In 

December 2020, Treasury notified DHS CISA of a major security incident resulting from the 

Department’s deployment of SolarWinds Orion, widely used network management software. The 

Department has completed compromise assessments, and all SolarWinds Orion products 

continue to remain offline across the Treasury Enterprise environment. The FY 2024 request 

includes additional funding to mitigate weaknesses identified through the SolarWinds incident 

and for investments that support critical IT improvements. 

Number of Reported Incidents: Treasury is constantly being targeted by a large array of threat 

actors, including nation states and criminal syndicates. Treasury detects and responds to these 

events and provides notifications of a subset of these events to the United States Computer 

Emergency Readiness Team at CISA for external situational awareness. Because the volume and 

velocity of these events is contingent upon so many different factors (geopolitical affairs, 

software vulnerabilities, new tactics/techniques), it can be difficult to forecast future impact 

based on year-on-year trends. 

Enterprise Multi-Factor Authentication Adoption: Treasury has established this new performance 

measure in response to EO 14028 on “Improving the Nation’s Cybersecurity.” The EO directs 

Federal Agencies to develop and adopt stronger cybersecurity policies and practices, including 

fully adopting Multi-Factor Authentication (MFA). Treasury outlined a goal to implement MFA to 

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

Actual Actual Actual Actual Actual Target Target Target

Number of Major Incidents 0 0 1 1 1 0 0 DISC

Number of Reported Incidents 225 152 206 246 205 150 150 DISC

Enterprise Multi-Factor 

Authentication Adoption

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

Transitioning Enterprise 

Logging Data 

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

Percentage of TIER I High 

Value Assets (HVAs) where Risk 

and Vulnerability Assessment 

(RVA) or Security Architecture 

Review (SAR) are Completed on 

Time (%)

100% 100% 100% 100% 100% 100% 100% 100%

Percentage of High and or 

Critical Findings from RVAs or 

SARs on Tier 1 HVAs that are 

closed by the end of the FY 

N/A 57% 80% 80% 100% 75% 80% 80%

Performance Measure

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

Department of the Treasury - Budget in Brief 20
the maximum extent feasible. 

Transitioning Enterprise Logging Data: This measure will track Treasury’s progress in 

transitioning enterprise logging data from on-premises locations to the cloud. 

Percentage of High and/or Critical Findings from Risk and Vulnerability Assessments (RVAs) or 

Security Architecture Reviews (SARs) on Tier I High Value Assets (HVAs) that are closed by

the end of the Fiscal Year (FY): This is a measure of how Treasury addresses the vulnerabilities 

and potentially exploitable weaknesses of its most important systems, based on its HVA 

assessment process. Treasury’s CEA performance targets are based upon the percentage of HVA 

system assessments that are conducted in accordance with the HVA assessment cycle and the 

closure rate of resulting findings and/or Plans of Action and Milestones (POA&Ms) within the 

fiscal year. Treasury has consistently recorded a 100 percent completion rate for system 

assessments and currently has a 100 percent closure rate for associated findings and POA&Ms. 

This focus helps to ensure that the proper POA&Ms are in place for all assessed systems and that 

they are being acted upon in a timely manner. The investment will focus on remediation of 

vulnerabilities, as well as increased review and reporting on corrective actions to resolve all 

findings and recommendations discerned during the assessment process. It was decided that the 

FY 2024 target should remain flat from FY 2022 numbers due to the likelihood of findings from 

HVA assessments requiring long-term remediation efforts.

Department of the Treasury - Budget in Brief 21
Department of the Treasury - Budget in Brief 22
Department-wide Systems and Capital Investments Program 

Program Summary by Budget Activity

Dollars in Thousands

FY 2023 to FY 2024

Budget Activity FY 2022 

Operating Plan

FY 2023 

Operating Plan

FY 2024 

Request $ Change % Change

Department-wide Systems and Capital 

Investments Program (DSCIP) $6,118 $11,118 $30,881 $19,763 177.76%

Total Program Operating Level $6,118 $11,118 $30,881 $19,763 177.76%

Total Full-time Equivalents (FTE) 0 0 0 0 0.00%

Summary

An icon of American architecture, the Main Treasury building is the third oldest in use Federal 

building in Washington, after the Capitol and White House. Unlike the Capitol or White House, 

the Main Treasury building is not under the jurisdiction of the Architect of the Capitol or General 

Services Administration (GSA), respectively, but rather is the direct responsibility of the 

Treasury Department. The bulk of funding for its care through capital investments is provided 

through the Department-wide Systems and Capital Investments Program (DSCIP) account. 

The Main Treasury building was built with Congressional appropriations from 1836 to 1869. 

From 1909 to 1910, the building received a special appropriation to modernize its infrastructure, 

which helped bring the building into the 20th century. A major fire in 1996 resulted in a series of 

Congressional appropriations that ushered the Treasury building into the 21st century. Now, 25 

years later, the building faces a multitude of issues that need to be addressed, some of which 

pose life/safety concerns, including issues related to Treasury and the Freedman’s Bank 

Buildings’ external and internal infrastructure and security posture. 

The President’s FY 2024 budget request reflects a limited subset of those previously identified 

needs, which the Department plans to continue to work to address over time. The FY 2024 

request builds on prior year efforts (which included requests in FY 2021, FY 2022, and FY 2023) 

to repair the outer envelope of the Main Treasury building and includes funding to address major 

repairs within the interior of the Main Treasury building. This request reflects Treasury’s threestep long-term strategy to continue to maintain and modernize its owned spaces: (1) secure the 

building’s outer envelope; (2) conduct a condition assessment to identify additional needs 

associated with the buildings’ continual aging and deferred maintenance; and (3) based on this 

assessment, conduct a holistic modernization of the building’s systems and infrastructure. 

The FY 2024 request also includes funding for moving and relocation costs for government 

leased space in preparation for the August 2025 expiration of leases. Finally, the FY 2024 

funding request provides approximately $1.6 million reimbursement for agency contributions to 

the GSA in support of the Federal Risk and Authorization Management Program (FedRAMP).

Department of the Treasury - Budget in Brief 23
Budget Highlights

Dollars in Thousands

Department-wide Systems and Capital Investments Program FTE Amount

FY 2023 Operating Plan 0 $11,118 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $0 

Non-Recurring Costs 0 ($11,118)

Main Treasury and Freedman’s Bank Interior Repairs 0 ($2,518)

Main Treasury Exterior Repairs 0 ($5,600)

Outbound Investment - IT System 0 ($3,000)

Subtotal Changes to Base 0 ($11,118)

FY 2024 Current Services 0 $0 

Program Changes:

Program Increases: 0 $30,881 

Construction Consolidation: Move and Replication for government leased space 0 $17,200 

MT Exterior Repair and Restoration Masonry & Windows 0 $6,000 

Electric Vehicles 0 $5,000 

FedRAMP Reimbursement 0 $1,581 

Architectural and Engineering Design, Inspection, and Consultation 0 $600 

MT Carpet, Plaster and Paint 0 $500 

Subtotal Program Changes 0 $30,881

FY 2024 President's Budget Request 0 $30,881 

Budget Adjustments

Non-Recurring Costs .............................................................................. -$11,118,000 / - 0 FTE

This amount represents the non-recur of investments funded within the FY 2023 Enacted. 

Program Increases ................................................................................. +$30,881,205/ + 0 FTE

Construction Consolidation: Move and Replication for government leased space +$17,200,000 / 

+0 FTE

The Departmental Offices (DO) request $17.2 million in funding for anticipated office moves. 

Prospectus-level leases for two buildings that DO currently occupies expire in August 2025, and 

the DO must take steps in FY 2024 to secure a new leased space. To accomplish this goal, over 

the past 20 months, DO has partnered with GSA and used its Program of Requirements model to 

conduct an in-depth survey with offices to understand their facility needs. The requested $17.2 

million in funding is needed to procure a new lease, construct and equip suitable office space, 

and relocate to the new space before the current leases expire. DO is committed to efficiently 

utilizing office space. The lease consolidation effort will yield a 90,000 rentable square foot 

(RSF) reduction resulting in millions of dollars in cost avoidance over the life of the new lease. 

MT Exterior Repair and Restoration Masonry & Windows +$6,000,000 / +0 FTE 

The budget request continues critical renovations and maintenance of the outer shell of the Main 

Treasury (MT) and Freedman’s Bank Building (FBB) facilities, with the primary goals of 

preventing continued water intrusion and repairing key structural components. Completion of 

MT exterior work, including work to repair and restore one of the five phases of the façade but 

does not include courtyard windows. 

Department of the Treasury - Budget in Brief 24
Work items include: 

• Repairing failed masonry joints to protect from moisture penetration, cleaning the stone 

surfaces, and repairing damaged stone. 

• Repairing or replacing window frames suffering varying degrees of damage after years of 

weather exposure.

This will fund phase four of the multiyear effort to maintain the building and to prevent more 

expensive repair work as deterioration continues, to include weather intrusion that is impacting 

interior spaces that require remediation and mold control. Phase four covers the remainder of the 

East/15th St. façade of the MT building. This funding covers exterior repairs, but it is possible the 

repairs will uncover additional unanticipated structural issues that could require additional 

funding requests. 

Electric Vehicles Leases and Infrastructure +$5,000,000 / +0 FTE 

Following the lead from Executive Order (E.O.) 14008, “Tackling the Climate Crisis at Home 

and Abroad”, Treasury is committed to supporting the Administration’s goals of combatting the 

impacts of climate change. Treasury is accelerating the conversion of its vehicle fleet to electric 

vehicles (EVs) as a part of strategic objective 4.4 (Sustainable Treasury Operations). To facilitate 

this transition, $5.0 million is being requested by Treasury in FY 2024 in the DSCIP account for: 

1. The replacement of traditional internal combustion vehicle leases with zero-emission 

vehicles (i.e., battery electric and plug-in hybrid electric) across Treasury; and

2. Electric vehicles will replace traditionally powered leased vehicles; and

3. Additional charging station infrastructure to support fleet electrification. Some existing 

charging stations will require updates or replacement. 

Electrifying the Treasury fleet will support environmental and energy sustainability and will 

make Treasury more adaptive and resilient to the impacts of climate change. 

FedRAMP Reimbursement +$1,581,205 / +0 FTE 

To date, the FedRAMP program has been funded via appropriations directly to the GSA. Section 

753 of Division E of the Consolidated Appropriations Act, 2023 (P.L. 117-328) authorized the 

transfer of funds to GSA to finance an appropriate share of various information technology 

projects among Government-wide boards and councils. Starting in FY 2024, this program will 

convert into a government-wide reimbursable program. This funding request provides 

$1.581 million for agency contributions to the GSA in support of the Federal Risk and 

Authorization Management Program (FedRAMP). FedRAMP is a government-wide Technology 

Transformation Services reimbursable program that provides a standardized approach to security 

assessment, authorization, and continuous monitoring for cloud products and services. 

FedRAMP empowers agencies to use modern cloud technologies, with emphasis on security and 

protection of federal information, and helps accelerate the adoption of secure cloud solutions. 

The FedRAMP Program Management Office (PMO) resides within GSA and supports agencies 

and cloud service providers through the FedRAMP authorization process and maintains a secure 

repository of FedRAMP authorizations to enable reuse of security packages. 

Architectural and Engineering Design, Inspection, and Consultation +$600,000 / +0 FTE 

These funds will pay for design studies, project planning, cost estimating, schedule, and 

inspections that Treasury no longer has in-house capabilities to do due to previous funding cuts. 

This will provide project specific technical guidance, building code review and consultation, and 

Department of the Treasury - Budget in Brief 25
third-party inspections where necessary. Some work, such as third-party inspections, are required 

to be performed by outside sources. This funding sets the groundwork for step three of 

Treasury’s three-part long term owned spaces strategy, as it will kickstart engineering work 

needed to begin a holistic approach to system modernization. 

MT Carpet, Plaster and Paint +$500,000 / +0 FTE 

Much of the carpet within MT and FBB is close to 20 years old, while projected life expectancy 

is typically 7-10 years. In many places carpet has become significantly worn, which creates the 

potential for safety hazards and gives an unprofessional impression of the Treasury Department. 

These funds will be used to purchase carpet stock, allowing for regular lifecycle replacement. 

Also, buildings the size of MT and FBB require constant spot replastering and painting, as well 

as scheduled repainting in their entirety (by sections) over time. 

Likewise, damage from water intrusion and pipe leaks has resulted in damage to plaster and paint 

throughout the MT building. While waterproofing to the exterior of the building is ongoing, it is 

equally important for staff health and safety to remediate water damage and prevent/eliminate 

mold and mildew where identified. 

Legislative Proposals 

DSCIP has no legislative proposals. 

Description of Performance

Treasury Owned Buildings – Repairs and Renovations 

Treasury Operations continues to strategically focus on restoring the health of the building 

envelope (shell) and to correct the deteriorating building structure and infrastructure. The 

contract for the first phase (west façade) of the MT exterior restoration project was awarded late 

in FY 2021 and completed during FY 2022. Exterior work will continue in the spring of 2023 on 

the south façade which was awarded in FY 2022. 

The FY 2021 contract award of the expanded Facility Condition Assessment (FCA) provided an 

update to, and validation of, the immediate repair needs of MT and FBB. Work on the expanded 

FCA began in December 2021 and is now complete. This assessment was conducted to identify 

long-term capital expenses based on the expected useful life of building systems and 

components. Treasury Operations has enlisted non-reimbursable staffing resources on 

developmental details to identify ways to improve Treasury’s sustainability and decrease 

Treasury’s carbon footprint, and the FCA will be invaluable in establishing a baseline from 

which Treasury can identify areas where sustainability or energy efficiency can be improved 

(e.g., legacy mechanical systems, more efficient building envelope) consistent with strategic 

objective 4.4. 

In addition to immediate repairs and long-term needs, the expanded FCA provided feedback on 

the building code as well as compliance with the Americans with Disabilities Act. In doing so, it 

allows Treasury to provide a safer, more inclusive, and more comfortable environment for 

Treasury staff, which should contribute to the productivity and morale of employees within these 

buildings consistent with strategic objective 5.4. 

Department of the Treasury - Budget in Brief 26
Concurrent with repairs to Treasury’s owned portfolio, Treasury has leases expiring in August 

2025 in downtown Washington, DC. The combined total square footage of these leases is 

195,017 RSF. In FY 2022, Treasury undertook a progressive approach to space utilization and 

developed a plan to consolidate leased spaces by 47 percent to an estimated 103,000 RSF. This 

effort aligns Treasury’s long-term future of work plan and the federal footprint reduction plan 

and is consistent with strategic objective 5.2. The consolidation is expected to improve 

operational efficiency and allow for future growth while providing an efficient work 

environment that supports each office’s mission. 

Department of the Treasury - Budget in Brief 27
Department of the Treasury - Budget in Brief 28
Terrorism and Financial Intelligence

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan Enacted Request $ Change % Change

Terrorism and Financial Intelligence $195,192 $216,059 $244,000 $27,941 12.93%

Subtotal, Terrorism and Financial Intelligence $195,192 $216,059 $244,000 $27,941 12.93%

Offsetting Collections - Reimbursable $9,051 $13,500 $13,500 $0 0.00%

Transfer from Technology Modernization Fund $0 $11,145 $0 ($11,145) -100.00%

Total Program Operating Level $204,243 $240,704 $257,500 $16,796 6.98%

Direct FTE 562 576 685 109 18.92%

Reimbursable FTE 32 32 32 0 0.00%

Total Full-time Equivalents (FTE) 594 608 717 109 17.93%

Notes:

1) FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

2) Table excludes Ukraine Supplemental appropriation.

Summary

The Office of Terrorism and Financial Intelligence (TFI) requests $244.0 million for fiscal year 

(FY) 2024. Funding at this request level would enhance TFI’s ability to protect the U.S. and 

international financial systems from both foreign and domestic abuse. Resources would be 

utilized to increase transparency in the domestic and international financial system and to 

facilitate the detection of illicit financial activity. These actions are essential to reaffirming 

Treasury’s global leadership in combating financial abuse. Resources would also be used to 

advance the Administration’s foreign policy and national security priorities through the 

application of targeted financial measures. TFI’s request prioritizes efforts to modernize the 

development, implementation, enforcement, and maintenance of U.S. sanctions to ensure that 

sanctions remain a streamlined and effective foreign policy and national security tool. Resources 

will support further development of Treasury’s sanctions expertise and expand Treasury’s 

external engagement and outreach on sanctions with key interagency and international partners. 

Additionally, the FY 2024 request prioritizes anti-money laundering, countering the financing of 

terrorism, and countering the financing of proliferation (AML/CFT) and countering the financing 

of proliferation (CFP) policy advancements both domestically and internationally. 

Department of the Treasury - Budget in Brief 29
Budget Highlights

Dollars in Thousands

Terrorism and Financial Intelligence FTE Amount

FY 2023 Operating Plan 576 $216,059 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $7,650 

Pay Annualization (4.6% average pay raise) 0 $1,237 

Pay Raise (5.2% average pay raise) 0 $4,243 

Non-Pay 0 $2,170 

Non-Recurring Costs 0 ($10,655)

One-Time Contractor Support, Facility Buildouts, and IT Investments 0 ($10,655)

Other Adjustments: 37 $7,641 

Absorption of Staff Supporting Ukraine 37 $7,641 

Subtotal Changes to Base 37 $4,636 

FY 2024 Current Services 613 $220,695 

Program Increases: 72 $23,305 

Creation of a Sanctions Economic Analysis Unit 9 $2,680 

OIA Office of Security Personnel Staffing, OpSec, and Blockchain/Digital Assets 21 $4,578 

Enhance the IC's Economic Security and Financial Intelligence 7 $2,000 

Office of Global Affairs (OGA) Regional Teams 6 $1,940 

OFAC Sanctions Support: Increased IT Staffing and Operational Funding 1 $2,200 

Improve Hiring and Recruitment Programs 0 $200 

Treasury's Secure Communications Program 3 $3,800 

Office of Strategic Policy Staff 5 $2,040 

OIA Staffing & OFAC Sanctions Tools and Staffing 20 $3,767 

Promote Evidence Act and Treasury Data Strategy 0 $100 

Subtotal Program Changes 72 23,305 

FY 2024 President's Budget Request 685 $244,000 

Budget Adjustments

Maintaining Current Levels (MCLs) ...................................................... +$7,650,000 / +0 FTE 

Pay Annualization (4.6%) +$1,237,000 / +0 FTE 

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

Pay Raise (5.2% in 2024) +$4,243,000 / +0 FTE 

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

Non-Pay +$2,170,000 / +0 FTE 

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

equipment.

Non-Recurring Costs ............................................................................... -$10,655,000 / +0 FTE 

One-Time Contractor Support, Facility Buildouts, and IT Investments -$10,655,000 / 0 FTE 

During FY 2024, TFI anticipates non-recurring approximately $10.7 million of funding used for 

one-time projects in FY 2023. This funding will be utilized during FY 2023 to support the 

growth in TFI’s footprint through critical investments in IT infrastructure and facilities. Funding 

will also be utilized for one-time contractor surge support to bridge the gap on critical TFI 

workstreams while the office hires additional permanent federal workers.

Department of the Treasury - Budget in Brief 30
Other Adjustments .................................................................................. +$7,641,000 / +37 FTE

Absorption of Staff Supporting Ukraine +$7,641,000 / +37 FTE 

Two-year appropriations passed in FY 2022 to respond to the situation in Ukraine expire at the 

end of FY 2023. TFI currently estimates 37 FTEs are supporting Ukraine from this funding 

source. At the outset of FY 2024, these staff will be fully funded from the TFI Salaries and 

Expenses account. 

Program Increases ................................................................................. +$23,305,000 / +72 FTE

Creation of a Sanctions Economic Analysis Unit +$2,680,000 / +9 FTE

As envisaged, the Unit will be responsible for the development of economic and financial policy 

analysis to inform the design and implementation of sanctions policy and targeting options that 

may be approved by Treasury decision makers under existing or proposed authorities. The Unit 

will also provide firm- and industry-specific analysis of potential collateral effects of proposed 

sanctions and identify issues that may be appropriate to mitigate, including related to U.S. 

persons, in connection with OFAC actions. Lastly, the Unit will conduct after-action financial 

and economic policy analysis of collateral effects and work with sanctions regulatory and policy 

practitioners to recommend additional mitigation or program adjustments, as necessary. 

OIA Office of Security Personnel Staffing, OpSec, and Blockchain/Digital Assets +$4,578,000 / 

+21 FTE

TFI’s Office of Intelligence Analysis (OIA), Office of Security Programs, Personnel Security 

program conducts security intake/onboarding for Departmental Offices employees; determines 

adjudicative suitability for employment of Department hires; interprets and assists bureaus in 

implementing national and Department personnel security policies; provides verification of 

security clearance and investigation information; evaluates implementation and effectiveness of 

security practices and procedures; recommends program enhancements; and supports 

Department and bureau offices in providing continuous real-time status reports of onboarding 

employees. TFI is requesting additional security officers to properly staff the intake, 

investigation, and adjudication functions and meet Department and National timeliness standards 

for clearing and onboarding employees and to assist with the establishment, implementation, and 

management of a Department-wide Operations Security program. 

TFI’s Office of Intelligence and Analysis (OIA) is also responsible for providing strategic 

intelligence analysis and support on digital assets and emerging technology, including central 

bank digital currencies, private virtual currencies, blockchain technology, state-sponsored 

financial infrastructure, artificial intelligence, and other emerging technologies. This request is 

for resources to track and provide analysis on rapidly changing trends in digital assets, such as 

usage by illicit actors, representing the highest priority needs of the Department. 

Enhance the IC’s Economic Security and Financial Intelligence +$2,000,000 / +7 FTE

This request completes the strategic investment started in FY 2023 to right-size the economic 

and finance related mission space within OIA. 

Department of the Treasury - Budget in Brief 31
The FY 2024 funding would support the following programmatic areas: 

• Strategic Economic and Financial Analysis – This funding would allow OIA to enhance our 

strategic macroeconomic and sectoral intelligence analysis in support of the Department’s 

national security mission. 

• Counterintelligence (CI) Threat Finance – This funding would allow OIA to expand its 

analysis of how foreign intelligence services pay to target and recruit U.S. government 

personnel. 

• Enhance the Treasury Reporting Program – This funding would allow OIA to expand 

intelligence reporting to the intelligence, law enforcement, and policy communities as 

applicable, based on Treasury policymaker engagements and whether data sets are 

proprietary or shareable.

Office of Global Affairs (OGA) Regional Teams +$1,940,000 / +6 FTE

This request is a critical need for additional staff to support Treasury’s national security mission. 

Ongoing world events in Ukraine, expected national security concerns identified over the next 

five to ten years, and increased taskings from the National Security Council have increased 

OGA’s workload exponentially—and often with extremely short timelines.

OFAC Sanctions Support: Increased IT Staffing and Operational Funding +$2,200,000 / +1 FTE

The Office of Foreign Assets Control’s (OFAC) Sanctions Support Division (SSD) requires 

funding for IT investments to enhance the role that technology plays in carrying out TFI business 

processes. 

Improve Hiring and Recruitment Programs +$200,000 / +0 FTE

This funding is needed to support TFI’s contribution to Departmental Offices’ (DO) Human 

Resources and Human Capital requirements. DO completed a comprehensive time to hire review 

over the past several months. Currently, time to hire for DO staff is nearly 152 days. That’s 

nearly two times Office of Personnel Management’s (OPM) target time to hire of 80 days, and 

1.5 times the government wide metric of 98 days as of FY 2018. 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 (JAA) 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.

Treasury’s Secure Communications Program +$3,800,000 / +3 FTE

TFI’s Office of Intelligence and Analysis (OIA) requires funding for hardware and personnel to 

expand Treasury’s mobile, in-office, and residential secure communications capabilities in 

support of Treasury’s national security mission. This request will ensure that OIA can continue 

meeting customer demand by expanding the number of video and voice assets available and that 

the Department’s capabilities are in line with other national security focused agencies. 

Office of Strategic Policy Staff +$2,040,000 / +5 FTE

The Office of Strategic Policy (OSP) in TFI’s Office of Terrorist Financing and Financial Crimes 

(TFFC) has been critically understaffed for the past decade. OSP leadership serves as the head of 

the U.S. Financial Action Task Force (FATF) delegation and OSP staff spearheads many of the 

Department of the Treasury - Budget in Brief 32
USG AML/CFT/CPF policy advancements both domestically and internationally. These six 

positions are required to expand TFI’s subject matter expertise on environmental crimes and 

money laundering schemes related to opioids crisis, environmental crimes, cybercrimes, 

domestic violent extremism, and fraud, particularly health care fraud and theft of COVID 

stimulus funds. 

OIA Staffing & OFAC Sanctions Tools and Staffing +$3,767,000 / +20 FTE

Includes funding to annualize FY 2023 staffing increases for OIA and OFAC. Includes funding 

for OIA’s Threat Finance, Strategic Economic and Financial Analysis, Program Management, 

and cybersecurity. In addition, provides support for The Office of Foreign Assets Control’s 

(OFAC) sanctions programs manage an increase in enforcement equities associated with greater 

connectivity between U.S. persons and the sanctions targets; handling increased private sector 

engagement; increasing investigations into complex targeting actions; and increasing policy, 

regulatory affairs, and licensing actions. 

Promote Evidence Act and Treasury Data Strategy +$100,000 / +0 FTE

Across the board, the Administration has set the expectation that agencies increase their use of 

evidence. Treasury has real challenges in meeting this goal—the Department has still not 

designated an Evaluation Officer and has no staff supporting evaluations more broadly across 

Departmental Offices (DO). While appointments have been made for a Treasury Chief Data 

Officer and Deputy Chief Data Officer, they have no staff to support data priorities. 

The funding for this initiative request is needed to support TFI’s contribution to DO’s Evidence 

Act and Treasury data strategy.

Legislative Proposals 

The Office of Terrorism and Financial Intelligence has no legislative proposals. 

Performance Highlights 

Description of Performance

TFI has been designated as the Treasury lead for three strategic plan objectives within Treasury’s 

Goal 2 – Enhance National Security. During FY 2022, TFI continued to make significant 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Terrorism and Financial Intelligence

Regulatory documents 

published in the Federal 

Register within four months 

of publication of an Executive 

order or Congressional 

mandate during the fiscal 

year

67% 25% 0% 75% 75%

Terrorism and Financial Intelligence

Designations and 

identifications released on 

time to the public without 

errors

97% 98% 100% 90% 90%

Terrorism and Financial Intelligence

Respond to de-confliction 

requests received from law 

enforcement

88% 97% 99% 93% 93%

Target Target

Key: DISC - Discontinued; B - Baseline

Budget Activity Performance Measure Actual Actual Actual

Department of the Treasury - Budget in Brief 33
progress across these objectives. Below is a brief discussion of the organization’s impact across 

each, respectively. 

Objective 2.2: Economic Measures to Advance National Security

Since the start of Russia’s full-scale invasion of Ukraine in February 2022, Treasury has taken 

unprecedented action to isolate Russia from the global financial system. To do so, Treasury has 

brought to bear both well-established tools from our economic arsenal, as well as innovative 

approaches to push the boundaries of economic statecraft that will have severe short- and longterm effects on the Russian economy. This includes hundreds of designations against a wide 

variety of Russian entities and sectors that have undercut Russian’s financing for imports forcing 

it to rely on reserves for defense industry support and production. In addition, Treasury worked 

with its international partners to impose a price cap on Russian-origin oil to reduce the Kremlin’s 

oil revenues in an effort to both promote global energy stability and keep Russia’s oil on the 

market. In addition, Treasury also expanded its efforts on investigations into and enforcement of 

Russian entities tied to the military-industrial complex, financial sector, Kremlin-linked 

oligarchs, and other focal points for corruption through the Russian Elites, Proxies, and 

Oligarchs (REPO) Task Force and other venues. 

In addition, Treasury continued to apply its tools and authorities against bad actors in Iran, North 

Korea, Syria, Burma, Zimbabwe among others while also targeting terrorist financiers, 

transnational and cyber criminals, human rights abusers, kingpins, others who seek to abuse the 

financial system. 

Finally, over the past year, Treasury continued to review and identify any investment that may 

pose a national security risk in a timely manner. For those investments that may require 

mitigation, Treasury issued the Committee on Foreign Investment in the United States (CFIUS) 

Enforcement and Penalty Guidelines to promote the importance of compliance with mitigation 

and other legal agreements. 

Objective 2.3: Modernize Sanctions Regime

TFI/OFAC continues to carry out recommendations made from Treasury’s review of economic 

and financial sanctions. This includes developing a framework to ensure all sanctions are linked 

to clear policy objectives, are coordinated with partners, easily understandable, enforceable, and 

carefully calibrated to avoid unintended economic or humanitarian consequences. Furthermore, 

in an effort to implement these recommendations and invest in additional operational 

capabilities, TFI/OFAC has created a new sanctions unit to be staffed by sanctions experts, 

economists, and others to achieve this goal. 

Objective 2.4: Transparency in the Financial System

Treasury continues to protect the U.S. and international financial system from abuse by illicit 

actors by promoting transparency both domestically and internationally. 

Through the release of key risk assessments in 2022 that address money laundering, proliferation 

financing, and terrorist financing, Treasury identified trends, threats, and vulnerabilities in each 

of these areas. Each assessments’ data analysis and information informed the development and 

release of the 2022 National Strategy for Combating Terrorist and Other Illicit Financing. 

Department of the Treasury - Budget in Brief 34
Release of this strategy provided key allies with specific recommendations on how to further 

strengthen the AML/CFT and CFP regimes and mitigate abuse of the financial system. 

TFI also worked with interagency partners to develop an action plan that addresses illicit 

financing risks of digital assets. Additionally, Treasury continues addressing the financing of 

domestic violent extremism (DVE) by providing resources to counter the financing of DVE and 

assisting financial institutions and law enforcement on detecting and combating the financing of 

DVE. Treasury has also engaged with domestic regional financial institutions to discuss risks 

associated with financing domestic violent extremism and is planning a workshop with virtual 

currency firms on domestic violent extremist use of virtual assets.

Department of the Treasury - Budget in Brief 35
Department of the Treasury - Budget in Brief 36
Committee on Foreign Investment in the United States

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024 

Budget Activity Operating Plan Operating Plan Request $ Change % Change

Treasury CFIUS Activities $17,000 $16,000 $16,000 $0 0.0%

Other Member CFIUS Activities $3,000 $5,000 $5,000 $0 0.0%

Treasury Departmental Offices S&E $18,012 $19,238 $25,570 $6,332 32.9%

Subtotal, CFIUS $38,012 $40,238 $46,570 $6,332 15.7%

Anticipated User Fees - CFIUS Fund ($22,031) ($21,000) ($21,000) $0 0.00%

Total Program Operating Level $15,981 $19,238 $25,570 $6,332 32.9%

Direct FTE 106 92 141 49 53.3%

Total Full-time Equivalents (FTE) 106 92 141 49 53.3%

Summary

The Committee on Foreign Investment in the United States (CFIUS) was established in 1975 

under Executive Order 11858 to monitor the impact of foreign investment in the United States, 

and to coordinate and implement federal policy on such investment. CFIUS is composed of nine 

voting member agencies. The Committee’s unique design leverages the skills, subject matter 

expertise, and integrated analysis of Committee members and other relevant agencies. CFIUS 

voting members include: 

• Department of the Treasury

• Department of Commerce

• Department of Defense

• Department of Energy

• Department of Homeland Security

• Department of Justice

• Department of State

• Office of Science Technology and Policy 

• Office of the United States Trade Representative

As both Chair and member of CFIUS, Treasury is responsible for leading CFIUS in establishing 

policies, implementing processes and functions, and managing its daily operations. Treasury 

participates in every aspect of CFIUS, including reviews and investigations, policy and 

international relations, mitigation monitoring and enforcement, non-notified transaction analysis, 

legal support, and national security threat assessments. The Office of International Affairs (IA) is 

responsible for case management and coordination and representing the Committee to parties 

that file notices or declarations. The Office of General Counsel provides legal support to IA and 

is responsible for certain analyses conducted on each notice filed with CFIUS. 

The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) strengthened 

CFIUS to better address national security concerns arising from some types of investments and 

transactions that were previously outside its jurisdiction. Additionally, FIRRMA modernized 

Committee processes to better enable timely and effective reviews of covered transactions.

FIRRMA also established the CFIUS Fund (the Fund), to be administered by the chairperson 

Department of the Treasury - Budget in Brief 37
(the Secretary of the Treasury), to accept appropriated funds for these expanded responsibilities 

and functions, and to collect filing fees. 

Case volume has increased significantly in recent years, from 172 notices formally reviewed in 

calendar year (CY) 2016 to 436 cases (comprised of 272 notices and 164 declarations) formally 

reviewed in CY 2021. Case totals exceeded CY 2020 by a total of 123. The FY 2024 budget 

requests resources necessary to handle the increased case workload (including significantly 

expanded activity with respect to non-notified transactions), mitigation monitoring, and 

international engagement. 

The Administration requests $21 million for the Fund in upfront appropriations that will be offset 

by up to $21 million in collections from filing fees, of which $16 million is proposed for transfer 

to Treasury’s Departmental Offices (DO) to fund capital investments and staff to support 

Committee activities. The remaining $5 million will be available for transfers to other CFIUS 

agencies to facilitate, for example, interagency connectivity with Treasury’s information 

technology (IT) and case management systems, and to address other emerging needs. 

Budget Highlights

Dollars in Thousands

Committee on Foreign Investment in the United States FTE Amount

FY 2023 Enacted 65 $19,238 

Transfer in from CFIUS Fund 27 $16,000 

FY 2023 Operating Plan (DO SE CFIUS Base) 92 $35,238 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $633 

Pay Annualization (2023 4.6% average pay raise) 0 $143 

Pay Raise (2024 5.2% average pay raise) 0 $490 

 Other Adjustments 32 $6,000 

 Restoration of DO SE funding used for non-CFIUS activities in FY 2023 32 $6,000 

 Non-Recurring Costs 0 ($3,370)

 Non-recur to CFIUS investments 0 ($3,370)

Subtotal Changes to Base 32 $3,264 

FY 2024 Current Services 124 $38,502 

Program Changes: 

 Other Adjustments: 17 $3,069 

 Staffing to Support CFIUS Caseload Growth 17 $3,069 

Subtotal Program Changes 17 $3,069 

Total FY 2024 President's Budget 141 $41,570 

Anticipated User Fees 0 ($16,000)

Total FY 2024 Appropriated Resources 0 $25,570 

Note: CFIUS Fund transfers to non-Treasury agencies of $5 million are not included in this table.

Budget Adjustments

Anticipated User Fees -$21,000,000 / -0 FTE

Treasury and IA anticipate collection of filing fees that will be credited to the Fund as offsetting 

collections. 

Department of the Treasury - Budget in Brief 38
Transfer in from CFIUS Fund +$16,000,000 / +0 FTE 

The CFIUS Fund anticipates transferring $16.0 million dollars to the DO Salaries and Expenses 

account to support Treasury DO CFIUS activities. 

Maintaining Current Levels (MCLs) ..........................................................+$633,000 / +0 FTE

Pay Annualization (4.6%) +$143,000 / +0 FTE 

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

Pay Raise (5.2% in FY 2024) +$490,000 / +0 FTE 

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

Other Adjustments ...................................................................................+$6,000,000 / +32 FTE

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

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

Expenses included $6 million as a one-time repurposing of CFIUS unobligated balances to fund 

labor costs for drafting regulations and the buildout of an IT system to support soon-to-beproposed 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. 

Non-Recurring Costs ...................................................................................-$3,370,000 / -0 FTE

Non-recur to CFIUS Investments -$3,370,000 / -0 FTE

Non-recurring costs for CFIUS associated with investments in CFIUS’s case management 

system and configuration of secure spaces for new CFIUS staff. 

Other Adjustments ...................................................................................+$3,069,000 / +17 FTE

Staffing to Support CFIUS Caseload Growth +$3,069,000 / +17 FTE 

Increase in CFIUS staffing needed to support anticipated program growth as demonstrated by 

continued annual caseload increases, enhanced international engagement activities driven by 

external demand, and further implementation of enforcement activities authorized by FIRRMA. 

Legislative Proposals 

CFIUS has no legislative proposals. 

Performance Highlights 

 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

Budget Activity Performance Measure Actual Actual Actual Target Target

Committee on Foreign Investment in the 

United States (CFIUS)

Timely Review of CFIUS 

Cases 100% 100% 100% 100% 100% 

Description of Performance

In FY 2022, Treasury continued CFIUS’ growth to support requirements laid out in the 

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. 

Department of the Treasury - Budget in Brief 39
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. 

Department of the Treasury - Budget in Brief 40
Office of Inspector General

Resources from Other Accounts include Pandemic Funds and FY 2022 Full-time Equivalents reflect actuals.

Appropriated resources were provided by the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021. 

1. $6.5 million for oversight, monitoring, and recoupment of the Emergency Rental Assistance program.

2. $3 million for oversight of the Emergency Rental Assistance program.

3. $2.6 million for oversight of the Homeowner Assistance Fund. 

4. $35 million for oversight of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Funding received in FY 2020) 

5. Offsetting Collections includes $1 million for SSBCI Reimbursable Authority (Supporting the Small Business Jobs Act of 2010).

Summary

The FY 2024 request for $49,180,000 for the Office of Inspector General (OIG) will be used to 

support ongoing critical audit, investigative, and mission-support activities and pandemic relief 

programs. The request maintains currents services, supporting the increased FY 2023 funding 

OIG received to support unfunded Coronavirus State and Local Recovery Funds (SLFRF) 

oversight and data analytics and information technology support staff. The request also funds 

activities to meet the requirements of the Inspector General Act of 1978, as amended, and other 

statutes including, but not limited to: the Cybersecurity Act of 2015; Dodd-Frank Wall Street 

Reform and Consumer Protection Act (Dodd-Frank); Federal Information Security 

Modernization Act of 2014 (FISMA); Federal Information Technology Acquisition Reform Act; 

Government Management Reform Act; Payment Integrity Information Act of 2019 (PIIA); 

Federal Deposit Insurance Act; Small Business Jobs Act of 2010; the Government Charge Card 

Abuse Protection Act of 2012; Resources and Ecosystems Sustainability, Tourist Opportunities, 

and Revived Economies of the Gulf Coast States Act of 2012 (RESTORE Act); the Coronavirus 

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

and the American Rescue Plan Act (ARP). Specific mandates include (1) audits of the 

Department’s financial statements, (2) audits and/or evaluations of the Department’s information 

systems security program and practices as required by FISMA, (3) assessments of the 

Department’s cyber security information sharing, (4) audits of improper payments and recoveries 

under PIIA, (5) risk assessments and audits of charge card programs, (6) audits of air carrier 

pandemic payroll, and (7) material loss reviews of failed insured depositary institutions regulated 

by the Office of the Comptroller of the Currency (OCC). The OIG will also conduct audits of 

the Department’s highest risk programs and operations and respond to stakeholder requests for 

specific work, including: (1) new initiatives; (2) cyber threats; (3) Bank Secrecy Act, anti-money 

laundering, and anti-terrorist financing enforcement; (4) information technology acquisition and 

project management; and (5) certain Treasury Pandemic Relief programs. 

Dollars in Thousands

Budget Activity $ Change % Change

Audit $31,095 $35,853 $36,103 $250 1%

Investigations $11,180 $13,025 $13,077 $52 0%

Subtotal, OIG $42,275 $48,878 $49,180 $302 1%

Offsetting Collections - Reimbursable $12,000 $12,000 $12,000 $0 0%

Resources from Other Accounts $10,959 $10,122 $10,122 $0 0%

Program Total Operating Level $22,959 $22,122 $22,122 $0 0%

Total Budgetary Resources $65,234 $71,000 $71,302 $302 0%

Direct FTE 190 210 210 0 0%

Total Full-time Equivalents (FTE) 190 210 210 0 0%

FY 2023 to FY 2024 FY 2023 

Operating Plan

FY 2022 

Operating Plan

FY 2024 

Request

Department of the Treasury - Budget in Brief 41
Within its jurisdictional boundaries, the OIG also conducts audit of the highest risk programs and 

operations of the Gulf Coast Ecosystem Restoration Council (Council) established under the 

RESTORE Act. The highest risk programs and operations identified as the Council’s 

management and performance challenges include: (1) Federal Statutory and Regulatory 

Compliance, and (2) Grant and Interagency Agreement Compliance Monitoring. 

The OIG will continue its investigative work to prevent, detect, and investigate complaints of 

fraud, waste, and abuse impacting Treasury programs and operations. This includes the 

detection and prevention or deterrence of employee misconduct and fraud. 

This year, the OIG is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 – 2026 Strategic Plan. This work will include benchmarking 

performance and may result in changes to performance measures in the FY 2024 Budget. 

FY 2024 Budget Highlights

Dollars in Thousands

Office of Inspector General FTE Amount

FY 2023 Enacted 210 $48,878 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $2,091

Pay Annualization (2023 4.6% average pay raise) 0 $414 

Pay Raise (2024 5.2% average pay raise) 0 $1,419 

Non-Pay 0 $258 

Adjustments to Meet Current Operating Levels 0 ($1,789)

Subtotal Changes to Base 0 $302 

FY 2024 Current Services 210 $49,180 

FY 2024 President's Budget Request 210 $49,180 

FY 2024 Budget Adjustments 

Maintaining Current Levels (MCLs).........................................+$2,091,000 / +0 FTE

Pay Annualization (4.6%) +$414,000 / +0 FTE 

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

Pay Raise (5.2% in 2024) +$1,419,000 / +0 FTE 

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

Non-Pay +$258,000 / +0 FTE 

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

and equipment. 

Other Adjustments .....................................................................................-$1,789,000 / -0 FTE

Adjustments to Meet Current Operating Levels -$1,789,000 / -0 FTE

This reduction to current operating levels includes GSA rent reduction and reduction in 

contractual services. The rent reduction savings will be realized due to the closure of the 

Treasury Boston Office and the reduction of the Washington DC Office space and the associated 

overhead cost in contractual services. 

Department of the Treasury - Budget in Brief 42
Legislative Proposals 

OIG has no legislative proposals. 

Performance Highlights

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

Budget Activity Performance Measure Actual Actual Actual Actual Target Target

Audit Number of Completed Audit Products 79 85 80 76 82 82

Audit Percent of Statutory Audits Completed 

by the Required Date 100 100 100 100 100 100

Investigations

Percentage of All Cases Closed During 

the Fiscal Year That Were Referred for 

Criminal/Civil Prosecution or Treasury 

Administrative Action

80 91 100 100 80 80

Description of Performance Department

The Office of Audit (OA) completed 76 audit products in FY 2022 and expects to complete 82 in 

FY 2023. In FY 2022, OA met its mandated audit requirements. 

In keeping with the OIG’s strategy to maintain a highly skilled and motivated workforce, the 

OIG plans and executes a meaningful body of work designed to help ensure the integrity, 

efficiency, and effectiveness of programs and operations across OIG’s jurisdiction while looking 

for opportunities to improve them. 

In FY 2022, OI exceeded the 80 percent target for Investigative Performance Measure by 

referring 100 percent of investigations for criminal/civil/administrative action. OI opened 130 

new investigations (48 percent increase from FY 2021) and closed 51 investigations. The OIG 

also referred 13 investigations that substantiated administrative violations against a Treasury 

employee to the appropriate regulated bureau for action. In addition, the OIG referred 67 

investigations for criminal prosecution and 9 investigations for civil prosecution. In FY 2022, OI

charged and/or indicted 24 subjects. Ongoing investigations resulted in 3 subjects sentenced 

which resulted in fines, seizures, restitution, penalties, and settlements of more than $10.9 

million.

The Pandemic Response Accountability Committee (PRAC) established a Fraud Task Force to 

serve as a resource for the Inspectors General (IG) community by merging investigative 

resources into those areas where the need is the greatest, currently pandemic loan fraud. Agents 

from Offices of Inspectors General (OIG) across the Government are detailed to work on Task 

Force cases. These agents have partnered with prosecutors at the Department of Justice’s Fraud 

Section and at United States Attorneys’ Offices across the country. 

 

Department of the Treasury (Treasury) OIG has eight agents who are assigned to the PRAC 

Fraud Task Force on a part-time basis. The agents are assigned Paycheck Protection Program 

cases while continuing to work their existing Treasury OIG caseload. This initiative allows 

Treasury OIG to make a broader contribution to the IG community by assisting with 

investigations that might otherwise remain unstaffed. 

Department of the Treasury - Budget in Brief 43
OI continues to support frequent congressional inquiries, sensitive investigative requests from 

the Council of the Inspectors General on Integrity and Efficiency, and annual peer reviews of 

other Offices of Inspector General, thus ensuring a high level of professionalism within the 

Inspector General community. 

Department of the Treasury - Budget in Brief 44
Special Inspector General for TARP

Program Summary by Budget Activity

FY 2024 FTE will be funded by resources from No-year account carryover balance.

The Budget does not include a request for additional funds as SIGTARP has sufficient no-year

carryover balances to enable it to conclude orderly sunset activities in 2024.

Summary

The FY 2024 Budget does not include a request for additional funds as SIGTARP has sufficient

no-year carryover balances to enable it to conclude orderly sunset activities in 2024. 

Since Congress created the Special Inspector General for the Troubled Asset Relief Program 

(SIGTARP) under the Emergency Economic Stabilization Act (EESA), SIGTARP has delivered 

for American taxpayers. As a law enforcement office, SIGTARP has a proven record of 

identifying and investigating fraud and other crime. SIGTARP investigations have resulted in the 

recovery of at least $11.3 billion, criminal prosecutions by the Department of Justice and others 

of 469 defendants—321 of them sentenced to prison, including 75 bankers. SIGTARP’s 

investigations have also resulted in enforcement actions against 25 corporations/entities, 

including enforcement actions against many of the largest U.S. financial institutions. As an 

independent watchdog, SIGTARP consistently identified fraud, waste, abuse, ineffectiveness, 

inefficiency, and risk in EESA programs, and brought transparency to EESA. 

Investigations

SIGTARP’s top law enforcement priority is to investigate and bring justice to unlawful conduct 

by financial institutions in EESA’s Home Affordable Modification Program (HAMP). Upon 

SIGTARP’s sunset, any open confidential cases related to HAMP, including cases being worked

in partnership with the Department of Justice, will be turned over to appropriate Federal agencies 

for completion.

Similarly, any open investigations in the Hardest Hit Fund, will be turned over to appropriate 

Federal agencies for completion upon SIGTARP sunset. This may include closure of 

investigations of fraud and environmental/safety crimes such as illegal dumping, asbestos 

exposure, or contaminated dirt used in demolitions of blighted properties. During its tenure, 

Dollars in Thousands

$ Change % Change

Investigations $13,665 $7,850 $0 ($7,850) -100%

Audits $2,335 $1,150 $0 ($1,150) -100%

Subtotal, SIGTARP $16,000 $9,000 $0 ($9,000) -100%

Resources from No Year Account $3,000 $7,500 $5,700 ($9,000) -120%

Total Program Operating Level $3,000 $7,500 $5,700 ($9,000) -120%

Total Budgetary Resources $19,000 $16,500 $5,700 ($18,000) -109%

Direct FTE 43 35 12 (23) -66%

Total Full-time Equivalents (FTE) 43 35 12 (23) -66%

FY 2023 to FY 2024

Budget Activity FY 2022 

Operating Plan

FY 2023 

Operating Plan

FY 2024 

Request

Department of the Treasury - Budget in Brief 45
SIGTARP has had a long-standing record of finding fraud, environmental/safety crimes, and 

corruption in this program. 

Audit

SIGTARP audits ensure that EESA programs operated effectively and efficiently, that federal 

dollars were used as Congress intended, and that the government did not pay more for EESA 

than was necessary. All final audit products will be complete in FY 2023. 

Budget Highlights

The FY 2024 Budget does not include a request for additional funds as SIGTARP has sufficient

no-year carryover balances to enable it to conclude orderly sunset activities in 2024. 

Performance Highlights

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target 

Investigations

% of Cases Accepted for Consideration by 

Civil or Criminal Authorities Resulting in a 

Positive Final Outcome

77 77 75 50 0 

Investigations

% of Cases Presented to Civil or Criminal 

Authorities within Eight Months of Being 

Opened

75 71 80 70 0 

Investigations

% of Cases That are Joint Agency/Task 

Force Investigations 86 90 75 70 0 

Audit

Number of Completed Audit Products 

Identifying Waste, Abuse, 

Mismanagement, Inefficiencies, or 

Referrals to Investigations Division (units)

4 3 3 2 0 

Description of Performance

SIGTARP met all metric targets in FY 2022. The “Percentage of Cases Accepted for 

Consideration by Civil or Criminal Authorities Resulting in a Positive Final Outcome” in

FY 2022 was 75 percent; the “Percentage of Cases Presented to Civil or Criminal Authorities 

within Eight Months of the Case Being Opened” was 80 percent; the “Percentage of Cases that 

are Joint Agency/Task Force Investigations” with other law enforcement agencies was 75 

percent. In addition, SIGTARP met its FY 2022 audit performance target with three products. 

Department of the Treasury - Budget in Brief 46
Treasury Inspector General for Tax Administration

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2022 to FY 2023

Budget Activity Operating Plan Operating Plan Request $ Change % Change

Audits $65,093 $65,120 $70,023 $4,903 8%

Investigations $109,157 $109,130 $117,345 $8,215 8%

Subtotal, TIGTA $174,250 $174,250 $187,368 $13,118 8%

Offsetting Collections - Reimbursable $494 $750 $750 $0 0%

Recovery from Prior Years $0 $139 $0 ($139) -100%

Unobligated Balances Brought Forward $1,469 $4,800 $0 ($4,800) -100%

IRA Funding Usage $0 $20,150 $40,300 $20,150 100%

Subtotal Other Resources $1,963 $25,839 $41,050 $15,211 59%

Total Budgetary Resources $176,213 $200,089 $228,418 $28,329 14%

Direct FTE 702 735 742 7 1%

Reimbursable FTE 2 2 2 0 0%

IRA Funding FTE 0 59 129 70 119%

Total Full-time Equivalents (FTE) 704 796 873 77 10%

FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

Table does not include $8M in funding provided through the ARP Act of 2021 (P.L. 117-2) which is available for expenditure through 

FY 2023, of which $5.0M was obligated in FY 2022.

Summary

The Treasury Inspector General for Tax Administration’s (TIGTA) Fiscal Year (FY) 2024 

Budget Request of $187,368,000 represents an increase of eight percent above its FY 2023 

enacted budget level. These resources will fund critical audit, investigative, and inspection 

and evaluation services to protect the integrity of the Nation’s system of tax administration.

TIGTA’s Offices of Audit (OA), Inspections and Evaluations (OIE), and Investigations (OI)

will use Inflation Reduction Act (IRA) funds for enhanced oversight of Internal Revenue 

Service (IRS) operations, to include taxpayer services, enforcement, operations support, 

business systems modernization, and reporting requirements. 

TIGTA’s vision is to “maintain a highly skilled, proactive, and diverse Inspector General 

organization dedicated to working in a collaborative environment with key stakeholders to foster 

and promote fair tax administration.” TIGTA will provide oversight in a number of critical areas 

including:

• Investigating unauthorized access to, and disclosure of, taxpayer information;

• Identifying opportunities to improve the administration of the Nation’s tax laws, improve 

tax compliance, and achieve program efficiencies and cost savings;

• Evaluating the IRS’s efforts to modernize its operations, in addition to assessing whether 

user authentication for online services is secure to prevent the unauthorized disclosure of 

taxpayer information; 

• Overseeing the IRS’s efforts to implement tax law changes, including monitoring the 

Department of the Treasury - Budget in Brief 47
IRS’s efforts to timely process taxpayer correspondence and meet customer service

demands, and assessing the IRS’s efforts to address tax-related identity theft;

• Protecting the integrity of the IRS by effectively investigating individuals and groups 

who victimize vulnerable Americans through the IRS impersonation scam;

• Conducting advanced analytics and innovative approaches to help prevent and detect the

flow of dollars fraudulently obtained by criminals; 

• Enhancing taxpayer confidence in electronic Federal tax systems through investigation and 

prosecution of cyber criminals engaged in attacks against, and manipulation of, IRS

taxpayer service portals as well as the IRS network;

• Improving the integrity of IRS operations by detecting and deterring waste, fraud, 

abuse, and misconduct, including the unauthorized disclosure of confidential tax 

information by IRS employees; and

• Conducting comprehensive audits and inspections and evaluations that provide 

recommendations for achieving monetary benefits, addressing erroneous and improper 

payments, and enhancing the service that the IRS provides to taxpayers.

TIGTA conducts audits and inspections and evaluations that advise the public, Congress, the 

Secretary of the Treasury, and IRS management of high-risk issues, problems, and 

deficiencies related to the administration of IRS programs and operations. TIGTA’s 

administrative and criminal investigations ensure the integrity of IRS operations, protect the 

IRS and its employees, and help the IRS protect and secure taxpayer data. TIGTA’s OIE

provides responsive, timely, and cost-effective inspections and evaluations of challenging 

areas in IRS programs. TIGTA’s oversight is essential to the efficiency and fairness of the 

IRS’s tax administration system.

TIGTA’s primary functions of audit, investigations, and inspection and evaluations align with 

the following Department of the Treasury FY 2022 – 2026 Strategic Plan goals: 

Goal 1: Promote Equitable Economic Growth and Recovery; 

Goal 2: Enhance National Security;

Goal 4: Combat Climate Change; and 

Goal 5: Modernize Treasury Operations. 

Budget Highlights

Dollars in Thousands

Treasury Inspector General for Tax Administration FTE Amount 

FY 2023 Operating Plan 735 $174,250

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $7,869

Pay Annualization (2023 4.6% average pay raise) 0 $1,629

Pay Raise (2024 5.2% average pay raise) 0 $5,588

Non-Pay 0 $652

Subtotal Changes to Base 0 $7,869

Total FY 2024 Current Services 735 $182,119

Program Changes: 

Program Increases 7 $5,249

 Data Analytics and IT Modernization 4 $4,300

RAFE Cybersecurity Enhancements 3 $949

Subtotal Program Changes 7 $5,249

FY 2024 President’s Budget Request 742 $187,368

Department of the Treasury - Budget in Brief 48
Budget Adjustments

Maintaining Current Levels (MCLs) ........................................................ +$7,869,000/ +0 FTE

Pay Annualization, (4.6%) +$1,629,000/ +0 FTE

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

Pay Raise, (5.2%) +$5,588,000/ +0 FTE

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

Non-Pay, +$652,000/ +0 FTE

Funds are requested for non-labor expensessuch astravel, contracts, rent, supplies, and equipment.

Program Increases....................................................................................+$5,249,000/ +7 FTE 

Data Analytics and Information Technology (IT) Modernization +$4,300,000 / +4 FTE

This investment in TIGTA’s staff and IT infrastructure is critical to ensure that TIGTA’s data 

analytic capabilities stay commensurate with the IRS’s adoption of modern technology. It will 

support next generation infrastructure focused on rapidly changing priorities and increased 

demands implemented through advanced IT infrastructure tools and technologies. 

The amount of tax information TIGTA extracts and analyzes to meet its mission has increased 

exponentially. For example, the volume of tax data that TIGTA extracts, stores, and uses has 

grown nearly 200 percent since 2019, from approximately 100 terabytes to more than 300 

terabytes. TIGTA’s current IT infrastructure is not sufficient to absorb this type of continued 

growth. TIGTA has had to use operational storage reserves, acquire additional storage arrays, 

and restructure data management workloads to prevent increased data volumes from crippling 

TIGTA’s network and servers. TIGTA’s IT infrastructure modernization efforts will ensure that 

taxpayer data are properly protected and secured to prevent unauthorized accesses. 

Research, Analysis, Forensics, and Evidence (RAFE) Cybersecurity Enhancements +$949,000/ 

+3 FTE 

TIGTA’s RAFE system is used to process data from over 63 IRS applications, electronic service 

providers, and digital information obtained during criminal investigations. RAFE houses 

millions of records with Personally Identifiable Information (PII) for use in detecting and 

investigating fraud and abuse of IRS online systems. 

In an FY 2022 Security Architecture Review, the Treasury Department identified limited staffing 

as one of the biggest weaknesses in protecting RAFE’s sensitive PII information. In response to 

Treasury’s recommendations, TIGTA requests $649,000 for 3 FTE and $300,000 for improved 

circuit connection. This investment in RAFE staffing and circuits would allow TIGTA to 

support a backup strategy, in addition to identifying and fixing system weaknesses, scanning the 

system’s custom code, and managing complex network challenges. 

Legislative Proposals 

TIGTA has no legislative proposals.

Department of the Treasury - Budget in Brief 49
Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget 

Activity Performance Measure Actual Actual Actual Target Target 

Audit Percentage of Audit Product Delivered When 

Promised to Stakeholders 79 93 92 70 70

Audit 

Percentage of New Audit Reports with 

Recommendations to Improve Tax 

Administration

81 82 84 70 70

Investigations 

Percentage of Closed Investigations Resulting 

in a Criminal, Administrative, or Law 

Enforcement Action

92 90 89 79 79

Description of Performance

• In FY 2022, OA and OIE issued 87 final audit reports and other products which 

reported potential financial benefits totaling $5.4 billion and impacting 

approximately 10.8 million taxpayer accounts. 

• In FY 2022, the actual Percentage of Audit Products Delivered When Promised to 

Stakeholders was 92 percent. TIGTA exceeded the full-year target by 22 

percentage points.

• For FY 2024, OA’s performance targets are 70 percent of Audit Products Delivered

When Promised to Stakeholders and 70 percent of New Audit Reports with

Recommendations to Improve Tax Administration.

• In FY 2022, OI transitioned to a performance model that placed greater emphasis on 

complex cases. These cases are often lengthier and require more time-sensitive 

engagement from OI staff.

• From FY 2013 through FY 2022, TIGTA processed more than 17,080 threat-related 

complaints and investigated more than 10,391 threats against the IRS. OI expects

threat-related incidents to rise as the IRS increases staffing and enforcement under the 

IRA. 

• Since March 2020, OI has reallocated resources to provide investigative oversight of 

programs and operations resulting from the Coronavirus Aid, Relief, and Economic 

Security Act and the American Rescue Plan Act. During FY 2022, these cases 

represented 24 percent of OI’s investigative work hours. From March 2020 to 

September 2022, these investigative efforts resulted in the initiation of 937 

investigations, 395 indictments, 146 individuals sentenced to approximately 350 years 

of incarceration, and more than $85 million in monetary recoveries and penalties.

• Using investigative activities from FY 2021 and FY 2022 as a baseline, OI projects 

approximately 2,300 actionable outcomes will result from investigations in FY 2024. 

• In FY 2022, the Percentage of Closed Investigations Resulting in a Criminal, 

Administrative, or Law Enforcement Action was 89 percent, which exceeded the fullyear target of 79 percent by 10 percentage points. 

Department of the Treasury - Budget in Brief 50
Special Inspector General for Pandemic Recovery

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating Plan Operating

Plan Request $ Change % Change

Audit & Investigations $8,000 $12,000 $16,000 $4,000 33.33%

Subtotal SIGPR $8,000 $12,000 $16,000 $4,000 100.00%

Offsetting Collections - Reimbursable $10 $100 $100 $0 0.00%

Unobligated Balances Brought Forward $12,000 $5,000 $1,000 ($4,000) -63.63%

Total Program Operating Level $20,010 $17,100 $17,100 00 0.00%

Direct FTE 53 55 55 0 0.00%

Total Full-time Equivalents (FTE) 53 55 55 0 0.00%

Summary

The Budget proposes appropriations language to provide SIGPR $16 million in appropriated 

funds, though SIGPR maintains $25 million is necessary to achieve optimal staffing and 

operational levels if Congress grants SIGPR an extension beyond 2025 and increases our 

jurisdiction. The proposed level of $16 million will allow SIGPR to continue operating at its 

current FTE level.

SIGPR, an independent office within the Department of the Treasury (Treasury), was established 

by section 4018 of the CARES Act in March 2020. Mr. Brian Miller was confirmed by the U.S. 

Senate in June 2020 as the Special Inspector General for Pandemic Recovery. SIGPR continues 

to lead the way by providing oversight of Treasury activities under the CARES Act by 

conducting independent audits and investigations necessary to prevent and detect waste, fraud, 

and abuse in programs and operations. SIGPR’s CARES programs jurisdiction currently includes 

two significant programs, the Direct Loan Program (loans to air carriers and national security 

businesses consisting of 35 loans, 35 borrowers for $2.7 billion), and the Main Street Lending 

Program (loans to small and medium-sized for-profit businesses and nonprofit organizations 

consisting of 319 lenders, 1,830 loans for $17.5 billion). SIGPR conducts audits of these 

Treasury programs, investigates fraud by recipients of CARES Act funds, and makes 

recommendations designed to improve the administration of pandemic recovery programs. 

SIGPR also conducts criminal investigations into allegations of waste, fraud, and abuse while 

helping to ensure that SIGPR protects and secures taxpayer data. 

In accordance with the Government Performance and Results Act Modernization Act (GPRAMA)

of 2010, the Department of the Treasury is currently developing the FY 2022 - 2026 

Departmental Strategic Plan. SIGPR published a Strategic Plan for FY 2021 - 2023 and will 

publish a new component plan that aligns bureau activities and priorities to the Department’s in 

2023. 

By the end of FY 2021, during the worst pandemic in over a century resulting in socio-economic 

challenges, SIGPR succeeded in expeditiously establishing a workable near-term initial 

minimally operational baseline by onboarding 56 staff of highly capable, experienced 

investigators, auditors, legal, and administrative experts. SIGPR developed and executed a 

recruitment and hiring strategy, a procurement and acquisition plan, and an information 

Department of the Treasury - Budget in Brief 51
technology capital plan; executed an occupancy agreement with the General Services 

Administration (GSA); developed a myriad of policies, procedures, and manuals to govern 

SIGPR’s work in the key areas of audits, investigations, and critical mission support services. 

In FY 2023, SIGPR has continued to diligently follow the facts through the Office of Audits 

(OA) and Investigations (OI), working collaboratively with other Offices of Inspectors General, 

the Pandemic Response Accountability Committee (PRAC) Fraud Task Force, the Department of 

Justice (DOJ) COVID-19 Fraud Enforcement Task Force, Financial Crimes Enforcement 

Network, and other Federal Offices of Inspector General and law enforcement agencies to 

uncover large-scale and far-reaching fraud, waste, and abuse of CARES program funds. 

Budget Highlights

Dollars in Thousands

Special Inspector General for Pandemic Recovery FTE Amount

FY 2023 Operating Plan 39 $12,000 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $529 

Pay Annualization (20234.6% average pay raise) 0 $107 

Pay Raise (2024 5.2% average pay raise) 0 $368 

Non-Pay 0 $54 

Subtotal Changes to Base 0 $529 

FY 2024 Current Services 39 $12,529 

Program Changes:

Program Increases:

Audits & Investigations 16 $3,471 

Subtotal Program Changes 16 $3,471 

FY 2024 President's Budget Request 55 $16,000 

Budget Adjustments

Maintaining Current Levels (MCLs) .......................................................... +$529,000 / +0 FTE 

Pay Annualization (4.6%) +$107,000 / +0 FTE

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

Pay Raise (5.2%) +$368,000 / +0 FTE

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

Non-Pay +$54,000 / +0 FTE 

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

Program Increases .............................................................+$3,471,000 / +16 FTE 

Audits and Investigations +$3,471,000 / +16 FTE 

Funding is requested for increased audits and investigations staffing to administer the expected 

significant increase in active case load and the expected DOJ prosecutorial team support 

requirements in FY 2024. 

Legislative Proposals 

SIGPR has no legislative proposals. 

Department of the Treasury - Budget in Brief 52
Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Audit and Investigations

Percentage of Audit Products 

Delivered to Stakeholders by the 

Due Date

B 100 100 67 67

Audit and Investigations

Percentage of Audit Products 

Subjected to Implementation 

Reviews

NA B NA 50 50

Key: B - Baseline

Description of Performance

For FY 2024, the target for Percentage of Audit Products Delivered When Promised to 

Stakeholders will remain at 66.6 percent. The target for conducting Implementation Reviews will 

also remain at 50 percent. SIGPR believes that these targets are best attained through effective 

monitoring of ongoing audit work and essential communication with the Treasury regarding 

findings and the most appropriate recommendations for corrective action. Consequently, 

SIGPR’s Office of Audits will continue to accentuate the importance of these processes with 

Treasury leadership. 

• Percentage of Audit Products Delivered to Stakeholders by the Due Date - SIGPR’s products 

will have a more significant impact if they are delivered when needed to support 

congressional and Treasury decision making. 

• Percentage of Audit Products Subjected to Implementation Reviews - The SIGPR Office of 

Audits has established a process to review and verify the implementation actions taken by 

Treasury on SIGPR recommendations. This measure assesses SIGPR’s effect on improving 

Treasury’s accountability, operations, and services. 

As part of the audit process, Treasury provides a written response and action plan to address 

SIGPR audit recommendations. Audit resolution is achieved when SIGPR accepts Treasury’s 

time phased plan of action to implement each recommendation. 

In FY 2021, SIGPR conducted an implementation review on the audit product issued in the 

prior fiscal year and found that Treasury management had fully implemented the report’s 

recommendation. Implementation Reviews are only performed on Generally Accepted 

Government Auditing Standards (GAGAS) Audits that contain recommendations that were 

fully implemented in accordance with the Auditees Written Response and Action Plan that 

was accepted by Audits during the audit resolution process – during FY 2022, there were no 

GAGAS Audits that met these criteria. 

Audit Operations

The most recent highlights from 2022 4th Quarter (October – December 2022) include: 

• The Office of Audits issued its FY 2023 audit plan on October 17, 2022. 

• Completed independent reviews of three Direct Loan Validation Memoranda:

o Ovation Travel Group - Identified several material deficiencies in the Validation 

Memorandum. 

o Caribbean Sun Airlines & Timco Engine Center - Identified minor discrepancies in the 

Validation Memoranda. 

Department of the Treasury - Budget in Brief 53
The results of these attestation reviews (Ovation Travel Group, Caribbean Sun Airlines and 

Timco Engine Center) will be summarized in a separate document covering all the attestation 

reviews and will also be included with the overall audit of the Direct Loan Program. 

The Office of Audits also has efforts underway to review loan loss information related to the 

Main Street Lending Program (MSLP). As of February 10, 2023, the MSLP has recognized 

approximately $95 million in actual loan losses, net of subsequent recoveries. After efforts to 

obtain MSLP loan loss information through Treasury and from the Federal Reserve were 

unsuccessful, SIGPR issued subpoenas to the top 11 MSLP participating lender banks. The top 

11 lenders represent 707 of the 1,830 MSLP loans, valued at just over $5 billion of the $17.5 

billion in loans issued. The subpoenas request information from the banks on MSLP loans with 

defaults, impairments, late interest payments, delinquent financial reporting, and borrowers who 

made material misrepresentations in their MSLP applications. The Office of Audits will review 

information received from the banks and determine how to incorporate the information into 

potential audits. SIGPR plans to send subpoenas to additional banks in the near future. 

Significant progress has been made on the following four ongoing audits: 

• Audit of Treasury’s Process for Approving its $700 million Direct Loan to YRC Worldwide, 

Inc.

• Audit of Treasury’s Monitoring of the Direct Loan Program 

• Audit of $195 million Direct Loan Program Borrower 

• Audit of Treasury’s Use of Outside Entities

Investigation Operations 

Office of Investigations (OI) continues coalition building and leveraging professional 

relationships with its colleagues across the Inspector General community, as well as working 

collaboratively with other Offices of Inspectors General, the Pandemic Response Accountability 

Committee (PRAC) Fraud Task Force, the Department of Justice (DOJ) COVID-19 Fraud 

Enforcement Task Force, Financial Crimes Enforcement Network, and other law enforcement 

agencies to uncover large-scale and far-reaching fraud, waste, and abuse of CARES program 

funds. 

The most recent highlights include: 

• Notable case trendline growth by steadily increasing quantity of investigative case load to a 

total of 37 open cases, in addition to 16 closed cases, and 31 preliminary inquiries converted 

to full investigations. 

• SIGPR investigations involve 86 percent of other CARES Act program funds. 

• SIGPR’s proactive initiatives accounted for initiating more than 93 percent of its active Main 

Street Lending Program/Direct Loan investigative casework to date. 

• The Pandemic Response Accountability Committee (PRAC) extended its authority to 

investigate pandemic-related fraud to SIGPR through a Memorandum of Understanding, 

resulting in five SIGPR special agents assigned to the PRAC Fraud Task Force on a parttime basis.

Department of the Treasury - Budget in Brief 54
After staffing OI with criminal investigators: 

• In December 2021, SIGPR obtained its first indictment, involving false statements to 

fraudulently obtain more than $1.6 million in federal funds for business loans intended to 

relieve financial distress caused by the COVID-19 pandemic. 

• In early January 2022, a SIGPR-initiated investigation resulted in a guilty plea related to a 

loan obtained through the MSLP, a lending facility established by the Federal Reserve 

Board and supported with Treasury’s investment in CARES Act funds. As part of the plea, 

it was agreed to include court-ordered restitution in the amount of $252,143. 

• In late March 2022, another SIGPR-initiated investigation resulted in the arrest of an 

individual related to fraudulently obtaining a loan through the Main Street Lending 

Program and Small Business Administration Payroll Protection Program (PPP) funds. In 

April 2022, the individual was indicted. In August 2022, the individual plead guilty. 

In February 2023, the individual was sentenced to 78 months incarceration, three 

years supervised release, and ordered to pay over $2.6 million in restitution. 

• SIGPR conducted various outreach efforts to include participating in the Federal Bureau of 

Investigation’s Bank Fraud Conference, training Civil and Criminal Assistant U.S. 

Attorneys on CARES Act programs, and coordinating with the DOJ Fraud Sections (Civil 

and Criminal), as well as U.S. Attorney’s Offices throughout the country to deconflict and 

develop leads.

Department of the Treasury - Budget in Brief 55
Description of Performance

SIGPR is continuing to develop/refine performance measures for the Investigations 

programs. Below is SIGPR’s ‘Behind the Badge’ Investigative Fact Sheet with potential key 

metrics:

Hotline Complaints

Hotline Complaints Received 2,144

Referrals to Other Agencies 729

Investigations

Ongoing* 34

Closed** 12

Preliminary Inquiries Converted to Full Investigations 30

Criminal Actions †

Referrals to the Department of Justice 19

Indictments/Informations 3

Criminal Complaints 1

Arrests/Summons 3

Convictions/Pleas 2

Civil Actions

Referrals to the Department of Justice*** 3

Other Enforcement Actions

IG Subpoenas Issued 35

Investigative Monetary Results

Funds Seized $808,813

* Includes all SIGPR program-related cases, including PRAC Fraud Task Force investigations 

and joint investigations with other agencies.

† Actions reported include those resulting from PRAC Fraud Task Force investigations and joint investigations 

with other agencies.

** Includes cases initially closed and subsequently re-opened.

*** Note: Same case may have been referred to DOJ both criminally and civilly. 

Department of the Treasury - Budget in Brief 56
Community Development Financial Institutions Fund

Program Summary by Budget Activity

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

Community Development Financial 

 Institutions Fund Program 0 $171,383 0 $194,000 0 $201,179 NA 3.7%

Economic Mobility Corps 0 $2,000 0 $2,000 0 $0 NA -100.0%

Bank Enterprise Award Program 0 $35,000 0 $35,000 0 $35,000 NA 0.0%

Native American CDFI Assistance 

Program 0 $21,500 0 $25,000 0 $25,000 NA 0.0%

Administrative 71 $33,617 89 $35,000 91 $37,299 2.2% 6.6%

Healthy Food Financing Initiative 0 $23,000 0 $24,000 0 $24,000 NA 0.0%

Small Dollar Loan Program 0 $8,500 0 $9,000 0 $9,000 NA 0.0%

Bond Guarantee Program Credit Subsidy 0 $0 0 $0 0 $10,000 NA 100.0%

Subtotal New Appropriated Resources 71 $295,000 89 $324,000 91 $341,478 2.2% 5.4%

Other Resources

User Fees 0 $1,218 0 $1,200 0 $1,250 NA 4.2%

Recoveries from Prior Years 0 $1,111 0 $500 0 $1,000 NA 100.0%

Unobligated Balances from Prior Years 0 $218,045 0 $237,621 0 $259,100 NA 9.0%

Subtotal Other Resources 0 $220,374 0 $239,321 0 $261,350 NA 9.2%

Total Budgetary Resources 71 $515,374 89 $563,321 91 $602,828 2.2% 7.0%

FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

This table excludes COVID-19 pandemic funds

Summary

The FY 2024 Budget requests an appropriation of $341,478,343 for the Community

Development Financial Institutions Fund (CDFI Fund) to administer the CDFI Fund’s programs 

and oversee the existing portfolio of awards. The CDFI Fund supports Treasury’s strategic goal 

of Boosting U.S. Economic Growth and Transforming Government-wide Financial Stewardship.

The CDFI Fund expands the availability of credit, investment capital, and financial services in 

distressed urban and rural communities and for underserved populations. The CDFI Fund carries 

out the Community Development Banking and Financial Institutions Act of 1994, as well as 

certain programmatic provisions of the Community Renewal Tax Relief Act of 2000, the 

Housing and Economic Recovery Act of 2008 (HERA), the Small Business Jobs Act of 2010, 

and the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (P. L. 116- 

260) that provided $3 billion for emergency support for Community Development Financial 

Institutions (CDFIs) and communities responding to the COVID-19 pandemic.1

 

In the Spring of FY 2023, the CDFI Fund will award an additional $1.73 billion in grant funds to 

CDFIs to address the economic impact of the COVID-19 pandemic through the CDFI Equitable 

Recovery Program (CDFI ERP). These grants will further assist distressed communities by 

expanding lending, grant making, and increasing investment activity in low- or moderate-income 

1 In FY 2021, $1.25 billion of these funds were awarded through the newly established CDFI Rapid Response Program (CDFI 

RRP), which was designed to quickly deploy capital to CDFIs through a streamlined application and review process.

Department of the Treasury - Budget in Brief 57
communities and to borrowers that have significant unmet capital or financial service needs and 

to enable CDFIs to build organizational capacity and acquire technology, staff and other tools 

necessary to accomplish the activities under a CDFI ERP Award. 

The CDFI Fund supports the creation and expansion of diverse CDFIs, which provide loans, 

investments, business counseling, basic banking services, and financial literacy training to 

underserved communities. Working primarily through CDFIs, the CDFI Fund facilitates business 

development, commercial real estate, housing development and home ownership. The CDFI 

Fund’s activities leverage billions of private sector investment dollars from banks, foundations 

and other funding sources on a cumulative basis. 

The FY 2024 Budget proposes funding for the CDFI Program, the Native American CDFI

Assistance (NACA) Program, the Bank Enterprise Award (BEA) Program, the Small Dollar 

Loan (SDL) Program, and the Healthy Food Financing Initiative (HFFI). Treasury’s request also 

includes funding for the administration, operational support, and management associated with 

these programs, the New Markets Tax Credit (NMTC) Program, and the CDFI Bond Guarantee 

(BG) Program.

Budget Highlights

Dollars in Thousands

Community Development Investment Fund FTE Amount

FY 2023 Operating Plan 89 $324,000 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $1,204 

Pay Annualization (2023 4.6% average pay raise) 0 $187 

Pay Raise (5.2% average pay raise) 0 $642 

Non-Pay 0 $375 

Subtotal Changes to Base 0 $1,204 

FY 2024 Current Services 89 $325,204 

Program Changes:

Program Decreases 0 ($2,000)

Economic Mobility Corps 0 ($2,000)

Program Increases: 0 $18,274 

CDFI Program 0 $7,179 

BGP Credit Subsidy 0 $10,000 

Administration 2 $1,095 

Subtotal Program Changes 0 16,274 

FY 2024 President's Budget Request 91 $341,478 

Budget Adjustments

Pay Annualization (4.6% in FY 2023) +$187,000 / +0 FTE

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

Pay Raise (5.2% in FY 2024) +$642,000 / +0 FTE 

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

Department of the Treasury - Budget in Brief 58
Non-Pay (2.0% in FY 2024) +$375,000 / +0 FTE 

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

equipment. 

Program Decreases ......................................................................................-$2,000,000 / -0 FTE 

Economic Mobility Corps -$2,000,000 / -0 FTE

Due to decreased ongoing demand for the Economic Mobility Corps (EMC), no funding is 

included for this initiative as part of the CDFI Fund’s budget request. However, eligible 

organizations can still apply for awards under the Corporation for National and Community 

Service’s AmeriCorps State and National Direct program to support EMC-related activities, 

which place service members in Certified CDFIs, through funding directly appropriated to that 

program. 

Program Increases ....................................................................................+$18,274,000 / +2 FTE 

CDFI Program +$7,179,000 / +0 FTE

Increasing the CDFI Program budget by $7,179,000 would provide an increase to Base-Financial 

Assistance (FA) Awards to CDFIs, Technical Assistance (TA) Awards, and Persistent Poverty 

Counties-FA (PPC-FA) Awards. 

BGP Credit Subsidy +$10,000,000 / +0 FTE

Request for $10,000,000 to modify existing over-collateralization and/or recourse requirements 

for individual applications thereby expanding the potential pool of CDFIs that could successfully 

participate in the BG Program. 

Administration +$1,095,000 / +2 FTE

Request $1,095,000 to support the hiring of two additional staff to support a range of work 

related to research and data collection, geospatial analysis, evaluation of activities that include 

compliance monitoring for the effectiveness of CDFI Fund programs. 

Legislative Proposals 

The Budget proposes to modify the Capital Magnet Fund Program, section 1339 of the Housing 

and Economic Recovery Act (HERA), to allow for certain existing statutory requirements to be 

determined by the Secretary, either via promulgation of regulations or in the annual Notice of 

Fund Availability. Current market conditions and the CDFI Fund’s experience with this 

affordable housing program necessitate changes to the program to make it more accessible to 

applicants, and more effective in spurring the production and preservation of affordable housing. 

Specific requirements and standards in the statute create significant obstacles to potential 

applicants wishing to apply for these funds, such as the required 10:1 ratio of leverage of private 

and other public funding, a two-year commitment deadline, and restrictions related to targeting 

funds. Modifications proposed to the statute would allow for the Secretary to establish or modify 

standards for these requirements to address market conditions over time and ensure effective 

utilization of funds across diverse geographies. 

Funding for this program is not typically appropriated. Per HERA requirements, Fannie Mae and 

Freddie Mac provide allocations annually based on their annual unpaid principal mortgage 

Department of the Treasury - Budget in Brief 59
balances. The first awards based on these allocations were made in 2016. Eligible applicants for 

Capital Magnet Fund awards include CDFIs and nonprofit affordable housing developers. 

Performance Highlights

 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

Budget Activity Performance Measure Actuals Actuals Actuals Target Target

Community 

Development 

Financial

Institutions Program

CDFI - Percentage of Loans &

Investments Originated in

Eligible Distressed or

Underserved Communities by

Dollar Amount of Loans 

(Annual %)

75.0 71.4 67.1 60.0 60.0

Community 

Development 

Financial

Institutions Program

CDFI - Percentage of Loans & Investments 

Originated in Eligible Distressed or Underserved 

Communities by Number of Loans

79.6 75.7 77.7 60.0 60.0

Administration All Award Cycle Time

(Months) 5.5 5.6 8.8 6.5 6.5

Administration

ALL- Number of Affordable

Housing Units Developed or

Produced

44,361 58,125 72,807 I I 

New Markets Tax 

Credit Program

NMTC - Percentage of Loans

and Investments That Went

Into Severely Distressed

Communities

77.2 77.0 79.0 75.0 75.0

Key: I - Indicator

Description of Performance

For the FY 2022 CDFI Program round, the CDFI Fund awarded $25.22 million in CDFI 

Program TA awards to 202 organizations headquartered in 41 states, the District of Columbia, 

and Puerto Rico. Additionally, on February 28, 2023 the CDFI Fund announced $149.2 million 

in FA awards to 233 CDFIs for FY 2022 in calendar year (CY) 2023. 

In addition to the FA awards, the CDFI Fund also provided the following supplemental FA 

awards for FY 2022 in CY 2023: 

• $23 million to 8 CDFIs through the HFFI-FA awards, a supplemental program designed to 

encourage investments in businesses that provide healthy food options for communities; 

• $6.5 million to 13 CDFIs through the Disability Fund-FA awards, a supplemental program 

designed to help CDFIs finance projects and services that will assist individuals with 

disabilities; and

• $17.6 million to 137 CDFIs through the PPC-FA awards, a supplemental program designed 

to encourage investments in Persistent Poverty Counties nationwide. 

On October 28, 2022, the CDFI Fund announced $5 billion NMTC awards for the CY 2021 

NMTC Program allocation authority to 107 organizations out of a pool of 199 applicants that 

requested $14.7 billion in NMTC allocations. 

Department of the Treasury - Budget in Brief 60
Highlights of Select Performance Measures

In the FY 2022, the CDFI Program surpassed the 60.0 percent threshold for the percentage of 

both the dollar amount (67.1 percent) and the number of CDFI loans (77.7 percent) made to 

eligible distressed communities and underserved populations. 

In FY 2022, the NMTC Program recipients reported that over 79.0% of NMTC investments 

made were in severely distressed areas. These are communities with low median incomes and 

high rates of poverty and unemployment. 

The All Award Cycle Time metric is an efficiency measure of the average time from the date 

when applications are received to the date of award announcement (calculated in months as an 

average across all programs). The Award Cycle Time in FY 2022 was 8.8 months, exceeding the 

target of 6.5 months. FY 2022 reflects the inaugural round of the SDL Program as well as 

estimates for BEA and CMF programs, which are still in the midst of their FY 2021 round 

application reviews. For FY 2023 the target will remain at 6.5 months because the CDFI Fund 

will be standing up additional programs funded by the Consolidated Omnibus Act of 2021 such 

as the Minority Lending Program (MLP). 

The Number of Affordable Housing Units Developed or Produced metric measures the number 

of affordable housing units developed or produced as a result of CDFI Fund awards as reported 

by CDFI Program, NMTC Program, and CMF awardees. In FY 2021, this performance measure 

was converted to an indicator because the variability in projecting annually the number of 

affordable housing units funded for three programs made it difficult to project a reliable target. 

For the FY 2022 actual result, the CDFI Fund has included the units resulting from the FY 2021 

CDFI-RRP awardees, too. The FY 2022 actual result is 72,807 affordable housing units. 

The requested additional funding for the CDFI Program should allow the CDFI Fund to continue 

to meet and possibly exceed its benchmark of 60.0 percent of both the dollar amount and the 

number of CDFI loans made to eligible distressed communities and underserved populations. 

This additional investment may impact the number of affordable housing units developed or 

produced. The requested increase in administration dollars for staffing may mean additional staff 

to assist in the program rounds which may help the CDFI Fund met or fall under its 

administrative performance measures such as the award cycle time.

Department of the Treasury - Budget in Brief 61
Department of the Treasury - Budget in Brief 62
Financial Crimes Enforcement Network

Program Summary by Budget Activity

Dollars in Thousands

Financial Crimes Enforcement Network FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan

Operating 

Plan2 Request $ Change % Change

BSA Administration and Analysis $161,000 $190,193 $228,908 $38,715 20.36%

Subtotal, Financial Crimes Enforcement 

Network $161,000 $190,193 $228,908 $38,715 20.36%

Offsetting Collections - Reimbursable $2,100 $3,500 $3,500 $0 0.00%

Recovery from Prior Years $6,089 $0 $0 $0 NA

Unobligated Balances Brought Forward $20,189 $41,656 $41,656 $0 0.00%

Total Program Operating Level $28,378 $45,156 $45,156 $0 0.00%

Total Budgetary Resources $189,378 $235,349 $274,064 $38,715 16.45%

Direct FTE 285 289 350 61 21.11%

Reimbursable FTE 1 3 3 0 0.00%

Total Full-time Equivalents (FTE) 286 292 353 61 20.89%

1 FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

2 Table does not include $19.0 million in funding provided under Ukraine Supplemental Appropriations Act, 2022, Division N of the 

Consolidated Appropriations Act, 2022 (P.L. 117-103) and $22.3 million provided by the Additional Ukraine Supplemental 

Appropriations Act, 2022 (P.L. 117-128).

Summary

The mission of the Financial Crimes Enforcement Network (FinCEN) is to safeguard the 

financial system from illicit use, combat money laundering and its related crimes including 

terrorism, and promote national security through the strategic use of financial authorities and the 

collection, analysis, and dissemination of financial intelligence. FinCEN is the primary Federal 

regulator and the administrator for the Bank Secrecy Act (BSA), which is part of the 

comprehensive legal architecture in the fight against money laundering and its related crimes. 

FinCEN plays two key roles in the U.S. financial regulatory, anti-money laundering and 

countering the financing of terrorism framework:

• First, FinCEN is the primary regulator and the administrator of the BSA, which is part of the 

comprehensive legal architecture in the fight against money laundering and its related crimes. 

FinCEN, through its administration of the BSA, is a global leader in both regulating money 

transmission, including that involving convertible virtual currency and has taken action 

against its illicit use.

• Second, FinCEN is the Financial Intelligence Unit, or FIU, of the United States.

The FY 2024 President’s Budget requests additional resources totaling $38,715,000 above the 

FY 2023 enacted level, including for the continued implementation of the Anti-Money 

Laundering Act of 2020 (AMLA) (which includes the Corporate Transparency Act (CTA), and is 

part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 

2021 (NDAA)), to strengthen, modernize, and streamline the existing AML/Countering the 

Financing of Terrorism (AML/CFT) regime, and for the mandatory creation of the Beneficial 

Ownership Information Technology (IT) Systems as the first national repository for beneficial 

ownership information. 

Department of the Treasury - Budget in Brief 63
Budget Highlights

Dollars in Thousands

Financial Crimes Enforcement Network FTE Amount

FY 2023 Operating Plan 289 $190,193 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $5,568 

Pay Annualization (4.6% average pay raise) 0 $655 

Pay Raise (5.2% average pay raise) 0 $2,248 

Non-Pay 0 $2,664 

Subtotal Changes to Base 0 $5,568 

FY 2024 Current Services 289 $195,761 

Program Changes:

Program Increases: 61 $33,147 

AMLA Implementation 40 $18,224 

CTA Implementation and BOSS 20 $11,123 

FinCEN Investigative Tools 0 $3,000 

DEIA Staffing and Program Support 1 $800 

Subtotal Program Changes 61 $33,147

FY 2024 President's Budget Request 350 $228,908 

Budget Adjustments

Adjustments to Request

Maintaining Current Levels (MCLs).........................................................+$5,668,000 / +0 FTE 

Pay Annualization (4.6%) +$655,000 / +0 FTE 

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

Pay Raise (5.2%) +$2,248,000 / +0 FTE 

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

Non-Pay (2.0%) +$2,664,000 / +0 FTE 

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

equipment. 

Program Increases ..............................................................................+$33,147,000 / +61 FTE

AMLA/CTA Implementation +$29,347,000 / +60 FTE

The enactment of the FY 2021 National Defense Authorization Act (NDAA) included significant 

reforms to the U.S. AML/CFT regime through the AMLA and the CTA. The AMLA and CTA 

seek to strengthen, modernize, and streamline the existing AML/CFT regime by promoting 

innovation, regulatory reform, and industry engagement through forums such as the Bank 

Secrecy Act Advisory Group (BSAAG) and FinCEN Exchange. The AMLA calls for FinCEN 

to work closely with our regulatory, national security, and law enforcement partners to better 

identify risks and priorities and provide valuable feedback to industry and the general public. 

Within the AMLA, the CTA establishes a framework for uniform beneficial ownership 

information (BOI) reporting requirements for many corporations, limited liability companies, 

and other similar entities formed or registered to do business in the United States. The CTA 

instructs FinCEN to collect BOI, store it in a secure system that FinCEN must build, and share it 

Department of the Treasury - Budget in Brief 64
with authorized government authorities and financial institutions, subject to effective safeguards 

and controls that FinCEN must establish. FinCEN has issued a final rule implementing the BOI 

reporting requirements, which will become effective January 1, 2024. FinCEN estimates that 

there will be approximately 32.6 million reporting companies filing BOI reports during the first 

year of the rule’s implementation. FinCEN received Treasury Executive Office for Asset 

Forfeiture (TEOAF) Strategic Support and appropriated funds that allowed us to develop the

Beneficial Ownership (BO) Minimal Viable Product (MVP), and FinCEN has now received 

sufficient funds to support the expected operations and maintenance expenses of the BO MVP in 

the out-years. 

The AMLA and the CTA together mandate approximately 40 rulemaking or other requirements, 

including periodic Congressional reporting on implementation efforts, assessments, and 

findings. Some key requirements under these acts include:

1. Establishing standards for the reporting of BOI, building an information technology system 

to collect and secure the data, and creating access protocols, and ensuring enforcement of 

and compliance with the new reporting requirements; 

2. Establishing national anti-money laundering and countering the financing of terrorism 

priorities, issuing regulations to implement those priorities and other related requirements, 

and ensuring enforcement of and compliance with the new requirements; 

3. Enhancing whistleblower provisions to ensure a robust program for whistleblowers with 

information regarding violations of the BSA and awards;

4. Establishing an Office of Domestic Liaison;

5. Establishing foreign financial intelligence liaison positions;

6. Establishing Innovation Officer and an Information Security Officer positions; 

7. Reviewing and revising Currency Transaction Report (CTR) and Suspicious Activity Report 

(SAR) requirements, and other existing BSA regulations and guidance; 

8. Expanding BSA requirements and obligations to persons engaged in the trade of antiquities; 

9. Hosting a Financial Crimes Tech Symposium, and establishing two new BSA Advisory 

Group subcommittees to enhance public-private partnerships in the areas of innovation and 

technology as well as information security; 

10. Establishing a BSA Analytical Hub; 

11. Conducting a formal review of regulations and guidance implementing the BSA;

12. Formalizing a pilot program to allow financial institutions to share SARs with their foreign 

branches, subsidiaries, and affiliates, and ensuring enforcement of and compliance with the 

new requirements;

13. Establishing an ongoing, timely process to receive and evaluate requests from law 

enforcement to financial institutions to keep accounts open; and 

14. Establishing an annual BSA training program for all Federal examiners in the United States. 

With respect to the CTA, the funding request from FinCEN is to support FTEs needed to fully 

implement the mandates by: (i) drafting required regulations and related compliance materials 

and guidance; (ii) conducting stakeholder outreach to communicate information about the 

requirement; (iii) drafting required Congressional reports; (iv) developing and providing training 

on how to use the required Beneficial Ownership IT systems; (v) establishing access to BOI for 

authorized users; (vi) monitoring and auditing compliance with the CTA and enforcing violations 

of its requirements; (vii) establishing administrative processes to grant exemptions and provide 

relief from the CTA’s requirements; (viii) establishing a BOI call center to respond to inquiries 

Department of the Treasury - Budget in Brief 65
from the public about how to comply with the CTA; (ix) conducting BO-related data 

management and analysis; and (x) providing related legal, administrative, security, and human 

resources support. 

The funding request from FinCEN will also support: (i) FTEs who can draft the regulations and 

related guidance and respond to requests for administrative rulings regarding the interpretation of 

the regulations issued pursuant to the AMLA/CTA; (ii) the funding for regulatory economist 

FTEs who are necessary to develop regulatory impact analyses pursuant to Executive Orders 

(E.O.s) 12866 (“Regulatory Planning and Review”) and 13563 (“Improving Regulations and 

Regulatory Review”), the Regulatory Flexibility Act (RFA), the Paperwork Reduction Act 

(PRA), the Unfunded Mandates Act , and the Congressional Review Act and other similar 

applicable statutes; and (iii) FTEs to staff the compliance hotline to respond to incoming 

inquiries relating to the AMLA and associated regulations and guidance issued by FinCEN. 

Timely and effective AMLA and CTA implementation continues to be FinCEN’s top priority 

and presents significant complexity and resource challenges. FinCEN is working diligently with 

private sector and civil society stakeholders and law enforcement and regulatory counterparts to 

implement these numerous provisions to further the national security, financial integrity, and 

innovative strength of the United States and protect the American people. 

The Whistleblower Program: Section 6314 of the AMLA modified and enhanced the 

whistleblower provisions of the BSA by, among other things, significantly increasing the 

maximum possible award FinCEN can issue to an eligible whistleblower who voluntarily 

provides information to FinCEN, the Department of Justice (DOJ), or the whistleblower’s 

employer regarding certain violations of the BSA. Consistent with these statutory requirements, 

FinCEN established an Office of the Whistleblower that is responsible for: receiving and 

adjudicating tips, complaints, and referrals; designing and implementing the policies and 

procedures of the whistleblower program; and processing award applications for eligible 

whistleblowers. 

The Anti-Money Laundering Whistleblower Improvement Act, which was enacted as part of the 

Consolidated Appropriations Act, 2023, P.L. 117-328, further enhanced FinCEN’s whistleblower 

program by: (i) establishing a $300 million revolving fund (Financial Integrity Fund) to pay 

eligible whistleblowers; (ii) expanding the whistleblower program to include awards for 

violations of U.S. economic and trade sanctions programs, including but not limited to those 

targeting Russia and its malign activities; and (iii) requiring the payment of awards to eligible 

whistleblowers that are equal to 10 to 30 percent of what has been collected of the monetary 

sanctions imposed in a covered enforcement action. FinCEN expects the establishment of this 

fund will very likely increase interest and participation in FinCEN’s whistleblower program. 

FinCEN will use the funding from this request to: (i) administer and manage the $300 million 

revolving award fund, including by disbursing awards in a timely and secure manner; (ii) 

develop a public facing information technology system for the submission of tips and award 

applications; (iii) develop the capacity to securely share tips and facilitate review by FinCEN and 

law enforcement partners; (iv) recruit enforcement personnel dedicated to investigating BSA and 

other violations submitted by whistleblowers; and (v) recruit personnel dedicated to the 

administration of the whistleblower program to review tips, adjudicate award applications, 

coordinate with DOJ and other relevant agencies, and engage in outreach and education 

campaigns with the public. Such funding will also help ensure that any tips related to cyberDepartment of the Treasury - Budget in Brief 66
crimes, corruption, drug trafficking, Russia, and other illicit finance and national security 

priorities are reviewed and referred to appropriate offices for investigation and prosecution in a 

comprehensive and swift manner. 

This funding level assumes continuous hiring actions to get FinCEN to an onboard strength of 

400 positions by the end of FY 2024 (yielding 350 FTE in FY 2024 given staff will be hired 

throughout the year). 

FinCEN Investigative Tools +$3,000,000 / +0 FTE 

Funding will enable FinCEN to maintain the expanded access to additional software, databases 

and licenses for greater threat research capabilities that was made possible with Ukraine 

supplemental funding in FY 2022 and FY 2023. 

DEIA Staffing and Program Support +$800,000 / +1 FTE 

Staff and contractor support for the Diversity, Equity, Inclusion and Accessibility (DEIA)

program that is not currently in base funding. 

Legislative Proposals 

FinCEN has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

BSA Administration and 

Analysis

Percentage of Domestic Law 

Enforcement and Regulators Who 

Assert Queried BSA Data Led to 

Detection and Deterrence of Illicit 

Activity

90% 93% 92% 90% 90%

BSA Administration and 

Analysis

Percentage of Users Satisfied with 

existing FinCEN Information 

Sharing Systems

88% 87% 87% 85% 85%

Description of Performance

FinCEN conducts four annual surveys of the BSA user-facing systems, information sharing 

tools, and to assess the value of FinCEN’s data and analysis. The results provide valuable 

feedback on FinCEN’s performance safeguarding the financial system from illicit use, 

combatting money laundering, and promoting national security. 

Additionally, FinCEN monitors the percentage of domestic law enforcement and regulators who 

assert that queried BSA data led to the detection and deterrence of illicit activity. The survey 

looks at the value of FinCEN data, such as whether the data provided unknown information; 

supplemented or expanded known information; verified information; helped identify new leads; 

opened a new investigation or examination; supported an existing investigation or examination; 

or provided information for an investigative or examination report. 

Department of the Treasury - Budget in Brief 67
Department of the Treasury - Budget in Brief 68
Alcohol and Tobacco Tax and Trade Bureau 

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 20234

Budget Activity Operating Plan1 Operating Plan 1 Request $ Change % Change

Collect the Revenue $59,252 $76,895 $80,847 $3,951 5.14%

Protect the Public $68,815 $71,968 $74,757 $2,790 3.88%

Subtotal, TTB $128,067 $148,863 $155,604 $6,741 9.01%

Reimbursable and Offsetting Collections2 $8,533 $9,690 $9,690 $13,482 139.13%

Unobligated Balances from Prior Years3 $4,850 $4,450 $4,450 $23,013 517.13%

Transfers In/Out4 $821 $0 $0 $43,236 NA

Total Program Operating Level $14,204 $14,140 $14,140 $79,730 656.26%

Total Budgetary Resources $142,271 $163,003 $169,744 $86,471 665.27%

Direct FTE 479 548 551 3 0.55%

Reimbursable FTE 12 11 11 0 0.00%

Total Full-time Equivalents (FTE) 491 559 562 3 0.55%

1/ FY 2022 New Appropriated Resources by Budget Activity reflect levels appropriated in P.L. 117-103, the Consolidated Appropriations 

Act, 2022. FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. FY 2023 New Appropriated Resources by Budget 

Activity & FTE reflect levels appropriated in P.L. 117-328, the Consolidated Appropriations Act, 2023.

2/ Includes reimbursements from the Treasury Executive Office of Asset Forfeiture (TEOAF) Mandatory Fund, Community Development 

Financial Institutions (CDFI) Fund along with offsetting collections from Puerto Rico Cover-Over Program.

3/ All years include carryover of prior two-year set-aside funding for trade practice enforcement and recoveries of 50 percent in 

unobligated balances from prior one-year funding.

4/ FY 2022 actual obligations include a transfer from TEOAF Strategic Support & Secretary's Enforcement Fund.

Summary

The Alcohol and Tobacco Tax and Trade Bureau (TTB) serves as the Nation’s primary Federal 

authority in the taxation and regulation of the alcohol and tobacco industries. TTB is responsible 

for the administration and enforcement of the Internal Revenue Code (IRC) provisions for excise 

taxes on alcohol, tobacco, firearms, and ammunition, and the Federal Alcohol Administration 

(FAA) Act, which provides for the regulation of the alcohol beverage industry to protect U.S. 

consumers and ensures a fair and competitive marketplace for U.S. businesses. 

At the FY 2024 funding level, and in support of the Administration’s economic recovery and 

growth priorities, TTB plans to continue to focus on timely service levels and improving 

taxpayer experience by simplifying tax and regulatory requirements, modernizing online filing 

systems to improve the customer experience, and issuing clear and timely industry guidance to 

facilitate voluntary compliance. 

Service remains a top priority, as delays to issuing permits or product approvals have financial 

consequences for the viability of businesses. At the FY 2024 funding level, TTB expects to 

maintain permit, label, and formula approval times within service standards. Further, TTB will 

ensure access to tax benefits available to alcohol producers and importers under the permanent 

craft beverage modernization tax provisions, including by issuing timely refunds on import 

claims. In FY 2024, TTB plans to take a data-driven and risk-based approach to administering 

the new import claims program. The budget request supports ongoing enhancements to new 

Department of the Treasury - Budget in Brief 69
online registration and filing systems, as well as the necessary tax administration and

enforcement staff, to administer this program. 

Complex or overly burdensome regulatory requirements do not serve the interests of taxpayers, 

consumers, or government effectiveness. In FY 2024, TTB plans to continue three major 

regulatory reform efforts in permitting, tax, and alcohol beverage labeling to consolidate, clarify, 

and simplify requirements and, where possible, minimize filing frequency. The revised 

requirements will ease burdens placed on new and existing businesses and make it easier to 

voluntarily comply. At the same time, TTB plans to tailor the requirements to improve data 

quality and better detect risk to direct enforcement efforts. Further, TTB will prioritize 

rulemaking to promote fair competition, including proposals that would expand information on 

alcohol beverage labels to provide greater transparency for consumers and alcohol producers. 

At the FY 2024 funding level, TTB will also continue to make critical investments in its online 

filing systems as part of its information technology (IT) modernization strategy to develop an 

integrated online experience for all tax and regulatory transactions with TTB. By improving the 

ease and usability of its online platforms, TTB aims to increase electronic submissions, improve 

timely filings, and support taxpayer compliance. Investments planned in FY 2024 focus on the 

initial phases of implementing simplified tax filings for all wineries, breweries, and distilleries, a 

priority focus for TTB, in its efforts to make compliance clearer and easier while addressing the 

fact that the industry still submits roughly half of all tax filings on paper. 

Budget Highlights

Dollars in Thousands

FTE Amount

FY 2023 Operating Plan 548 $148,863 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 5,770 

Pay Annualization (2023 4.6% average 

pay raise) 1,038 

Pay Raise (5.2% average pay raise) 3,560 

Non-Pay 1,172 

Subtotal Changes to Base 0 5,770 

FY 2024 Current Services 548 $154,633 

Program Changes: 

Program Increases: 3 971 

Taxpayer Experience & Administration 3 971 

Subtotal Program Changes 3 $971 

FY 2024 President’s Budget Request 551 $155,604 

Note: In addition to the amounts requested above, a total of $2.5 

million from the Cybersecurity Enhancement Account will be 

allocated to support TTB’s Zero Trust Architecture.

Budget Adjustments

Maintaining Current Level (MCLs)............................................+$5,770,000 / +0 FTE 

Pay Annualization (4.6%) +$1,038,000 / +0 FTE

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

Department of the Treasury - Budget in Brief 70
Pay Raise (5.2% in FY 2024) +$3,560,000 / +0 FTE 

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

Non-Pay (2.0% in FY 2024) +$1,172,000 / +0 FTE

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

and equipment. 

Program Increases...............................................................+$971,000 / +3 FTE

Taxpayer Experience & Administration, +$971,000 / + 3 FTE

TTB is requesting $971 thousand and 3 FTE to invest in improvements to transform the TTB 

taxpayer experience and tax administration through simplified tax filings. Through a 

combination of tax expertise and customer engagement, TTB plans to initiate implementation of 

redesigned tax returns, reporting requirements, and system enhancements to reduce compliance 

burden and to streamline and improve data collections. This investment will make it easier for 

taxpayers to comply, especially for the small businesses who comprise the vast majority of TTB 

taxpayers and cannot afford compliance staff to support their operations. 

Legislative Proposals 

TTB has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actuals Actuals Actuals Target Target

Collect the Revenue Amount of Revenue Collected Per 

Program Dollar ($) * 380 375 336 I I 

Collect the Revenue Voluntary Compliance from Large 

Taxpayers - Overall (%) 91 93 93 95 95

Collect the Revenue By Payment 99 99 99 - - 

Collect the Revenue By Tax Return 84 87 87 - - 

Collect the Revenue By Operational Report 83 87 86 - - 

Collect the Revenue Electronically Filed Tax Returns -

Pay.gov (%) 43 47 51 65 65

Collect the Revenue Electronically Filed Operational 

Reports - Pay.gov (%) 50 53 56 65 65

Collect the Revenue Claims Processed within Service 

Standard (30-45 days) (%) 1 46 59 58 85 85

Protect the Public Permit Applications Processed within 

Service Standards (75 days) (%) 84 92 91 85 85

Protect the Public 

Alcohol Beverage Label and Formula 

Applications Processed within Service 

Standards (15 days) (%) 2

83 92 93 85 85

Protect the Public Initial Error Rate on Permit 

Applications 62 67 64 25 25

Protect the Public Initial Error Rate for Label and 

Formula Applications 34 31 29 25 25

Protect the Public Electronically Filed Permit 

Applications - Original (%) 92 95 95 95 95

Protect the Public 

Electronically Filed Permit 

Applications - Amendments (%) 

(NEW) 3

85 83 79 90 90

Department of the Treasury - Budget in Brief 71
Protect the Public Electronically Filed Label and Formula 

Applications (%) * 99 100 100 I I 

Protect the Public Customer Satisfaction Rate with eGov 

Systems - Permits Online 78 79 78 80 80

Protect the Public Customer Satisfaction Rate with eGov 

Systems - COLAs Online 80 83 83 80 80

Protect the Public Customer Satisfaction Rate with eGov 

Systems - Formulas Online 4 73 80 78 80 80

*Performance indicators do not have a target

1/ Claims services standards are set annually and vary by type: Manufacturer of Non-beverage Products = 30 days; Other Claims = 45 days; 

CBMA Import Claims = TBD. Current standards account for when interest starts to accrue to the government, as defined by statute. 

2/ Service standards are set annually based on TTB analysis of submission volume, error rates, and resource levels. In FY 2018, following a 

spike in submission volume, TTB set service standards of 15 days for both label and formula applications. TTB has maintained this standard 

through FY 2024.

3/ Results represent amendment submissions, with multiple permit amendment types often submitted on a single submission; the ability to 

submit multiple amendments via a single submission took effect in Q4 FY 2019.

4/ Results represent beverage alcohol filers only (nonbeverage alcohol formula submissions are excluded).

Description of Performance

In FY 2022, TTB met or exceeded the performance targets for 6 of its 13 performance measures. 

TTB also monitored performance through several key indicators that support data-driven 

decision making across TTB’s strategic goals. Despite falling short in seven performance goals 

in FY 2022, TTB made substantial improvements in many key service and operational measures. 

To meet its performance goals in FY 2024, TTB will implement an ambitious agenda that 

integrates policy updates, process improvements, modern technology, and data-driven outreach 

and enforcement. 

TTB’s Collect the Revenue budget activity includes all tax processing, verification, enforcement, 

and outreach efforts related to administering the Federal excise tax on alcohol, tobacco, firearms, 

and ammunition products. In ensuring a level playing field for those engaged in the trade of 

these regulated commodities, TTB takes appropriate enforcement action to detect and address tax 

evasion and fraud to ensure all alcohol and tobacco products sold in the marketplace are properly 

taxpaid. 

In FY 2022, TTB collected excise taxes totaling $19.6 billion from a tax base of nearly 39,000 

taxpayers, comprised of $10.1 billion for tobacco products, $8.3 billion for alcohol beverage 

products, and $1.2 million for firearms and ammunition. The investments in the Collect the 

Revenue activity resulted in the following performance highlights and accomplishments during 

FY 2022: 

• TTB returned $336 for every dollar invested in its tax collection activities.

• Electronically filed tax returns and operational reports trended positively in FY 2022, with 

roughly half of TTB tax submissions submitted to TTB via Pay.gov, a Bureau of the Fiscal 

Service system that TTB relies on for the e-filing of tax returns, tax payments, and 

operational reports. Ongoing high rates of paper filings make compliance monitoring and 

fraud detection more difficult and costly, however, and have a higher environmental impact. 

As part of its IT modernization efforts and to increase electronic filing, TTB plans to 

implement phased releases to its tax system, including a custom external interface for the 

direct submission of tax filings with TTB (rather than via Pay.gov) and account management 

capabilities, as well as enhanced internal workflows to support TTB tax administration. At 

the FY 2024 funding level, efforts will focus on implementing redesigned tax filing 

requirements to reduce compliance burden and to streamline and improve data collections. 

Department of the Treasury - Budget in Brief 72
This investment will also make it easier for taxpayers to comply by combining operational 

reports and tax returns into a single submission. 

• Fostering voluntary compliance among taxpayers is a primary tax administration strategy for 

TTB. TTB evaluates voluntary compliance by measuring the percent of taxpayers who 

voluntarily file their required tax returns, operational reports, and payments on or before the 

scheduled due date. In recent years, the Bureau has made progress in reversing the declining 

filing compliance trend for its large taxpayers, defined as those with $50,000 or more in 

annual tax liability. Given the revenue exposure, TTB set a high target for filing compliance 

for its largest taxpayers at 95 percent. In FY 2022, TTB achieved an overall compliance rate 

of 93 percent from its large taxpayers in meeting all tax filing requirements, sustaining 

progress achieved last year. Payment compliance rates remain high, at over 99 percent, 

indicating that the majority of reported liabilities were paid on time. Compliance rates for 

timely filed tax returns remained at 87 percent in FY 2022, and compliance rates for timely 

filed operational reports dipped slightly to 86 percent, warranting continued focus on these 

filing requirements in the year ahead. At the FY 2024 funding level, improving compliance 

rates will remain a priority for TTB. Strategies to advance them include continuing to review 

large taxpayer accounts based on compliance risk, implementing ongoing enhancements to 

analytics tools, and expanding compliance reviews into the next tier of taxpayer segments. 

To support taxpayers seeking to voluntarily comply, TTB plans to improve its education and 

outreach strategies across TTB taxpayers, using customer feedback, user testing, and 

compliance data to prioritize TTB outreach as well as the development of new online tax 

guidance. These strategies will prove critical to supporting and increasing compliance by the 

thousands of small businesses that TTB regulates. 

• In FY 2022, TTB continued to focus IT development efforts on improving existing claims 

processes as well as developing new systems to administer the CBMA import claims

program beginning in FY 2023. For the majority of claims types, TTB met the 45-day 

service standard for 69 percent of submissions; however, for claims submitted by 

manufacturers of non-beverage products (MNBP), the highest volume claim type, TTB met 

the 30-day standard for only 46 percent of submissions. TTB also deployed enhancements to 

its existing module to support timely processing of MNBP claims, helping to reduce 

backlogs. As a result, the percent of MNBP claims meeting the 30-day service standard 

increased from 30 percent or less in the first six months of FY 2022 to approximately 70 

percent or more in the last six months of the year. In addition, TTB initiated development of 

a new module to enable industry to file claims online, which will replace the web form 

deployed as an interim solution at the pandemic onset. At the FY 2024 funding level, TTB 

will continue to deploy enhancements to its two CBMA import claims systems, including 

incorporating external data validations and adding usability enhancements to support 

effective claims processing. This is a key strategy to ensure that TTB maximizes its capacity 

to maintain timely service despite the influx of new import claims beginning in FY 2023, 

which TTB expects to nearly double the number of claims submitted to TTB. 

TTB’s Protect the Public budget activity funds the programs that ensure the integrity of alcohol 

beverage products and industry members in the marketplace; promote compliance with Federal 

laws and regulations by the more than 119,000 businesses that TTB regulates; facilitate fair and 

lawful domestic and international trade in the alcohol and tobacco commodities; and provide full 

Department of the Treasury - Budget in Brief 73
and accurate alcohol beverage product information to the public as a means to prevent consumer 

deception. 

The investments in the Protect the Public activity resulted in the following performance 

highlights and accomplishments during FY 2022: 

• Federal law prohibits the import or domestic bottling of an alcohol beverage without an 

approved Certificate of Label Approval (COLA), making this service integral to U.S. 

businesses and economic recovery priorities. In FY 2022, TTB received more than 193,000 

label applications and 27,000 formula applications for new alcohol and beverage product 

approvals. While submission volume remains high, reflecting industry expansion and 

product innovation in recent years, signals of industry recovery slowed in FY 2022, with total 

label applications down roughly one percent. TTB ended the year at 93 percent of label 

applications meeting the 15‐day service standard, exceeding the 85 percent target. This was 

achieved through effective monitoring and management of the application backlog combined 

with strategic workforce deployment in response to submission fluctuations. In terms of 

formula applications, after years of double-digit growth, applications decreased for the first 

time in FY 2022, down over five percent compared to last year. By employing similar 

strategies, TTB exceeded the targeted performance level, ending the year at 90 percent of 

formula applications meeting the 15-day standard, despite staffing shortages in the 

formulation office due to attrition. 

• A TTB permit or registration is required before a business can lawfully operate in the alcohol 

and tobacco industries, and TTB ensures a fair and lawful marketplace by screening permit 

applicants to ensure only qualified persons engage in operations. In FY 2022, TTB received 

approximately 8,200 applications for a Federal permit or registration, and qualified 

approximately 6,400 new businesses, predominantly small businesses. Although the annual 

rate of growth has slowed, the overall application volume remains high compared to historic 

levels, particularly in some of the more complex permit application types related to 

producing alcohol beverage products. Despite these trends, TTB has achieved and sustained 

significant improvements in its service levels for permitting in recent years. Average 

approval times are now 36 days, sustaining progress achieved last year. Additionally, TTB 

surpassed its target to issue permits within the 75-day service standard for 85 percent of 

applicants, ending the year at 91 percent. TTB achieved these performance gains in part due 

to TTB’s improved management of in-process permit applications and by continuing to 

cross-train specialists to allow management to redeploy staff as necessary to cover 

fluctuations in application types. Going forward, TTB plans to achieve its performance 

target through ongoing process improvements and updates to its permit applications to 

simplify and streamline requirements. At the FY 2024 requested funding level, TTB will 

also continue its IT modernization efforts to improve the customer experience with Permits 

Online, including enhanced guidance and self-service features to help applicants submit 

compliant applications. 

• TTB continues to make progress in reducing the error rate on initial permit, label, and 

formula applications, a critical strategy to maintaining timely service across these programs. 

For each application type, the Bureau is targeting a 25 percent error rate in submissions to 

TTB. Although TTB has not yet achieved this target, the Bureau has made significant 

progress in each application area. For permit applications, the FY 2022 error rate was 64 

percent, an improvement of approximately 15 percent over the past five years, indicating that 

Department of the Treasury - Budget in Brief 74
efforts to streamline applications and processes are resulting in sustained improvements. The 

Bureau expects additional progress in the next few years as it continues to simplify permit 

requirements and improve IT systems to make filing easier. TTB also continued to 

substantially reduce error rates for label and formula applications in FY 2022, with error 

rates at 29 percent and 28 percent, respectively. These gains demonstrate the ongoing 

effectiveness of prior year strategies that focused on reducing errors through targeted 

guidance, system validations, and analysis of high frequency errors. At the FY 2024 funding 

level, TTB plans to continue its data-driven strategy to better understand customer pain 

points to develop effective guidance and system enhancements that will improve the overall 

customer experience and reduce errors on TTB submissions. 

• System enhancements to date have resulted in high rates of customer satisfaction with TTB’s 

eGov systems. TTB monitors user satisfaction with the process of submitting an application 

through its eGov systems, collecting responses via e-mail survey to assess factors such as 

ease of access, guidance, and overall experience. In FY 2022, satisfaction rates held at 83 

percent for COLAs Online users, exceeding the 80 percent performance target; however, 

satisfaction rates declined slightly from 80 percent to 78 percent for Formulas Online users 

and from 79 percent to 78 percent for Permits Online users. At the FY 2024 funding level, 

TTB expects system satisfaction rates to exceed the 80 percent target as the Bureau engages 

in broader modernization efforts to provide applicants with a single integrated online filing 

experience, including through the regular review of survey feedback. 

• TTB also continues to sustain high electronic filing rates. In FY 2022, nearly 100 percent of 

all label and formula applications continued to be submitted via COLAs Online and 

Formulas Online, and 95 percent of permit applications were submitted via Permits Online. 

TTB attributes the high rates of electronic filing to continued system improvements as well 

as ongoing promotion at industry conferences and seminars. At the FY 2024 funding level, 

TTB is proposing to add a performance measure on the electronic filing rate of applications 

to amend a Federal permit or registration. The data will come from Permits Online, TTB’s 

current online filing system for permit applications. This measure provides information on 

system use for this critical industry service and aids in monitoring the efficiency of program 

operations. 

Department of the Treasury - Budget in Brief 75
Department of the Treasury - Budget in Brief 76
Bureau of the Fiscal Service

Program Summary by Budget Activity 

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan

Operating 

Plan Request $ Change % Change

Accounting and Reporting $94,942 $96,956 $104,783 $7,827 8.07%

Collections $45,808 $47,804 $52,276 $4,472 9.35%

Payments $122,833 $133,328 $141,787 $8,459 6.34%

Retail Securities Services $66,957 $68,759 $72,899 $4,140 6.02%

Wholesale Securities Services $25,396 $25,638 $27,518 $1,880 7.33%

Subtotal, Fiscal Service's New Appropriated 

Resources $355,936 $372,485 $399,263 $26,778 7.19%

Offsetting Collections - Reimbursable $206,266 $214,000 $218,322 $4,322 2.02%

Debt Collections Fund $180,670 $204,581 $210,205 $5,624 2.75%

Unobligated Balances Brought Forward $220,497 $205,976 $154,625 -$51,351 -24.93%

Subtotal, Other Resources $607,433 $624,557 $583,152 -$41,405 -6.63%

Total Budgetary Resources $963,369 $997,042 $982,415 -$14,627 -1.47%

Direct FTE 1,854 1,832 1,852 20 1.09%

Reimbursable FTE 11 9 9 0 0.00%

Total Full-time Equivalents (FTE) 1,865 1,841 1,861 20 1.09%

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

Summary 

The FY 2024 request for the Fiscal Service Salaries and Expenses is $399.3 million, an increase 

of $26.8 million above the FY 2023 enacted level. The Budget includes resources to maintain 

current operations for the Government’s National Financial Critical Infrastructure (NFCI) that 

finances Federal programs and services, collects revenue, disburses payments, and reports on the 

Government’s financial position. Because of Fiscal Service’s central role in Government-wide 

financial operations, the Budget also makes modest investments to support Treasury’s leadership 

in transforming Federal financial management to become more efficient, more accurate and 

deliver better service to citizens. In addition to the direct request for Fiscal Service Salaries and 

Expenses, the Treasury budget request also includes $42.4 million as part of the Cybersecurity 

Enhancement Account (CEA) to support cloud adoption, zero trust implementation, security 

logging, and compliance with other mandates to bolster overall cybersecurity protections.

The Budget provides resources to maintain current service levels for our accounting, financing, 

collections, and disbursements operations and supports ongoing work to deliver modern and 

innovative financial management operations and services, increase the value, availability, and 

quality of our data, improve the customer experience throughout the journey with Fiscal Service, 

and recruit, retain, develop, and engage a diverse, high-performing workforce. Approximately 

three-fourths of the Fiscal Service appropriation funds staff and related facilities expenses 

including rent, utilities, and security. The request includes an additional $14.6 million to meet 

growing pay and non-pay inflationary costs and allows the bureau to maintain staffing at the 

levels needed to continue delivering accurate, timely, and reliable financial services. 

Department of the Treasury - Budget in Brief 77
The Budget supports Fiscal Service’s Cybersecurity and Cloud Migration Initiative by providing 

an additional $5.8 million and 10 FTE for mission-specific cybersecurity investments for bureau 

systems supporting disbursements, collections, accounting, and financing activities. This aligns 

with Fiscal Service’s implementation of Executive Order 14028, Improving the Nation’s 

Cybersecurity and OMB Memo M-22-09, Federal Zero Trust Strategy, and also supports 

Treasury’s Strategic Plan Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. 

The Budget also supports ongoing operations related to cybersecurity for High Value Assets 

(HVAs) and other systems that support the NFCI. Fiscal Service will continue to partner with the 

Department, leveraging the $42.4 million provided through the CEA, to implement modern 

solutions that will support the security, resiliency, and agility of these critical systems and 

continue to maintain the financial integrity and efficiency of our operations. Additionally, the 

Budget provides $4 million to support Fiscal’s need for secure space to enable the bureau to 

properly assist national security programs in meeting their missions. 

The Budget also supports Fiscal Service’s Evidence Building and Performance Data Initiative by 

requesting an additional $2.5 million and 10 FTE to strengthen a broad complement of 

analytical-support activities including enterprise-strategic planning, program evaluation, datacollection, and performance analytics to improve the overall capability to assess progress against 

outcomes. This initiative supports Treasury Strategic Plan Objective 5.3, Better Use of Data, as 

well as Treasury’s Enterprise Learning Agenda. 

These priorities will advance Treasury’s Strategic Plan FY 2022-2026, promote Fiscal Service’s 

mission to transform Federal financial management, and result in improved service for the 

American public.

Budget Highlights

Dollars in Thousands

Bureau of the Fiscal Service FTE Amount

FY 2023 Operating Plan 1,517 $372,485 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $14,559 

Pay Annualization (2023 4.6% average pay raise) 0 $2,642 

Pay Raise (5.2% average pay raise) 0 $9,062 

Non-Pay 0 $2,855 

Subtotal Changes to Base 0 $14,559 

FY 2024 Current Services 1,517 $387,044 

Program Changes:

Program Increases: 20 $12,219 

Cyber & Cloud Initiative 10 $5,719 

Secure Space 0 $4,000 

Evidence & Data Initiative 10 $2,500 

Subtotal Program Changes 20 $12,219 

FY 2024 President's Budget Request 1,537 $399,263 

Note: In addition to the amounts requested above for Fiscal Cybersecurity & Cloud 

Migration Initiative, a total of $42.44 million from the Cybersecurity Enhancement 

Account will be allocated to support Fiscal’s IT modernization and compliance with 

Cybersecurity Executive Orders.

Department of the Treasury - Budget in Brief 78
Budget Adjustments

Maintaining Current Levels (MCLs).....................................................+$14,559,000 / +0 FTE

Pay Annualization (4.6%) +2,642,000 / +0 FTE 

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

Pay Raise (5.2% in 2024) +$9,062,000 / +0 FTE 

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

Non-Pay (2.0% in FY 2024) +$2,855,000 / +0 FTE

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

equipment. 

Program Increases..................................................................................+$12,219,000 / +20 FTE

Cybersecurity & Cloud Migration Initiative +$5,719,000 / +10 FTE

Fiscal Service is responsible for 62 FISMA systems containing over 55 billion PII records, 

including eight HVAs that support the Financial Services Sector of the Federal Government’s 

Critical Infrastructure. Protecting the information and technology resources that support the 

bureau’s multi-faceted mission is essential to maintaining the Nation’s economy and stable 

Federal financial operations.

Fiscal Service’s cybersecurity request will focus resources on transforming and securing the 

delivery of mission critical functions and services to enhance, strengthen, and ensure resiliency 

across the bureau’s programs and the government’s financial operations in alignment with 

federal mandates, including Executive Order 14028, and customer expectations. This request will 

bolster IT security staff and provide training to these employees on advanced cybersecurity tools 

and techniques, thereby expanding Treasury’s threat monitoring. By maximizing our ability to 

identify, protect against, detect, respond to, and recover from threats and malicious activity, the 

bureau can more effectively protect the highly interconnected technology resources that support 

our mission essential functions, and by extension, the NFCI. 

In concert with initiatives funded by the CEA, this funding will also support the implementation 

of cybersecurity enhancements to Fiscal Service applications and infrastructure, including agile 

DevSecOps capabilities and a scalable continuous integration and deployment pipeline for 

software and infrastructure that aligns with the bureau’s adoption of cloud services and solutions. 

These activities to accelerate cloud adoption complement the Treasury implementation of zero 

trust architecture and will further support Fiscal’s effort to transition from aging and costly onpremises platforms to secure modern platforms that protect federal agencies and the public that 

access Fiscal Service systems. 

Secure Space +$4,000,000 / +0 FTE

To support national security programs, Fiscal Service has a significant need to strengthen its 

ability to communicate effectively in classified settings. Investments would fund space 

reconfigurations and technology needed to carry out this work. 

Evidence Building & Performance Data Initiative +$2,500,000 / +10 FTE

Treasury’s Implementation of the Foundations for Evidence-Based Policymaking Act requires 

agencies to strengthen a broad complement of analytical-support activities including enterpriseDepartment of the Treasury - Budget in Brief 79
strategic planning, program evaluation, data-collection, and performance analytics to improve 

the overall capability to assess progress against outcomes. In FY 2024, Fiscal Service will 

increase its capacity for enterprise planning, collection and analysis of performance data, and 

program evaluations. Increasing Fiscal’s capacity to conduct more evaluations, such as the recent 

effort to assess the delivery of government payments to hard-to-reach populations, would 

enhance the capacity to analyze performance data. This will enable the bureau to better assess the 

effectiveness and efficiency of programs, policies, and services. Increasing evaluation activities 

will drive evidence-building in areas such as organizational efficiency, program effectiveness, 

diversity and inclusion, customer experience and research, emerging technology, and data 

quality. 

Legislative Proposals 

1. Ensure the Treasury Do Not Pay Business Center (DNP) has full access to complete state 

death data.

The proposal would include DNP consulting with State Vital Records Offices, National Association 

for Public Health Statistics and Information Systems, and the Social Security Administration to 

determine the appropriate process for accessing complete state death data for its purposes after the 

evaluation of death data sharing has concluded and full compensation provisions for costs of access 

and distribution are in place as intended by the Consolidated Appropriations Act, 2021. 

2. Expand Treasury’s access to the National Directory of New Hires (NDNH).

This proposal would authorize DNP to facilitate data exchange with paying agencies that are 

currently authorized by the Social Security Act to access NDNH regarding persons receiving Federal 

payments while identifying individuals who are ineligible to receive payments or who are receiving 

erroneous payments.

3. Modify the Fair Credit Reporting Act (FCRA) to allow the DNP to utilize consumer data 

for the purpose of identifying and preventing improper payments and minimizing fraud, 

waste, and abuse. Estimated Savings/Cost Avoidance: Estimated incremental increase of 

$1.45B in improper payments identified over 10-year period. 

This proposal amends language in the FCRA, 15 U.S.C. § 1681a and authorizes DNP to partner 

with data aggregators such as credit reporting agencies to validate several payee attributes. This 

authority would help agencies identify, prevent, and recover improper payments based on 

income eligibility and location. DNP’s ability to use FCRA data as a source to proxy residency 

data will add substantial value for work identifying improper payments in federally funded, state 

administered programs such as SNAP and Medicaid. 

4. Expand Treasury’s authority to require bank account verification, pre-certification. 

Estimated Savings/Cost Avoidance: Cost avoidance over a 10-year period is estimated at $11.6B 

in improper payments identified. 

This proposal would provide Treasury the authority to require Federal paying agencies to 

confirm the accuracy of their payees’ bank account information prior to certification to identify 

potentially erroneous or fraudulent transactions and improve payment accuracy. Bank account 

verification(s) would compare pre-certification payment information with commercially 

available data, such as the information available through the Fiscal Service’s Account 

Department of the Treasury - Budget in Brief 80
Verification Services (AVS), to confirm the existence of an account, its status, standing, and 

ownership, prior to initiating payments to that account. While the prior proposal (third legislative 

proposal) focuses on providing the certifying agency the opportunity to update payment 

information (in accordance with applicable law and industry rules), this initiative is focused on 

providing agencies with additional tools to verify the accuracy of their proposed payments before 

certifying them for disbursement. This change would assist in combating financial loss caused by 

fraud and ensure that payment account verification is conducted on all Federal payments 

disbursed by Treasury. 

5. Expand Treasury’s authority to require bank account comparison (matching), precertification. Estimated Savings/Cost Avoidance: Cost avoidance over a 10-year period is 

estimated at $152 million in labor and material associated with printing approximately 200 

million checks. 

This proposal seeks discretionary authority for Treasury to require agencies to compare the 

payee bank account information they have on file with other sources of bank account information 

available to (or through) Treasury, to reduce the number of improper payments and increase 

electronic payments. Bank account matching would help decrease the number of checks issued 

which would result in cost savings from the processing of the payments. Expanding flexibilities 

pre-certification is preferable to post-certification to avoid the added responsibility on the 

disbursing officer. Treasury could implement this proposal in stages to achieve the desired policy 

goals. 

6. Simplify Debt Management Services (DMS) Fees. 

Current Process: DMS must separately account for the costs of its Cross-Servicing Programs 

and the five TOP programs. However, these programs have many complementary and 

overlapping functions and processes, making determination of separate fees an administratively 

difficult and inefficient process.

This proposal authorizes DMS to consolidate Treasury Offset Program (TOP) and CrossServicing fees. DMS would utilize combined fees to cover overlapping functions evenly as 

overhead across the TOP and Cross Servicing Programs. This change would increase the 

efficiency of Fiscal Service’s debt collection operations by simplifying the cost-accounting and 

fee-setting processes. It would also reduce volatility in year-to-year fee adjustments and assist 

Fiscal Service in assessing fees (which are generally passed on to debtors as costs) in an 

equitable manner.

7. Make Technical Corrections Regarding Calculation of Current Value of Fund Rate. 

Federal agencies are required to assess interest on nontax debts that are not timely paid. This 

proposal would make technical changes to the statute to expressly authorize the use of the 

current value of funds rate (CVR) to establish the applicable interest rate, which is consistent 

with current practice.

Department of the Treasury - Budget in Brief 81
Performance Highlights

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Accounting and Reporting Percentage of Government-wide 

Accounting Reports Issued Timely (%) 100 100 100 99 99

Accounting and Reporting Number of High Value Analytics Use 

Cases Deployed [NEW] - 3 3 5 8 

Collections

Percentage of Total Federal 

Government Receipts Settled 

Electronically (%)

99 99.6 99.8 DISC DISC

Collections

Percentage of total federal government 

receipts initiated electronically (in 

dollars) [%] [NEW]

84.1 83 83.2 83.1 83.4

Payments Percentage of Treasury Payments 

Disbursed Electronically (%) 96.04 96.19 96.4 96.56 96.91

Payments Count of Improper Payments Identified 

or Stopped (# Thousands) [DISC] 22,773 23,801 17,115 DISC DISC

Payments

Dollar Amount of Improper Payments 

Identified or Stopped ($ Millions) 

[DISC] 

43.5 47.61 35.83 DISC DISC

Payments Potential improper payments identified, 

stopped, or recovered [New] - - - - B 

Payments Percentage of payments screened by 

Do Not Pay [New] - - - - B 

Retail Securities Services Percentage of Unassisted Retail 

Securities Transactions (%) 70 63 77 73 73

Wholesale Securities 

Services

Percentage of Auction Results 

Released Accurately (%) 100 100 100 100 100

Wholesale Securities 

Services

Percentage of Auctions Successfully 

Completed by the Scheduled Close 

Date (%)

100 100 99.75 100 100

Debt Collection Count of Improper Payments identified 

or stopped FYTD [#] [DISC] 22,773 23,801 17,115 DISC DISC

Debt Collection

Dollar amount of Improper payments 

identified or stopped during the fiscal 

year [$ Millions] [DISC]

43.5 47.61 35.83 DISC DISC

Debt Collection

Amount of delinquent debt collected 

through all available tools [$ Billion] 

[DISC]

10.68 5.04 5.52 DISC DISC

Debt Collection

All delinquent debt collected FYTD as 

a percentage of all delinquent debt 

referred FYTD [%]

15.7 15.9 16.58 13.9 13

Debt Collection Percentage of the active delinquent 

debt portfolio collected FYTD [%] 9.2 7.3 6.26 6.5 6 

Key: DISC - Discontinued; B - Baseline

Description of Performance

Accounting and Reporting: Fiscal Service collects, analyzes, and publishes Government-wide 

financial information to provide transparency on the Government’s financial status. In FY 2022, 

Fiscal Service accounted for and reported on the financial activity related to the $30.9 trillion 

public debt and managed an average daily cash flow of $185 billion. Fiscal Service continued to 

issue 100 percent of Government-wide accounting reports on time, including the annual 

Financial Report of the U.S. Government. Fiscal Service continued progress on implementing 

G-Invoicing, which is a key driver to reducing buy/sell intragovernmental differences. In 

FY 2022, agencies completed over $4 billion in transactions in G-Invoicing, and in FY 2023 and 

FY 2024, Fiscal Service will continue partnering with agencies to implement G-Invoicing 

government-wide. The bureau made significant advancements on its Fiscal Data website during 

FY 2022, with a total of 39 datasets and 82 data tables onboarded to the site, and in FY 2023 and 

FY 2024, Fiscal Service will continue to migrate datasets to Fiscal Data, with a goal to migrate 

Department of the Treasury - Budget in Brief 82
70 by FY 2024. Your Guide to America’s Finances was also released on Fiscal Data, the latest 

step to becoming a one-stop-shop for questions about federal finances. 

Collections: Fiscal Service administers the world’s largest Government collections system 

through a network of Fiscal and Financial Agents. In FY 2022, Fiscal Service collected nearly 

$5.76 trillion in federal revenue and settled 99.8 percent of total federal government receipts 

electronically, exceeding its target of 99 percent. Fiscal Service’s emphasis on streamlining 

lockbox operations and automating manual processes has resulted in consistent year-over-year 

improvements to this measure. Fiscal Service continues to drive paper out of its collection 

channels by increasing adoption of e-commerce digital solutions, including online bill payment, 

digital wallets, and mobile applications. In FY 2022, the average number of federal agencies 

using the e-commerce suite grew from 76 to 85; 13 agencies were added to digital wallets and 11 

agencies were added to mobile applications. Fiscal Service currently offers the ability to pay 

through PayPal and Amazon Pay and plans to expand its digital wallet offerings to include Apple 

Pay and Google Pay by FY 2025, providing the public with modern options and an improved 

customer experience. 

Payments: Fiscal Service delivers Federal payments on behalf of more than 250 Federal entities 

through disbursement mechanisms such as paper checks, Electronic Fund Transfers (EFT), debit 

cards, and other digital payment mechanisms. Fiscal Service continues to increase the percentage 

of Federal payments which are Treasury-disbursed, to 90.5 percent of all Federal payments in 

FY 2022. In FY 2022, Fiscal Service disbursed 96.4 percent of payments electronically, which 

continued the steady increase toward our electronic payments targets and advanced the Agency 

Priority Goal (APG) to Improve the Payment Experience. Supporting Executive Order 14058, 

Transforming Federal Customer Experience and Service Delivery to Rebuild Trust in 

Government, Treasury’s designation as a High-Impact Service Provider, and the 

Administration’s climate and equity priorities, Fiscal Service continues to promote and increase 

the delivery of payments through EFT, with an emphasis on tax refunds, vendor payments, 

benefit payments, and other miscellaneous payments. This is especially notable, as historically, 

check payments are 16 times more likely to have exceptions (e.g., lost, stolen, returned, etc.) than 

payments made via direct deposit. 

Fiscal Service advanced its payment integrity efforts through its DNP and Payment Integrity 

Center of Excellence (PICOE) Programs. In FY 2022, DNP screened $2.87 trillion payments to 

assess whether the payment may be fraudulent or incorrect prior to disbursement. DNP also 

implemented two new data sources, which are available in the DNP portal and for analytics use. 

Additionally, DNP onboarded 28 new federal programs and 6 new state programs. In total, DNP 

identified $35.83 million in potential improper payments during FY 2022. Fiscal Service also 

supported the Federal Emergency Management Agency (FEMA) and the Internal Revenue 

Service (IRS) with payment integrity capabilities such as account verification services and crossgovernment data analytics. The bureau supported the IRS Taxpayer Protection Program and 

identified 6 million tax returns as potential identify theft. Of those, 1.4 million returns valued at 

$7.3 billion were verified and became eligible for expedited release and approximately 14,000 

tax returns valued at $117 million were confirmed as identity theft. In FY 2023 and FY 2024, 

Fiscal Service will continue expanding its government-wide payment integrity services and 

solutions and will formally integrate DNP and PICOE to establish the Office of Payment 

Integrity. 

Department of the Treasury - Budget in Brief 83
Retail Securities Services: Fiscal Service provides simple, safe, and affordable ways for 

investors to directly interact with the Department of the Treasury to save for their future by 

investing in Treasury securities. In FY 2022, increasing interest rates on Series I savings bonds 

drove a historic increase in demand, resulting in unprecedented volumes of both sales and new 

customers. Sales of Series I bonds surpassed $28 billion in FY 2022, an increase of 27 times over 

FY 2021 volumes, and more than 2.8 million new TreasuryDirect accounts were created in FY 

2022, bringing the total customers holding savings bonds to approximately 27 million. Fiscal 

Service also saw an extended influx of redemption requests leading to a surge in call and case 

volumes. Inbound case volume increased by 36 percent over prior year averages, and we expect 

similar levels in 2023 and 2024. In total, during FY 2022 Fiscal Service electronically issued 

$119.8 billion in Treasury retail securities, serviced customers in redeeming $85.4 billion 

Treasury securities, and made $25.5 billion in retail payments.

Fiscal Service continues to work to improve the customer online experience and encourage selfservice. In FY 2022, Fiscal Service saw the percentage of unassisted retail customer service 

transactions increase from 63 percent to 77 percent, exceeding the FY 2022 target. To assist with 

customer demand, Fiscal Service added resources to the call center and made enhancements to 

the TreasuryDirect website to enable customers to complete transactions independently. This 

increased demand along with increased redemption requests resulted in significant workload 

increases, and the average number of retail securities cases in inventory grew from 14.8 thousand 

in FY 2021 to 33.1 thousand in FY 2022. While Fiscal Service anticipates Series I savings bond 

sales to decline in FY 2023, the bureau still expects the sales and workloads to remain elevated 

compared to historical levels. 

In FY 2022, Fiscal Service continued to make progress on the Matured Unredeemed Debt 

(MUD) initiative aimed at assisting bond holders to identify and claim savings bonds that have 

reached final maturity and are no longer earning interest. Of the approximately 7 billion savings 

bonds issued in paper form, approximately 88.9 million pieces, totaling $35.4 billion, had 

matured but remained unredeemed by the end of FY 2022. Fiscal Service has begun digitizing its 

savings bond records, recently completing the digitization of approximately 2 billion images of 

savings bond records associated with bonds issued from 1974 to 1993. Collectively, these years 

represent more than 91 percent of the current MUD balance. Digitization efforts are now also 

underway for records associated with savings bonds issued 1957–1973. Over FY 2023 and 

FY 2024, the Fiscal Service will be making improvements to Treasury Hunt, an online search 

tool to find matured savings bonds. The bureau will also be working to fulfill the requirements 

enacted in the SECURE 2.0 Act of 2022 associated with providing savings bond information to 

states.

Wholesale Securities Services: Fiscal Service finances daily Government operations by 

overseeing the announcement, auction, and issuance of marketable Treasury bills, notes, bonds, 

floating rate notes, and inflation-protected securities through reliable, accurate, and secure 

electronic systems. In FY 2022, Fiscal Service met its target to release 100 percent of auction 

results accurately. In addition, 99.75 percent of auctions were successfully held by the scheduled 

close date, which was slightly below the target of 100 percent due to technical issues that have 

been resolved. Fiscal Service continued the Financing Modernization effort, a multi-year 

initiative to modernize the financing system to support operations, meet customer expectations, 

become current with existing technologies, manage technical debt, and improve the delivery of 

Department of the Treasury - Budget in Brief 84
secure, flexible, and resilient financing services. In FY 2022, Fiscal Service also increased 

automated testing and successfully deployed fourteen enhancement releases to the current 

auction system. 

Debt Collection: Fiscal Service is the Government’s central debt collection agency and funds its

delinquent debt collection operations through fees charged to agencies that refer debts for

collection. In FY 2022, Fiscal Service collected a total of $5.52 billion in delinquent debt, a 

slight increase from the prior year as some agencies began to resume debt collection activities 

after being suspended in response to economic concerns related to the pandemic. In FY 2023 and 

FY 2024, Fiscal Service anticipates continued constraints will continue to negatively impact debt 

collections. The amount of delinquent debt collected as a percentage of all delinquent debt 

referred increased from 15.9 percent in FY 2021 to 16.58 percent in FY 2022. This increase is 

also attributed to the debt collection suspensions ending. However, overall debt collection 

activities are still below historical levels. The percentage of the active delinquent debt portfolio 

collected did not meet the target in FY 2022, as 6.26 percent of the active delinquent debt 

portfolio was collected compared with the 6.7 percent target. Fiscal Service recently completed 

an independent review of its debt collection programs to assess its cost structure and provide 

recommendations on more sustainable models capable of evolving with future government 

needs. This review generated recommendations around fee setting, workforce optimization, 

business process improvements, data segmentation and analytics, and other strategies that the 

bureau is assessing and implementing to ensure the long-term sustainability of these programs.

Department of the Treasury - Budget in Brief 85
Department of the Treasury - Budget in Brief 86
Internal Revenue Service

Program Summary by Budget Activity

Dollars in Thousands

Internal Revenue Service

Appropriated Resources

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Taxpayer Services 26,698 $2,807,606 26,881 $2,780,606 31,585 $3,422,449 17.5% 23.1%

Pre-Filing Taxpayer Assistance and Education 4,337 680,261 4,985 784,380 5,018 823,344 0.7% 5.0%

Filing and Account Services 22,361 2,127,345 21,896 1,996,226 26,567 2,599,105 21.3% 30.2%

Enforcement 35,550 $5,363,622 34,340 $5,437,622 34,890 $5,904,441 1.6% 8.6%

Investigations 3,004 700,876 3,076 744,590 3,130 818,021 1.8% 9.9%

Exam and Collections 31,599 4,447,716 30,320 4,521,758 30,735 4,897,493 1.4% 8.3%

Regulatory 947 215,030 944 171,274 1,025 188,927 8.6% 10.3%

Operations Support 10,133 $4,147,826 11,406 $4,100,826 11,506 $4,520,076 0.9% 10.2%

Infrastructure 925,539 922,682 1,053,129 14.1%

Shared Services and Support 5,233 1,179,189 5,097 1,164,430 5,113 1,232,149 0.3% 5.8%

Information Services 4,900 2,043,098 6,309 2,013,714 6,393 2,234,798 1.3% 11.0%

Business Systems Modernization 267 $275,000 197 $289,619

Subtotal New Appropriated Resources 72,648 $12,594,054 72,627 $12,319,054 78,178 $14,136,585 7.6% 14.8%

Other Resources

Reimbursable 521 127,319 698 168,000 734 176,400 5.2% 5.0%

Offsetting Collections (Non-reimbursable) 29,687 33,836 35,625 5.3%

User Fees 85 413,082 86 31,827 71 3,900 -17.4% -87.7%

Recoveries from Prior Years 24,294 53,633 53,633 0.0%

Unobligated Balances from Prior Years 6,338 1,518,612 1,843 884,175 259,000 -100.0% -70.7%

IRA Funding Usage567 105,962 10,021 2,822,260 19,545 5,818,533 95.0% 106.2%

Transfers In/Out 85 119 119 0.0%

Resources from Other Accounts8 414 114,272 469 161,471 469 161,471 0.0% 0.0%

Subtotal Other Resources 7,358 $2,333,313 13,117 $4,155,321 20,819 $6,508,681 58.7% 56.6%

Total Budgetary Resources9 80,006 $14,927,367 85,744 $16,474,375 98,997 $20,645,266 15.5% 25.3%

% Change

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Operating Plan1 2 Enacted3 4 Request

1

 The FY 2022 Operating Plan includes an Inter-Appropriation Transfer amount of $74 million from Enforcement to Taxpayer Services ($27 million) and Operations 

Support ($47 million). It does not include $29.7 million of Ukraine supplemental funding enacted via P.L. 117-128, and does not include COVID supplemental funding.

2 FY 2022 Other Resources and Full-Time Equivalents (FTE) represent actuals. 

3 The FY 2023 Enacted level does not include COVID supplemental funding or the proposed Inter-Appropriation Transfer from Enforcement ($271.9 million) to Taxpayer 

Services ($100 million), Business Systems Modernization ($150 million), and Operations Support ($22 million).

4

 FY 2023 Enacted may differ slightly from the amounts reported in the IRS FY 2023 Operating Plan due to timing of legislative actions and agency decisions.

5 FY 2022 IRA Funding Usage includes amounts for Taxpayer Services ($1 million), Operations Support ($61 million), and Business Systems Modernization ($44 million).

6 85 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2023 IRA Funding Usage includes amounts for Direct eFile ($15 million), 

Taxpayer Services ($838 million and 7,394 FTE), Enforcement ($372 million and 1,543 FTE), Operations Support ($1,018 million and 727 FTE), and Business Systems 

Modernization ($580 million and 357 FTE). 

7

 63 percent of the IRA funded estimated FTE levels support non-Enforcement activities. FY 2024 IRA Funding Usage includes amounts for Energy Security tax credits 

($180 million and 1,810 FTE), Taxpayer Services ($816 million and 6,489 FTE), Enforcement ($1,408 million and 7,239 FTE), Operations Support ($2,380 million and 3,810 

FTE), and Business Systems Modernization ($1,034 million and 197 FTE). 

8

 Resources from Other Accounts reflect planned spending from Private Collection Agency retained earnings.

9

 In FY 2023 and FY 2024 IRS is expected to lose more than 8,000 employees per year from retirements and losses to the agency. If unable to backfill these losses, IRS FTE 

would decline by nearly 6,000 FTE per year.

Department of the Treasury - Budget in Brief 87
Summary

The IRS FY 2024 budget request is $14.1 billion, $1.8 billion (about 15 percent) more than the 

FY 2023 Enacted level of $12.3 billion. This request provides funding to maintain basic IRS 

service, operations, and technology functions, which, when paired with IRA funding, will 

ultimately lead to increased voluntary tax compliance. The request also aims to ensure the IRS

stays current with paper inventory receipts and can provide both live phone assistance and inperson service; facilitates optimal oversight of high income, large corporate, and large 

partnership tax returns; and maintains digital tools to enable efficient and cleaner communication 

with taxpayers.

The budget request contains program increases totaling $999.4 million that include resources to: 

• Improve Telephone Level of Service and Reduce Correspondence Inventory ($267.2 million), 

• Implement Green Tax Credit Legislation ($105.6 million), 

• Improve the Taxpayer Experience ($41.4 million),

• Restore Staffing Levels ($167.6 million), 

• Invest in Fleet Electrification and Sustainable/Resilient Buildings ($44.6 million), 

• Sustain Deployed IT Capabilities and Infrastructure ($83.4 million), and 

• Restore Business Systems Modernization ($289.6 million). 

It also funds costs associated with the FY 2023 pay annualization, FY 2024 pay raise, and nonpay inflation, as well as costs associated with other base adjustments to maintain current services. 

 

We are grateful for the recent enactment of the robust multi-year funding provided in the 

Inflation Reduction Act (IRA), P.L. 117-169, which supplements the IRS’s existing discretionary 

budget. This funding marks a historic opportunity to transform the administration of the tax

system and the customer service the IRS provides to taxpayers. Years of underfunding left the 

IRS unable to deliver the modern customer service experience taxpayers deserve, operating on 

outdated IT systems that failed to keep up with a changing economy, and without the tax 

specialists or data scientists the agency needs to ensure wealthy and corporate tax evaders pay 

what they owe, necessitating a mandatory investment to transform the IRS and bring it from 

lagging to leading. But those investments can only be put to work if we also continue funding the 

ongoing, annual, steady-state maintenance of the agency’s operations. Otherwise, the funding for 

the IRS to transform will be consumed covering IRS basic operational needs. 

Resources provided by IRA will reduce the tax gap driven by high-income individuals making 

more than $400,000 per year and large corporations. Consistent with Secretary Yellen’s directive 

to the Internal Revenue Service, audit rates will not increase, relative to historic levels, for small 

businesses or taxpayers earning less than $400,000 per year. Further, to continue the IRA-funded 

initiatives and investments after FY 2031, the Budget proposes to provide continued mandatory 

funding for the IRS for fiscal years 2032 and 2033 to supplement the annual appropriations for 

the agency’s Enforcement and Operations Support accounts. The Administration looks forward 

Department of the Treasury - Budget in Brief 88
to working with Congress to ensure the Service has the resources it needs to continue its focus on 

improving customer experience in the long-term.

The forthcoming Strategic Operating Plan for the IRA was built under the assumption that IRA 

funds will support transformation efforts while current, steady-state operations would be 

supported by annual appropriations. The IRA Strategic Operating Plan, which describes IRS’s 

intentions for these new resources, will be released soon. To cover steady state operations, 

annual discretionary appropriations must be fully maintained at the FY 2022 level, include 

growth for inflation and pay raises. Any reduction in annual discretionary funds – including not 

providing for inflationary increases to maintain current levels – will require IRA funding to be 

shifted to general operations. This would be to the detriment of the service, technology, and 

compliance initiatives envisioned to transform the IRS. Diverting IRA funding to cover base 

discretionary enforcement needs would lead to higher tax evasion by the wealthy and large 

corporations, leading to decreased revenue collection and increased deficits. 

In FY 2022, the IRS delivered a successful filing season that opened January 24, 2022, two weeks 

earlier than in 2021. During the 2022 filing season, as of April 22, 2022, the IRS:

• Received about 139 million individual tax returns and issued more than 88.7 million refunds 

totaling more than $267 billion, with an average individual refund of $3,012. Almost 

96 percent of these individual returns were filed electronically. 

• Answered nearly 21 million calls, with almost 5 million being answered by IRS assistors and 

approximately 

16 million being answered through automation. 

• Served approximately 434,000 taxpayers face-to-face in the Taxpayer Assistance Centers 

(TAC). More than 420,000 taxpayers called the IRS’s TAC appointment line, resulting in 

approximately 205,000 appointments being scheduled. Approximately 115,000 taxpayers had 

their issues resolved without having to make an appointment. 

• Received 609 million visits to the IRS.gov website with 334 million Where’s My Refund?

completions. This represents a 50 percent decrease in the use of IRS.gov and a 19 percent 

decrease in Where’s My Refund? compared to the same period during 2021. 

• However, the IRS only attained a 15.5 percent filing season level of service (LOS), defined 

as the relative success rate of taxpayers calling the toll-free line for assistance. Constrained 

resources were focused on reducing correspondence inventory to healthy levels. IRA 

Department of the Treasury - Budget in Brief 89
resources, in tandem with discretionary funding, will allow a significant improvement in FY 

2023 and FY 2024. 

Already in FY 2023, the IRS is significantly improving service. During the 2023 filing season, 

which is still ongoing, the IRS: 

• Hired 5,000 new customer service representatives to staff the phones, resulting in lower wait 

times and a higher number of calls answered.

• Processed historic levels of inventory in the 12 months preceding start of filing season 2023. 

• Implemented a new online portal that allows small businesses to e-file 1099 forms for the 

first time.

• Is on track to triple the number of taxpayers served at TACs (from 900,000 to 2.7 million) 

with increased staffing at TACs to help more taxpayers in-person and having reopened four 

TACs that had been closed for years. 

• Created an option for taxpayers to respond to common requests for additional documentation 

for credits like the Earned Income and Health Insurance Credits, online. 

• Expanded customer callback for phone lines for taxpayers who would prefer a call back than 

waiting. 

Notification of Changes to the Appropriations 

The IRS has identified support costs which should be charged to the mission appropriations. These 

charges can be moved without a change to its appropriation language. The IRS will begin 

transitioning appropriate costs to the Taxpayer Services and Enforcement accounts in 2024. At the 

start of FY 2024, the IRS will make these adjustments: 

• Realign Human Capital Office costs that directly support Enforcement and Taxpayer Service 

hiring from the Operations Support account. For FY 2024, this would result in a realignment 

of $83 million from Operations Support—$52 million to Taxpayer Services, and $31 million 

to Enforcement. 

• Allocate all Equity, Diversity, and Inclusion staffing costs proportionately by FTE between 

the Taxpayer Service, Enforcement, and Operations Support accounts (currently these costs 

are fully charged to Operations Support). For FY 2024, this would result in realignment of 

$17.7 million from Operations Support—$10.1 million to Taxpayer Services, and $7.6 

million to Enforcement.

• Realign all staffing costs for the Deputy Commissioner, Services and Enforcement front 

office and project management office from the Operations Support appropriation to the 

Enforcement appropriation. This would more accurately reflect the work performed by these 

offices, which primarily support Enforcement programs. For FY 2024, this would result in 

realignment of $4.9 million.

Department of the Treasury - Budget in Brief 90
IRS FY 2024 Budget Highlights 

Budget Adjustments 

Maintaining Current Levels (MCLs)............................................ +$536,665,000 / 0 FTE 

Pay Annualization (4.6%) +$106,749,000 / 0 FTE 

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

Pay Raise (5.2% in 2024) +$370,725,000 / 0 FTE 

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

Non-Pay (2.0% in 2024) +$59,190,000 / 0 FTE 

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

and equipment. 

Base Adjustment................................................................ +$281,470,000 / 0 FTE 

The FY 2024 base begins at the FY 2023 Enacted level of $12.3 billion. In addition to $537 million 

to maintain current staffing levels, the IRS requires another $281 million to reach current operating 

levels. The additional base adjustment entails supplementary labor costs within Taxpayer Services 

and Enforcement. 

FERS Law Enforcement Increase +$50,234,000 / 0 FTE 

With the anticipated 0.6 percent Federal Employees Retirement System (FERS) contribution rate 

increase in FY 2024 for law enforcement officials (Criminal Investigation special agents), the IRS 

projects an additional labor mandate of $50 million. 

Bureau: Internal Revenue Service 

Summary of FY 2024 Request $000 FTE $000 FTE $000 FTE $000 FTE $000 FTE

FY 2023 Enacted1 $2,780,606 26,881 $5,437,622 34,340 $4,100,826 11,406 $12,319,054 72,627

Changes to Base:

FY 2024 Maintaining Current Levels (MCLs) $132,617 $261,401 $142,647 $536,665

Pay Annualization (4.6% average pay raise) 27,980 56,683 22,086 106,749

Pay Raise (5.2% average pay raise) 99,226 194,545 76,955 370,725

Non-Pay 5,411 10,173 43,606 59,190

Technical Base Adjustments $231,236 $50,234 $281,470

FERS Law Enforcement Rate Increase 50,234 50,234

Improve Competitiveness of IRS Clerical Staff 44,220 44,220

Change in Staffing Designation 187,016 187,016

Subtotal FY 2024 Changes to Base $363,853 $311,635 $142,647 $818,135

FY 2024 Current Services $3,144,459 26,881 $5,749,257 34,340 $4,243,473 11,406 $13,137,189 72,627

Program Increases:

Strategies for Improving the Taxpayer Experience 9,000 35 32,381 19 41,381 54

Green Tax Credit Implementation 75,233 1,221 30,398 105,631 1,221

Improve Telephone Level of Service and Reduce 

Correspondence Inventory 193,757 3,448 73,433 267,190 3,448

Restoration of Staffing Levels 143,115 547 24,522 9 167,637 556

Fleet Electrification 12,069 3 3,029 15,098 3

Sustainment of Deployed IT Capabilities 55,878 43 55,878 43

Sustaining Infrastructure 27,500 26 27,500 26

Business Systems Modernization 289,619 197 289,619 197

Sustainable and Resilient Buildings 29,462 3 29,462 3

Subtotal FY 2024 Program Increases $277,990 4,704 $155,184 550 $276,603 100 $289,619 197 $999,396 5,551

Total FY 2024 Request $3,422,449 31,585 $5,904,441 34,890 $4,520,076 11,506 $289,619 197 $14,136,585 78,178

Dollar/FTE Change FY 2024 Request over FY 2023 Enacted $641,843 4,704 $466,819 550 $419,250 100 $289,619 197 $1,817,531 5,551

Percent Change FY 2024 Request over FY 2023 Enacted 23.08% 17.50% 8.58% 1.60% 10.22% 0.88% 14.75% 7.64%

TAXPAYER SERVICES ENFORCEMENT OPERATIONS SUPPORT BSM TOTAL

1 The FY 2023 Enacted level does not include the proposed Inter-Appropriation Transfer from Enforcement ($271.9 million) to Taxpayer Services ($100 million), BSM ($150 million), and Operations Support ($21.9 million).

Department of the Treasury - Budget in Brief 91
Improve Competitiveness and Effectiveness of IRS Clerical Staff +$44,220,000 / 0 FTE 

The IRS uses clerical staff across a range of programs, resulting in multiple position descriptions 

that create complexity for personnel management and inflexibility in applying resources to 

shifting needs. Further, wages for these staff members have lagged other employers, 

undermining recruitment efforts. IRS established new consolidated and standardized position 

descriptions to address these challenges. The new clerical positions are classified at a higher 

grade than most current submission processing clerks. This higher-grade structure will enhance 

the IRS’s desirability as an employer, but it will also increase labor costs. 

Change in Staffing Designation +$187,016,000 / 0 FTE 

The IRS is requesting $187 million to shift some taxpayer services work from seasonal to 

permanent staffing. Thousands of additional seasonal staff have been required in recent years to 

address increased demand for taxpayer services. However, attrition is much higher for this type 

of staff in comparison with permanent hires, often leading to a need for additional recruiting and 

training of new staff, which takes 15 weeks to complete for new customer service 

representatives. Permanent staff will play a major role year-round in enhancing the service and 

reducing inventory levels when telephone demand is low. These resources will allow the IRS to 

fulfill taxpayer needs more efficiently, as less attrition will lead to more experienced staff and 

less frequent recruiting and training. 

Program Increases....................................................... +$999,396,000 / +5,551 FTE

Strategies for Improving the Taxpayer Experience $41,381,000 / +54 FTE 

The Taxpayer First Act, P.L. 116-25, requires the IRS to develop and implement strategies to 

improve American taxpayers’ experiences with the IRS. Putting taxpayers first requires that the 

IRS maintains the range of services already available while using IRA to modernize the suite of 

available options. To fulfill this requirement, the IRS will continue to enable taxpayers and 

practitioners to better understand and meet their tax obligations. Requested funding will be used 

to expand the ways taxpayers can interact with the IRS; digital alternatives will increase 

efficiency and improve communication between the IRS and taxpayers. Funding will be used to 

maintain the number of digital assistance options taxpayers may use to access resources for 

complying with tax laws. Additional authenticated online self-services will include account 

updates, secure messaging and notice delivery, full interaction history and issue status, refund 

tracking, increased electronic receipt of filings, and data capture for paper filings. Funding will 

also further IRS efforts to enable taxpayers to receive and upload documents in a secure 

environment, expand payment options, utilize web chat, and other digital assisted services. 

Green Tax Credit Implementation $105,631,000 / +1,221 FTE 

With the passage of the IRA, which included $500 million (over 10 years) for climate and clean 

energy tax credit implementation, the IRS is committed to ensuring the success of all tax 

administration efforts associated with the law. To fully support the various IRA tax credit 

provisions, the IRS requires funds above-and-beyond the $500 million provided in IRA to 

develop or modify forms, instructions, and notifications, conduct taxpayer education and 

outreach, address increased telephone, correspondence, and face-to-face demands, create 

processes to allow and track direct payments, and ensure compliance. The IRS envisions 

significant education and training costs will be required to support implementation of the climate 

Department of the Treasury - Budget in Brief 92
and clean energy tax credits in the IRA. This includes internal and external education, frequently 

asked questions, and communications. Procedures, notices, and training will require an extensive 

initial commitment of personnel across multiple business units. Funding is also necessary for 

Chief Counsel to interpret provisional requirements included in the law. The IRS also foresees 

increased technology demand concurrent with the deployment of these credits. Appropriately 

servicing taxpayers will require new technological platforms, along with the standard service 

channels, as the IRS anticipates a full ramp-up of servicing these legal requirements by FY 2024. 

Funding for this investment will also be supplemented with $180 million of IRA Energy Security 

funding. 

Improve Telephone Level of Service and Reduce Correspondence Inventory +$267,190,000 / 

+3,448 FTE

This investment will enable the IRS to achieve and maintain high LOS performance outcomes 

and supersede FY 2023 levels. The IRS toll-free telephone customer service operation is one of 

the world’s largest and is a key part of the IRS’s service delivery. Taxpayer experience research 

continues to indicate phone service as a preferred service channel. With discretionary funding to 

maintain basic customer service operations and the IRA funding, the projected FY 2024 LOS is

80 percent for the fiscal year and 85 percent during the filing season. 

In addition to live assistors, the IRS also provides phone service to taxpayers using automation. 

During FY 2022, nearly 34 million taxpayers received the answer to their questions through 

automation. To help capture the volume of this assisted population, the IRS is developing a 

measure for inclusion in performance reporting that expands on Customer Service 

Representative (CSR) LOS to include these automated calls. The new measure, LOS(A), for FY 

2022 was 39.3 percent and IRS intends to baseline this measure in FY 2023. 

Funding this investment below the requested level will reduce the LOS and negatively impact the 

taxpayer experience. When taxpayers cannot reach the IRS or get questions answered, taxpayers 

saturate other service channels like paper correspondence. Based on the prior experience with the 

paper volumes experienced during the pandemic, moving taxpayers to a more burdensome, 

costly, and time-consuming service channel will negatively impact taxpayers’ abilities to comply

and the IRS’ ability to function effectively. Although the IRS did receive $3.2 billion in IRA for 

taxpayer services, IRS will spend $800 million just in FY 2023 to hire additional CSRs to 

enhance the LOS and reduce the paper backlog, and at that pace, we anticipate that the IRS will 

exhaust all IRA taxpayer services funding in just four years. 

Restoration of Staffing Levels +$167,637,000 / +556 FTE 

This investment will begin to restore critical staffing that the IRS has been unable to replace due

to a variety of factors, including unfunded inflation increases, growing needs for expanded 

Information Technology systems, and various legislative mandates. The IRS has experienced 

significant staff attrition over the past ten years, with a loss of more than 10,000 positions since 

2012, predominantly within the compliance function. In addition, an estimated 63 percent of IRS 

employees will be eligible for retirement in the next five years, and the IRS’s current attrition 

rate is nearly 26 percent higher than the average for federal agencies. While the IRA provided 

the IRS with significant resources for a transformative expansion of its tax enforcement and 

Department of the Treasury - Budget in Brief 93
taxpayer services efforts, there remains a need for a reversal of the multi-year inflation-adjusted 

decline in the IRS’s foundational staffing resources. 

Fleet Electrification +$15,098,000 / +3 FTE 

IRS Criminal Investigation (IRS-CI) operates a fleet of 2,225 gas vehicles at an annual cost of 

approximately $13 million. Each of these vehicles typically has a five to six-year lifespan, 

resulting in an average of 400 vehicles being replaced annually. As mandated by President 

Biden’s Executive Order 14057, “Catalyzing Clean Energy Industries and Jobs Through Federal 

Sustainability,” all newly acquired light duty vehicles are required to be Zero Emission Vehicles 

(ZEVs) by 2027. The adoption of Electrical Vehicles (EVs) will require an initial investment for 

infrastructure installation. However, after the EV infrastructure is installed, the annual costs to 

operate the fleet will be reduced. The cost savings of operating an EV compared to a gas vehicle 

is $94 per month, which equates to $1,128 per year. Assuming a fleet of over 2,225 vehicles, this 

results in a cost savings of more than $2.5 million annually after all vehicles are replaced. IRS-CI 

currently spends $360,000 annually on vehicle maintenance, which would also decrease as the 

fleet transitions to an all-EV fleet as gas vehicle leases expire.

Sustainment of Deployed IT Capabilities +$55,878,000 / +43 FTE

The IRS intends to use funds provided under the American Rescue Plan Act and IRA to 

accelerate the modernization of its core, foundational technology. However, it must continue to 

operate the core tax processing system while planning, designing, and executing modernization 

activities. IRS relies upon its recurring IT Operations Support resources, or base, to operate these 

systems. The base has been and remains underfunded and relies on more than $500 million per 

year in supplemental resources, such as Inter-Appropriations Transfers, reimbursables, and user 

fees to sustain technology operations. This funding will enable a partial, yet minimal restoration 

of the base and fund the operations and maintenance of deployed systems. IRS will otherwise 

need to use IRA funds to cover ongoing operations, which would come to the detriment of 

implementing truly cross-cutting, modernization initiatives that position IRS for the future. 

Sustaining Infrastructure +$27,500,000 / +26 FTE

The IRS owns and operates the datacenters, hardware, and software that underly most of its 

information systems. While the IRS has long-term ambitions to transition most of this 

infrastructure to the cloud—whereby the service provider bears responsibility for the 

infrastructure— the IRS must continue to upgrade and improve hardware and software that is 

approaching or has reached end of life. While the IRS continues to make progress in reducing the 

backlog of outdated/aged infrastructure, the IRS requires continued discretionary funding to stay 

on course. 

Business Systems Modernization +$289,619,000 / +197 FTE

Although IRS received $4.75 billion in BSM funding in IRA, the modernization required to 

support 21st century tax administration requires sustained annual discretionary funding in 

Department of the Treasury - Budget in Brief 94
addition to mandatory funding. Successful implementation of the forthcoming IRA Strategic 

Operating Plan will require that discretionary BSM funding be restored in order to enable the 

envisioned transformative modernization to be realized. Without discretionary funding, 

approximately one-third of the planned modernization that IRS envisions will need to be 

descoped, delayed, or entirely withdrawn.

Prior to the passage of the IRA, the IRS utilized BSM funding for many different high-impact 

modernization initiatives. As an example, the IRS is actively implementing a single, modernized 

enterprise case management (ECM) system to consolidate the capabilities of over 60 disparate 

systems. This will result in the retirement and consolidation of legacy applications, delivering 

operational efficiencies, and transparent case processing for taxpayers. A portion of this 

investment will provide system engineering management capabilities, including systems 

strategy, architecture, and engineering capabilities. 

Sustainable and Resilient Buildings +$29,462,000 / +3 FTE 

The IRS seeks to be a leader in opportunities to implement initiatives that directly support the 

Bureau Climate Action Plan and ensure sustainability. In accordance with the requirements of 

the Administration’s Climate Agenda, and Executive Order 14008, Tackling the Climate Crisis 

at Home and Abroad, the U.S. Department of the Treasury and the IRS have completed Climate 

Action Plans that define specific actions to build climate resilient programs, invest finances and 

direct procurement in sustainable infrastructure, develop climate resilient real property, and 

create a Fleet Conversion Plan for Treasury that includes installation of non-CI electric vehicle 

supply equipment at IRS facilities across the country. 

Legislative Proposals

For information on the FY 2024 revenue legislative proposals, please follow this link:

https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals 

The FY 2024 President’s Budget includes two new administrative provisions within the 

appropriations language that will provide Direct Hire Authority (DHA) and the ability to offer 

Streamlined Critical Pay (SCP) to certain new hires to accelerate IRS hiring efforts.

Direct Hire Authority

Direct hire authority (DHA) provides the ability to expediate the normal hiring process to hire 

more efficiently during a severe shortage of highly qualified candidates or during a critical hiring 

need. Direct Hire Authority has helped the IRS address the backlog of paper tax returns and 

taxpayer correspondence and is a tool that can assist as the IRS works to rapidly implement plans 

to utilize IRA resources, expanded DHA will help ensure that hiring delays are not an obstacle 

for achieving broad mission related functions. 

Streamlined Critical Pay 

Streamlined Critical Pay authority gives the IRS a management tool to quickly recruit and retain 

a limited number of employees with high levels of expertise in technical or professional fields 

Department of the Treasury - Budget in Brief 95
that are crucial to the success of the IRS’s transformative efforts by allowing for higher base 

salaries for these hires than would otherwise be possible.

IRS Performance Highlights

*FY 2023 and FY 2024 targets assume discretionary and IRA funding. 

1 The CSR LOS includes toll-free telephone lines answered by Accounts Management assistors only. IRS will strive to achieve an 85 percent 

LOS during individual filing season for both FY 2023 and FY 2024. 2 Historical data provided for comparative purposes. 3 This measure was an indicator in FY 2022 and transitioned to a measure with a target starting in FY 2023. 4 Audits of high-income individuals may take a revenue agent upwards of 250 hours to complete. 5 Due to the timing of hiring and the start date of the lengthy training cycle, the impact of hiring from IRA funding on performance will not be 

realized until at least FY 2025 and the FY 2024 target is lower than FY 2023. 6 The impact of hiring on performance is not immediate due to required training for new Revenue Agents and the average case cycle time of 

about 36 months for these large corporations. Targets in FY 2024 are lower due to the training needs of new hires, case cycle time, and resources 

being applied to work High Income Individual and Partnership cases (more than 2,500 total in FY 2023 and 2,800 in FY 2024). 7 The impact of hiring on performance is not immediate due to required academy and on-the-job training (6+ months) as well as the average cycle 

time it takes to complete an investigation (400-500 days). 8 Target based on industry standard. 

Description of Performance

In FY 2022, the IRS continued to provide service to taxpayers and to enforce the laws with 

integrity and fairness. Going forward the IRS is intently focused on implementing new strategies 

to improve the taxpayer experience and ensure that high-end tax evaders pay the taxes they owe. 

The historic funding IRS received from IRA marks a transformational moment for the agency 

and an opportunity for the future of tax administration, taxpayers, tax professionals, and IRS 

employees. All measures referenced in the FY 2024 budget were derived assuming IRA funding 

as well as fully funded FY 2024 requests, including maintaining current levels and program 

increases.

The IRS has struggled for many years to modernize due to insufficient resources. While the 

multi-year funding in the IRA is deeply appreciated, enhanced annual discretionary 

appropriations are still critical to cover basic IRS operations. Without that discretionary funding 

in place, IRS will both not be able to maintain basic service, operations, and staffing levels, or be 

able to fully deliver on the promises of the IRA, jeopardizing the legislation’s net deficit 

reduction impact. The IRS’s core responsibilities include collecting more than $4 trillion in gross 

taxes each year and generating approximately 96 percent of the funding that supports the Federal 

government’s operations. In addition to monies collected, the IRS paid out more than $600 

billion in tax refunds, credits, and other payments, demonstrating Congress’ intent for the IRS to 

serve its essential role as both a tax and benefits administrator. 

Budget Activity Performance Measures

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2022 

Target

FY 2023 

Target

FY 2024 

Target

Filing and Account Services Customer Service Representative (CSR) Level of Service (LOS)1 53.1% 18.5% 17.4% 30.0% 60.0% 80.0%

Filing and Account Services LOS(A) (New FY 2023)2 71.6% 38.2% 39.3% N/A Baseline TBD

Pre-Filing Taxpayer Assistance 

and Education Enterprise Self-Assistance Participation Rate 90.6% 92.3% 93.9% 91.0% 94.0% 93.0%

Exam and Collections Exam Starts - High Income Individuals (new FY 2021)2,3,4 2,693 2,227 3,625 Indicator 3,817 4,830 

Exam and Collections Exam Starts - Partnerships (new FY 2021)2,3,5 4,106 4,327 3,155 Indicator 8,852 5,253 

Exam and Collections Exam Starts - Large Corporations (Assets>=$250M) (new FY 2021)2,3,6 1,700 1,490 1,365 Indicator 1,121 947 

Investigations Criminal Investigations Completed7 2,624 2,766 2,552 2,600 2,500 2,500 

Investigations Conviction Rate 90.4% 89.4% 90.6% 92.0% 92.0% 92.0%

Information Services Percent of Aged Hardware8 16.0% 9.3% 7.1% 20.0% 20.0% 20.0%

Department of the Treasury - Budget in Brief 96
Taxpayer Services

The IRS strives to deliver high quality and timely service to taxpayers and stakeholders and help 

them understand and meet their tax obligations. In FY 2022, the IRS:

• Achieved a rate of 96.4 percent of Timeliness of Critical Individual Filing Season Tax Products 

to the Public (e.g., tax forms, schedules, instructions, and publications) with 81 out of 84 

products delivered timely, exceeding the FY 2022 target of 89 percent by 8.3 percent. The FY 

2023 and FY 2024 targets are 83 and 89 percent, respectively. 

• Achieved an accuracy rate of 92 percent in terms of Customer Accuracy – Tax Law, 

exceeding the target of 89 percent by 3.4 percent. The FY 2023 and FY 2024 targets are 87 

and 89 percent, respectively. 

• Achieved an accuracy rate of 91.8 percent in terms of Customer Accuracy – Accounts, 

exceeding the target of 89 percent by 3.1 percent. The FY 2023 and FY 2024 targets are 87 

and 89 percent, respectively. IRS will continue to monitor results through data-driven 

analysis of reports to achieve future goals.

The IRS is committed to delivering an improved experience for taxpayers. For FY 2023, the IRS 

is striving to achieve an 85 percent CSR LOS during the individual filing season and a 60 

percent LOS for the entire fiscal year as CSRs continue to balance answering phones with 

processing the elevated paper inventory. In addition to live assistors, the IRS also provides phone 

service to taxpayers using automated assistance. During FY 2022, nearly 34 million taxpayers 

received the answer to their questions through automation on accounts management lines. The 

new LOS(A) measure referenced above will help capture this more robust aspect of how 

taxpayers receive help from the IRS. 

For FY 2024, the IRS intends to onboard additional CSRs to further improve LOS, process the 

paper inventory, and reduce the need to realign resources from other priority functions to support 

filing season. The IRS will again strive to achieve an 85 percent LOS during individual filing 

season and deliver an 80 percent CSR LOS for the fiscal year. The IRS will also continue to 

explore opportunities to deliver an even higher level of service through the rollout of additional 

self-service options, internal process improvements, and technology modernization. 

The IRS continues to improve taxpayer services by developing and improving self-assistance 

tools. The Enterprise Self--Assistance Participation Rate (ESAPR) represents the percent of 

taxpayers who use one of the IRS’s self-assistance service channels (e.g., automated calls, web 

services) versus needing assistance from an IRS employee (e.g., face-to-face, over the phone, or 

via paper correspondence). In FY 2022 ESAPR was 93.9 percent, exceeding the target of 91 

percent by 3.2 percent. In FY 2022, the total self-assisted services of 1.5 billion were around 29 

percent higher than FY 2021 of 1.16 billion. Beginning in FY 2022, ESAPR included Business 

Master File data in the installment agreements, Online Payment Agreements, electronic 

payments, and paper payments for a more inclusive metric. The IRS expects to achieve a target 

of 94 percent for FY 2023 and 93 percent for FY 2024. 

Department of the Treasury - Budget in Brief 97
Enforcement

In FY 2022, the IRS collected $72.4 billion through enforcement programs, a return on 

investment (ROI) of about $6 to $1 compared to the IRS appropriated budget. This number is 

likely understated, since the ROI estimate does not include the revenue effect of the indirect 

deterrence value of IRS enforcement programs. 

The Examination program provides taxpayers top quality service by helping them understand 

and meet their tax responsibilities and by applying the tax law with integrity and fairness. The 

IRS started 3,625 new High-Income Individual tax return examinations in FY 2022, an increase 

of 62.8 percent over FY 2021, while continuing to allocate resources to work the exams started 

in prior fiscal years. Throughout the year, the IRS will monitor resources, work in process and 

planned starts while continuing to devote senior level staff to train new hires. After factoring in 

the additional IRA funding, the IRS expects to start 3,817 cases in FY 2023 and 4,830 in FY 

2024. The IRS is committed to not increasing audit coverage for small businesses and 

households below the $400,000 threshold a year compared to historic levels.

The IRS-CI division serves the American public by investigating potential criminal violations of 

the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the 

tax system and compliance with the law. In FY 2022, IRS-CI completed 2,552 criminal 

investigations and achieved a conviction rate of 90.6 percent. The criminal investigations 

completed performance measure has a target of 2,500 for FY 2023 and FY 2024; the FY 2023 

and FY 2024 conviction rate target is 92.0 percent. 

Operations Support

The Percentage of Aged Hardware measure shows the quantity of IT hardware in operation past 

its useful life as a percentage of total hardware in use. The IRS continued to reduce the 

percentage of aged hardware from 9.3 percent at the end of FY 2021 to 7.1 percent at the end of 

FY 2022. This represents a reduction of more than 2,500 aged assets, while the total number of 

hardware assets increased slightly during the fiscal year. The major driver in exceeding this goal 

was the focus on hardware selections and timely hardware refresh implementations. The IRS will 

maintain a target of 20 percent for FY 2023 and 2024. The industry standard for aged hardware 

is in the range of 20-25 percent.

Business Systems Modernization 

To dramatically improve the taxpayer experience, the IRS must accelerate delivery of modern 

technology capabilities at a pace and scale that IRS has never done before. IRS must also build a 

contemporary infrastructure with modern architectures designed to meet future needs and retire 

legacy technologies. This modernization will make the IRS more efficient and improve the 

customer experience to benefit taxpayers, tax professionals, and the broader tax ecosystem, while 

protecting taxpayer data and securing IRS systems from cyber threats. Funds provided to IRS 

under IRA will be used for this purpose, although as noted above, IRA funding alone will not be 

sufficient to achieve the full scale of technology transformation needed. 

In the upcoming years, the IRS will modernize its information technology to enhance the 

taxpayer experience, which will improve communications with individual and business taxpayers 

and third parties. Over time, the enhancements delivered will provide a broad range of selfDepartment of the Treasury - Budget in Brief 98
service options and establish a secure information exchange that enables authorized third parties 

and taxpayers to interact digitally with the IRS. For example, taxpayers, both individual and 

business, will have access to secure online accounts, where they can seamlessly interact with the 

IRS, view historical data, manage refunds, and make payments. The IRS will also implement 

modernized technologies to improve customer support and response time in call centers. 

Taxpayers can already request customer callback, conduct automated chats, and utilize natural 

language processing on the highest priority services, which help avoid long wait times, 

especially during the filing season.

The IRS will ensure a fair and equitable system for all taxpayers by increasing compliance 

activities for high income/high-wealth taxpayers, large corporations, and large partnerships that

pose a high risk of non-compliance. In FY 2024, the IRS will expand its compliance workforce 

by hiring staff with deep accounting and tax expertise to audit sophisticated high income tax 

evaders. The IRS will continue modernizing its complex technological environment and 

accelerate delivery of modern technology to enable a service experience comparable to private 

industry. The IRS will accelerate design, development, and delivery of technology by shifting its 

focus to user-centered applications, which are arguably the most critical enablers of its mission. 

In FY 2024, as the IRS continues to migrate to cloud infrastructure and standardizing cloud 

connectivity, this will allow implementation of new tax provisions and future modernization to 

be implemented faster and securely, while complying with Federal mandates. These 

technological advancements cannot be achieved without continued focus on data security. The 

IRS will ensure continued protection of taxpayer data and IRS systems from external cyber 

threats, as it transforms and achieves objectives in the taxpayer service and enforcement areas. 

Department of the Treasury - Budget in Brief 99
Department of the Treasury - Budget in Brief 100
Office of Financial Stability

Program Summary by Budget Activity

Dollars in Billions

 

Cumulative 

Obligated 

(as of 

11/30/2022)

Cumulative 

Disbursed

(as of 

11/30/2022)

Cumulative 

Outstanding 

(as of 

11/30/2022)

Total 

Cumulative 

Income 

(as of 

11/30/2022)

Total Cash 

Back (as of 

11/30/2022)

Total 

Estimated 

Life Costs 

(as of 

11/30/2022)

Bank Support Programs 250.5 245.1 0.0 35.7 275.6 (24.2)

Credit Market Programs 19.1 19.1 0.0 4.5 23.6 (3.3)

AIG Investment Program (AIG) 67.8 67.8 0.0 1.0 55.3 15.2 

Automotive Industry Financing 

Program 79.7 79.7 0.0 7.5 70.6 12.1 

Treasury Housing Programs 32.6 31.7 0.0 0.0 0.0 32.4 

Total 449.6 443.4 0.0 48.7 425.1 32.1 

Additional AIG Common Shares 

Held by Treasury 0.0 0.0 0.0 17.6 17.6 (17.6)

Total for Programs and Shares 449.6 443.4 0.0 66.3 442.7 14.5 

*Includes Realized Losses

Administrative Account Summary

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

Obligations

TARP Administrative Account 35,614 34,412 9,916 (24,496) -71.2%

Total Obligations $35,614 $34,412 $9,916 ($24,496) -71.2%

Total Full-time Equivalents (FTE) 7 5 1 -4 -80.0%

Summary

A central part of the response to the 2008 financial crisis was the implementation of the Troubled 

Asset Relief Program (TARP), which was established in the fall of 2008 under the Emergency 

Economic Stabilization Act of 2008 (EESA) (P.L. 110-343) within the Office of Domestic 

Finance at the U.S. Department of the Treasury (Treasury). TARP was created to restore the 

liquidity and stability of the financial system, and it is administered by the Office of Financial 

Stability (OFS). Since late 2010, OFS has made significant progress in winding down TARP 

investment programs and in recovering OFS’s outstanding investments. 

 

OFS continues to operate a housing program to help homeowners prevent avoidable 

foreclosures. However, in 2016, OFS began the wind-down of the largest TARP housing 

program, the Marking Home Affordable Program, pursuant to the Consolidated Appropriations 

Act, 2016 (P.L. 114-113). As of November 30, 2022, OFS has recovered more than 96 percent 

of the $443.4 billion in total program funds disbursed under TARP, as well as an additional 

$17.6 billion from Treasury’s equity in American International Group, Inc. (AIG). 

 

In FY 2023, OFS plans to obligate just over $31 million and use no more than 5 Full-Time 

Equivalent (FTE) employees. In FY 2024, OFS plans to obligate $10 million and use no more 

than 1 FTE employee, a reduction of over 68% and 80%, respectively, from the current FY 2023 

Department of the Treasury - Budget in Brief 101
estimates, to fund the management, maintenance and continued wind-down of the TARP housing 

programs and the disposition of OFS’s remaining investments. OFS is expected to complete its 

wind-down in FY 2024. 

Description of Performance

Bank Support Programs 

Capital Purchase Program (CPP) 

OFS created CPP, its largest program, in October 2008. OFS provided a total of $204.9 billion 

in capital to 707 institutions in 48 states. During FY 2023, OFS sold the last CPP investment. 

As of November 30, 2022, CPP has generated $226.4 billion in recoveries for taxpayers. 

Community Development Capital Initiative (CDCI)

OFS created CDCI on February 3, 2010, to provide investments of capital to certified 

Community Development Financial Institutions (CDFI) banks, thrifts, and credit unions. OFS 

invested $570 million in 84 CDFIs, of which 28 institutions converted $363 million (including 

warrants) from CPP to CDCI. As of November 30, 2022, CDCI has generated $592 million in 

recoveries for taxpayers with two institutions remaining in the program, for a total of $1 million 

in investments outstanding. OFS plans to exit the last two CDCI institutions in FY 2023. 

Housing Programs 

OFS established several TARP housing programs, assisting millions of homeowners and 

introducing reforms for the mortgage servicing industry to facilitate mortgage modifications. 

Making Home Affordable Program (MHA) 

In 2009, OFS launched MHA to help homeowners prevent avoidable foreclosures and strengthen 

the housing market. The cornerstone of MHA is the Home Affordable Modification Program 

(HAMP), which provides eligible homeowners the opportunity to reduce their monthly mortgage 

payments. In accordance with provisions of the Consolidated Appropriations Act, 2016, MHA 

terminated on December 31, 2016, except with respect to certain applications made before such 

date. MHA servicers were required to design policies and procedures to reasonably ensure that 

all MHA transactions were completed by December 1, 2017. As of November 30, 2022, OFS 

had disbursed $22.2 billion out of a possible $22.9 billion under MHA. The MHA program end 

date was accelerated from December 29, 2023 to April 28, 2023, with a final disbursement date 

of March 27, 2023. 

Housing Finance Agency (HFA) Hardest Hit (HHF) Fund

Established in 2010 to provide aid to homeowners in states hit hardest by the economic and 

housing market downturn. The $7.6 billion initiative encompassed 18 states and the District of 

Columbia (DC). In December 2015, the Consolidated Appropriations Act, 2016 granted 

Treasury authority to make an additional $2.0 billion in commitments through the HHF. OFS 

disbursed $9.5 billion out of a possible $9.6 billion under HHF. As of March 31, 2022, the HHF 

program has ended. 

Federal Housing Administration (FHA) - Short Refinance Program

OFS continues to support the FHA Short-Refinance Program, which was intended to assist 

borrowers with negative equity. The program has seen limited participation. As such, OFS has 

Department of the Treasury - Budget in Brief 102
incrementally reduced the LOC Facility supporting this program from an initial $8.0 billion to 

$27 million in FY 2017, which matches OFS’s maximum liability for loans covered by the 

program as of December 31, 2016, when the program ended for new refinances. As of 

November 30, 2022, the revised lifetime cost estimate for the program was $13 million for 

outstanding refinanced loans. The FHA program will end on December 31, 2022. 

Other Programs

Automotive Industry Financing Program (AIFP) 

OFS fully wound down AIFP during FY 2015. OFS disbursed $79.7 billion in loans and equity 

investments to the automotive industry through the AIFP. As of November 30, 2021, OFS had 

collected $70.6 billion through sales, repayments, dividends, interest, recoveries, and other 

income. Recoveries from the bankruptcy liquidation of Old Chrysler and Old GM remain 

possible, but are not anticipated. 

All other TARP programs closed prior to FY 2016, including the Targeted Investment Program, 

Asset Guarantee Program, Public-Private Investment Program, Term Asset-Backed Securities 

Loan Facility, Small Business Administration 7(a) Securities Purchase Program, and AIG 

Investment Program. 

Department of the Treasury - Budget in Brief 103
Department of the Treasury - Budget in Brief 104
Office of Financial Research

Program Summary by Budget Activity

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Actual 

Obligations

Revised 

Estimate Estimate $ Change % Change

Data Center $3,321 $15,062 $22,824 $7,762 51.53%

Technology Center $47,397 $48,137 $37,322 ($10,815) -22.47%

Research and Analysis Center $8,335 $16,789 $20,604 $3,815 22.72%

Operations and Support Services $17,681 $21,284 $24,975 $3,691 17.34%

Subtotal, Office of Financial Research $76,734 $101,272 $105,725 $4,453 4%

Total Full-time Equivalents (FTE) 119 148 184 36 24.32%

Summary

The Office of Financial Research (OFR or Office) is estimating a fiscal year (FY) 2024 funding 

level of $105.725 million, which is $4.453 million higher than its FY 2023 estimated funding 

level. The FY 2024 Budget includes increases in funding for the Data Center, Research and 

Analysis Center (RAC), and Operations and Support Services. The increased funding reflects the 

resources required to effectively execute emerging research, monitoring, and data priorities in 

support of the OFR’s legislative mandate under the Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 (P.L. 111-203). The increased funding will also support 

moving the OFR Climate Data and Analytics Hub from a pilot concept to a permanent platform, 

the Joint Analysis Data Environment. 

The FY 2023 Revised Estimate incorporates changes to reflect actual data available as of February 2023. 

Specifically, the OFR updated its FY 2023 budget forecast to reflect more current data than was available 

at the time of the FY 2023 President’s Budget Request. The FY 2023 revised estimate includes 

expanded access to the OFR Climate and Analytics Hub with the Joint Analysis Data 

Environment and non-recurring services and information technology investments required to execute 

mission priorities. While this includes an update to projected full-time equivalents, hiring remains a top 

priority.

Following the FY 2022 launch of the OFR Climate and Analytics Hub pilot, the OFR decided to 

create the Joint Analysis Data Environment to provide FSOC member agencies access to the 

hub, expand its collection of hub data over time, and increase its analytical software offerings. 

The Joint Analysis Data Environment’s objective is to provide high-powered computing, 

analysis-ready data, and analytic software in a secure, collaborative environment to users from

FSOC member agencies. The Joint Analysis Data Environment will enable users to securely

share code, data, and documents to enable collaboration on research topics related to financial

stability.

OFR is furthering work on collecting Non-Centrally Cleared Bilateral Repo Data moving from a 

pilot to a permanent data collection. FY 2023 work will focus on finalizing the notice of 

proposed rulemaking for the data collection. Additionally, OFR will begin planning efforts for

personnel, practices, and infrastructure needed for collecting daily repo transaction data.

Department of the Treasury - Budget in Brief 105
Budget Highlights

Dollars in Thousands

Office of Financial Research FTE Amount

FY 2023 Revised Estimate 148 $101,272 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $2,902 

Pay Annualization 0 $438 

Pay Raise 0 $1,315 

Non-Pay 0 $1,149 

Efficiency Savings 0 ($10,272)

Non-recurring Costs 0 ($10,272)

Transfers 0 $0 

Data Procurement Transfer to Data Center 0 $11,600 

Data Procurement Transfer from Technology Center 0 ($11,600)

Other Adjustments: 20 $4,772 

FTE Annualization 20 $4,772 

Subtotal Changes to Base 20 ($2,598)

FY 2024 Current Services 168 $98,674 

Program Changes:

Infrastructure and Research Capacity to Support Emerging 

Priorities 16 $7,051 

FY 2024 Estimate 184 $105,725 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ......................................................+$2,902,000 / +0 FTE

Pay Annualization (4.6%) +$438,000 / +0 FTE

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

Pay Raise (5.2%) +$1,315,000 / +0 FTE

Funds are requested for anticipated increases to labor costs to include merit pay increases for

qualifying staff.

Non-Pay +$1,149,000 / +0 FTE

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

equipment. 

Non-Recurring Costs................................................................................-$10,272,000 / -0 FTE 

Data Center Non-Recur for Specialized Subject Matter Expert (Contract) -$10,272,000 / -0 FTE

This efficiency adjustment eliminates one-time funding used in FY 2023 for specialized expert 

support services for IT contractors to support a variety of projects, among them the creation and 

expansion of the OFR's Joint Analysis Data Environment; investments in OFR’s recruitment and 

retention program; and the modernization of OFR’s conference spaces, to include VTCs. 

Program Transfers................................................................................ +$0 / +0 FTE 

Data Procurement Transfer from Technology Center to Data Center +$0 / +0 FTE

This request includes moving the Data Procurement costs, which total $11.6 million annually, 

from the Technology Center back to the Data Center. This decision is part of a broader effort to 

Department of the Treasury - Budget in Brief 106
have data-related decision making and costs be under the oversight of the Data Center, rather 

than under the Technology Center. 

Other Adjustments ................................................................................ $4,772,000 / +20 FTE 

FTE Annualization $4,772,000 / +20 FTE

OFR anticipates the hiring of an additional net 20 FTEs late in FY 2023 that would be fully 

funded at the outset of FY 2024. These staff will support all four major OFR budget activities 

and will provide a baseline for the office as it continues to grow to support the OFR’s legislative

mandate under Dodd-Frank. 

Program Increases................................................................................ $7,051,000 / +16 FTE 

Infrastructure and Research Capacity to Support Emerging Priorities $7,051,000 / +16 FTE

This program increase is driven by new work requirements in support of the FSOC’s and the 

Administration’s emerging priorities: climate-related financial risks, expanded short-term

funding markets monitoring, asset management/hedge fund monitoring, digital

assets/cryptocurrencies, and cybersecurity. It provides: 

• Expanded access to the OFR Climate and Analytics Hub pilot into full production as the 

Joint Analysis Data Environment. 

• Data sharing and data product functionality and support as increasingly demanded by internal 

and external stakeholders. 

• Funding for anticipated increases for new data acquisition requests and data management 

support needs for the OFR Joint Analysis Data Environment. 

• Key research on financial stability, especially risks and vulnerabilities in frontier areas, from

our external stakeholders. 

• OFR’s first formal data collection utility. The collection utility will be designed and scaled to 

intake future data collections securely and efficiently.

• A research grants program to drive high-impact research and analysis in research areas

outside of traditional finance and economics disciplines. 

• Investments in emerging cybersecurity needs, ensuring an ability to meet evolving demands 

for secure, cloud-based infrastructure.

Legislative Proposals 

The OFR has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Data Center

Number of Legal Entity Identifiers 

Issued Cumulatively in the United 

States and Internationally

 

1,733,473 

 

1,941,554 

 

2,206,195 I I 

Data Center

Number of Times That Financial 

Data Standards are Incorporated in 

Rules and Regulations

3 2 0 I I 

Key: I – Indicator

Department of the Treasury - Budget in Brief 107
Description of Performance

Number of Legal Entity Identifiers (LEIs) Issued Cumulatively in the United States and 

Internationally – The LEI helps the financial industry, regulators, and policymakers trace

exposures and connections across the financial system. It also generates efficiencies for financial

companies in internal reporting; risk management; and in collecting, cleaning, and aggregating 

data. In addition, the LEI can ease companies’ regulatory reporting burdens by reducing overlap 

and duplication with respect to the multiple identifiers reporting firms must manage. The 

indicator developed for the LEI tracks the progress of industry’s use of the LEI over time. 

Number of Times that Financial Data Standards are Incorporated in Rules and Regulations – 

This data point serves as an indicator of regulators’ awareness of the importance of data

standards and the extent to which those standards are being adopted in rules and regulations. 

Similar to the indicator above, the Data Center monitors activity in this area to determine 

whether relevant pending rules and regulations incorporate financial data standards, as 

appropriate. 

Department of the Treasury - Budget in Brief 108
Financial Stability Oversight Council

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Actual 

Obligations

Revised 

Estimate Estimate $ Change % Change

FSOC $5,554 $11,725 $14,949 $3,224 27.50%

FDIC $3,254 $2,910 $4,500 $1,590 54.64%

Total, Financial Stability Oversight Council $8,808 $14,635 $19,449 $4,814 33%

Direct FTE 17 34 44 10 29.41%

Total Full-time Equivalents (FTE) 17 34 44 10 29%

Note: All FTE are associated with the Financial Stability Oversight Council.

Summary

The Financial Stability Oversight Council (FSOC or Council) is estimating a fiscal year 

(FY) 2024 funding level of $19.449 million, which includes $14.949 million for the FSOC 

Secretariat and the Office of the Independent Member with Insurance Expertise, and $4.500 

million to reimburse the Federal Deposit Insurance Corporation (FDIC) for certain expenses as 

required by law. Of the $4.814 million overall increase from the FY 2023 revised estimate, the 

FSOC programs represent $3.224 million, or 67 percent, of this total. This increase is necessary 

to make progress on the Council’s priorities, and to build the infrastructure needed to support the 

Council’s work across all the member agencies.

 

The increase in funding reflects the need for the FSOC Secretariat to rebuild capacity and 

acquire additional resources to fulfill the ongoing responsibilities of the Council as well as to 

advance the Council’s new priorities outlined by the Treasury Secretary, who serves as Council 

Chairperson. These areas of focus include identifying and addressing potential risks posed by 

nonbank financial intermediation and its role in amplification of market stresses; supporting the 

interagency review of the Treasury market following the market dislocation in March 2020; 

evaluating potential financial stability risks and regulatory gaps associated with digital assets; 

and coordinating efforts to improve the measurement and mitigation of climate-related risks in 

the financial system. 

Department of the Treasury - Budget in Brief 109
Budget Highlights

Dollars in Thousands

FTE Amount

FY 2023 President's Budget 27 $12,433 

Program Changes:

Program Decreases 0 ($1,590)

FDIC Payments 0 ($1,590)

Program Increases: 7 $3,792 

FSOC Priority Workstream Hiring 7 $3,792 

FY 2023 Revised Estimate 34 $14,635 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $498

Pay Annualization (4.6% average pay raise) 0 $76 

Pay Raise (5.2% average pay raise) 0 $262

Non-Pay 0 $160 

Subtotal Changes to Base 0 $498

FY 2024 Current Services 34 $15,133

Program Changes:

Program Increases: 10 $4,316

Rebuilding FSOC Infrastructure and Capability 10 $2,667

FDIC Payment Increase 0 $1,590 

Make Critical Administrative Investments 

(Hiring, Evidence Act, and Facilities) 0 $59 

FY 2024 Estimate 44 $19,449 

Budget Adjustments

Program Changes ......................................................................................+$2,202,000 / +7 FTE

Decrease in FDIC Reimbursement -$1,590,000 / -0 FTE

Reflects decreases to reimbursements from FY 2022 based on actual expenses incurred by the 

FDIC from the period from July 1, 2021, through June 30, 2022. Costs have been reduced from 

prior estimates due to a lower-than-anticipated number of staff hours focused on Title II planning 

activities during the reimbursement period that ended on June 30, 2022.

FSOC Priority Workstream Hiring +$3,792,000 / +7 FTE 

To fulfill the priorities set forth by the Secretary, acting in her capacity as the Chairperson of the 

Council, the FSOC Secretariat intends to increase its long-term staffing plan from 27 to 44 by 

hiring 17 additional FTE, of which seven net FTE will be added in FY 2023. 

Maintaining Current Levels (MCLs) ..........................................................+$498,000 / +0 FTE 

Pay Annualization (4.6%) +$76,000 / +0 FTE 

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

Pay Raise (5.2%) +$262,000 / +0 FTE 

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

Department of the Treasury - Budget in Brief 110
Non-Pay +$160,000 / +0 FTE 

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

and equipment. 

Program Increases ....................................................................................+$4,316,000 / +10 FTE

Rebuilding FSOC Infrastructure and Capability +$2,667,000 / +10 FTE 

To fulfill the priorities set forth by the Secretary, acting in her capacity as the Chairperson of the 

Council, the FSOC Secretariat intends to increase its long-term staffing plan from 34 to 44 by 

hiring 10 additional FTE that will on-board during FY 2023 and FY 2024. 

Since 2021, the FSOC has been revitalized to serve as a key forum for interagency collaboration 

and a key tool for the U.S. Government to promote U.S. financial stability – as intended at its 

establishment in 2010. Given the FSOC’s expanding portfolio and critical policy priorities, the 

FSOC Secretariat must continue to rebuild and grow to successfully execute the Council’s 

mission. Additional staff will be needed to advance the Council’s efforts in these important 

areas. These priorities reflect the effort required in addition to core responsibilities such as 

publishing the annual report. 

Increase in FDIC Reimbursement +$1,590,000 / +0 FTE

Reflects increases to reimbursements required by law to the FDIC under Section 210(n)(10) of 

the Dodd-Frank Act. This section provides that reasonable implementation expenses of the FDIC 

relating to its responsibilities under Title II for the resolution of systemically important financial 

companies shall be treated as expenses of the Council.

Make Critical Administrative Investments (Hiring, Evidence Act, and Facilities) +$59,000 / +0 

FTE

FSOC pays annually for administrative support from the Centralized Treasury Administrative 

Services (CTAS) program. In FY 2024, FSOC anticipates those costs to grow to fund increases 

to human resources support to support FSOC’s growing hiring plans and improve time to hire 

across Departmental Offices (DO), as well as additional staff to support the Treasury-owned 

facilities (the Main Treasury building and Freedman’s Bank Building). 

This request also includes FSOC’s contribution to three new CTAS staff (one electrician and two 

A/C equipment mechanics) responsible for conducting support within Treasury spaces. 

This request also provides for FSOC’s portion of funding for a repairs and improvements (R&I) 

account within DO for non-capital investments. R&I is used within DO’s CTAS to fund smallscale repairs and improvements within Main Treasury (MT) and the Freedman’s Bank Building 

(FBB). This funding will provide CTAS with sufficient resources to properly maintain the 

ongoing minor maintenance of the MT and FBB complex. In addition, this request provides 

increases to CTAS to fund FSOC’s portion of centralized bureau-wide investments in 

information technology (IT) infrastructure, as well as virtual presence and collaboration 

technology. 

Legislative Proposals 

The FSOC does not have any legislative proposals at this time. 

Department of the Treasury - Budget in Brief 111
Description of Performance

There are no measures specified for managing Council performance. The FSOC’s annual reports 

and other public documents provide information to the public relevant to the Council’s 

performance. Information on the Council is provided on www.treasury.gov, and www.fsoc.gov.

Performance documents for FSOC member agencies can also be found on their respective 

websites to provide transparency and accountability. 

Throughout 2022, Secretary Yellen continued to reinvigorate the Council. The Council met 

eight times to assess potential risks including those related to climate change, digital assets, 

housing markets, hedge funds, and open-end funds.

On December 16, 2022, the Council published its annual report. The report describes activities of 

the Council over the past year as the U.S. economy has continued to rebound from the 

disruptions caused by the COVID-19 pandemic. Monetary and fiscal policy, substantial progress 

in vaccinations, and broadly accommodative financing conditions have together supported this 

recovery and bolstered the financial condition of households and businesses. Additionally, the 

Council’s annual report describes significant financial market and regulatory developments, 

potential emerging threats to U.S. financial stability, and recommendations to promote U.S. 

financial stability. The report was developed collaboratively by members of the Council and their 

agencies and staffs. 

Certain FDIC expenses are treated as expenses of the Council. By law, the Council’s expenses 

include reimbursement of reasonable implementation expenses incurred by the FDIC in 

implementing Orderly Liquidation Authority. The FDIC must periodically submit requests for 

reimbursement of these expenses to the Chairperson of the Council, who shall arrange for 

prompt reimbursement to the FDIC. FDIC expenses are for rule writing and resolution planning. 

Department of the Treasury - Budget in Brief 112
Treasury Franchise Fund

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Actuals Revised 

Estimate Estimate $ Change % Change

Treasury Shared Services Program $437,060 $338,400 $358,661 $20,261 5.99%

Centralized Treasury Administrative Services $138,866 $160,151 $166,058 $5,907 3.69%

Administrative Services $224,844 $225,227 $238,664 $13,437 5.97%

Information Technology Services $221,461 $230,390 $246,817 $16,427 7.13%

Subtotal, Treasury Franchise Fund $1,022,231 $954,168 $1,010,200 $56,032 5.87%

Recovery from Prior Years $23,269 $13,000 $13,000 $0 0.00%

Unobligated Balances Brought Forward $123,571 $137,008 $125,000 ($12,008) -8.76%

Total Program Operating Level $146,840 $150,008 $138,000 ($12,008) -8.00%

Reimbursable FTE 2,047 2,185 2,233 48 2.20%

Total Full-time Equivalents (FTE) 2,047 2,185 2,233 48 2.20%

*The Financial Management Administrative Support Service and Shared Services Programs, as denoted in the President’s budget is also

referred to as the Administrative Services and Treasury Shared Services Program, respectively. 

Summary

The FY 2024 Treasury Franchise Fund’s (TFF) estimate reflects the revised estimates for FY 

2023 along with new funding estimates for FY 2024. The revised estimates in FY 2023 for 

Administrative Resource Center Administration (ARC Admin.) includes an increase in customer 

project and system investments to achieve mission and priorities. The revised estimates also 

include a reduction in staffing resources needed in Administrative Resource Center 

Administration Information Technology’s (ARC IT) planned operations and maintenance 

support because of a revision to staffing methodology to align projections more closely to 

budgetary resources. Additionally, the FY 2023 revised estimates include an increase in Treasury 

Shared Services Program (TSSP) resources to facilitate the modernization of the Internal 

Revenue Service (IRS) Human Resources IT systems and improve employee experience aligned 

with delivery of commodity applications through Treasury’s enterprise shared service offerings. 

In FY 2024, TSSP will continue to support efforts in cybersecurity with the additional 

transferred operations and maintenance costs for initiatives developed under the Cybersecurity 

Enhancement Account (CEA). These cybersecurity initiatives will be deployed and 

implemented as a shared service to support enterprise-wide services and capabilities to 

strengthen the cybersecurity posture across the components of the Department of Treasury. 

Additionally, the Departmental Offices plans to improve hiring and recruitment in FY 2024 to 

make investment in Human Resources and Human Capital. Also, the Centralized Treasury 

Administrative Services (CTAS) program will continue to invest into resources to maintain the 

Treasury’s owned spaces (Main Treasury Building and Freedman’s Bank Building). 

In FY 2024, ARC Admin’s priorities include a balance of continuous improvement, strategic 

investments in solutions of the future through the Financial Management Quality Service 

Management Office (FM QSMO) marketplace and continuing to increase federal agency 

adoption of services. ARC IT’s FY 2024 objectives are centered around consistently 

implementing, optimizing, securing, and scaling technology and services from end-to-end in 

Department of the Treasury - Budget in Brief 113
alignment with federal technology priorities, including Executive Order 14028, Improving the 

Nation’s Cybersecurity and subsequent OMB Memoranda. 

Budget Highlights

Dollars in Thousands

Treasury Franchise Fund FTE Amount

FY 2023 Estimate

 

2,209 $919,111 

Adjustment to FY 2023 Estimate (24) 35,057 

Support Customer Projects (ARC Admin) $14,146

Revised Estimates and IT Maintenance (ARC IT) (28) $8,720

IRS Human Resources Information Technology Modernization (TSSP) 4 $12,191

FY 2023 Revised Estimate

 

2,185 $954,168 

Changes to Base:

Maintaining Current Levels (MCLs): $28,096

Pay Annualization (2023 4.6% average pay raise) $3,349

Pay Raise (5.2% average pay raise) $11,488

Non-Pay $13,259

Subtotal Changes to Base $28,096

FY 2024 Current Services

 

2,185 $982,264 

Program Changes: 

Program Increases: 48 $27,936

IRS Human Resources Information Technology Modernization (TSSP) 5 $9,295

Cyber Enhancement Act Investments in Shared Services (TSSP) 8 $1,600

IT Systems Modernization and Program Support (TSSP) $800

Common Approach to Identity Assurance (ARC IT) 2 $9,673

Existing and New Customer Growth (ARC Admin) 26 $4,825

Facilities and Office Infrastructure (CTAS) 3 $755

Improve Hiring and Recruitment Programs (CTAS) 3 $736

Promote Evidence Act and Treasury Data Strategy (CTAS) 1 $252

Subtotal Program Changes 48 $27,936 

FY 2024 Estimate 2,233 $1,010,200 

Budget Adjustments

Adjustments to FY 2023 Original Estimate ................................ +$35,057,000/ -24 FTE

Support Customer Projects (ARC Admin) +$14,146,000 / +0 FTE 

The revised ARC Admin FY 2023 includes adjustments to support customer projects and system 

investments to meet the demands of the customers. Without these resources, customers will 

experience delays in projects, impacting mission success and other federal priorities. 

Revised Estimates and IT Maintenance (ARC IT) +$8,720,000 / -28 FTE

Revised FY 2023 estimates includes adjustments to reflect declines in projected staffing levels 

and anticipated vacancies along with increased cost in non-labor related to ongoing maintenance 

costs for computing solutions. 

Department of the Treasury - Budget in Brief 114
IRS Human Resources Information Technology Modernization (TSSP) +$12,191,000 / +4 FTE

The revised TSSP FY 2023 estimate includes adjustments to modernize the IRS HRIT system 

and improve employee experience aligned with delivery of commodity applications through 

TSSP. The IRS HRIT portfolio includes approximately 100 applications, 100 workflows and 

multiple supplemental Excel and Access-based processes. This will be a multi-year effort that 

will start this effort in FY 2023. 

Maintaining Current Levels (MCLs)......................................... +$28,096,000 / +0 FTE 

Pay Annualization (4.6%) +$3,349,000 / +0 FTE: 

Funds are required for annualization of the January 2024 4.6% average pay raise. 

Pay Raise (5.2%) +$11,488,000 / +0 FTE: 

Funds are required for a 5.2% average pay raise in January 2024. 

Non-Pay +$13,259,000 / +0 FTE 

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

equipment. 

Program Increases.............................................................. +$27,936,000 / +48 FTE

IRS Human Resources Information Technology Modernization (TSSP) +$9,295,000/ +5 FTE 

Treasury will increase spending to continue to modernize the IRS HRIT system and improve 

employee experience aligned with delivery of commodity applications through TSSP. The IRS 

HRIT portfolio includes approximately 100 applications, 100 workflows and multiple 

supplemental Excel and Access-based processes. FY 2024 will be the second year of this effort 

that initially started in FY 2023. 

Cyber Enhancement Act Investments in Shared Services (TSSP) +$1,600,000 / +8 FTE

The TSSP supports the transition of additional O&M costs from CEA for cybersecurity 

enhancements and capabilities that will be deployed enterprise wide to be in accordance with 

Executive Order 14028 Improving the Nation’s Cybersecurity and subsequent OMB 

Memoranda. The investments will be made in the following Cyber Categories: 

• Other Cybersecurity Priorities (+$1,000,000 / +5 FTE) 

• Cloud Adoption (+$400,000 / +2 FTE)

• Zero Trust Architecture (+$200,000 / +1 FTE) 

IT Systems Modernization and Program Support (TSSP) +$800,000 / +0 FTE 

Treasury will increase spending for program support for the IT system modernization for 

enhancements to the Technology Business Management (TBM) to improve the IT cost 

transparency across the Department. 

Common Approach to Identity Assurance (ARC IT) +$9,673,000 / +2 FTE 

ARC IT increased funding supports the growing Common Approach to Identity Assurance 

(CAIA) that will assist with implementing, optimizing, securing, and scaling technology and 

services from end-to-end in alignment with federal technology priorities, including Executive 

Order 14028, Improving the Nation’s Cybersecurity and subsequent OMB Memoranda. 

Department of the Treasury - Budget in Brief 115
Existing and New Customer Growth (ARC Admin) +$4,825,000 / +26 FTE 

FY 2024 estimate includes strategic investments in solutions and continuous improvements of 

the Financial Management Quality Service Management Office (FM QSMO) to support 

customer growth consistent with FM QSMO’s goal to increase the number of agency 

subcomponents using common financial management solutions by 25 percent. ARC Admin will 

continue to support the marketplace for scalable growth by simplifying the delivery of complex 

financial management services. 

Facilities and Office Infrastructure (CTAS) +$755,000 / +3 FTE 

This request also provides funding for a repairs and improvements account within Departmental 

Offices. Historic office buildings like Treasury’s are expected to have costs near $3 per square 

foot per annum. Based on that benchmark the costs for maintaining buildings of the size of Main 

Treasury (MT) and Freedman’s Bank Building (FBB) Treasury Facilities would be 

approximately $2 million in funding annually. Treasury’s current funding level is approximately 

$450,000. 

Improve Hiring and Recruitment Programs (CTAS) +$736,000 / +3 FTE 

Increase spending for additional staffing in Human Resources and Human Capital to improve the 

hiring and recruitment efforts for Departmental Offices in the Office of Terrorism and Financial 

Intelligence , International Affairs and the Committee of Foreign Investment in the United 

States. 

Promote Evidence Act and Treasury Data Strategy (CTAS) +$252,000 / +1 FTE 

FY 2024 estimates include additional staff in the Office of the Chief Data Officer (OCDO) to 

engage with the Departmental Offices, data owners and staff to modernize data infrastructure, 

build and manage the enterprise data inventory, and identify and pursue priority data sharing 

opportunities. This investment will also enable OCDO staff to lead analytics efforts for high 

priority projects and programs, including long-range analytic studies aligned to the 

Administration and Learning Agenda priorities. 

Legislative Proposals 

The TFF has no legislative proposals. 

Department of the Treasury - Budget in Brief 116
Performance Highlights

 

Description of Performance

The TSSP annual effective spend rate provides insight to the financial management and 

oversight of the TSSP programs. It measures how much of the resources collected from 

customers are being obligated for service delivery in the fiscal year. This measure captures the 

efficient use of resources by the service providers. In FY 2022, 93 percent of the funds collected 

from customers for the shared services was obligated, which was slightly below the 96 percent 

target rate set for the fiscal year. The target will remain at 96 percent for FY 2023 and FY 2024. 

In FY 2022, the TSSP survey results yielded a 73 percent overall customer satisfaction rating, 

which is down from 80 percent target. Strategic partnerships with TSSP governance councils, 

meeting monthly with Treasury budget directors and the use of the TSSP Roadshows provides 

expanded customer engagement opportunities to the various stakeholders to better communicate 

the expected changes to program budgets and the impact to their upcoming service level 

agreements. Treasury will continue to build on these transparency initiatives to improve the 

customer satisfaction scores. The target for this measure is set at 80 percent for both FY 2023 

and 2024. 

The CTAS FY 2022, the annual effective spend and customer satisfaction rates were 96 and 78 

percent respectively. The annual effective spend target was met however the customer 

satisfaction score was slightly below the FY 2022 target score of 80. The targets set for the 

annual effective spend rate and customer satisfaction measures are mirrored after the TSSP target 

to maintain consistency in overall financial management of the two shared services providers 

within Departmental Offices. The targets set in both FY 2023 and 2024 is 96 and 80 percent, for 

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

Treasury Shared Services Average Cost per FTE N/A $1,463.50 $1,460.00 $1,580.30 $1,951.00 $1,710.50 $1,710.50 DISC

Treasury Shared Services Annual Effective Spend Rate N/A 97% 96% 96% 93% 96% 96% 96%

Treasury Shared Services Customer Satisfaction N/A 75% 80% 80% 73% 80% 80% 80%

Centralized Treasury Administrative 

Services Annual Effective Spend Rate N/A 98% 94% 96% 96% 96% 96% 96%

Centralized Treasury Administrative 

Services Customer Satisfaction N/A 75% 75% 80% 78% 80% 80% 80%

Administrative Support Services Customer Unmodified Audit Opinions [%] NA 100% 100% 100% 100% 100% 100% 100%

Administrative Support Services Percentage of shared services service level agreement 

performance metrics met or exceeded [%] NA 89% 87% 94% 97% 94% 94% 94%

Administrative Support Services Customer Satisfaction with ARC Admin Services [%] 90% 86% 91% 93% 90% 80% 80% 80%

Information Technology Services Fiscal IT Hosting – Percentage of Time Service is 

Operational (Uptime Excluding Planned Maintenance) 99.2 99.8 99 DISC DISC DISC DISC DISC

Information Technology Services

Number of engagements in strategic sourcing, to 

include new IT customers, new scope of work for 

existing customers, or new FITARA compliant 

contracts available beyond Fiscal Service [#]

2 1 3.3 DISC DISC DISC DISC DISC

Information Technology Services % of IT Portfolio (TFF) Software and Hardware 

Currency N/A N/A N/A B 76% 75% 75% 85%

Information Technology Services % of On-Premise Target Service Level Agreements Met N/A N/A N/A B 94% 80% 80% 80%

Target Target

Key: B - Baseline; DISC - Discontinued

Budget Activity Performance Measure Actual Actual Actual Actual Actual Target

Department of the Treasury - Budget in Brief 117
the annual effective spend rate and customer satisfaction measures respectively.

In FY 2022, ARC Admin received an unmodified opinion on franchise operations for the 20th 

consecutive year and met its performance target of 100 percent of customer unmodified audit 

opinions (33). By meeting this metric consistently year after year, ARC has improved public 

confidence in federal stewardship, operations, and reporting. 

In FY 2022, ARC IT established a baseline for software/hardware currency and on-premises 

target service level agreements met. The goal of these new measures is to reduce the use of End 

of Life technology, which in turn further minimizes technical debt and risk for our customers, 

and measure how well technical teams are performing and closing out the requests and incidents. 

The FY 2023 and 2024 targets reflect operational commitments to customers and allows room 

for improvement. 

This year, TFF is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 – 2026 Strategic Plan. This work will include benchmarking 

performance and may result in changes to performance measures in the FY 2025 budget.

Department of the Treasury - Budget in Brief 118
Treasury Forfeiture Fund

Program Summary by Budget Activity

Summary

The Treasury Executive Office for Asset Forfeiture (TEOAF) administers the Treasury Forfeiture 

Fund (the Fund), which is the receipt account for deposit of non-tax forfeitures made pursuant to 

laws enforced or administered by participating Department of the Treasury and Department of 

Homeland Security agencies. The Fund was established in 1992. The enabling legislation for the 

Fund (31 U.S.C. 9705) defines the purposes for which Treasury forfeiture revenue may be used. 

Explanation of TEOAF Spending Categories 

Mandatory Obligations ($471,301,000 from revenue/offsetting collections)

Mandatory Obligations are incurred to meet the operating costs of the Fund, including expenses 

of storing and maintaining seized and forfeited assets, valid liens and mortgages, investigative 

expenses incurred in pursuing a seizure, information and inventory systems, remissions, victim 

restoration, and certain costs of local police agencies incurred in joint law enforcement operations. 

Following seizure, equitable shares may be paid to state and local law enforcement agencies that 

contributed to the seizure activity at a level proportionate to their involvement. 

TEOAF allocates significant resources to supporting seizure cases in which the seized assets 

represent the proceeds of fraud schemes. The resulting forfeiture deposits are used to compensate 

the victims (entities or individuals) defrauded by the violators. Supporting these cases is 

particularly important now due to the volume of COVID-19 related financial fraud, network 

intrusion, phishing and sales of counterfeit vaccines online and via Darknet marketplaces. 

TEOAF remains committed to supporting continuously significant volume of COVID-19 related 

Dollars in Thousands

Treasury Forfeiture Fund

Budgetary Resources

FTE 

* AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Revenue/Offsetting Collections

Interest $26,099 $48,000 $49,000 $1,000 NA 2.08%

Restored Prior Year Sequestration Reduction $44,774 $70,641 $35,502 ($35,139) NA -49.74%

Forfeited Revenue $1,213,213 $574,835 $586,332 $11,497 NA 2.00%

Recovery from Prior Years Unpaid $22,137 $60,000 $36,000 ($24,000) NA -40.00%

Recovery from Prior Years Paid $84,833 $0 $0 $0 NA NA

Unobligated Balances from Prior Years $877,271 $876,333 $947,247 $70,914 NA 8.09%

Total Revenue/Offsetting Collections $2,268,327 $1,629,809 $1,654,081 0 $24,272 NA 1.49%

Expenses/Obligations

Mandatory Obligations 27 ($954,642) 27 ($462,060) 27 ($471,301) 0 ($9,241) 0.00% 2.00%

Secretary's Enforcement ($10,803) ($35,000) ($35,000) $0 NA 0.00%

Strategic Support ($180,908) TBD ($100,000) TBD NA TBD

Total Expenses/Obligations 27 ($1,146,353) 27 ($497,060) 27 ($606,301) 0 ($9,241) 0.00% 21.98%

Rescissions/Cancellations

Sequestration Reduction ($70,641) ($35,502) ($36,214) ($712) NA 2.01%

Permanent Cancellation ($175,000) ($150,000) $0 $150,000 NA -100.00%

Total Rescission/Cancellations ($245,641) ($185,502) ($36,214) $149,288 NA -80.48%

Net Results 27 $876,333 27 $947,247 27 $1,011,566 0 $164,319 0.00% 6.79%

Contingent Liabilities ($805,417) ($805,417) ($840,000) ($34,583) NA 4%

* The Treasury Forfeiture Fund is staffed by Departmental Offices employees and positions are funded via reimbursable agreement. The FTE are shown here for 

clarity, but are also reflected in the Departmental Offices chapter in the reimbursable FTE total.

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Actual Estimate Estimate $ Change % Change

Department of the Treasury - Budget in Brief 119
crimes, to ensure that the agencies have the resources to target and intercept these massive 

schemes and return the money to the defrauded government agencies, private entities, and 

individuals. 

Secretary’s Enforcement Fund ($35,000,000 from revenue/offsetting collections) 

Secretary’s Enforcement Fund (SEF) represents revenue from equitable shares received from 

Department of Justice (DOJ) or U.S. Postal Service (USPS) forfeitures. These shares are 

proportional to Treasury’s participation in the overall investigative effort that led to a DOJ or USPS 

forfeiture. SEF revenue is available for federal law enforcement related purposes of any law 

enforcement organization participating in the Fund. 

Strategic Support ($100,000,000 from revenue/offsetting collections)

Strategic Support authority, established in 31 U.S.C. 9705(g)(4)(B), allows TEOAF to fund 

priority Federal law enforcement initiatives with remaining unobligated balances at the close of 

the fiscal year, after an amount is reserved for the next fiscal year’s operations. 

Contingent Liabilities ($840,000,000 revenue/offsetting collections) 

Contingent liabilities represent the known future equitable sharing, remission, refund, and 

mitigation payments. TEOAF tracks future remission payments to third parties as contingent 

liabilities. However, these amounts are not recorded as obligations from the Fund until the 

Department of Justice grants the petition for remission. The third parties are predominantly victims 

of crimes that triggered the forfeiture (e.g., Ponzi scheme or kleptocracy victims). Amounts 

recorded are significant because remission payments from multiple years are recorded and carried 

forward. The amounts change constantly as payments are made and amounts for new remission 

cases are added. Future/anticipated equitable sharing expenses/payments are also recorded as 

contingent liabilities. TEOAF considers the amounts recorded as contingent liabilities as 

unavailable and consideration of contingent liabilities provides a more accurate representation of 

the financial position of the Fund. 

Legislative Proposals 

TEOAF has no legislative proposals. 

Performance Highlights 

Description of Performance

TEOAF continues to measure the performance of the participating law enforcement bureaus 

through the percent of forfeited cash proceeds resulting from high impact cases which are cases 

resulting in a cash forfeiture deposit equal to or greater than $100,000. 

The high-impact cases are cases that pursue major criminal targets and their financial networks, 

and therefore are central to the mission of disrupting and dismantling criminal enterprises. At the 

same time, these cases are heavily dependent on TEOAF’s funding due to their high operational 

Budget Activity FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Target

FY 2024 

Target

Asset Forfeiture 82.87 89.65 91.03 80 80

Performance Measure

Percent of Forfeited Cash Proceeds 

Resulting from High-Impact Cases

Department of the Treasury - Budget in Brief 120
costs and reliance on sophisticated technologies and analytical tools that are not adequately 

covered by the funds appropriated for operations. The dominant share of high-impact forfeitures 

reflects TEOAF’s effectiveness in supporting such major investigations. 

While the specific numbers shown in the chart fluctuate due to the unusually big forfeitures, the 

consistently dominant (80 percent or more) share of major forfeiture year after year demonstrates 

TEOAF’s consistent commitment to supporting high-impact cases. Member law enforcement 

bureaus participating in the Fund have met or exceeded the performance target since FY 2014. 

For FY 2023 and FY 2024, the target will remain at 80 percent. The Fund maintains a target of 80 

percent as an appropriate measure of the effectiveness of the Fund support of the participating law 

enforcement agencies efforts to meet TEOAF’s mission to disrupt and dismantle criminal 

enterprises.

Department of the Treasury - Budget in Brief 121
Department of the Treasury - Budget in Brief 122
Bureau of Engraving and Printing 

Program Summary by Budget Activity

Summary

The mission of the Bureau of Engraving and Printing (BEP) is to develop and produce United 

States currency notes trusted worldwide. BEP supports Treasury’s Strategic Goal 2: Enhance 

National Security, Goal 3: Protect Financial Stability and Resiliency, Goal 4: Combat Climate 

Change, and Goal 5: Modernize Treasury Operations. 

BEP’s FY 2024 President’s Budget request funds the following projects: 

1. DC Replacement Facility: In FY 2019, BEP received legislative authority to acquire 

land and fund construction of a more efficient production facility to replace BEP’s current aging 

Washington, D.C. (DC) facility. Additionally, a provision in the Agriculture Improvement Act of 

2018 (P.L. 115-334) authorizes the transfer of a U.S. Department of Agriculture (USDA) land 

parcel in Beltsville, Maryland to the Department of the Treasury to be the site for BEP’s 

replacement production facility. The property transfer Memorandum of Agreement (MOA) 

between USDA and Treasury was finalized in early 2020. The formal transfer of administrative 

control from USDA to Treasury occurred in 2022. A replacement facility, with an estimated 

total cost of $1.9B, will save an estimated $568 million over 10 years, as compared to the cost of 

the renovation of the existing facility. In addition, BEP will reduce its annual operating costs by 

at least $38 million through production, material handling, and other operational/support 

efficiencies. The FY 2024 budget estimate reflects the BEP’s continuing commitment to the next 

generation of currency manufacturing and building a state-of-the-art currency manufacturing 

facility. The FY 2024 budget estimate includes $1,244M in obligations for the next phase of the 

replacement facility project. 

2. Yearly Currency Order (YCO) Reduction: The BEP has finalized the FY 2023 YCO with 

the FRB with an initial production plan of 4.9B down from the previous estimate of 7.6B notes 

in the FY 2023 President’s Budget. The FY 2024 budget estimate reflects an YCO of 6.8B notes. 

The reduction in the FY 2023 YCO production is driven by: 1) increased testing requirements as 

we prepare for the eventual release of the next generation of currency notes which is impacting 

the ability to produce a higher level of notes; 2) required maintenance, which was deferred due 

to pandemic, must now be completed; and 3) transitioning additional denominations to 50-

subject sheets to increase capacity and improve efficiency. 

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Budget Activity Actual 

Obligations

Revised 

Estimate Estimate $ Change % Change

Manufacturing $1,026,215 $1,052,807 $1,203,054 $150,247 14.3%

DC Replacement Facility $11,769 $25,957 $1,243,699 $1,217,742 4691.4%

Total Program Operating Level $1,037,984 $1,078,764 $2,446,753 $1,367,989 126.8%

Total Full-time Equivalents (FTE) 1,848 1,873 1,888 15 0.8%

FY 2023 to FY 2024

Department of the Treasury - Budget in Brief 123
3. Banknote Design and Development: BEP will continue to work with the Federal 

Government’s Advanced Counterfeit Deterrent Steering Committee to develop the next family of 

banknotes to include new and effective security features to deter counterfeiting, and a raised 

tactile feature to provide meaningful access to blind and visually impaired individuals. The 

current note release sequence continues to be as follows: $10, $50, $20, $5, $100. 

4. Retooling: BEP continues to conduct a multi-year effort to retool its manufacturing processes 

with state-of-the-art intaglio printing presses, electronic inspection systems, and finishing 

equipment. To ensure BEP will meet the FRB’s annual currency order, BEP developed short, 

medium, and long-term strategic equipment replacement plans for the U.S. Currency Program. 

Successful implementation of advanced technology improves productivity, reduces 

environmental impact, and enhances counterfeit deterrence of U.S. currency notes. In 

FY 2024, the major retooling initiatives include: 

• Continuation of the upgrade and complete automation of the $100 finishing line to integrate 

Single Note Inspection technology. 

• Replace obsolete electrical and mechanical parts on existing presses and upgrade the

inspection system. 

• Conduct print trial to qualify prospective press vendors for acquisition of presses for the DC 

replacement facility. 

• Make improvements to the existing system in operation to bring them up to the new 

capabilities that are included on the next generation Large Examining and Printing 

Equipment Inspection system. 

5. Human Capital/Talent Management: The FY 2024 budget estimate and revised FY 2023 

budget estimate reflect BEP’s commitment to the next generation of currency manufacturing, 

ensuring successful knowledge transfer and continuity of operations, and building of a state-ofthe-art currency manufacturing facility. Over 50 percent of BEP workforce is eligible for 

retirement in the coming years. The additional 15 FTE will enable BEP to ensure a successful 

knowledge transfer by near-retirement employees and support the development of the next 

generation of currency.

Department of the Treasury - Budget in Brief 124
Budget Highlights

Dollars in Thousands

Bureau of Engraving and Printing FTE Amount

FY 2023 President's Budget 1,863 $2,039,851 

Program Changes:

Program Decreases 0 ($1,016,485)

DC Replacement Facility 0 ($871,091)

Currency Program Decrease 0 ($126,321)

Overtime 0 ($19,073)

Program Increases: 10 $55,398

FTE Increase 10 $1,596 

Manufacturing Capital Increase 0 $52,587

Travel Increase 0 $1,215 

FY 2023 Revised Estimate 1,873 $1,078,764

Changes to Base:

Maintaining Current Levels (MCLs): 0 $41,546

Pay Annualization (4.6% average pay raise) 0 $3,725 

Pay Raise (5.2% average pay raise) 0 $11,395

Non-Pay 0 $26,426 

Subtotal Changes to Base 0 $41,546

FY 2024 Current Services 1,873 $1,120,310

Program Changes:

Program Decreases 0 ($20,000)

WCF Expansion 0 ($20,000)

Program Increases: 15 $1,346,443

DC Replacement Facility 0 $1,217,742 

Currency Program Increase 0 $116,196

Overtime 0 $10,000 

FTE Increase 15 $2,505 

FY 2024 Estimate 1,888 $2,446,753

Budget Adjustments

FY 2023 Adjustments 

Program Decreases ................................................................................-$1,016,485,000 / -0 FTE 

DC Replacement Facility, -$871,091,000/ -0 FTE

The major obligation for the next phase will shift to FY 2024. 

Currency Production, -$126,321,000/ -0 FTE

The YCO has adjusted from 7.6B notes to 4.9B notes due to deferred maintenance requirements, 

testing, and integrating new equipment. 

Overtime, -$19,073,000/ -0 FTE

Overtime requirement due to COVID is no longer needed. In addition, it has been adjusted for 

the revised YCO. 

Department of the Treasury - Budget in Brief 125
Program Increases .................................................................................+ $55,398,000 / +10 FTE

FTE Increase, +$1,596,000/ +10 FTE 

To support backfill hires for near-retirement employees to avoid losing critical institutional 

knowledge. Additional resources are also required to support the next generation of notes and to 

comply with Executive Order 14035 on diversity, equity, inclusion, and accessibility. 

Manufacturing Capital Investments, +$52,587,000/ +0 FTE

To support the following capital projects: $30M for currency production/retooling; $6M for 

facilities support; $3.4M for information systems; $6.8M for manufacturing support; and $6.3M 

for security and accountability. 

Travel, +$1,215,000/ +0 FTE

To restore travel requirements to pre-pandemic levels as pandemic travel restrictions ease. 

Maintaining Current Levels (MCLs) ......................................................+$41,546,000 / +0 FTE 

Pay Annualization (4.6%) +$3,725,000 / +0 FTE

Funds are required for annualization of the January 2023 4.6% average pay raise. 

Pay Raise (5.2% in FY 2024) +$11,395,000 / +0 FTE

Funds are required for a 4.0% average pay raise in January 2024. 

Non-Pay (2.0% in FY 2024) +$26,426,000 / +0 FTE

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

and equipment. 

Program Decreases.....................................................................................-$20,000,000 / -0 FTE 

WCF Expansion, -$20,000,000 / -0 FTE

The WCF Expansion is scheduled to be completed in 2023. 

Program Increases .............................................................................+$1,346,443,000 / +15 FTE

DC Replacement Facility, +$1,217,742,000 / +0 FTE

Construction for the new DC Replacement Facility will start in FY 2024. This represents the 

latest estimate which is under review by the FRB and will be updated if necessary. 

 

Currency Production, +$116,196,000 / +0 FTE

To reflect the increase of YCO from the FY 2023 level of 4.9B notes to FY 2024 level of 6.8B 

notes. 

Overtime, +$10,000,000 / +0 FTE

Additional overtime is needed to meet the estimated YCO increase in FY 2024. 

Knowledge Transfer / Additional Skill Set FTE, +$2,505,000 / +15 FTE 

Additional funds are required to enable knowledge transfer by backfilling near-retirement 

employees and support the development of the next generation of notes.

Legislative Proposals 

The BEP does not have any legislative proposals. 

Department of the Treasury - Budget in Brief 126
Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Manufacturing Currency Notes Delivered Returned 

Due to Defects (parts per million) 0.02 0.0016 16.6 <1ppm <1ppm

Manufacturing FEVS Satisfaction Index1 74 71 NA >65% >65%

Manufacturing Lost Time Accident rate (per 100 

employees)2 1.01 1.59 0.95 < 1.8 < 1.8

Manufacturing Manufacturing Costs for Currency 

(Dollars per Thousand Notes Produced) 56.19 3 61.81 63.96 65.00 TBD

Key: B – Baseline; NR – Not Received

1 FEVS Satisfaction scores are keyed to the year of survey, not the year results are received.

2 Lost Time Accident Rates are adjusted following adjudication of accident reports received during each fiscal year.

3 Target Manufacturing Cost in FY 2020 was increased from $55.73 to $59.65 in Jun 2020 in response to an increase in FY 

2020 order due to pandemic demand.

Description of Performance

($2,446,753,000 from reimbursable sources) 

The BEP has one budget activity: Manufacturing. This budget activity supports all of BEP’s 

strategic goals.

Description of Performance: 

Currency Notes Returned Due to Defects (in parts per million or ppm) is an indicator of BEP’s

ability to provide a quality product. The target for this performance metric is <1 ppm. BEP 

normally achieves this target. As many as 203,000 $20 notes were printed and delivered to the 

FRB with mismatched serial numbers. Elimination of these notes may require as many as 

600,000 notes be removed from circulation in the full serial number range. As of October 21, 

2022, 114,000 such notes have been removed and shredded. We expect this removal to take 

several years. As the root cause has been corrected, BEP’s target for this performance metric will 

be held constant at <1 ppm for FY 2023 and FY 2024. 

The Federal Employees Viewpoint Survey (FEVS) allows employees to share their opinion on 

what matters most to them. Based on the results of the survey, BEP can target areas for 

improvement or additional employee engagement. The measure uses the Department’s standard 

FEVS Global Satisfaction Index with a target of 65 percent or greater. In FY 2023 and 2024, 

BEP will continue to strive for improvements in overall employee satisfaction.

The Lost Time Accident Rate per 100 employees measures the BEP’s ability to reduce injuries 

in the workplace. BEP’s FY 2022 Lost Time Accident rate was at 0.95 cases per 100 employees, 

lower than the target of 1.80 cases per 100 employees. This performance resulted from continued 

focus on following safe work practices and avoiding hazards. For FY 2023, BEP remains 

committed to maintaining and improving the safety of its employees. BEP will continue to 

perform analysis to determine the root causes of any injury and to identify best practices in 

safety. The 1.8 case rate represents approximately one injury per facility per month. BEP’s target 

will be held at 1.80 cases per 100 employees for FY 2023 and FY 2024. 

Manufacturing Cost for Currency (dollar cost per 1,000 notes produced) is an indicator of 

Department of the Treasury - Budget in Brief 127
manufacturing efficiency and effectiveness of program management. The measure is based on 

contracted price factors, productivity improvements, and the mix and timing of denominations 

ordered. This indicator is strongly affected by the portion of the order devoted to high-value 

notes, which are more expensive to produce. Actual performance against standard costs depends 

on BEP’s ability to meet spoilage, efficiency, and capacity utilization goals. The final FY 2022 

cost was $63.96 per 1,000 notes produced. BEP’s target for this performance metric is $63.07 in 

FY 2023. The notional target for FY 2024 is set at $67.01 per 1,000 notes produced. 

Department of the Treasury - Budget in Brief 128
United States Mint

Program Summary by Budget Activity

Summary

In Fiscal Year (FY) 2024, the United States Mint’s (Mint) total estimated budgetary 

requirements for operations, metal, and capital investments are $4.7 billion. This budget will 

support the production of 14.4 billion circulating coins, as well as the production of bullion coins 

and other numismatic products sufficient to meet customer demand. The Mint has one budget 

activity: manufacturing, which encompasses the bureau’s two major programs, circulating 

coinage and numismatic products (including bullion coins, collector coins, and national medals). 

To maintain its reputation as one of the finest mints in the world, the Mint is committed to 

operating according to the core values of service, quality, and integrity. The Mint has three 

strategic goals to help fulfill its mission and values: 1) Advance our circulating mission through 

innovation and technology; 2) Foster a safe, flexible, diverse, and engaged workforce; and 3) 

Introduce diverse products to new customers while simultaneously expanding the current Mint 

customer base through the use of industry-proven marketing approaches. 

Mint operations are funded through the Mint Public Enterprise Fund (PEF), 31 U.S.C. § 5136. 

The Mint generates revenue through the sale of circulating coins to the Federal Reserve Banks 

(FRBs), numismatic products to the public, and bullion coins to authorized purchasers. All 

circulating and numismatic operating expenses, along with capital investments incurred for the 

Mint’s operations and programs, are paid out of the PEF. By law, all funds in the PEF are 

available without fiscal year limitation. Revenues determined to be in excess of the amount 

required by the PEF are transferred to the United States Treasury General Fund. The Mint’s key 

priorities for FY 2024 include: 

• Circulating Coins - Efficiently and effectively mint and issue approximately 14.4 billion 

circulating coins in FY 2024 to meet the needs of commerce.

• Numismatic Program Bullion Products - Mint and issue bullion coins to meet customer 

demand efficiently and effectively. 

• Other Numismatic Products - Produce and distribute numismatic products in sufficient 

quantities, through appropriate channels, to make them accessible, available, and affordable 

to people who choose to purchase them. Design, strike, and prepare for presentation 

Congressional Gold Medals. 

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Budget Activity Actual Obligations Revised 

Estimate Estimate $ Change % Change

Manufacturing $5,206,028 $4,676,182 $4,684,722 $8,540 0.18%

Total Cost of Operations $5,206,028 $4,676,182 $4,684,722 $8,540 0.18%

Full-time Equivalents (FTE) 1,587 1,705 1,705 0 0.00%

FY 2023 to FY 2024

Department of the Treasury - Budget in Brief 129
Budget Highlights

Dollars in Thousands

United States Mint FTE Materials Operating & 

Capital Total 

FY 2023 President's Budget 1,705 $2,860,000 $537,145 $3,397,145 

Program Changes

Program Increases: 0 $1,217,700 $61,337 $1,279,037 

Metal Due to Forecasted Increase in Bullion and Numismatic 

Production 0 $1,217,700 $0 $1,217,700 

ARC Services (Procurement Insight Tool plus Inflation) 0 $0 $3,247 $3,247 

Catalogs and Other Direct Mail 0 $0 $2,238 $2,238 

Advertising 0 $0 $3,680 $3,680 

Numismatic Capital Increase 0 $0 $8,500 $8,500 

IT Services 0 $0 $9,089 $9,089 

Enterprise Sales and Marketing 0 $0 $17,223 $17,223 

Operating Cost 0 $0 $17,360 $17,360 

Subtotal Program Changes 0 $1,217,700 $61,337 $1,279,037 

FY 2023 Revised Estimate 1,705 $4,077,700 $598,482 $4,676,182 

Changes to Base

Maintaining Current Levels (MCLs) 0 $0 $19,910 $19,910 

Pay Annualization (4.6%) 0 $0 $2,950 $2,950 

Pay Raise (5.2%) 0 $0 $10,121 $10,121 

Non-Pay (2%) 0 $0 $6,839 $6,839 

FY 2024 Current Services 1,705 $4,077,700 $618,392 $4,696,092 

Program Changes

Program Decreases 0 $0 ($11,370) ($11,370)

ARC Services (Procurement Insight Tool plus Inflation) 0 $0 ($1,500) ($1,500)

Enterprise Sales and Marketing 0 $0 ($9,870) ($9,870)

Subtotal Program Changes 0 $0 ($11,370) ($11,370)

FY 2024 Estimate 1,705 $4,077,700 $607,022 $4,684,722 

FY 2024 Budget Adjustments 

Adjustment to Estimate

Program Increases.......................................................... +$1,279,037,000 / +0 FTE

Metal due to Forecasted Increase in Bullion Demand +$1,217,700,000 / +0 FTE

FY 2023 forecasted bullion coin demand is projected to remain at the elevated levels experienced 

in FY 2022, and metal prices are also anticipated to remain high. 

ARC Services +$3,247,000 / +0 FTE 

The bureau is looking to add the Insight Tool to its Administrative Resource Center (ARC)

contract for enhanced procurement activities. The tool will provide more robust analytics, 

reporting, and dashboard capabilities. Increases in operating costs and labor rates are also 

anticipated in the ARC service agreement. 

Catalogs and Direct Mail +$2,238,000 / +0 FTE 

This funding will assist with efforts to expand the customer base. An increase in mailings of 

catalogs and other direct mail pieces are targeted to draw additional customers as various 

audiences are reached. 

Department of the Treasury - Budget in Brief 130
Advertising +$3,680,000 / +0 FTE 

In accordance with the Treasury Strategic Plan and the President’s Management Agenda, 

customer experience is important to the Mint. It will be further enhanced through digital 

advertising and increased information with the goal of customer acquisition. 

Numismatic Capital Increase +$8,500,000 / +0 FTE 

Investments in capital are a critical part of regular manufacturing operations. To continue 

effective coin production, equipment replacements and facility maintenance are mandatory. An 

increase to numismatic capital investments is required to effectively support equipment and 

facility maintenance needs that have been deferred in prior years, including a proof press 

overhaul as well as an HVAC renovation at the San Francisco Mint. 

IT Services +$9,089,000 / +0 FTE

This funding is for costs related to information technology systems’ cyber security ($3.7M), 

application development ($700K), enterprise architecture ($1.2M), and infrastructure operations 

($3.5M). 

Enterprise Sales and Marketing +$17,223,000 / +0 FTE 

The Mint’s current Order Management System services contract is in its final year. The increase 

would support contract transition from the current vendor. Support includes reporting, project 

plans, meetings, testing plans, data migration, and project management. Onboarding activities of 

the new vendor include discovery, design, execution, testing, and training.

Operating Costs +$17,360,000 / +0 FTE 

Several of the Mint’s service and utility contracts are experiencing significant increases in costs. 

Higher fuel prices and shortages of goods have resulted in increased utility costs and have caused 

many vendors to cover these costs by passing them on to the customer. Some of these contracts 

include: all utilities – steam, electricity, gas and water; building and equipment maintenance; 

janitorial services; and production supplies. 

Maintaining Current Levels (MCLs)..................................................... +$19,910,000/ +0 FTE

Pay Annualization (4.6%) +$2,950,000 / +0 FTE 

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

Pay Raise (5.2%) +$10,121,000 / +0 FTE 

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

Non-Pay (2.0%) +$6,839,000 / +0 FTE 

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

and equipment. 

Program Decreases............................................................. -$11,370,000/ -0 FTE

ARC Services -$1,500,000 / -0 FTE

Implementation of the Procurement Insight Tool will be completed in FY 2023. These costs are 

being reduced from the base; however, related maintenance costs remain.

Department of the Treasury - Budget in Brief 131
Enterprise Sales and Marketing -$9,870,000 / -0 FTE

The costs associated with this contract are anticipated to be reduced since much of the transition 

expense will occur in FY 2023. As the new system will include various improvements and 

capabilities, budget year and out year costs will continue to reflect this requirement.

Legislative Proposals 

Alternative metal compositions for circulating coins

The Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302) (Act) 

authorized the Department of the Treasury to conduct research and development activities with 

regard to alternative metallic materials for circulating coins. The Act also requires a biennial 

report to Congress that includes information on the production costs for circulating coins, 

recommendations for changes to coin composition, and recommendations for changes to coin 

production. The budget proposes enabling changes to coin metal composition if they: a) reduce 

cost; b) are seamless; and c) have as minimal an adverse impact as possible on stakeholders and 

the public. Two alternative compositions to the current cupronickel alloy used in nickels, dimes, 

quarters, and half dollars are currently under consideration at the Mint for movement: 80/20 

composition, which has been fully tested; and, a leaner potentially seamless alternative, 

C99750T-M, which is still in development. 

While the Mint continues its extensive research, it recommends this proposal to give the 

Secretary of the Treasury (Secretary) the authority to prescribe the metal compositions of 

circulating coins under certain conditions. Currently, the metal composition of each coin is 

prescribed by statute. A revision to current law that would authorize the Secretary to have 

flexibility and agility to implement small changes to the circulating coin metal compositions 

could result in incremental material savings for the Mint with little or no impact to stakeholders, 

including the vending industry and general public. 

Performance Highlights 

Description of Performance

Customer Satisfaction Index (CSI)

The Mint conducts a quarterly survey of a random sample of active numismatic customers. The 

survey is intended to capture customer satisfaction with the Mint’s service performance as a coin 

products supplier and with the quality of specific products. The CSI metric is a quantitative 

score summarizing the survey’s results into one consolidated value. This metric gauges 

performance results in the effort to achieve the Mint’s internal strategic plan goal to “Revitalize 

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

Actual Actual Actual Actual Actual Target Target Target

Seigniorage per Dollar Issued ($) 0.37 0.40 0.47 0.37 0.30 0.33 0.34 0.34

Safety Incident Recordable Rate 1.90 1.45 2.29 0.71 1.29 2.26 2.10 2.04

Customer Satisfaction (%) 93.6 93.6 91.7 84.5 80.2 84.5 84.5 84.5

Numismatic Sales Units (million units) 3.3 4.3 3.4 3.7 4.7 3.5 3.5 3.5

Circulating Ship Complete on Time (%) 100 100 100 100 100 97.5 97.5 97.5

Performance Measure

Department of the Treasury - Budget in Brief 132
products and customer base” and the Mint’s internal strategic objective linked to this goal, 

“Customer experience.” 

In FY 2022, the CSI was 80.2 percent, which failed to reach its 84.5 percent target. The Mint 

fell short of the target as a result of operational changes necessitated by the COVID-19 pandemic 

and related causes, and the trend continued in FY 2022. Warehouse and fulfillment operations 

continue to suffer due to both social distancing requirements and several COVID-19 outbreaks. 

These constraints have been exacerbated by serious labor shortages, and continue to negatively 

impact time-to-deliver metrics. 

Additionally, the Mint is still experiencing a shortage of silver blanks, making it impossible for 

the Mint to fully meet consumer demand for some of its most popular products. As a result, the 

Mint has experienced a large spike in call volume and email traffic from customers. This 

shortage remains outside of the Mint’s control, and will likely continue to hinder attempts to 

improve customer satisfaction in FY 2023. As we work to address these challenges, the Mint 

proposes the CSI target of 84.5 remains for both FY 2023 and FY 2024. 

Numismatic Sales Units

The numismatic sales unit metric measures public demand for coin products sold from 

numismatic operations. This metric also measures performance results in achieving the Mint’s

internal strategic plan goal to “Revitalize products and customer base.” The Mint’s numismatic 

products include annual proof and uncirculated sets, gold coins, silver coins, and products 

derived through legislation such as commemorative coins. The degree of popularity of 

commemorative coins and other coin programs featuring unique gold, silver, platinum, and 

palladium coins can at times strongly impact the comparability of year-over-year sales results. 

Numismatic product sales for FY 2022 totaled 4.7 million units, exceeding its 3.5 million unit 

target primarily as a result of the delivery of the 2021 Morgan and Peace products in November 

2021, along with the residual impact of the American Eagle gold and silver redesign and 

continued strong demand for silver products across all programs. In FY 2023, the Mint expects 

muted demand for numismatic products. While the extension of the popular Morgan and Peace 

program is expected to generate substantial interest, economic headwinds and inflation, 

combined with price increases (driven by increased costs for most inputs), may depress overall 

demand. The Mint proposes a target of 3.5 million numismatic sales units for both FY 2023 and 

FY 2024, which is in line with pre-COVID trends and represents a return to normal sales levels. 

Safety Incident Recordable Rate

The safety incident recordable rate is the number of injuries and illnesses meeting the 

Occupational Safety and Health Administration recording criteria per 100 full-time workers. It 

measures the occurrence of work-related incidents involving death, lost time and restricted work, 

loss of consciousness, or medical treatment. The safety incident recordable rate indicates 

performance results in the effort to achieve the Mint’s internal strategic plan goal to “Foster a 

safe, flexible, diverse, and engaged workforce.” 

In FY 2022, the total recordable case rate reached 1.29, well below the Mint’s FY 2021 target of 

2.26, and still significantly below the most recently published industry average rate of 5.2 

Department of the Treasury - Budget in Brief 133
published in 2015 by the U.S. Bureau of Labor Statistics for the comparable Non-Automotive 

Metal Stamping industry. During FY 2022, the Mint continued implementing and updating risk 

management guidelines to prioritize resources and mitigate risks in advance of injuries or 

catastrophic events at each plant. Mint facility leadership and employees continue to interact on 

a daily basis regarding the importance of safety. The performance targets for the safety incident 

recordable rate are 2.10 for FY 2023 and 2.04 for FY 2024. 

Seigniorage per Dollar Issued 

Seigniorage per Dollar Issued is the financial return on circulating operations, calculated as 

seigniorage divided by the total face value of circulating coins shipped to the FRBs. Seigniorage 

is the difference between the face value and cost of producing circulating coinage. It measures 

the cost effectiveness of minting and issuing the United States’ circulating coinage. It also 

measures performance results in achieving the Mint’s internal strategic plan goal, “Advancing 

the circulating mission through innovation and technology.” 

At the end of FY 2022, Seigniorage per Dollar Issued was $0.30, slightly below the FY 2022 

performance target of $0.33 as a result of a decrease in circulating units shipped. FY 2023 and 

FY 2024 target increases are a result of projected increases in production volumes. Circulating 

shipments are expected to increase by nearly 14 percent to 14.4 billion coins in FY 2023. The 

seigniorage per dollar issued performance targets are set at $0.34 for both FY 2023 and FY 2024. 

Circulating On-time Delivery

Circulating On time Delivery is the percentage total of scheduled circulating coin orders shipped 

on time to the FRBs. Each month, the FRB provides the Mint a report detailing the next month's 

requirements for coinage. Based on this report, the Mint establishes a shipment schedule that is 

captured in its manufacturing system. Changes to the schedule are only made when the FRB 

provides formal documentation of a requested adjustment to scheduled orders. The Mint will 

continue to respond to FRB orders as needed, as well as make every effort to have the 

appropriate amount of coinage available to accommodate timely shipments. Performance over 

the past few years has consistently averaged around 100 percent. On time delivery for FY 2022 

was 100 percent. The Mint is proposing performance targets for circulating on-time delivery 

remain at 97.5 percent for both FY 2023 and FY 2024. 

Department of the Treasury - Budget in Brief 134
Office of the Comptroller of the Currency 

Program Summary by Budget Activity

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to 

FY 2024

Budget Activity Actual Estimate Estimate % Change

Supervise $991,454 $1,103,849 $1,115,704 1.07%

Regulate $111,661 $124,320 $125,655 1.07%

Charter $24,497 $27,274 $27,567 1.07%

Total Cost of Operations $1,127,612 $1,255,443 $1,268,926 1.07%

Full-time Equivalents (FTE) 

3,481 

 

3,555 

 

3,555 0.00%

Summary

The Office of the Comptroller of the Currency (OCC) was created by Congress in 1863 to 

charter national banks; oversee banking institutions; and ensure national banks are safe and 

sound, competitive and profitable, and capable of serving in the best possible manner the 

banking needs of their customers. As of September 30, 2022, the OCC supervised 778 national 

bank charters, 49 federal branches and agencies, and 257 federal savings associations with 

approximately $15.9 trillion in financial institution assets.

Effective supervision and a comprehensive regulatory framework are the key tools that the OCC 

uses to ensure that national banks and federal savings associations operate in a safe and sound 

manner and that they provide fair access to financial services and fair treatment of their 

customers. A robust chartering program allows new entrants into the financial services sector 

while ensuring that they have the necessary capital, managerial, and risk management processes 

to conduct activities in a safe and sound manner. 

The OCC’s nationwide staff of bank examiners conducts on-site and off-site reviews of banks 

and provides sustained supervision of these institutions’ operations. Examiners have used 

enhanced off-site tools and processes during the pandemic to support their supervision 

responsibilities. Examiners analyze asset quality, capital adequacy, earnings, liquidity, and 

sensitivity to market risk for all banks, and assess compliance with federal consumer protection 

laws and regulations. Examiners also evaluate management’s ability to identify and control risk

and assess banks’ performance in meeting the credit needs of the communities in which they 

operate, pursuant to the Community Reinvestment Act (CRA). 

The OCC’s operations are funded primarily (approximately 97 percent) from semiannual 

assessments levied on national banks and federal savings associations. Revenue from 

investments in Treasury securities and other income comprise the remaining (approximately) - 

three percent.

Legislative Proposals 

OCC has no legislative proposals. 

Department of the Treasury - Budget in Brief 135
Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target 

Supervise 

Percentage of National Banks and 

Federal Savings Associations with 

Composite CAMELS Rating 1 or 2

96 96 96 90 90

Supervise 

Percentage of National Banks and 

Federal Savings Associations That Are 

Categorized as Well Capitalized

95 99 99 95 95

Supervise 

Percentage of National Banks and 

Federal Savings Associations with 

Consumer Compliance Rating of 1 or 2

98 98 98 94 94

Supervise 

Total OCC Costs Relative to Every 

$100,000 in Bank and Federal Savings 

Associations Assets Regulated ($)

7.78 6.79 6.78 7.21 7.21

Charter 

Percentage of Licensing Applications 

and Notices Completed within 

Established Timeframes

98 98 98 95 95

Description of Performance

The OCC charters, regulates and supervises all national banks and federal savings associations, 

as well as supervises federal branches and agencies of foreign banks. The primary goal of the 

OCC’s Supervise Program is to ensure that these institutions operate in a safe and sound manner 

and in compliance with laws requiring fair treatment of their customers and fair access to credit 

and financial products. The OCC also monitors risks and threats to the stability of the national 

banking system through regular examinations of supervised institutions and other monitoring. 

Composite Capital Adequacy, Asset Quality, Management, Earnings, Liquidity, and Sensitivity 

(CAMELS) rating reflects banks’ financial condition. As of September 30, 2022, 96 percent of 

national banks and federal savings associations had composite CAMELS rating of either 1 or 2. 

The OCC strives for timely and effective approval of corporate applications to complete 

corporate transactions and introduce new financial products and services. The OCC completed 

98 percent of applications and notices within established timeframes as of September 30, 2022. 

Department of the Treasury - Budget in Brief 136
FY 2024 APPROPRIATIONS LANGUAGE

DEPARTMENTAL OFFICES

SALARIES AND EXPENSES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

implementation of programs within the Office of Cybersecurity and Critical Infrastructure

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

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

OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE

SALARIES AND EXPENSES

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

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

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

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

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

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

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

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

CYBERSECURITY ENHANCEMENT ACCOUNT

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

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

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

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

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

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

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

any other amounts made available to the Treasury Chief Information Officer. 

Department of the Treasury - Budget in Brief 137
TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION

SALARIES AND EXPENSES

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

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

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

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

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

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

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

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

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

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND PROGRAM 

ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

community development financial institutions to expand investments that benefit individuals

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

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

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

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

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

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

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

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

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

Department of the Treasury - Budget in Brief 138
September 30, [2024] 2025, for financial assistance, technical assistance, training, and outreach 

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

communities and provided primarily through qualified community development lender 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Census.

SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF 

PROGRAM

SALARIES AND EXPENSES

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

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

$9,000,000.]

Department of the Treasury - Budget in Brief 139
FINANCIAL CRIMES ENFORCEMENT NETWORK

SALARIES AND EXPENSES

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

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

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

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

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

to Federal law enforcement agencies, with or without reimbursement,

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

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

2023.) 

BUREAU OF THE FISCAL SERVICE

SALARIES AND EXPENSES

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

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

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

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

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

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

101–380. 

ALCOHOL AND TOBACCO TAX AND TRADE BUREAU

SALARIES AND EXPENSES

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

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

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

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

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

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

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

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

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

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

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

Department of the Treasury - Budget in Brief 140
UNITED STATES MINT PUBLIC ENTERPRISE FUND

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

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

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

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

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

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

exceed $50,000,000. 

INTERNAL REVENUE SERVICE

TAXPAYER SERVICES

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

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

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

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

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

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

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

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

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

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

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

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

identity theft and refund fraud casework. 

ENFORCEMENT

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

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

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

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

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

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

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

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

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

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

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

Investigation Division under the "Operations Support" heading. 

OPERATIONS SUPPORT

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

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

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

income; telecommunications; information technology development, enhancement, operations, 

Department of the Treasury - Budget in Brief 141
maintenance and security; the hire of passenger motor vehicles (31 U.S.C. 1343(b)); the 

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

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

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

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

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

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

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

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

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

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

information technology investments in the Internal Revenue Service [Integrated Modernization 

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

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

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

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

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

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

technology systems.

BUSINESS SYSTEMS MODERNIZATION

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

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

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

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

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

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

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

the Comptroller General of the United States detailing major information technology 

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

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

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

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

expenditures by fiscal year.

ADMINISTRATIVE PROVISIONS— INTERNAL REVENUE SERVICE

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

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

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

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

on Appropriations of the House of Representatives and the Senate.

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

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

Department of the Treasury - Budget in Brief 142
SEC. 103. The Internal Revenue Service shall institute and enforce policies and procedures that 

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

theft.

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

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

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

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

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

tax-related crimes.

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

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

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

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

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

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

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

Amendment to the Constitution of the United States.

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

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

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

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

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

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

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

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

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

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

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

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

Federal tax compliance of such employee or former employee. 

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

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

and return information).

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

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

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

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

to process backlogged tax returns and return information.

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

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

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

employment. 

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

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

Department of the Treasury - Budget in Brief 143
of law to appoint, without regard to sections 3304 and 3309 through 3319 of title

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

authority consistent with merit systems principles.

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

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

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

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

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

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

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

the Internal Revenue Service under streamlined critical pay authority subject to

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

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

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

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

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

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

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

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

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

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

ADMINISTRATIVE PROVISIONS—DEPARTMENT OF THE TREASURY

(INCLUDING TRANSFERS OF FUNDS)

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

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

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

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

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

Department of State for the furnishing of health and medical services to employees and their 

Department of the Treasury - Budget in Brief 144
dependents serving in foreign countries; and services authorized by 5 U.S.C. 3109. 

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

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

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

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

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

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

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

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

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

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

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

Representatives and the Senate. 

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

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

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

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

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

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

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

Reserve note.

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

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

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

account from debt collections received in the Debt Collection Fund. 

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

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

approval] prior notification of the Committees on Appropriations of the House of 

Representatives and the Senate, the House Committee on Financial Services, and the Senate 

Committee on Banking, Housing, and Urban Affairs. 

SEC. 119. None of the funds appropriated or otherwise made available by this or any other Act 

or source to the Department of the Treasury, the Bureau of Engraving and Printing, and the 

United States Mint, individually or collectively, may be used to consolidate any or all functions 

of the Bureau of Engraving and Printing and the United States Mint without the [explicit

approval] prior notification of the House Committee on Financial Services; the Senate 

Committee on Banking, Housing, and Urban Affairs; and the Committees on Appropriations of 

the House of Representatives and the Senate.

SEC. 120. Funds appropriated by this Act, or made available by the transfer of funds in this Act, 

for the Department of the Treasury's intelligence or intelligence related activities are deemed to 

be specifically authorized by the Congress for purposes of section 504 of the National Security 

Act of 1947 (50 U.S.C. 414) during fiscal year [2023] 2024 until the enactment of the

Intelligence Authorization Act for Fiscal Year [2023] 2024. 

SEC. 121. Not to exceed $5,000 shall be made available from the Bureau of Engraving and 

Printing's Industrial Revolving Fund for necessary official reception and representation 

expenses. 

Department of the Treasury - Budget in Brief 145
[SEC. 122. The Secretary of the Treasury shall submit a Capital Investment Plan to the 

Committees on Appropriations of the House of Representatives and the Senate not later than 30 

days following the submission of the annual budget submitted by the President: Provided, That 

such Capital Investment Plan shall include capital investment spending from all accounts within 

the Department of the Treasury, including but not limited to the Department-wide Systems and 

Capital Investment Programs account, Treasury Franchise Fund account, and the Treasury

Forfeiture Fund account: Provided further, That such Capital Investment Plan shall include 

expenditures occurring in previous fiscal years for each capital investment project that has not 

been fully completed.] 

SEC. [123] 122. During fiscal year [2023] 2024— (1) none of the funds made available in this or 

any other Act may be used by the Department of the Treasury, including the Internal Revenue 

Service, to issue, revise, or finalize any regulation, revenue ruling, or other guidance not limited 

to a particular taxpayer relating to the standard which is used to determine whether an 

organization is operated exclusively for the promotion of social welfare for purposes of section 

501(c)(4) of the Internal Revenue Code of 1986 (including the proposed regulations published at 

78 Fed. Reg. 71535 (November 29, 2013)); and (2) the standard and definitions as in effect on 

January 1, 2010, which are used to make such determinations shall apply after the date of the 

enactment of this Act for purposes of determining status under section 501(c)(4) of such Code of 

organizations created on, before, or after such date. 

SEC. [124] 123. Within 45 days after the date of enactment of this Act, the Secretary of the 

Treasury shall submit an itemized report to the Committees on Appropriations of the House of 

Representatives and the Senate on the amount of total funds charged to each office by the 

Franchise Fund including the amount charged for each service provided by the Franchise Fund to 

each office, a detailed description of the services, a detailed explanation of how each charge for 

each service is calculated, and a description of the role customers have in governing in 

the Franchise Fund. 

SEC. [125] 124. (a) Not later than 60 days after the end of each quarter, [the Office of Financial 

Stability and] the Office of Financial Research shall submit reports on their activities to the 

Committees on Appropriations of the House of Representatives and the Senate, the Committee 

on Financial Services of the House of Representatives, and the Senate Committee on Banking, 

Housing, and Urban Affairs. (b) The reports required under subsection (a) shall include— (1) the 

obligations made during the previous quarter by object class, office, and activity; (2) the 

estimated obligations for the remainder of the fiscal year by object class, office, and activity;

(3) the number of full-time equivalents within each office during the previous quarter;

(4) the estimated number of full-time equivalents within each office for the remainder of the

fiscal year; and (5) actions taken to achieve the goals, objectives, and performance measures

of each office. (c) At the request of any such Committees specified in subsection (a), [the Office

of Financial Stability and] the Office of Financial Research shall make officials available to

testify on the contents of the reports required under subsection (a).

SEC. [126] 125. In addition to amounts otherwise available, there is appropriated to the Special

Inspector General for Pandemic Recovery, [$12,000,000] $16,000,000, to remain available until

expended, for necessary expenses in carrying out section 4018 of the Coronavirus Aid, Relief,

and Economic Security Act (Public Law 116–136).

[SEC. 127. Section 127 of the Department of the Treasury Appropriations Act, 2019 (title I of

division D of Public Law 116–6) is amended by inserting before the period at the end the

Department of the Treasury - Budget in Brief 146
following: ", including public improvements in the area around such facility to mitigate traffic 

impacts caused by the construction and occupancy of the facility".] 

SEC. 126. Not to exceed 5 percent of any appropriation made available in this Act for the 

Department of the Treasury may be transferred to the Department's information technology 

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

title X of division A of the National Defense Authorization Act for Fiscal Year 2018 (Public Law 

115–91), for the purposes specified in section 1077(b)(3) of such Act, upon the prior notification 

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

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

through September 30, 2027. 

SEC. 127. Up to $1,000,000 of any appropriation in this title may be transferred to the Special 

Inspector General for TARP or the Special Inspector General for Pandemic Recovery 

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

Representatives and the Senate.

Department of the Treasury - Budget in Brief 147
Department of the Treasury - Budget in Brief 148
Message from the Secretary of the Treasury

Dear Member: 

On behalf of President Biden, it is my pleasure to submit the Congressional Budget Justification 

for the Department of the Treasury’s International Programs for Fiscal Year 2024. The 

Administration requests $4.073 billion for Treasury International Programs. Fully funding this 

request will enable Treasury to drive a strong U.S.-led international finance system that can take 

decisive action on many of the global challenges that the world faces, including restoring global 

economic growth to pre-pandemic levels. Developing countries are still struggling to recover 

from the impacts of the COVID-19 pandemic, with many of them facing economic, energy 

security, and food security shocks emanating from Russia’s renewed invasion of Ukraine. 

The budget provides $2.293 billion for the multilateral development banks, which play key roles 

in promoting sustainable and inclusive economic growth, reducing poverty, and providing 

critical support to countries recovering from disaster and conflict, among other global 

challenges. Treasury also seeks support for the broader international finance system and requests 

$1.46 billion for specific multilateral funds and institutions that help deliver on core 

Administration priorities, particularly with respect to promoting quality infrastructure, enhancing 

energy security and innovation, and building resilience to environmental risks including natural 

disasters and climate change. As disruptions in food supply chains and debt crises can have 

significant spillover effects on the United States, the budget requests $121.8 million for food 

security programs and $67 million for debt restructuring programs. 

The budget requests $45 million for Treasury’s Office of Technical Assistance, which provides 

technical assistance that supports our national security agenda by combating terrorist financing 

and financial crimes, helping countries fund and sustain their own development through 

improved domestic resource mobilization and debt management, promoting financial stability, 

and creating the conditions for private sector-led economic growth. 

Experience during the COVID-19 pandemic has made clear that global challenges which 

transcend national borders and affect the American people can occur rapidly and call for a swift, 

effective, and coordinated international response. With that consideration, Treasury requests 

$50 million in additional resources to support U.S. leadership in new initiatives in the 

international finance system that address new and emergent priority needs. 

Treasury is leading global efforts to restore economic growth, reduce poverty, promote 

environmental sustainability and resilience, invest in quality infrastructure, reduce hunger, and 

create quality jobs at home and abroad. Fulfillment of this request is a powerful and efficient 

means to sustain U.S. global leadership and deliver on this ambitious economic agenda. 

Sincerely, 

Janet L. Yellen 

Department of the Treasury - Budget in Brief 149
FY 2024 Executive Summary

The Administration’s FY 2024 Budget (the Budget) requests $4.037 billion for the Treasury 

Department’s International Programs. This request is a critical component of the Biden-Harris 

Administration’s approach for restoring American global standing and leadership. Working with 

our allies and through multilateral institutions, including the international financial institutions, 

will help the United States confront many of the global challenges that the world faces. Our 

priorities include increasing global economic growth, reducing poverty, preventing debt crises, 

modernizing health systems, enhancing food and energy security, building resilience to 

environmental challenges including natural disasters and climate change, championing quality 

and sustainable infrastructure, and supporting vulnerable populations recovering from disaster 

and conflict. 

If these priorities are not addressed, there can be significant spillover effects on the United 

States. This reinforces the need for a strong U.S.-led international finance system that can take 

decisive action to provide financing, policy and technical support for quality infrastructure 

investment, climate adaptation and resilience, energy innovation and diversification, and public 

health. This is essential to delivering on the goals of the Partnership for Global Infrastructure 

and Investment (PGII). Treasury’s International Programs also seek to contribute to enhancing 

equity and fostering the inclusion of disadvantaged and marginalized people in developing 

countries, including women and youth who have not adequately shared the benefits of 

development. This is the right approach, and it is vital to political and economic stability. 

The institutions and programs supported by this request produce impacts across all of these areas

and are cost-effective means for the United States to advance its geostrategic interests. The 

International Monetary Fund (IMF) supports international macroeconomic and financial stability, 

including in low-income countries. Through policy advice and technical assistance, the IMF 

works to prevent economic and financial crises abroad. IMF financing to countries in crisis is 

vital to minimize the severity and duration as well as the likelihood of potential negative 

spillovers to the United States. The World Bank, regional development banks, multilateral 

funds, and Treasury’s bilateral technical assistance program support sustainable economic 

development, food and energy security, and social inclusion, helping developing countries attract 

and sustain private investment for quality infrastructure that will increase prosperity. With U.S. 

leadership, these institutions and programs reflect and promote American values related to good 

governance, transparency, and sound debt management. 

Supporting economic prosperity overseas also benefits American companies by expanding 

markets for U.S. exports and leveling the playing field through increased transparency and 

competition, which creates American jobs and bolsters the U.S. economy. Also, many of these 

international institutions frequently partner with American companies in their programs, whether 

through consulting or project design and execution. We are encouraging these international 

institutions to explore more opportunities to engage the private sector in their work, to help 

expand the pipeline of quality development projects and the multiplier effect of low-cost, 

sustainable public finance. 

Department of the Treasury - Budget in Brief 150
More broadly, Treasury is advocating for the evolution of the multilateral development bank 

(MDB) system, to modernize and expand its work so that it can better address global challenges 

while also enhancing delivery on poverty alleviation and sustainable and inclusive growth. This 

requires meeting our foundational commitments to the MDBs and guiding them to refresh their

operational models and incentive structures and to fully stretch their available resources, 

including through new financing mechanisms that would result in a greater amount of 

development finance. 

Treasury also seeks to invest in the broader international finance system and the specific 

multilateral funds and institutions that help deliver on core Administration priorities, particularly 

with respect to infrastructure, environment and energy, and food security. Investments in the 

programs and funds related to these priorities will offer emerging and developing countries a 

quality and sustainable alternative to drive infrastructure development, including energy, needed 

to boost productivity, growth, jobs, and the delivery of basic services. Further, food security is 

intricately liked to national security and is crucial to having a healthy population and productive 

workforce. These programs and funds will help catalyze private finance and lay the foundation 

for sustainable, inclusive, and resilient growth and development. 

U.S. contributions to these programs help to safeguard and improve the wellbeing of the 

American people. For example, U.S. contributions to energy and clean technology funds 

enhance our energy security by supporting international efforts to diversify energy systems, 

reduce dependence on Russian producers, and reduce long-term energy price volatility. They 

also have significant catalytic impact with large co-financing from private investors, and as the 

markets in these developing countries grow, so will the demand for U.S. technologies in this 

space, bringing benefits back to the U.S. economy. U.S. contributions to agricultural funds not 

only promote global food security but also sustain the supply of food and natural resources from 

overseas on which Americans depend. U.S. contributions to environment funds enhance global 

resilience and mitigate the effects of climate change, conserve biodiversity and critical

ecosystems, and reduce harmful chemicals in our air and water. 

Treasury’s Office of Technical Assistance provides finance ministries, central banks, and other 

government agencies in developing and transitional countries with specialized expertise, 

including through the deployment of expert advisors, to enhance domestic revenue mobilization, 

improve financial regulation, and combat financial crimes. In so doing, it helps create conditions 

for private sector-led growth, including increased private sector investment in infrastructure. 

Treasury is also a critical participant in multilateral initiatives to help address debt vulnerabilities 

around the world. Risks of debt distress have increased across low- and middle-income 

countries due to the impact of the ongoing pandemic, Russia’s war against Ukraine, and global 

financial tightening. These ongoing uncertainties and challenges could lead to more countries 

facing unsustainable debt burdens over the next year or so. The United States, though our 

membership in the Paris Club, conducts debt restructurings through a multilateral and 

coordinated process for the benefit of taxpayers. As members of the G20, we also have a 

commitment to work with countries under the Common Framework for debt treatments, a 

multilateral framework that brings China to the table for the first time.

Department of the Treasury - Budget in Brief 151
Multilateral Development Banks 

The Budget requests $2.293 billion for the multilateral development banks (MDBs). These 

institutions play key roles in the effort to reduce poverty, increase economic growth, foster 

economic and social inclusion, build resilience, and develop sustainable infrastructure. 

Annually, the MDBs invest approximately $35 billion in quality infrastructure and support 

developing countries in mobilizing billions more in private capital. They played a leading role in 

the global response to the COVID-19 pandemic, marshalling resources and experts quickly to 

help developing countries address the health and economic impacts of the pandemic. They also 

assist developing countries in responding to the devastating effects of Russia’s brutal war on 

Ukraine, by providing critical finance to sustain agriculture production and manage the impact of 

sudden spikes in energy and food prices on the poor. Additionally, they provide an alternative to 

low quality financing from malignant actors. These efforts by the MDBs help to advance U.S. 

foreign policy objectives of sustaining peace and stability, promoting security, and protecting the 

global environment. 

Financing through multilateral institutions brings significant advantages to the United States and 

is an effective way to stretch limited development dollars. Specifically, U.S. taxpayer 

contributions to the MDBs catalyze contributions from other shareholders, the MDBs’ internallygenerated resources, and funding from capital markets to significantly increase the assistance 

levels that the MDBs provide. MDBs offer a wide range of instruments, including grants, loans, 

guarantees, equity, insurance, and knowledge products. This array of instruments can help derisk and incentivize private sector investments that support U.S. development priorities in 

emerging markets. The Administration requests increased support for the MDBs so that the 

United States can continue to assert its leadership in these institutions. To help meet today’s 

greatest cross-border challenges, like pandemics, fragility and conflict, and environmental risks, 

the United States with its allies have begun efforts to evolve the MDBs to respond to these 

challenges with sufficient speed and scale, starting with the World Bank. In February 2023, the 

World Bank initiated a process to select a new President that is set to conclude in late April, and 

with new leadership comes an opportunity to shape the institution. 

Treasury’s requests for the MDBs include: 

International Bank for Reconstruction and Development (IBRD): $233.3 million, including 

$206.5 million for the fifth of six installments to subscribe to the U.S. share of the paid-in 

portion of the IBRD 2018 general and selective capital increases and $26.8 million for the 

subsidy cost for IBRD loan guarantees which, with a leverage rate of approximately 1:75, will 

enable $2 billion in new lending to support innovation and diversification in the energy sector of 

emerging markets in South and Southeast Asia, notably Indonesia. The Budget also requests a 

program limitation to allow the United States to subscribe to up to $1.421 billion in callable 

capital. 

International Development Association (IDA): $1.479 billion in support of IDA programs over 

the twentieth replenishment period (July 1, 2022 – June 30, 2025), including support for a second 

payment to the twentieth replenishment (IDA-20) and of which $49 million is to reduce unmet 

commitments to previous replenishments. The Administration also proposes legislative language 

Department of the Treasury - Budget in Brief 152
to exempt securities issued by IDA from regulation by the Securities and Exchange Commission. 

This request is included in the General Provisions found in the Department of State and Other 

International Programs chapter of the FY 2024 President’s Budget Appendix. 

African Development Bank (AfDB): $54.6 million for the fourth of eight installments to subscribe 

to the U.S. share of the paid-in portion of the seventh general capital increase. The Budget also 

requests a program limitation to allow the United States to subscribe to up to $856,174,624 in 

callable capital.

African Development Fund (AfDF): $224 million in support of AfDF programs over the 

sixteenth replenishment period (AfDF-16; 2023–2025), including towards a first installment to 

AfDF-16, and of which $27 million is to reduce unmet commitments to previous replenishments. 

The Administration also requests authorization to subscribe to the AfDF-16 replenishment in the 

amount of $591 million. 

Asian Development Bank (AsDB): $119.4 million in support of two new AsDB initiatives: $84 

million for the subsidy cost of $1 billion of loan guarantees to support the Innovative Finance 

Facility for Climate in Asia and the Pacific, and $35 million for the Energy Transition 

Mechanism Partnership Trust Fund. 

Asian Development Fund (AsDF): $107.2 million in support of AsDF programs over the twelfth 

replenishment period (also known as AsDF-13, covering the period 2021–2024), including for 

payments towards U.S. pledges for the twelfth replenishment, and of which $20 million is to 

reduce unmet commitments to AsDF replenishments. 

Inter-American Investment Corporation (IIC, also referred to as IDB Invest): $75 million for an 

initial subscription to a capital increase in the IIC, provided that the Inter-American 

Development Bank Group has made satisfactory progress toward reforms which include 

increasing the Group’s responsiveness to the development needs of Latin America and the 

Caribbean and promoting more effective and efficient use of the Group’s financial resources. 

The Administration also requests authorization to subscribe to a capital increase of up to 58,942 

additional shares in the IIC. 

International Monetary Fund (IMF) Facilities and Trust Funds

The Budget requests authorization to enable the United States to lend up to $21 billion in 

resources from Treasury’s Exchange Stabilization Fund to the Resilience and Sustainability 

Trust (RST), and to the Poverty Reduction and Growth Trust (PRGT), the IMF’s concessional 

lending facility for low-income countries. The specific division of lending between the RST and 

PRGT is yet to be determined. Treasury also requests a five-year extension of authorization for 

the United States to participate in the IMF New Arrangements to Borrow, to end on December 

31, 2030. 

Department of the Treasury - Budget in Brief 153
Quality Infrastructure

Global Infrastructure Facility (GIF): The Budget requests $40 million for a first-time 

contribution to the GIF, a World Bank financial intermediary fund that provides funding and 

technical assistance to design and structure high-quality infrastructure projects to attract and 

enable MDB and private sector co-financing. 

Energy and Environment 

Clean Technology Fund (CTF): The Budget requests $425 million for a contribution to the CTF

to support developing countries’ adoption of clean technologies in energy and transportation. 

The CTF complements the United States’ bilateral efforts to promote a just energy transition and 

deployment of clean technology in targeted countries. Using $425 million for subsidy costs 

would enable a concessional loan to the CTF with an estimated value of $1.23 billion. 

Green Climate Fund (GCF): The Budget requests $1.6 billion for the GCF, of which $800 

million is through the Department of the Treasury and $800 million is through the Department of 

State. Established in 2010, the GCF seeks to foster climate-resilient development and zeroemission investment by funding activities across a variety of sectors, including transport; water 

and other infrastructure; energy generation and efficiency; and land use, including agriculture 

and forestry. It uses a range of financial instruments to support high impact projects and 

programs, mobilize private sector capital, and foster stronger policy environments that better 

address the challenges of a changing climate.

Global Environment Facility (GEF): The Budget requests $168.7 million, of which $150.2 

million is to cover the second installment of our pledge to the GEF’s eighth replenishment (GEF8) and $18.5 million is for unmet commitments. The GEF is a multilateral trust fund that 

provides mainly grant-based funding to assist developing and transitional countries in addressing 

global environmental challenges in five focal areas: (1) biodiversity; (2) chemicals and waste; (3) 

climate change; (4) land degradation (primarily deforestation and desertification); and (5) 

international waters. The GEF is a global leader in promoting the conservation of terrestrial and 

marine habitats. 

Resilient Development Trust Funds: The Budget requests $27 million for contributions to MDB 

trust funds that are focused on building resilience to natural disasters and extreme weather in the 

most vulnerable developing countries, such as those in the South Pacific and sub-Saharan Africa. 

Food Security

International Fund for Agricultural Development (IFAD): The Budget requests $81.8 million to 

support IFAD programming during its twelfth replenishment period (2022–2024), including for 

the last of three installment payments to the twelfth replenishment, a $35 million contribution to 

IFAD’s Enhanced Adaptation for Smallholder Agriculture Programme (ASAP+), and a $3.8 

million payment to eliminate unmet commitments to prior IFAD replenishments. 

Department of the Treasury - Budget in Brief 154
Global Agriculture and Food Security Program (GAFSP): The Budget requests $40 million for 

the Global Agriculture and Food Security Program (GAFSP), a multi-donor trust fund dedicated 

to improving food and nutrition security worldwide. 

Technical Assistance – Office of Technical Assistance

The Budget requests $45 million for Treasury’s Office of Technical Assistance (OTA). Funding 

will help ensure that OTA is able to respond quickly and sustainably to growing demand for 

technical assistance from developing and transitional countries in areas that are priorities for the 

United States. Such areas include supporting our national security agenda by combating terrorist 

financing and financial crimes, helping countries fund and sustain their own development 

through improved domestic resource mobilization and debt management, promoting financial 

stability, and creating the conditions for private sector-led economic growth, including through 

increased investment in critical infrastructure and climate-related or environmental projects. 

Debt Restructuring and Relief 

The Budget requests $67 million for bilateral debt restructuring and relief programs. This 

funding would support the following initiatives: 

G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative

(the Common Framework), and Paris Club debt restructuring: The Budget requests $52 million 

for the United States’ participation in debt restructuring and relief programs through multilateral 

initiatives including the Paris Club and G20. Since the COVID-19 pandemic, the United States 

has been participating in a G20 initiative—the Common Framework, which helps low-income 

countries restructure their debts through a multilateral framework, and where non-Paris Club 

creditors – including China – must provide comparable treatment. Given the rising debt burdens 

of many low-income countries, U.S. participation in the Common Framework and the Paris Club 

is critical, as these programs proactively work toward longer-term sustainability for low-income 

countries and aim to avoid prolonged and costly debt crises overseas which can have 

ramifications on the U.S. economy. 

Tropical Forest and Coral Reef Conservation Act (TFCCA): The Budget requests $15 million 

for the TFCCA, which enables eligible developing countries with certain concessional debt owed 

to the United States to redirect some of those payments to support conservation of their tropical 

forests and/or coral reefs. Protecting biodiversity and combating climate change are central to 

U.S. national economic and security interests. Conservation of tropical forests and coral reefs is 

critical to mitigating the impact of climate change, providing clean water, and supporting 

sustainable jobs in developing countries. 

Treasury International Assistance Programs

The Budget requests $50 million in additional resources to meet new and emergent needs

through international financial institutions, other international organizations, and/or financial 

intermediary funds and trust funds administered by these institutions. Requested resources will 

be used to support U.S. priorities in promoting global macroeconomic and financial stability and 

Department of the Treasury - Budget in Brief 155
international development, and to advance U.S. strategic priorities and leadership, including 

countering the influence of malignant actors. Funding provided through this account would 

enable U.S. Treasury to be responsive to emergent issues and to address those needs in a timely 

manner. 

Department of the Treasury - Budget in Brief 156
Summary Tables

Table 1: Treasury International Programs – Summary of Previous Appropriations and 

FY 2024 Request 

(in $ thousands)

FY 2022 

Enacted1

FY 2023 

Enacted

FY 2024 

Request

FY 2022 Enacted to FY 2023 Enacted to 

FY 2024 FY 2024

 $ Change % 

Change $ Change % Change

Multilateral Development Banks 1,527,172 1,906,315 2,292,825 765,653 50.1% 386,510 20.3%

International Bank for 

Reconstruction and Development 

(IBRD)

206,500 206,500 233,322 26,822 13% 26,822 13%

International Development 

Association (IDA) 1,001,400 1,430,256 1,479,256 477,856 47.7% 49,000 3.4%

African Development Bank 

(AfDB) 54,649 54,649 54,649 0 0% 0 0%

African Development Fund 

(AfDF) 211,300 171,300 224,000 12,700 6% 52,700 30.8%

Asian Development Fund (AsDF) 53,323 43,610 107,220 53,897 101.1% 63,610 145.9%

Asian Development Bank (AsDB) 

Programs - - 119,378 119,378 - 119,378 - 

Inter-American Investment 

Corporation (IIC, or IDB Invest) - - 75,000 75,000 - 75,000 - 

IMF Facilities and Trust Funds 102,000 20,000 - -102,000 -100% -20,000 -100%

Quality Infrastructure - - 40,000 40,000 - 40,000 -

Global Infrastructure Facility 

(GIF) - - 40,000 40,000 - 40,000 - 

Energy and Environment 274,288 275,200 1,420,700 1,146,412 418% 1,145,500 416.2%

Clean Technology Fund (CTF) 125,000 125,000 425,000 300,000 240% 300,000 240%

Green Climate Fund (GCF) 0 0 800,000 800,000 - 800,000 - 

Global Environment Facility 

(GEF) 149,288 150,200 168,700 19,412 13% 18,500 12.3%

Resilient Development Trust 

Funds - - 27,000 27,000 - 27,000 - 

Food Security 48,000 53,000 121,833 73,833 153.8% 68,833 129.9%

International Fund for Agricultural 

Development (IFAD) 43,000 43,000 81,833 38,833 90.3% 38,833 90.3%

Global Agriculture and Food 

Security Program (GAFSP) 5,000 10,000 40,000 35,000 700% 30,000 300%

Office of Technical Assistance 

(OTA) 38,000 38,000 45,000 7,000 18.4% 7,000 18.4%

Debt Restructuring 67,000 72,000 67,000 0 0 -5,000 -6.9%

G-20 Common Framework for 

Debt Treatments, and Paris Club 52,000 52,000 52,000 0 0 0 0 

Tropical Forest and Coral Reef 

Conservation Act (TFCCA) 15,000 20,000 15,000 0 0 -5,000 -25%

Treasury International 

Assistance Programs - - 50,000 50,000 - 50,000 - 

TOTAL 2,056,460 2,364,515 4,037,358 1,980,898 96.3% 1,672,843 70.7%

1. Table does not include $150 million in funding provided to GAFSP or $500 million to the European Bank for Reconstruction and 

Development under the Additional Ukraine Supplemental Appropriations Act, 2022 (P.L. 117-128), or $300 million to IDA funded with 

American Rescue Plan Act (P.L. 117-2) resources transferred from the Department of State. 

Department of the Treasury - Budget in Brief 157
Table 2: Unmet Commitments at International Financial Institutions

FY 2018 – FY 2024 

(in $ thousands)

Institution FY 2018 

Enacted

FY 2019 

Enacted

FY 2020 

Enacted

FY 2021 

Enacted

FY 2022 

Enacted

FY 2023

Estimate

1

FY 2024

Projecte

d2

IDA Pledges 485,264 485,264 485,264 426,574 337,318 337,318 288,318

IDA MDRI 822,665 1,006,855 1,236,345 1,503,865 1,801,195 2,115,145 2,438,695

AfDF Pledges 154,191 154,191 154,191 154,191 114,191 114,191 87,191

AfDF MDRI 134,377 157,904 172,014 196,711 225,879 262,343 292,963

AsDF 283,943 283,943 283,904 283,904 274,191 274,191 254,191

GEF 134,963 131,951 110,843 102,391 88,006 88,006 69,506

IFAD 3,833 3,833 3,833 3,833 3,833 3,833 0

MIF/ IDB 

Lab 25,710 25,710 25,710 25,710 25,710 25,710 25,710

MIGA 6,867 6,867 6,867 6,867 6,867 6,867 6,867

TOTAL 2,051,813 2,256,517 2,478,970 2,704,045 2,877,189 3,227,603 3,463,440

Total MDRI 957,042 1,164,759 1,408,359 1,700,576 2,027,074 2,377,488 2,731,658

Total exMDRI 1,094,770 1,091,758 1,070,611 1,003,469 850,115 850,115 731,782

1. This does not reflect the allocation of any early encashment credits that the United States might receive due 

to payments made in FY 2023.

2. This column lists the projected levels of unmet commitments if Congress appropriates the amounts 

requested in the FY 2024 President's Budget.

Department of the Treasury - Budget in Brief 158
Mandatory Funding Levels for the 2024 President’s Budget – Treasury Chapter

(Dollars in Millions, Includes Legislative Proposals)

(table continues next page)

Appropriations (Dollars in Millions) FY 2022 FY 2023 FY 2024 FY 2024 FY 2024

Actual Estimated Estimated $ Change % Change

INTEREST PAYMENTS

Payment to the Resolution Funding Corporation 920 920 920 0 0.0%

Interest on Uninvested Funds 8 50 50 0 0.0%

Restitution of Forgone Interest 1,135 0 0 0 0.0%

Federal Interest Liabilities to States 0 1 1 0 0.0%

Interest Paid to Credit Financing Accounts 12,733 10,350 11,708 1,358 13.1%

Refunding Internal Revenue Collections, Interest 3,540 3,556 3,201 (355) -10.0%

Interest on Public Debt 717,611 897,717 1,006,910 109,193 12.2%

Other Interest (49,002) (50,992) (53,715) (2,723) 5.3%

INTEREST PAYMENTS $686,945 $861,602 $969,075 $107,473 12.5%

MANDATORY ACCOUNTS

MANDATORY PROGRAMS

Capital Magnet Fund, Community Development Financial Institutions 397 203 176 (27) -13.3%

Check Forgery Insurance Fund 26 1 1 0 0.0%

Cheyenne River Sioux Tribe Terrestrial Wildlife Habitat Restoration Trust Fund 1 1 1 0 0.0%

Claims, Judgments, and Relief Acts 2,444 2,027 2,027 0 0.0%

Community Development Financial Institutions Fund Program Account 19 11 42 31 281.8%

Comptroller of the Currency 1,224 1,189 1,189 0 0.0%

Continued Dumping and Subsidy Offset 9 8 8 0 0.0%

Debt Collection Fund 188 196 195 (1) -0.5%

Exchange Stabilization Fund 125 764 709 (55) -7.2%

Federal Financing Bank 2,145 2,550 3,363 813 31.9%

Federal Reserve Bank Reimbursement Fund 611 685 706 21 3.1%

Federal Tax Lien Revolving Fund 1 1 1 0 0.0%

Financial Agent Services 1,021 1,149 1,172 23 2.0%

Financial Research Fund 88 112 125 13 11.6%

GSE Mortgage-backed Securities Purchase Program Account 1 1 1 0 0.0%

Gulf Coast Restoration Trust Fund 308 335 338 3 0.9%

IRS, Informant Payments 27 80 80 0 0.0%

IRS, Miscellaneous Retained Fees 335 325 374 49 15.1%

Office of Financial Stability 38 34 10 (24) -70.6%

Payment of Government Losses in Shipment 0 11 21 10 90.9%

Presidential Election Campaign Fund 24 25 25 0 0.0%

Private Collection Agent Program 158 222 226 4 1.8%

Reimbursements to Federal Reserve Banks 162 188 193 5 2.7%

Small Business Lending Fund Program Account 1 2 1 (1) -50.0%

Terrorism Insurance Program 6 33 86 53 160.6%

Travel Promotion Fund 318 95 100 5 5.3%

Treasury Forfeiture Fund 1,038 508 635 127 25.0%

Troubled Asset Relief Program Equity Purchase Program 12 0 0 0 0.0%

Subtotal, MANDATORY PROGRAMS $10,727 $10,756 $11,805 $1,049 9.8%

TAX DIRECT SPENDING ACCOUNTS

Advanced Manufacturing Investment Credit 0 178 244 66 37.1%

Build America Bond Payments, Recovery Act 2,251 2,224 2,203 (21) -0.9%

Child and Dependent Care Tax Credit 7,430 753 70 (683) -90.7%

Clean Vehicle Credit 0 0 349 349 0.0%

Credit for Previously-owned Clean Vehicles 0 0 301 301 0.0%

Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources, Etc 0 4,359 7,396 3,037 69.7%

Internal Revenue Collections for Puerto Rico 414 395 402 7 1.8%

Payment to Issuer of New Clean Renewable Energy Bonds 40 40 40 0 0.0%

Payment to Issuer of Qualified Energy Conservation Bonds 34 35 34 (1) -2.9%

Payment to Issuer of Qualified School Construction Bonds 600 559 555 (4) -0.7%

Payment to Issuer of Qualified Zone Academy Bonds 38 40 40 0 0.0%

Payment to United States Virgin Islands and Puerto Rico for Disaster Tax Relief 0 51 0 (51) -100.0%

Payment Where Adoption Credit Exceeds Liability for Tax 0 0 0 0 0.0%

Payment Where American Opportunity Credit Exceeds Liability for Tax 3,797 2,615 2,530 (85) -3.3%

Payment Where Certain Tax Credits Exceed Liability for Corporate Tax 2,737 2,410 250 (2,160) -89.6%

Payment Where Child Tax Credit Exceeds Liability for Tax 1 131,435 30,359 264,720 234,361 772.0%

Payment Where Earned Income Credit Exceeds Liability for Tax 2 64,282 58,309 71,391 13,082 22.4%

Payment Where Health Coverage Tax Credit Exceeds Liability for Tax 22 12 2 (10) -83.3%

Refundable Premium Tax Credit 85,486 80,128 74,191 (5,937) -7.4%

Refundable Savers Credit 0 0 0 0 0.0%

Subtotal, TAX DIRECT SPENDING ACCOUNTS $298,566 $182,467 $424,718 $242,251 132.8%

PANDEMIC RESPONSE AND RECOVERY PROGRAMS

Air Carrier Worker Support 3 (3,200) 0 0 0 0.0%

Economic Stabilization Program Account 4 (1,363) 5 0 (5) -100.0%

Economic Impact Payments 13,636 2,236 200 (2,036) -91.1%

U.S. Coronavirus Refundable Credits 29,470 25,737 10,043 (15,694) -61.0%

Subtotal, PANDEMIC RESPONSE AND RECOVERY PROGRAMS $38,543 $27,978 $10,243 ($17,735) -63.4%

Department of the Treasury - Budget in Brief 159
1 The Budget proposes, beginning in tax year 2023, to permanently make the Child Tax Credit fully refundable.

2 The Budget proposes to permanently increase the Earned Income Tax Credit for individuals with no qualifying 

children.

3 The Infrastructure Investment and Jobs Act (P.L. 117-58) Section 90007 rescinded $3 billion from CARES Act 

Section 4120 budget authority and $200 million from P.L 116-260 Division N Sec. 411 budget authority in 2022. 4 The Infrastructure Investment and Jobs Act (P.L. 117-58) Sec. 90007 rescinded $1.4 billion in budget authority in 

2022.

5 The Inflation Reduction Act (P.L. 117-169) provided the listed mandatory appropriations in 2022. The funding is 

available until 2031 for these accounts except for the Direct E-file Taskforce (available through 2023). These 

accounts will spend the appropriations over their respective periods of availability.

Total Department of the Treasury (Treasury) Mandatory Budget 

The Treasury Mandatory Budget includes $1,401 billion dollars in budget authority for interest 

payments and mandatory appropriations net of offsetting receipts and collections in 2024. These 

accounts and the estimated budget authority are summarized in the table above. For more 

detailed descriptions of each account, please see the Department of the Treasury chapter in the 

2024 Appendix, Budget of the U.S. Government at: http://www.whitehouse.gov/omb/budget. 

Interest Payments - $969 billion

These are permanent, indefinite funds for interest payments. This category of spending is largely 

Interest on the Public Debt, which consists of all interest paid on Treasury securities sold to the 

public and to Federal Government trust funds, revolving funds and deposit funds. Treasury 

interest payment accounts also consist of Interest paid to Credit Financing Accounts, Refunds on 

Internal Revenue Collections interest, and Payments to the Resolution Funding Corporation. 

Other interest mainly includes interest receipts paid to Treasury from credit financing accounts 

and interest earnings on other Federal loans and invested balances.

Mandatory Programs - $12 billion

These are accounts for which the Congress has given Treasury permanent authority to expend 

funds as appropriations. These include appropriations that fund a number of mandatory programs 

under Treasury jurisdiction and certain payments mandated by law, such as claims or judgments 

against the Government. 

The Department is also a custodian for a number of government accounts and funds listed in this 

section and further detailed in the 2024 Appendix, Budget of the U.S. Government. 

Tax Direct Spending - $425 billion

Tax direct spending accounts have permanent authority to pay refundable tax credits. These 

credits allow for refunding amounts that exceed a taxpayer’s tax liability, resulting in an outlay 

Appropriations (Dollars in Millions) FY 2022 FY 2023 FY 2024 FY 2024 FY 2024

Actual Estimated Estimated $ Change % Change

FUNDING THE INTERNAL REVENUE SERVICE AND IMPROVING TAXPAYER COMPLIANCE 5

Departmental Offices, Salaries and Expenses 155 0 0 0 0.0%

IRS, Business Systems Modernization 4,751 0 0 0 0.0%

IRS, Direct Efile Taskforce 15 0 0 0 0.0%

IRS, Energy Security 500 0 0 0 0.0%

IRS, Enforcement 45,637 0 0 0 0.0%

IRS, Operations Support 25,326 0 0 0 0.0%

IRS, Taxpayer Services 3,182 0 0 0 0.0%

Treasury Inspector General for Tax Administration 403 0 0 0 0.0%

Subtotal, FUNDING THE INTERNAL REVENUE SERVICE AND IMPROVING TAXPAYER COMPLIANCE $79,969 $0 $0 $0 0.0%

OFFSETS TO MANDATORY SPENDING

Treasury Mandatory Offsetting Receipts (15,517) (9,334) (9,910) (576) 6.2%

Treasury Offsetting Collections (6,709) (4,506) (5,307) (801) 17.8%

TOTAL, DEPARTMENT OF THE TREASURY $1,092,524 $1,068,963 $1,400,624 $331,661 31.0%

Department of the Treasury - Budget in Brief 160
of budget authority. These tax credits include Payment Where Child Tax Credit Exceeds 

Liability for Tax, Refundable Premium Tax Credit, and Payment Where Earned Income Credit 

Exceeds Liability for Tax. 

Pandemic Response and Recovery Programs - $10 billion

Treasury is responsible for administering multiple relief and recovery programs authorized and 

appropriated in 2020 and 2021 through the Families First Coronavirus Response Act, CARES

Act, Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021. 

Budget authority in 2024 includes ongoing estimated refundable tax credits associated with the 

previous rounds of Economic Impact Payments and also for tax credits against certain 

employment tax provisions enacted as responses to the pandemic. Amounts of balances 

remaining in the Economic Stabilization Program and the Air Carrier Worker Support accounts 

were rescinded in 2022. For more information about Treasury’s continuing administration of 

pandemic response programs please see the chapter for Treasury Coronavirus Relief, Response, 

Aid, and Recovery Programs. 

Funding the Internal Revenue Service and Improving Taxpayer Compliance - $0 billion

The Inflation Reduction Act of 2022 (IRA) enacted $80 billion in mandatory appropriations for 

the Internal Revenue Service (IRS), Treasury Departmental Offices, and the Treasury Inspector 

General for Tax Administration (TIGTA). In most cases, these amounts are available until 2031 

and Treasury will be spending these funds over the remaining years of availability. The Direct 

E-file Taskforce funds are available until 2023. For more information about Treasury’s 

implementation of these provisions of the IRA, please see respective chapters for IRS, 

Departmental Offices, and TIGTA.

Offsets - $15 billion

Offsets include payments to the Government that are not credited directly to expenditure 

accounts (offsetting receipts) and payments credited directly to accounts from which they will be 

spent (offsetting collections). The receipts offset gross budget authority and outlays at the agency 

or bureau level. The collections offset gross budget authority and outlays at the account level. 

Treasury’s mandatory offsetting receipts include Government Sponsored Enterprises (GSE) fees, 

IRS miscellaneous retained fees, and debt collection fees. Treasury’s mandatory offsetting 

collections include the payments made to accounts such as the Federal Financing Bank, the 

Office of Comptroller of the Currency, and the Exchange Stabilization Fund. 

Department of the Treasury - Budget in Brief 161