[Federal Register Volume 60, Number 72 (Friday, April 14, 1995)]
[Notices]
[Pages 19109-19111]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-9245]



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DEPARTMENT OF THE TREASURY
[Treasury Directive Number 27-02]


Organization and Functions of the Fiscal Service

Dated: April 6, 1995.
    1. Purpose. This Directive describes the organization and functions 
of the Fiscal Service, which administers the Government's financing 
operations and fiscal affairs.
    2. Organization Structure. In accordance with 31 U.S.C. 306, the 
Fiscal Service consists of the Office of the Fiscal Assistant 
Secretary; the Financial Management Service, which has as its head a 
Commissioner; and the Bureau of the Public Debt, which has as its head 
a Commissioner. The Fiscal Assistant Secretary is the head of the 
Fiscal Service and is appointed by the Secretary of the Treasury, in 
accordance with 31 U.S.C. 301(d).
    3. Office of the Fiscal Assistant Secretary. The officials, 
organization and functions of the Office of the Fiscal Assistant 
Secretary are as follows.
    a. The Fiscal Assistant Secretary is responsible for the following 
functions.
    (1) Provides general supervision, policy oversight, management, and 
coordination of the Financial Management Service and the Bureau of the 
Public Debt.
    (2) Oversees the development of policies, programs, and systems for 
the collection, disbursement, management and security of public monies 
in the United States and in foreign countries and the related 
governmentwide accounting and reporting for such funds.
    (3) Oversees the development of policies, programs, and systems for 
financing and accounting for the public debt.
    (4) Provides general supervision and policy oversight of the 
Department of the Treasury's role as lead agency in improving cash 
management, credit administration, and financial management systems on 
a governmentwide basis.
    (5) Provides policy advice and general oversight regarding 
international cash management activities and improvements, including 
the agreements to purchase foreign currencies and the holding and 
disbursement of these funds.
    (6) Ensures the timely consolidation and publication of information 
on the Federal Government's financial operations and financial position 
for use by policy makers and decision makers in the Government and in 
the private sector financial markets.
    (7) Directs the implementation of security enhancements to ensure 
the authentication and integrity of data affecting electronic funds 
transfers.
    (8) Oversees the administration and investment of the major Federal 
Government accounts and trust funds, such as the Social Security Trust 
Funds, Civil Service Retirement and Disability Fund, and the Highway 
Trust Fund.
    (9) Oversees the management of the Treasury's daily cash position 
and the investment of Treasury's excess operating cash balances.
    (10) Provides estimates of the Treasury's future cash and debt 
position for use by the Department in connection with its financing 
activities and other financial operations.
    (11) Oversees the performance of fiscal agency functions by the 
Federal Reserve banks as fiscal agents of the Treasury.
    (12) Approves new and revised governmentwide principles and 
standards and system designs for Treasury's fiscal accounting systems 
[[Page 19110]] operated and maintained by the Financial Management 
Service and Bureau of the Public Debt, and coordinates efforts to 
review, improve and report such systems in accordance with Section 4 of 
the Federal Managers' Financial Integrity Act (FMFIA), Public Law 97-
255 (31 U.S.C. 3512(d)(2)(B)).
    (13) Approves, in accordance with applicable Treasury directives, 
regulations pertaining to the Government securities market and 
participates in the development of policy issues affecting the 
liquidity, integrity and efficiency of the market.
    (14) Provides policy advice to the Department's Office of the 
Assistant Secretary (International Affairs) regarding terms and 
conditions of agreements for borrowing from foreign international 
monetary authorities.
    (15) Represents the Secretary of the Treasury in directing the 
Treasury's participation in the Joint Financial Management Improvement 
Program for improvement of all aspects of financial management in the 
Federal Government.
    (16) Represents the Secretary on various interdepartmental 
commissions, boards, and committees.
    b. The Deputy Fiscal Assistant Secretary shares fully in carrying 
out the functions and responsibilities of the Fiscal Assistant 
Secretary and works closely with the Fiscal Assistant Secretary in 
managing program areas for which the latter is responsible.
    c. The Assistant Fiscal Assistant Secretary serves as the principal 
advisor to the Fiscal Assistant Secretary and the Deputy Fiscal 
Assistant Secretary on matters relating to fiscal policy and banking 
relationships.
    d. The Director, Office of Cash and Debt Management, is the 
principal advisor to the Fiscal Assistant Secretary and the Deputy 
Fiscal Assistant Secretary on matters relating to Treasury cash and 
debt position management, cash flow forecasting, borrowing and 
investment activities.
    4. The Financial Management Service.
    a. Organization. The Financial Management Service is comprised of 
the Washington headquarters and six Regional Financial Centers. In the 
Washington headquarters, the Office of the Commissioner consists of the 
Commissioner, the Deputy Commissioner, the Office of Planning and 
Policy Analysis, and the Office of Legislative and Public Affairs. The 
headquarters office also includes the Chief Counsel, who resides in the 
Office of the Commissioner. The Chief Counsel is an official of the 
Department's Legal Division and under the supervision of the General 
Counsel of the Treasury. The Commissioner and Deputy Commissioner 
direct the activities of the bureau through six Assistant 
Commissioners: Management/Chief Financial Officer, Regional Operations, 
Financial Information, Federal Finance, Agency Services, and 
Information Resources. Regional Financial Centers are located in 
Austin, Birmingham, Chicago, Kansas City, Philadelphia, and San 
Francisco.
    b. Functions. The Financial Management Service acts as the 
Government's financial manager and central accountant and is 
responsible for improving the quality of government financial 
management through the following functions:
    (1) Develops and implements programs to improve Government 
financial management, including cash management, credit management, and 
debt collection.
    (2) Issues electronic funds transfer payments and Treasury checks, 
reconciles all payments, and settles claims for Treasury checks cashed 
under forged endorsements or lost, stolen or destroyed.
    (3) Operates and maintains the systems for the deposit of 
Government receipts, and designates and oversees the performance of 
Government depositaries.
    (4) Maintains the central system that accounts for the monetary 
assets and liabilities of the Treasury and tracks Government collection 
and payment operations.
    (5) Develops and publishes financial reports on the Government's 
financial operations and condition.
    (6) Invests Government accounts and trust funds as directed by 
statute.
    (7) Provides financial management information to Government 
decision makers through financial reports that show budget results and 
the Government's overall financial status, such as the Daily Treasury 
Statement, the Monthly Treasury Statement, the Quarterly Treasury 
Bulletin, the Annual Report of the U.S. Government, and the 
Consolidated Financial Statement.
    (8) Performs a wide range of financial services for Government 
agencies including accounting cross-servicing, providing financial 
advice and guidance, consulting on financial management services, 
assisting with financial systems, and training of accounting and 
finance staffs.
    (9) Develops a Financial Accountability Report for the citizenry.
    5. The Bureau of the Public Debt.
    a. Organization. The Bureau of the Public Debt is comprised of the 
Washington headquarters and operations facilities in Washington and in 
Parkersburg, West Virginia. In the Washington headquarters, the Office 
of the Commissioner consists of the Commissioner, the Deputy 
Commissioner, the Government Securities Regulations Staff, and the 
Program Advisory Staff. The headquarters office also includes the 
Office of the Chief Counsel. The Chief Counsel is an official of the 
Department's Legal Division and under the supervision of the General 
Counsel of the Treasury. The Commissioner and Deputy Commissioner 
direct the bureau's activities through six Assistant Commissioners: 
Securities and Accounting Services; Public Debt Accounting; 
Administration; Automated Information Systems; Savings Bond Operations; 
and Financing; and the Executive Director of the Savings Bond Marketing 
Office.
    b. Functions. The Bureau of the Public Debt borrows the money 
needed to operate the Federal Government and accounts for the resulting 
public debt, and is responsible for the following functions:
    (1) Maintains accounting controls over public debt receipts and 
expenditures, securities and interest costs, and publishes the Monthly 
Statement of the Public Debt of the United States.
    (2) Participates with the Deputy Assistant Secretary (Federal 
Finance) in the development of policies and plans pursuant to the 
Government Securities Act of 1986 and, on a day-to-day basis, carries 
out duties pursuant to the Act.
    (3) Issues regulations and instructions pertaining to public debt 
securities, such as commercial and direct access book-entry securities, 
definitive securities, savings-type securities, and other special 
purpose securities.
    (4) Prepares Department of the Treasury announcements and 
participates in preparation of offering circulars for public debt 
securities, including savings bonds.
    (5) Directs the auction and final allotment of subscriptions for 
public debt securities and issues such securities.
    (6) Provides policy direction and exercises general oversight 
responsibility for the commercial book-entry system for Treasury 
marketable securities, and ensures the availability of an efficient 
mechanism for the conduct of secondary market transactions and the 
Treasury Direct System.
    (7) Plans and implements a national marketing program for U.S. 
Savings Bonds.
    (8) Maintains accounts, processes transactions, and authorizes 
payments [[Page 19111]] for investors whose book-entry, registered and/
or savings bond accounts are held directly with the Treasury.
    (9) Provides policy direction and exercises general oversight 
responsibility for the nationwide network of institutions authorized to 
issue and redeem savings bonds.
    6. Authority. Treasury Order 101-05, ``Reporting Relationships and 
Supervision of Officials, Offices and Bureaus, Delegation of Certain 
Authority, and Order of Succession in the Department of the Treasury.''
    7. Cancellation. Treasury Directive 27-02, ``Organization and 
Functions of the Fiscal Service,'' dated August 3, 1992, is superseded.
    8. Expiration Date. This Directive expires three years after the 
date of issuance unless canceled or superseded prior to that date.
    9. Office of Primary Interest. Office of the Fiscal Assistant 
Secretary.
Gerald Murphy,
Fiscal Assistant Secretary.
[FR Doc. 95-9245 Filed 4-13-95; 8:45 am]
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