Bureau of the Fiscal Service
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 | This page in a nutshell: United States federal agency |
| Bureau of the Fiscal Service | |
|---|---|
| File:Bureau of the Fiscal Service logo.svg | |
| Agency Overview | |
| Formed | October 7, 2012 |
| Preceding agencies | Bureau of the Public Debt Financial Management Service |
| Jurisdiction | United States federal government |
| Headquarters | Liberty Loan Federal Building Washington, D.C. |
| Employees | 1,969 FTE (2020)[1] |
| Annual budget | $857,202,000 (2020)[1] |
| Agency Executive | Timothy Gribben, Commissioner of the Fiscal Service |
| Parent department | United States Department of the Treasury |
| Website | |
The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the 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.[2] The merger of the two agencies and their data centers saved $415 million.[3]
The Bureau manages the government's accounting, central payment systems, and public debt.[4] It also operates the TreasuryDirect website for purchasing Treasury securities.[5]
Among some of its better known duties is to collect any voluntary donations made to the government for reduction of the public debt.[6] The amount of donations has averaged $2.3 million per year during the last 26 years.[7] By comparison, the public debt was over $20 trillion as of 2017.[8]
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 United States Department of the Treasury. The BFS is involved in various programs like the Treasury Offset Program and manages the TreasuryDirect website for securities.
Legislation
BFS was established by 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
See also
References
- ↑ 1.0 1.1 "Bureau of the Fiscal Service: Program Summary by Budget Activity". U.S. Department of the Treasury. 2020.
- ↑ "Bureau of the Fiscal Service - About". Bureau of the Fiscal Service. 2018. https://www.fiscal.treasury.gov/about.html. Retrieved 30 November 2018.
- ↑ Wenger, Yvonne (September 9, 2012). "Md. lawmakers protest loss of 450 federal jobs". The Baltimore Sun. p. A8.
- ↑ "Bureau of the Fiscal Service - Our Programs". Bureau of the Fiscal Service. 2013. http://www.fiscal.treasury.gov/fsprograms/fs_programs.htm. Retrieved 26 November 2013.
- ↑ Trompor, Susan (May 28, 2023). "Nationwide savings bond scheme leads to headaches". Detroit Free Press. p. B1, B3.
- ↑ Purcell, Tom (January 28, 2017). "Your gift can help pay down US debt". News Herald (Port Clinton, Ohio). p. A5.
- ↑ "Government - Gift Contributions to Reduce Debt Held by the Public". Archived from the original on October 6, 2021. https://web.archive.org/web/20211006103725/https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm.
- ↑ Yamachika, Tom (December 10, 2017). "Voluntary Additional Tax?" West Hawaii Today. p. C4.
External links
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