[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]
BILLING CODE 4810-25-P
