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Office Of Fiscal Service
The Office of Fiscal Service (OFS) is an agency of the United States federal government in the United States Department of the Treasury. The office is led by the Fiscal Assistant Secretary of the Treasury. The Fiscal Assistant Secretary reports to the United States Secretary of the Treasury through the Under Secretary of the Treasury for Domestic Finance. Within the Office of Fiscal Service are: *The Office of Fiscal Operations and Policy *The Office of Accounting Policy Mission The Office of Fiscal Service's mission is to develop policy for and operate the financial infrastructure of the federal government, including payments, collections, cash management, financing, central accounting, and delinquent debt collection. OFS provides policy oversight of the bureaus under it and develops policy on payments, collections, debt financing operations, electronic commerce, government wide accounting, government investment fund management, and other issues. The office also performs two missio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Government
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a federal district (the city of Washington in the District of Columbia, where most of the federal government is based), five major self-governing territories and several island possessions. The federal government, sometimes simply referred to as Washington, is composed of three distinct branches: legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court. Naming The full name of the republic is "United States of America". No other name appears in the Constitution, and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Management Service
The Financial Management Service (or FMS) was a bureau of the United States Department of the Treasury and provided several financial services for the federal government. On October 7, 2012, Secretary of the Treasury Timothy Geithner issued a directive merging the FMS with the Bureau of the Public Debt to form the new Bureau of the Fiscal Service. Services These services include centralized payment, collection, and reporting services, oversight of a daily cash flow of nearly $58 billion into and out of federal accounts, disbursement of more than $1.5 trillion to more than 100 million individuals via Social Security and veterans' benefits, issuance of tax refunds and other federal payments, collection of more than $2.67 trillion per year in payments to the government through financial institutions, and collection of delinquent debts owed to the government. FMS has a total of 2,100 employees located in its headquarters offices in Washington, DC, and Hyattsville, MD, and its fiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Management And Budget
The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP). OMB's most prominent function is to produce the president's budget, but it also examines agency programs, policies, and procedures to see whether they comply with the president's policies and coordinates inter-agency policy initiatives. Shalanda Young became OMB's acting director in March 2021, and was confirmed by the Senate in March 2022. History The Bureau of the Budget, OMB's predecessor, was established in 1921 as a part of the Department of the Treasury by the Budget and Accounting Act of 1921, which President Warren G. Harding signed into law. The Bureau of the Budget was moved to the Executive Office of the President in 1939 and was run by Harold D. Smith during the government's rapid expansion of spending during World War II. James L. Sundquist, a staffer at the Bureau of the Budget, called the relationship between the president an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business Jobs Act Of 2010
The Small Business Jobs Act of 2010 () is a federal law passed by the 111th United States Congress and signed into law by President Barack Obama on September 27, 2010. The law authorizes the creation of the Small Business Lending Fund Program administered by the Treasury Department to make capital investments in eligible institutions, in order to increase the availability of credit for small businesses. Provisions The provisions of the Act included: * Establishes the creation of a $30 billion lending program for community banks with assets less than $10 billion. * Increases limits on how much money a company can borrow under various Small Business Administration loan programs. * Provides $12 billion in tax cuts, including a 100% exclusion of capital gains taxes on small business investments. * Allows for small businesses to carry back general business tax credits to offset the tax burden from the previous five years. Small businesses also will be able to use these credits against ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Troubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George Bush. It was a component of the government's measures in 2009 to address the subprime mortgage crisis. The TARP originally authorized expenditures of $700 billion. The Emergency Economic Stabilization Act of 2008 created the TARP. The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion. By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion, and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $24 billion. On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial, essentially ending the program. Purpose TARP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007–08
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deepwater Horizon Oil Spill
The ''Deepwater Horizon'' oil spill (also referred to as the "BP oil spill") was an industrial disaster that began on 20 April 2010 off of the coast of the United States in the Gulf of Mexico on the BP-operated Macondo Prospect, considered to be the largest marine oil spill in the history of the petroleum industry and estimated to be 8 to 31 percent larger in volume than the previous largest, the Ixtoc I oil spill, also in the Gulf of Mexico. The United States federal government estimated the total discharge at . After several failed efforts to contain the flow, the well was declared sealed on 19 September 2010. Reports in early 2012 indicated that the well site was still leaking. The ''Deepwater Horizon'' oil spill is regarded as one of the largest environmental disasters in world history. A massive response ensued to protect beaches, wetlands and estuaries from the spreading oil utilizing skimmer ships, floating booms, controlled burns and of oil dispersant. Due to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RESTORE Act
The RESTORE Act (the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act) is a United States federal statute that was signed into law by President Barack Obama on July 6, 2012. It was enacted by the 112th United States Congress as an amendment of the Moving Ahead for Progress in the 21st Century Act (MAP-21), a transportation bill that included many other provisions. The act was in response to the Deepwater Horizon oil spill that occurred on April 20, 2010, which caused significant environmental, ecological, and economic damage to the U.S. Gulf Coast. __TOC__ Origins On April 20, 2010, the ''Deepwater Horizon'', an oil rig located in the Gulf of Mexico that was owned by Transocean and drilling for British Petroleum ( BP) exploded, killing 11 workers and injuring 16. The rig burned for over a day before it sank into the gulf on April 22, 2010. Following the explosion, the seafloor oil gusher flowed for 87 days, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau Of The Public Debt
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner issued a directive that the Bureau be combined with the Financial Management Service to form the Bureau of the Fiscal Service in 2012. Under authority derived from Article I, section 8 of the Constitution, the Bureau of Public Debt was responsible for borrowing the money needed to operate the federal government, and is where donations to reduce the debt were made. It also accounted for the resulting debt and more recently, provides administrative and IT services to federal agencies. Principal operations were conducted in Washington, D.C. and Parkersburg, West Virginia. Additionally, Federal Reserve Banks, acting as Treasury's fiscal agents, operate critical systems in support of Public Debt Programs and perform a variety of processing and customer service functions in marketable and savings securities. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau Of The Fiscal Service
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. The Bureau manages the government's accounting, central payment systems, and public debt. Among some of its better known duties is to collect any voluntary donations made to the government for reduction of the public debt. The amount of such reductions has hovered around two million dollars per year, and have been widely variable. By comparison, the annual compounding interest on US government debt in the year 2022 has been projected to be about $305B, making it some 152500 times greater than the amount of voluntary donations to the treasury. See also * Title 31 of the Code of Federal Regulations * TreasuryDirect * United States Treasury security United States Treasury securities, also called Tre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of The Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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