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Bureau of the Fiscal Service: Difference between revisions
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{{Organization | |||
{{Organization | |||
|OrganizationName=Bureau of the Fiscal Service | |OrganizationName=Bureau of the Fiscal Service | ||
|OrganizationType=Executive Departments (Sub-organization) | |OrganizationType=Executive Departments (Sub-organization) | ||
|Mission=The Bureau of the Fiscal Service promotes the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. It provides innovative solutions for managing federal finances to ensure transparency and accountability. | |Mission=The Bureau of the Fiscal Service promotes the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. It provides innovative solutions for managing federal finances to ensure transparency and accountability. | ||
|ParentOrganization=Department of the Treasury | |||
|TopOrganization=Department of the Treasury | |||
|CreationLegislation=Treasury Order 136-01 (effective October 7, 2012) | |||
|Employees=4000 | |||
|OrganizationExecutive=Commissioner | |OrganizationExecutive=Commissioner | ||
|Services=Public debt management; Federal payments; Collections; Cash management; Financial reporting | |Services=Public debt management; Federal payments; Collections; Cash management; Financial reporting | ||
|Regulations=31 CFR Subchapter A (Bureau of the Fiscal Service) | |Regulations=31 CFR Subchapter A (Bureau of the Fiscal Service) | ||
|HeadquartersLocation=38. | |HeadquartersLocation=38.93298, -76.88792 | ||
|HeadquartersAddress=3201 Pennsy Dr, Landover, MD 20785 | |HeadquartersAddress=3201 Pennsy Dr, Landover, MD 20785 | ||
|Website=https://fiscal.treasury.gov/ | |||
}} | }} | ||
{{Short description|United States federal agency}} | |||
{{Infobox government agency | {{Infobox government agency | ||
| seal = | | seal = | ||
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}} | }} | ||
The '''Bureau of the Fiscal Service''' ('''Fiscal Service''') is a bureau of the [[United States Department of the Treasury|U.S. Department of the Treasury]]. The Fiscal Service replaced the [[Bureau of the Public Debt]] and the [[Financial Management Service]] effective October 7, 2012, by directive of [[Treasury Secretary]] | The '''Bureau of the Fiscal Service''' ('''Fiscal Service''') is a bureau of the [[United States Department of the Treasury|U.S. Department of the Treasury]]. The Fiscal Service replaced the [[Bureau of the Public Debt]] and the [[Financial Management Service]] effective October 7, 2012, by directive of [[Treasury Secretary]] Timothy Geithner.<ref>{{cite web | url=https://www.fiscal.treasury.gov/about.html | title=Bureau of the Fiscal Service - About | publisher=Bureau of the Fiscal Service | year=2018 | accessdate=30 November 2018}}</ref> The merger of the two agencies and their data centers saved $415{{nbsp}}million.<ref>Wenger, Yvonne (September 9, 2012). "[https://www.newspapers.com/image/262783340/ Md. lawmakers protest loss of 450 federal jobs]". ''The Baltimore Sun''. p. A8.</ref> | ||
The Bureau manages the government's accounting, central payment systems, and [[national debt of the United States|public debt]].<ref>{{cite web | url=http://www.fiscal.treasury.gov/fsprograms/fs_programs.htm | title=Bureau of the Fiscal Service - Our Programs | publisher=Bureau of the Fiscal Service | year=2013 | accessdate=26 November 2013 | archive-url=https://web.archive.org/web/20131129213835/http://www.fiscal.treasury.gov/fsprograms/fs_programs.htm | archive-date=29 November 2013 | url-status=dead }}</ref> It also operates the [[TreasuryDirect]] website for purchasing [[United States Treasury security|Treasury securities]].<ref>Trompor, Susan (May 28, 2023). "[https://www.newspapers.com/image/965288286/ Nationwide savings bond scheme leads to headaches]". ''Detroit Free Press''. p. B1, B3.</ref> | The Bureau manages the government's accounting, central payment systems, and [[national debt of the United States|public debt]].<ref>{{cite web | url=http://www.fiscal.treasury.gov/fsprograms/fs_programs.htm | title=Bureau of the Fiscal Service - Our Programs | publisher=Bureau of the Fiscal Service | year=2013 | accessdate=26 November 2013 | archive-url=https://web.archive.org/web/20131129213835/http://www.fiscal.treasury.gov/fsprograms/fs_programs.htm | archive-date=29 November 2013 | url-status=dead }}</ref> It also operates the [[TreasuryDirect]] website for purchasing [[United States Treasury security|Treasury securities]].<ref>Trompor, Susan (May 28, 2023). "[https://www.newspapers.com/image/965288286/ Nationwide savings bond scheme leads to headaches]". ''Detroit Free Press''. p. B1, B3.</ref> | ||
Among some of its better known duties is to collect any voluntary donations made to the government for reduction of the public debt.<ref>Purcell, Tom (January 28, 2017). "[https://www.newspapers.com/image/264252986/ Your gift can help pay down US debt]". ''News Herald'' (Port Clinton, Ohio). p. A5.</ref> The amount of donations has averaged $2.3{{nbsp}}million per year during the last 26 years.<ref>{{Cite web |url= https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm |title=Government - Gift Contributions to Reduce Debt Held by the Public |archiveurl= https://web.archive.org/web/20211006103725/https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm |archivedate= October 6, 2021 }}</ref> By comparison, the public debt was over $20{{nbsp}}trillion as of 2017.<ref>Yamachika, Tom (December 10, 2017). "[https://www.newspapers.com/image/820574391/ Voluntary Additional Tax?]" ''West Hawaii Today''. p. C4.</ref> | Among some of its better known duties is to collect any voluntary donations made to the government for reduction of the public debt.<ref>Purcell, Tom (January 28, 2017). "[https://www.newspapers.com/image/264252986/ Your gift can help pay down US debt]". ''News Herald'' (Port Clinton, Ohio). p. A5.</ref> The amount of donations has averaged $2.3{{nbsp}}million per year during the last 26 years.<ref>{{Cite web |url= https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm |title=Government - Gift Contributions to Reduce Debt Held by the Public |archiveurl= https://web.archive.org/web/20211006103725/https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm |archivedate= October 6, 2021 }}</ref> By comparison, the public debt was over $20{{nbsp}}trillion as of 2017.<ref>Yamachika, Tom (December 10, 2017). "[https://www.newspapers.com/image/820574391/ Voluntary Additional Tax?]" ''West Hawaii Today''. p. C4.</ref> | ||
{{Official URL (simple)|url=https://fiscal.treasury.gov/}} | |||
==Mission== | |||
The mission of the Bureau of the Fiscal Service is to promote the financial integrity and operational efficiency of the U.S. government. It focuses on providing exceptional accounting, financing, collections, and payment services, alongside transforming financial management practices through shared services across federal agencies. | |||
==Parent organization== | |||
The parent organization is the [[wikipedia:United States Department of the Treasury|United States Department of the Treasury]]. The BFS is involved in various programs like the [[wikipedia:Treasury Offset Program|Treasury Offset Program]] and manages the [[wikipedia:TreasuryDirect|TreasuryDirect]] website for securities. | |||
==Legislation== | |||
BFS was established by [[wikipedia:Treasury Order 136-01|Treasury Order 136-01]] in 2012, which directed the consolidation of the Bureau of the Public Debt and the Financial Management Service. | |||
==Partners== | |||
While BFS works with all federal agencies, no specific partnerships are listed for external organizations. | |||
==Number of employees== | |||
BFS has approximately 4,700 employees. | |||
==Organization structure== | |||
* '''Office of the Commissioner''' directs overall strategy. | |||
* '''Payment Management''' handles all federal payments. | |||
* '''Debt Management''' oversees public debt operations. | |||
* '''Shared Services''' provides support like financial management and HR to other agencies. | |||
==List of programs== | |||
* Treasury Offset Program | |||
* TreasuryDirect | |||
* Invoice Processing Platform | |||
* Centralized Receivables Service | |||
==Last total enacted budget== | |||
Specific budget figures for BFS as a standalone are not commonly disclosed; it operates within the Department of Treasury's budget. | |||
==Leader== | |||
The leader of the Bureau of the Fiscal Service holds the title **Commissioner**. | |||
==Services provided== | |||
BFS provides services like processing federal payments, managing the public debt, offering financial reporting for the government, and providing shared services such as accounting, human resources, and procurement to federal agencies. It also manages systems for electronic funds transfer and debt collection. | |||
==Regulations overseen== | |||
BFS oversees regulations in 31 CFR Subchapter A, which include rules on the sale and issue of U.S. securities, debt collection, and payment management by federal agencies. | |||
==Headquarters address== | |||
3201 Pennsy Drive, Building E, Landover, MD 20785 | |||
==External links== | |||
* https://fiscal.treasury.gov/ | |||
* https://www.treasury.gov/about/organizational-structure/offices/Pages/Fiscal-Service.aspx | |||
* https://www.usa.gov/federal-agencies/bureau-of-the-fiscal-service | |||
* [[wikipedia:Bureau of the Fiscal Service]] | |||
[[Category:United States Department of the Treasury]] | |||
==See also== | ==See also== | ||