Office Of Fiscal Service
   HOME

TheInfoList



OR:

The Office of Fiscal Service (OFS) is an agency of the
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 fed ...
in the
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 office is led by the Fiscal Assistant Secretary of the Treasury. The Fiscal Assistant Secretary reports to the
United States Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
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 mission critical functions for the Department: it manages the daily cash position of the government and it produces the cash and debt forecasts used to determine the size and timing of the government's financing operations. The Office represents the Secretary of the Treasury on the
Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after c ...
(FASAB), Joint Financial Management Improvement Program (JFMIP), and the Library of Congress and National Archives Trust Fund Boards, is a statutory member of the government wide Chief Financial Officers Council, and serves as liaison to the
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 ...
in its capacity as Treasury's fiscal agent. Under the office is the
Bureau of the Fiscal Service 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 effectiv ...
(formerly the
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 direc ...
and the
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 ...
).


Office of Fiscal Operations and Policy

The Office of Fiscal Operations and Policy, led by the Deputy Assistant Secretary for Fiscal Operations and Policy, oversees the development and implementation of policies relating to the government's cash management, operations, investment and administration of trust funds, payments, collections, and debt collections. Within the Office of Fiscal Operations and Policy are: *The Office of Cash and Debt Management, which is responsible for managing the government's daily cash position. The office also produces the cash and debt forecasts used to determine the size and timing of the government's financing operations. *The Office of Investment Fund Administration, which oversees the operations of Investment Fund administration, and helps ensure that the entire process is operating effectively and efficiently. The office is responsible for enhancing and supporting the existing authorities or responsibilities of offices currently involved in Investment Fund administration, both within and outside the Department of the Treasury. *The Office of Grants and Asset Management, which oversees special situations projects, including: Treasury's role in approving and overseeing environmental and economic grant making under the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act (
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 ...
), stood up in the aftermath of the
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 ...
, the worse offshore oil spill in U.S. history; as well as performance of financial agents engaged to support programs associated with the
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 fina ...
: the
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 G ...
(TARP) and Small Business Lending Fund, created as part of the
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 admi ...
.


Office of Accounting Policy

The Office of Accounting Policy, led by the Deputy Assistant Secretary for Accounting Policy, oversees the government wide accounting by providing guidance to the Financial Management Service, the prepares of the Financial Report of the United States Government, in conjunction with
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, pol ...
(OMB) and the United States Chief Financial Officer Council. The Office promotes and facilitates efforts to develop and include more useful, reliable and timely financial information in the Financial Report.


References


External links

* {{authority control Fiscal Service