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Jacob J. LewSecretary of the Treasury
Department of the Treasury (TREAS)
Mission
Overview
The Treasury Department’s mission is focused on promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities, including advising the President on economic issues, encouraging sustainable economic growth, and helping ensure a stable financial system. Treasury operates and maintains systems that are critical to the Nation’s financial infrastructure, such as disbursing payments to the American public, collecting taxes, producing coins and currency, and issuing debt necessary to run the Federal government. Specifically, the Department’s basic functions include:
- Managing Federal finances;
- Collecting taxes, duties, and monies paid to and due to the United States and paying all bills of the United States;
- Producing currency and coinage;
- Managing Government accounts and the public debt;
- Supervising national banks and thrift institutions;
- Formulating domestic and international financial, monetary, economic, trade, and tax policies;
- Enforcing Federal finance and tax laws; and
- Investigating and prosecuting tax evaders and assisting in the investigation of counterfeiters and forgers.
Treasury works with other federal agencies, foreign governments, public stakeholders, and international financial institutions to encourage global economic growth, raise standards of living, and, to the extent possible, anticipate and mitigate the consequences of economic and financial crises. The Treasury Department and its partners also perform a critical and far-reaching role in enhancing national security through financial and economic intelligence analysis, action, and oversight to identify and disrupt various threats and to protect the international financial system from abuse.
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Strategic Goals & Objectives
Agencies establish a variety of organizational goals to drive progress toward key outcomes for the American people. Long-term strategic goals articulate clear statements of what the agency wants to achieve to advance its mission and address relevant national problems, needs, challenges and opportunities. Strategic objectives define the outcome or management impact the agency is trying to achieve, and also include the agency's role. Each strategic objective is tracked through a suite of performance goals, indicators and other evidence. Click here for more information on stakeholder engagement during goal development.
Strategic Goal:
Promote domestic economic growth and stability while continuing reforms of the financial system
Statement:
Promote domestic economic growth and stability while continuing reforms of the financial system
Strategic Objectives
Statement:
Promote savings and increased access to credit and affordable housing options
Description:
Over the next four years, Treasury will work to provide tools to the American people to help them build a stable financial future and grow the nation’s economy. Treasury will endeavor to enable Americans to invest in their future – whether in higher education or in hard-earned retirement. We will continue to support the Administration’s efforts to lower barriers so that entrepreneurs and businesses can innovate, grow, and hire. We will also continue to bolster programs that provide Americans with the fundamental ability to secure a place to call home, whether through renting or buying. We will promote housing finance reform, which would create jobs, spur growth, and provide revenue at the local and state level, and when financed properly, enable Americans to build assets for long-term financial security.
Statement:
Wind down emergency financial crisis response programs
Description:
The programs put in place under the Troubled Asset Relief Program (TARP)[1], along with other emergency measures put into place by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC), helped prevent the collapse of the U.S. financial system in 2008. With a stabilized national economy showing steady growth, Treasury must finish the course and wind down these emergency measures. We aim to wind down these programs in a manner that balances speed of exit with maximized taxpayer return.
[1] About TARP. Available at at http://www.treasury.gov/initiatives/financial-stability/about-tarp/Pages/default.aspx.
Statement:
Complete implementation of financial regulatory reform initiatives, continue monitoring capital markets, and address threats to stability
Description:
The Dodd-Frank Act addresses key gaps and weaknesses in the financial regulatory structure that contributed to the financial crisis. These reforms are designed to help better protect American families and businesses, level the playing field, and educate and protect consumers.
As a part of the Dodd-Frank Act, several new entities were established. Among these the Financial Stability Oversight Council (FSOC)[1], which is chaired by the Secretary of the Treasury and brings together federal financial regulators, state regulators, and other financial experts to monitor and address threats to financial stability. The Office of Financial Research (OFR)[2] sits within Treasury and provides the FSOC with critical data and analytical support to achieve its mission. The Federal Insurance Office (FIO)[3], also within Treasury, monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the U.S. financial system.
While Treasury has made significant progress in implementing these reform initiatives, there is still work to do in solidifying their roles and functions within the regulatory landscape to help ensure that our financial system is more transparent, better capitalized, less leveraged, and far safer.
[1] Financial Stability Oversight Council. Available at http://www.treasury.gov/initiatives/fsoc/Pages/home.aspx
[2] Office of Financial Research. Available at http://www.treasury.gov/initiatives/ofr/Pages/default.aspx.
[3] Federal Insurance Office. Available at http://www.treasury.gov/initiatives/fio/Pages/default.aspx.
Statement:
Facilitate commerce by providing trusted and secure U.S. currency, products, and services for use by the public
Description:
One of Treasury’s most visible responsibilities is to reliably provide safe, secure, cost-effective, and high-quality U.S. currency notes and coins that are readily accepted by all users. In addition to currency production, Treasury also facilitates commerce by regulating alcohol and tobacco products and producers to ensure that American businesses operate in a fair, competitive marketplace and provide complete and accurate information to consumers about alcohol products. These functions facilitate seamless and stable commerce, which is a necessary condition for domestic growth and stability.
Strategic Goal:
Enhance U.S. competitiveness and job creation, and promote international financial stability and more balanced global growth
Statement:
Enhance U.S. competitiveness and job creation, and promote international financial stability and more balanced global growth
Strategic Objectives
Statement:
Promote free trade, open markets, and foreign investment opportunities
Description:
Foreign investment in the U.S. economy is vital to achieving balanced economic growth and creating jobs. Treasury works with the U.S. Trade Representative and other federal agency partners to pursue a strong international trade and investment agenda that will increase U.S. exports, help the U.S. economy grow, and support job creation.
As Chair of the Committee on Foreign Investment in the United States (CFIUS)[1], Treasury coordinates an interagency process to review certain foreign investments for potential national security concerns. Treasury’s work to help ensure a timely and efficient review process serves the dual purpose of helping secure the United States while maintaining an open investment climate.
[1] The Committee on Foreign Investment in the United States (CFIUS). Available at at http://www.treasury.gov/resource-center/international/Pages/Committee-on-Foreign-Investment-in-US.aspx.
Statement:
Protect global economic and financial stability and press for market-determined exchange rates
Description:
Treasury maintains close dialogues with its bilateral and multilateral counterparts to monitor and respond to evolving risks in the global economic and financial systems and to promote policies conducive to domestic growth. Acting primarily through the FSB and at the G-20, Treasury encourages other countries to implement financial sector reforms consistent with the Dodd-Frank Act, to decrease the risk of regulatory arbitrage to the global financial system as well as avoid a comparatively heightened regulatory burden for U.S. firms. Treasury also works with international partners and through the International Monetary Fund (IMF) to press for market-determined exchange rates—the price at which one country’s currency can be exchanged for another’s absent intervention by a government to influence the price of its currency—to prevent destabilizing effects on economies such as competitive devaluations of currencies.
Finally, Treasury works to implement economic policies consistent with the overarching goal of strong, sustainable, and balanced global growth. Our efforts toward this overarching goal include working to rebalance global demand so that economies that have been heavily reliant on export-oriented growth generate more domestic demand-led growth, making them less dependent on the United States as an export market.
Statement:
Advance U.S. economic, financial, and national security goals by leveraging multilateral mechanisms
Description:
An increasingly interconnected and interdependent global economy creates new opportunities as well as new challenges. The United States can better develop these opportunities and manage these challenges when there is a diverse set of tools available to public actors. Treasury participates in a wide range of multilateral mechanisms that complement ongoing bilateral engagements. These international multilateral institutions and processes reduce the burden on individual countries like the United States by pooling the resources and knowledge of groups of like-minded nations.
Treasury is the executive agency responsible for managing the U.S. government’s interests in IFIs. We work to use our nation’s leadership role to mitigate emerging threats to the U.S. and global economies, as well as reinforce national security interests in key countries around the world. The IMF helps protect global economic and financial stability and encourage market-determined exchange rates. The multilateral development banks (MDBs) - including the World Bank, the Asian Development Bank, the African Development Bank, the European Bank of Reconstruction and Development, and the Inter-American Development Bank – aim to promote economic growth, reduce poverty, and support international trade and investment. Arrangements like the Climate Investment Funds, the Global Agriculture and Food Security Program, the Deauville Partnership with Arab Countries in Transition, the Paris Club, and the FSB provide Treasury flexible vehicles to address emerging global challenges and assist strategically important countries. On behalf of the United States, Treasury promotes economic and financial policy solutions to the nation’s most pressing problems through the G-7 and G-20 processes.
Statement:
Provide technical assistance to developing countries working to improve public financial management and strengthen their financial systems
Description:
Treasury’s Office of Technical Assistance directly assists developing countries that have demonstrated strong commitments to reforming their public financial management or financial systems. Technical Assistance Advisors work directly with finance ministries and central banks in developing countries worldwide to strengthen their capacity to manage public finances – through efficient revenue collection, well-planned and executed budgets, judicious debt management, fundamentally sound banking systems, and strong controls to combat corruption and economic crimes. This work encourages prosperity and stability in other parts of the world and supports broader U.S. government international objectives — such as increasing transparency and accountability, reducing corruption, and strengthening the development of market-based policies and practice — while helping to create more stable international markets for U.S. exports.
Strategic Goal:
Fairly and effectively reform and modernize federal financial management, accounting, and tax systems
Statement:
Fairly and effectively reform and modernize federal financial management, accounting, and tax systems
Strategic Objectives
Statement:
Improve the efficiency and transparency of federal financial management and government-wide accounting
Description:
Treasury operates and oversees the government’s central financial accounting and reporting system. This role is critical to help ensure the proper management of the nation’s finances, and public confidence in the U.S. government. In this role, Treasury collects, analyzes, and publishes government-wide financial information used by the federal government to establish fiscal and debt management policies. The public and private sectors also use this vital information to monitor the government’s financial status, which in turn informs their business decisions.
The federal government currently operates under multiple financial systems and accounting practices, leading in some cases to challenges in communication and coordination. Treasury has committed to working with federal agency partners over the next four years to transform government financial management through shared services, data transparency, and standardization, where practical.
Statement:
Improve the disbursement and collection of federal funds and reduce improper payments made by the U.S. government
Description:
Treasury forecasts the federal government’s fiscal needs; collects money due to the United States, including delinquent debt and federal revenues such as taxes, duties, loan repayments, and fines; and disburses payments owed by the U.S. government, including interest payments, Social Security, and Medicare benefits. In this role, Treasury executes billions of transactions each year. The safety, security, efficiency, and reliability of Treasury transactions are paramount to maintaining public trust and improving the management of the nation’s finances.
Over the next four years, Treasury aims to maintain exceptional daily operations for government collections, payments, debt collection, and financing as well as reduce improper payments made by the U.S. government.
Statement:
Pursue tax reform, implement the Patient Protection and Affordable Care Act and Foreign Account Tax Compliance Act, and improve the execution of the tax code
Description:
Treasury’s largest bureau, the Internal Revenue Service (IRS), touches every American in its efforts to collect taxes fairly and effectively. The Alcohol and Tobacco Tax and Trade Bureau (TTB) also has revenue collection responsibilities related exclusively to federal excise taxes on alcohol, tobacco, firearms, and ammunition. Treasury leads the Administration’s efforts to create a tax system that is simple, fair, and fiscally responsible. Treasury’s Office of Tax Policy works with the White House and Congress to develop tax reform proposals to achieve this objective. Treasury is committed to working with Congress in pursuing a tax reform plan that includes a balanced approach to deficit reduction that strengthens the U.S. government’s fiscal position, and promotes a simpler, more efficient tax code.
While protecting taxpayer rights and minimizing administrative burden, Treasury is working to become a more agile and customer-oriented organization by making greater use of new technologies to facilitate voluntary tax compliance. As new laws are enacted that impact the tax code, such as the Patient Protection and Affordable Care Act (ACA) and the Foreign Account Tax Compliance (FATCA), Treasury will continue to provide clear and timely guidance to taxpayers.
IRS has a renewed commitment to creating an corganizational culture where internal controls are consistently reviewed for effectiveness and where emerging risks are identified, openly discussed, and swiftly addressed. In the coming years, the IRS also aims to increase outreach to and collaboration with all tax practitioners, tax preparers, and other third parties in the tax system to make it is as easy as possible for them to adhere to professional standards and follow the tax code.
Strategic Goal:
Safeguard the financial system and use financial measures to counter national security threats
Statement:
Safeguard the financial system and use financial measures to counter national security threats
Strategic Objectives
Statement:
Identify priority threats to the financial system using intelligence analysis and outreach to the financial sector
Description:
Treasury’s Office of Terrorism and Financial Intelligence (TFI) forms the vanguard of protecting the nation’s finances against illicit actors. Using intelligence from all sources, Treasury works to identify financial activity associated with actors, operations, or systems that threaten the national security or financial sector of the United States. Partnering with other parts of the government, Treasury aims to detect, deter, and deny resources to these threats, particularly through the administration of sanctions. The sanctions programs administered by TFI’s Office of Foreign Assets Control (OFAC) seek to disrupt the financial and commercial networks of terrorists, narcotics traffickers, and proliferators of weapons of mass destruction, among others. Treasury helps degrade these networks by publicly identifying the leadership, participants, and network of illicit organizations, and denying them access to the U.S. financial system and market place.
Statement:
Develop, implement, and enforce sanctions and other targeted financial measures
Description:
TFI works with other agencies to identify and limit or deny financial services to, and target the assets of, those individuals and organizations who are known to be taking actions against the United States or are aiding such people.
Treasury has the authority to employ powerful tools that can cut off the money supply and trade conduits of illicit actors and organizations. Sanctions administered by OFAC, and other targeted financial measures administered by FinCEN, have proven to be effective and successful tools. By strategically using these tools, Treasury seeks to cripple these actors’ ability to do harm. The economic sanctions programs have become increasingly sophisticated as financial networks have grown and non-state actors have begun projecting their power globally. Through these sanctions, OFAC continues to greatly limit the financial capabilities of illicit actors. Moreover, targeted financial measures such as sanctions offer U.S. policymakers affirmative foreign policy options beyond diplomatic approaches alone to handle threats to the national security or foreign policy of the United States. Treasury also seizes assets forfeited from criminal activities and administers the forfeited funds in furtherance of law enforcement and protection activities[1].
[1] Treasury Executive Office for Asset Forfeiture. Available at at http://www.treasury.gov/about/organizational-structure/offices/Pages/The-Executive-Office-for-Asset-Forfeiture.aspx.
Statement:
Improve the cybersecurity of our nation’s financial sector infrastructure
Description:
The financial systems of the United States and the world are in need of greater protection from attacks on their information technology infrastructure. In an age of rapidly advancing technology, Treasury recognizes the need to collaborate with industry to develop protections that can deter attacks on the nation’s critical networks. Working with a combination of international and domestic government, non-government, and private sector partners, Treasury will continue to improve the protection and resilience of financial sector critical infrastructure, including federal financial information and private financial infrastructure, against cyber and physical attacks.
Statement:
Protect the integrity of the financial system by implementing, promoting, and enforcing anti-money laundering and counterterrorism financing standards
Description:
Safeguarding the financial system from illicit financial transactions takes rigorous regulation and enforcement as well as collaboration with local, state, federal, and international law enforcement.
Treasury plans to continue to engage with the domestic financial sector, including through the Bank Secrecy Act Advisory Group, and the international financial sector, including through targeted outreach to foreign financial institutions and bankers’ associations, to better understand the illicit finance risks in the international financial system. TFI currently leads an interagency project to assess domestic money laundering and terrorist financing risks. Participating departments include DOJ and the financial regulatory and law enforcement agencies. The project team is developing a fact-based assessment of money laundering and terrorist financing methods and the initiatives underway to interdict that activity.
Strategic Goal:
Create a 21st-century approach to government by improving efficiency, effectiveness, and customer interaction
Statement:
Create a 21st-century approach to government by improving efficiency, effectiveness, and customer interaction
Strategic Objectives
Statement:
Increase workforce engagement, performance, and diversity by instilling excellence, innovation, and inclusion in Treasury’s organizational culture and business practices
Description:
People are the source of excellence and innovation in any enterprise. Treasury aims to create and sustain a high-performing and inclusive organizational culture that celebrates shared values and diverse contributions so that all employees will be inspired and motivated to do their best in service to the American people. Treasury leaders and managers will communicate mission goals and priorities, provide necessary resources and developmental opportunities, and recognize accomplishments enabling Treasury employees to align their efforts to departmental goals and produce high quality results by working collaboratively, effectively, and efficiently.
Treasury will inspire excellence by supporting individual and organizational growth through continuous learning and improvement. We will cultivate an inclusive workplace by supporting equal opportunity and diversity, and by offering work life options that enable employees to contribute to Treasury’s mission.
Statement:
Support effective, data-driven decision-making and encourage transparency through intelligent gathering, analysis, sharing, use, and dissemination of information
Description:
Decision-makers are most effective when information and data are readily available to help them understand the issues at hand and weigh the available options. Treasury will encourage government-wide access to information unique to Treasury to facilitate increased use of evidence and evaluation in decision-making. By better leveraging the use of existing data across government (with the requisite controls in place for privacy and other considerations), Treasury can encourage better data-based decision-making and enable effective risk analysis, enhancing organizational resilience and risk management. Equally important, employees must be equipped with the skills and capabilities to analyze and consume data.
Statement:
Promote efficient use of resources through shared services, strategic sourcing, streamlined business processes, and accountability
Description:
Treasury will continue to focus on achieving cost savings for the American people, modernizing operations, and increasing productivity by governing strategically, working smarter, and leveraging technology. Increasing the use of shared services and better leveraging strategic sourcing plays a big role in working smarter and governing strategically. Treasury’s “shared services first” approach has enabled Treasury to manage across organizational boundaries, which has helped improve operational effectiveness and coordination across the Department. We aim to expand shared information technology platforms to decrease cost per capita and increase the efficiency and effectiveness of commodity functions.
Statement:
Create a culture of service through relentless pursuit of customer value
Description:
Treasury is a service organization; we provide services and products to the American people, businesses, federal agencies, partners within Treasury, and other entities, both foreign and domestic. Each of these groups has unique needs, values, and measures of success. Improving customer service at Treasury means creating a culture among our leadership and employees where everyone understands each unique customer and defines their success as customer success. This effort involves every part of Treasury and reaches beyond the Management Offices into each bureau and policy office.
Taxpayers expect to interact with the Department of the Treasury in a manner that is fair and straightforward. To meet this expectation, we aspire to provide the best service in the federal government.
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FY16-17 Agency Priority Goals
An Agency Priority Goal is a near-term result or achievement that agency leadership wants to accomplish within approximately 24 months that relies predominantly on agency implementation as opposed to budget or legislative accomplishments. Click below to see this agency's FY16-17 Priority Goals.
Agency Priority Goal:
Statement:
Develop and promote financial transparency policies and their adoption that reflect a 21st century economy and data-driven decision-making to enable a more efficient and effective government. By May 2017, federal spending data is standardized, reliable, and accessible to the public in a structured industry format.
Description:
Treasury operates and oversees the government’s central financial accounting and reporting system. This role is critical to helping ensure the proper management of the nation’s finances and public confidence in the U.S. government. In this role, Treasury collects, analyzes, and publishes government-wide financial information used by the federal government to establish fiscal and debt management policies. The public and private sectors also use this vital information to monitor the government’s financial status, which in turn informs their business decisions.
Treasury leads the government-wide implementation of the Digital Accountability and Transparency Act (DATA Act) in collaboration with OMB and has also been working to improve the USAspending.gov site to better meet stakeholder needs since assuming responsibility for it in February 2014. The objective of this APG is to standardize data exchanges, publish additional federal financial data, and implement USAspending.gov (or a successor site) improvements.
Associated Strategic Goal: Treasury Strategic Goal 3 – Fairly and effectively reform and modernize federal financial management, accounting, and tax systems
Associated Strategic Objective: Treasury Strategic Objective 3.1 - Improve the efficiency and transparency of federal financial management and government-wide accounting
External Links:
https://openbeta.usaspending.gov/
Agency Priority Goal:
Statement:
The IRS will introduce self-service and electronic-service taxpayer options to enable taxpayers to securely authenticate, view account status, view and print tax records online, pay outstanding debts, enter into installment agreements, get tax law information, and easily access all parts of IRS.gov. By September 2017, the percentage of service interactions processed electronically should reach 32 percent and the percentage of electronic interactions completed by taxpayers should reach 47 percent.
Description:
The IRS will increase taxpayer satisfaction by delivering high-quality, timely, innovative, and consistent customer service that better addresses taxpayer needs, reduces burden, and encourages voluntary compliance. Using analytics and a user-centric approach, the IRS will develop online options as part of its multi-channel service model. The APG’s objective is to deliver the enabling infrastructure and next wave of digital services, which will better enable taxpayers to navigate the tax system, understand and meet their tax obligations, and conduct their business in the most efficient and effective manner. As a result of delivering better service to all taxpayers, the IRS brand will benefit by reflecting the attributes of transparency, fairness, trustworthiness, accessibility, and innovation.
Associated Strategic Goal: Treasury Strategic Goal 5 – Create a 21st century approach to government by improving efficiency, effectiveness, and customer interaction
Associated Strategic Objective: Treasury Strategic Objective 5.4 - Create a culture of service through relentless pursuit of customer value
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FY14-15 Agency Priority Goals
An Agency Priority Goal is a near-term result or achievement that agency leadership wants to accomplish within approximately 24 months that relies predominantly on agency implementation as opposed to budget or legislative accomplishments. Click below to see this agency's FY14-15 Priority Goals.
Agency Priority Goal:
Focus Enforcement on High-Priority Threats using Pro-active Analysis
Statement:
By September 2015, employ a proactive, intelligence-driven approach to focus enforcement efforts against high priority threats.
Description:
FinCEN is responsible for safeguarding the financial system from illicit use, which includes using enforcement measures to address high priority threats. The relevant area of responsibility constitutes tens of thousands of financial institutions in the United States and abroad. It is thus essential to take a risk-based, intelligence-driven approach to enforcement. With the technological advancements made available through the new FinCEN information technology (IT) system and a reorganization of personnel that realigns resources to intelligence and enforcement, FinCEN has an opportunity for improvement in this area. Specifically, FinCEN will leverage the new technology, FinCEN data, analytical resources, tools, and methodologies to identify high priority threats compromising our financial system. FinCEN will use this intelligence to focus its own enforcement efforts against high priority threats, and assess civil monetary penalties, impose injunctions, issue special measures under Section 311 of the USA PATRIOT Act, and apply geographic targeting orders, as appropriate. FinCEN will also use this intelligence to help focus the enforcement actions of partner law enforcement and regulatory agencies in the United States and abroad.
Key Factors:
One key external factor that significantly affects the achievement of the goal is the commitment and availability of resources of partner agencies to take enforcement action against identified high priority threats. FinCEN has sufficient legal authority to take enforcement action on its own, but not sufficient resources or jurisdiction to cover the full scope of the problem. Partner agencies must also significantly contribute to enforcement.
This APG relates to the Treasury Strategic Plan, Strategic Objective 4.1: Identify priority threats to the financial system using intelligence analysis and outreach to the financial sector
Agency Priority Goal:
Statement:
By September 2015, introduce self-service and electronic-service taxpayer options to enable taxpayers to securely authenticate, view, and print tax records online, pay outstanding debts, enter into installment agreements, establish powers of attorney, get tax law information, and easily access all parts of IRS.gov.
Description:
The IRS will increase taxpayer satisfaction by delivering high-quality, timely, innovative, and consistent customer service to better address taxpayer needs, reduce burden, and encourage voluntary compliance. Using analytics and a user-centric approach, IRS will develop online options as part of its multi-channel service model. This APG’s objective is to deliver the enabling infrastructure and next wave of digital services to allow taxpayers to navigate the tax system, understand and meet their tax obligations, and conduct their business in the most efficient and effective manner. As a result of delivering better service to all taxpayers, the IRS brand will benefit by reflecting the attributes of transparency, fairness, trustworthiness, accessibility, and innovation.
Key Factors:
Enabling Infrastructure and Digital Products/Services are subject to schedule agreement with IRS Business and IT.
This APG aligns to the Treasury Strategic Plan Objective 5.4: Create a culture of service through relentless pursuit of customer value.
Success Stories
Treasury’s Bureau of the Fiscal Service is responsible for managing and operating federal payment systems and disburses approximately 85 percent of all Federal payments. Major payments include: Social Security Benefits, Supplemental Security Income, Federal Pension Benefits, Veterans’ Compensation and Pension, Railroad Retirement Pensions, and tax refunds. In FY 2010, 82 percent of payments and associated information were settled electronically.
