Promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.
Transform financial management and the delivery of shared services in the federal government.
We are guided by our commitment to integrity, collaboration, accountability, learning, and excellence in our dealings with each other and with those we support and serve.
We finance government operations by offering Treasury securities through reliable,accurate, flexible, and electronic systems.Collections
We operate the federal government’s collections and deposit systems.Payments
We provide central payment services to the American public on behalf of government agencies.Debt Management
We identify and assist in the prevention of improper payments, while collecting debt owed to government agencies.Shared Services
We deliver cost-effective, quality administrative and information technology services through a shared service model.Government-wide Accounting and Reporting
We provide timely, reliable, and transparent financial services and information.
We awarded $10 trillion in wholesale Treasury marketable securities and conducted 270 auctions to fund critical government operations and activities.
We issued and serviced $63.99 billion in savings and marketable securities held by 641,000 investors in the TreasuryDirect system.
We collected over $4.15 trillion in federal revenue, 98% settled electronically.
Public Key Infrastructure
We delivered two-factor authentication abilities to more than 50% of civilian government employees, including the Departments of the Treasury, Homeland Security, and Veterans Affairs, and the Social Security Administration, and NASA.
We disbursed 1.2 billion payments totaling more than $3.5 trillion, 100% on time, with 95.4% disbursed electronically. We disbursed 87% of all federal payments, including IRS tax refunds, Social Security Administration and Supplemental Security benefits, OPM retirement benefits, veterans benefits, and vendor payments.
Financial Innovation and Transformation
We launched a financial management innovation program that partners with federal agencies in pilots and proof-of-concepts to help them improve their financial management practices.
We collected $7.44 billion in delinquent debt; over $7.2 billion was collected through the Treasury Offset Program and $242.5 million through cross-servicing.
Do Not Pay
We assisted agencies in identifying or stopping 20,366 improper payments worth $35.53 million.
We provided information technology and administrative services (i.e. financial management, human resource, travel, and procurement services) to 78 federal agencies as part of the Treasury Franchise Fund.
We accounted for and reported the $21.5 trillion public debt and managed a daily cash flow of $111.8 billion. We provided forecasting and reporting through the Daily Treasury Statement and additional budgetary results through the Monthly Treasury Statement. We released the Financial Report of the United States Government.
We provided the public and federal agencies with access to a greater range of financial data and established government-wide financial data. Through our websites, usaspending.gov and datalab.usaspending.gov, we are leading the way to provide financial data that is usable by agencies to make better decisions and increase the transparency and accountability of federal spending and taxpayer dollars. The Digital Accountability and Transparency Act or DATA Act is a law that aims to make information on federal spending more easily accessible and transparent.
Kim McCoy, Commissioner
Kimberly (Kim) A. McCoy was appointed the Commissioner of the U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) on May 2, 2018. Ms. McCoy provides leadership, policy direction, and guidance for the bureau’s debt financing and financial management programs and shared services.
The bureau issues 1.2 billion federal payments worth $3.5 trillion to more than 100 million people; collects more than $4.15 trillion in federal revenue each year; and collects $7.44 billion in delinquent debts. Approximately 270 security auctions are conducted annually to finance the public debt; and in FY 2018, more than $10 trillion in Treasury marketable securities was awarded to investors. Fiscal Service manages a daily cash flow of more than $111.8 billion, has government-wide program responsibilities for credit and cash management, and accounts for the federal government’s debt of $21.5 trillion. Fiscal Service produces the Daily and Monthly Treasury Statements, the Monthly Statement of the Public Debt, and the Financial Report of the United States Government.
Prior to her current position, Kim served as deputy commissioner for Shared Services and deputy commissioner for Finance and Administration where she provided leadership, direction, and guidance on shared services, legislative and public affairs, information and security services, management, and the bureau’s Federal Reserve partnership.
Kim joined the Bureau of the Public Debt (Public Debt) in 1992 as a computer specialist. She progressed through various positions, including lead information technology specialist, branch manager, division director, deputy assistant commissioner, assistant commissioner and chief information officer (CIO). When the Financial Management Service and Public Debt were consolidated into Fiscal Service on October 7, 2012, Kim was appointed CIO and assistant commissioner of Information and Security Services. She was appointed to the Senior Executive Service in 2007.
Other Executive Management
- Steve Manning, Deputy Commissioner for Finance and Administration
- Matt Miller, Deputy Commissioner for Accounting and Shared Services
- Jeff Schramek, Deputy Commissioner for Financial Services and Operations
- Paul Wolfteich, Chief Counsel
- Doug Anderson, Chief Information Officer and Assistant Commissioner - Information and Security Services
- Theresa Kohler, Chief Financial Officer and Assistant Commissioner - Office of Management
- Mike Linder, Assistant Commissioner - Fiscal Accounting
- David Copenhaver, Assistant Commissioner - Office of Shared Services
- John Hill, Assistant Commissioner - Office of Financial Innovation and Transformation
- Daniel Vavasour, Assistant Commissioner - Debt Management Services
- Ronda Kent, Chief Disbursing Officer and Assistant Commissioner - Payment Management
- Jan Draber, Assistant Commissioner - Retail Securities Services
- Corvelli McDaniel, Assistant Commissioner - Revenue Collections Management
- Dara Seaman, Assistant Commissioner - Wholesale Securities Services
- Lori Santamorena, Executive Director - Government Securities Regulations
Right before World War II, in 1939, President Franklin Roosevelt began a reorganization of the executive department. The president consolidated all Treasury financing activities into a "Fiscal Service" under the direction of a fiscal assistant secretary.
These activities included accounts, deposits, bookkeeping, warrants, loans, currency, disbursements, surety bonds, savings bonds, and the public debt.
By 1940, the Fiscal Service consisted of the Bureau of Accounts, the Bureau of the Public Debt, and the Office of the Treasurer—all under the direction of the fiscal assistant secretary.
A 1974 reorganization of the Fiscal Service created the Bureau of Government Financial Operations, which consolidated most of the functions of the Office of the Treasurer.
In 1984, the Bureau of Government Financial Operations was renamed the Financial Management Service (FMS). The new name reflected Treasury’s aim to achieve greater efficiency and economy in government financial management.
During this time, the Bureau of the Public Debt (BPD) continued to track, account for, and manage the various elements of the public debt structure first established by George Washington’s Secretary of the Treasury, Alexander Hamilton.
On October 7, 2012, Treasury Secretary, Timothy Geithner issued Treasury Order 136-01 creating the Bureau of the Fiscal Service, consolidating the operations of the Bureau of the Public Debt and the Financial Management Service.
Last modified 04/01/19