Speedway

Bureau of the Fiscal Service

Bureau of the Fiscal Service
Agency overview
FormedOctober 7, 2012 (2012-10-07)
Preceding agencies
JurisdictionUnited States federal government
HeadquartersLiberty Loan Federal Building
Washington, D.C.
38°53′05″N 77°02′09″W / 38.8846779°N 77.0359374°W / 38.8846779; -77.0359374
Employees1,969 FTE (2020)[1]
Annual budget$857,202,000 (2020)[1]
Agency executive
Parent departmentUnited States Department of the Treasury
Websitewww.fiscal.treasury.gov Edit this at Wikidata

The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the U.S. Department of the Treasury. The Bureau consolidates the activities of the previous Bureau of the Public Debt and the Financial Management Service, under the Office of Fiscal Service.

The Bureau manages the government's accounting, central payment systems, and public debt; it serves essentially as the United States Government's checking account and the payment rail for every federal agency.[2][3] The Bureau acts as the federal government's agent as it interfaces with the It also operates the TreasuryDirect website for purchasing Treasury securities.[4]

The Bureau also manages the daily auctions of Treasury Securities, which provide the cash necessary to fund all activities of the United States Government.

History

The Fiscal Service's roots begin under the Roosevelt Administration, beginning in 1939 as a consolidation of all Treasury financing activities into a "Fiscal Service." The Bureau's activities "included accounts, deposits, bookkeeping, warrants, loans, currency, disbursements, surety bonds, savings bonds, and the public debt," consolidating management under a fiscal assistant secretary. By 1974, the agency lost authority over the Public Debt, and was renamed to the Bureau of Government Financial Operations. In 1984, the agency was renamed again to the Financial Management Service.[5]

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.[6] The merger of the two agencies and their data centers saved $415 million.[7]

As of 2017, one of its better-known[according to whom?] duties is to collect any voluntary donations made to the government for reduction of the public debt.[8] Annual donations averaged $2.3 million during the last 26 years prior to 2021.[9] In comparison, the public debt was over $20 trillion as of 2017.[10] The agency also plays a critical role in managing Extraordinary measures during United States debt ceiling crises, such as the 2023 United States debt-ceiling crisis.[11]

Trump Administration

On January 20th, 2025, The Trump administration established the Department of Government Efficiency (DOGE), a temporary organization with Elon Musk as its administrator, and renamed the US digital service to the United States DOGE Service to function as a parent agency. [12][13][14]

On January 31st, the DOGE team gained access to the U.S. Treasury payment system, administered by the Bureau of the Fiscal Service, after the career Assistant Secretary in charge of maintaining the payment system suddenly resigned.[15][16] This gave DOGE "full access" to the Fiscal Service's database controlling the expenditure of 6 trillion dollars, as well as "the sensitive personal data of millions of Americans as well as details of public contractors who compete directly with Musk’s own businesses." This read and write access could allow Musk to block payments by the U.S. government to many federal programs. Senator Ron Wyden stated that this access was a "national security risk."[17][18]

Publications

The Fiscal Service publishes data on the Federal Government's "accounting, central payment systems, and public debt" on fiscaldata.treasury.gov. As of February 9th, 2025, there are a total of 52 datasets available to download, including data on the amount of and holders of federal debt, data on the daily cash balance of the U.S. Treasury, detailed data on the settled offers of each day's Treasury Auction, U.S. government revenue and cash inflows by department, the position of state unemployment insurance funds, and details on state and local government security auctions.[19]

The Fiscal Service uses the data assembled to publish the yearly Financial Report of the United States Government, which lays out the federal government's financial position after the end of the fiscal year in accordance with Generally Accepted Accounting Principles (United States).[20] The Fiscal Service also maintains the website usaspending.gov/, a repository of every awarded and dispersed federal grant.

Disbursements

The Fiscal Service manages most disbursements and collections for the federal government. The Fiscal Service disburses 87.9% of federal payments, at an amount of $5.6 trillion, and processed $5.4 trillion in federal revenue for the 2023 fiscal year. The agency manages all collections paid to the Internal Revenue Service, contributing to the large number of collections. The United States Department of Defense does not manage payments through the Fiscal Service, by far the most notable agency to manage its own payments. Social Security, Medicare, and Medicaid grants are paid through the Fiscal Service.[21]

See also

References

  1. ^ a b "Bureau of the Fiscal Service: Program Summary by Budget Activity". U.S. Department of the Treasury. 2020.
  2. ^ "Automated Clearing House". www.fiscal.treasury.gov. Retrieved February 9, 2025.
  3. ^ "Direct Deposit (Electronic Funds Transfer)". www.fiscal.treasury.gov. Retrieved February 9, 2025.
  4. ^ Trompor, Susan (May 28, 2023). "Nationwide savings bond scheme leads to headaches". Detroit Free Press. p. B1, B3.
  5. ^ "Bureau of the Fiscal Service - About Us". www.fiscal.treasury.gov. Retrieved February 9, 2025.
  6. ^ "Bureau of the Fiscal Service - About". Bureau of the Fiscal Service. 2018. Retrieved November 30, 2018.
  7. ^ Wenger, Yvonne (September 9, 2012). "Md. lawmakers protest loss of 450 federal jobs". The Baltimore Sun. p. A8.
  8. ^ Purcell, Tom (January 28, 2017). "Your gift can help pay down US debt". News Herald (Port Clinton, Ohio). p. A5.(subscription required)
  9. ^ "Government - Gift Contributions to Reduce Debt Held by the Public". Archived from the original on October 6, 2021.
  10. ^ Yamachika, Tom (December 10, 2017). "Voluntary Additional Tax?" West Hawaii Today. p. C4.
  11. ^ Stein, Jeff (May 21, 2023). "The man in charge of knowing when the U.S. runs out of money". The Washington Post. Archived from the original on June 5, 2023. Retrieved February 3, 2025.
  12. ^ Shear, Michael; Lipton, Eric (November 12, 2024). "Trump Taps Elon Musk and Vivek Ramaswamy to Slash Government". The New York Times. Archived from the original on December 12, 2024. Retrieved November 12, 2024.
  13. ^ Stein, Jeff; Dwoskin, Elizabeth (November 12, 2024). "Trump taps Musk, Ramaswamy to oversee 'drastic' changes to U.S. government". The Washington Post. Retrieved November 14, 2024.
  14. ^ Ingle, Davis (January 21, 2025). "Establishing And Implementing The President's "Department Of Government Efficiency"". The White House. Retrieved January 21, 2025.
  15. ^ Duehren, Andrew; Rappeport, Alan; Schleifer, Theodore; Swan, Jonathan; Haberman, Maggie (January 31, 2025). "Treasury Official Quits After Resisting Musk's Requests on Payments". The New York Times. ISSN 0362-4331. Retrieved February 4, 2025.
  16. ^ Duehren, Andrew; Haberman, Maggie; Schleifer, Theodore; Rappeport, Alan (February 1, 2025). "Elon Musk's Team Now Has Access to Treasury's Payments System". The New York Times. ISSN 0362-4331. Retrieved February 2, 2025.
  17. ^ Pilkington, Ed (February 2, 2025). "Elon Musk's Doge team granted 'full access' to federal payment system". The Guardian. ISSN 0261-3077. Retrieved February 3, 2025.
  18. ^ Elliott, Vittoria. "The US Treasury Claimed DOGE Technologist Didn't Have 'Write Access' When He Actually Did". Wired. ISSN 1059-1028. Retrieved February 9, 2025.
  19. ^ "Dataset Search | U.S. Treasury Fiscal Data". fiscaldata.treasury.gov. Retrieved February 9, 2025.
  20. ^ "Financial Report of the United States Government". www.fiscal.treasury.gov. Retrieved February 9, 2025.
  21. ^ "Agency". www.usgovernmentmanual.gov. Retrieved February 11, 2025.
Quelle: https://en.wikipedia.org/wiki/Bureau_of_the_Fiscal_Service