[Federal Register Volume 62, Number 106 (Tuesday, June 3, 1997)]
[Notices]
[Pages 30374-30377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14355]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

[Treasury Directive Number 27-02]


Organization and Functions of the Fiscal Service

    Dated: May 23, 1997.


[[Page 30375]]


    1. Purpose. This Directive describes the organization and functions 
of the Fiscal Service.
    2. Organization Structure. In accordance with 31 U.S.C. 306, the 
Fiscal Service consists of the Office of the Fiscal Assistant 
Secretary; the Financial Management Service, which has as its head a 
Commissioner; and the Bureau of the Public Debt, which has as its head 
a Commissioner. The Fiscal Assistant Secretary is the head of the 
Fiscal Service and is appointed by the Secretary of the Treasury, in 
accordance with 31 U.S.C. 301(d).
    3. Office of the Fiscal Assistant Secretary. The officials, 
organization and functions of the Office of the Fiscal Assistant 
Secretary are as follows.
    a. The Fiscal Assistant Secretary is responsible for the following 
principal functions.
    (1) Provides general supervision, policy oversight, management, and 
coordination of the Financial Management Service and the Bureau of the 
Public Debt.
    (2) Oversees the development of policies, programs, and systems for 
the collection, disbursement, management and security of public monies 
in the United States and in foreign countries and the related 
governmentwide accounting and reporting for such funds.
    (3) Oversees the development of policies, programs, and systems for 
financing and accounting for the public debt.
    (4) Provides general supervision and policy oversight of the 
Department's role as lead agency in improving cash management, credit 
administration, debt collection and financial management systems on a 
governmentwide basis.
    (5) Provides policy advice and general oversight regarding 
international cash management activities and improvements, including 
agreements to purchase foreign currencies and the holding and 
disbursement of these funds.
    (6) Ensures the timely consolidation and publication of information 
on the Federal Government's financial operations and financial position 
for use by decision-makers in the Government and in private sector 
financial markets.
    (7) Directs the implementation of security enhancements to ensure 
the authentication and integrity of data affecting electronic funds 
transfers.
    (8) Oversees the administration and investment of the Federal 
Government accounts and trust funds.
    (9) Oversees the management of the Treasury's daily cash position 
and the investment of excess operating cash balances.
    (10) Provides estimates of the Treasury's future cash and debt 
position for use by the Department in connection with its financing 
activities and other financial operations.
    (11) Provides direction and oversight of the performance of fiscal 
agency functions by the Federal Reserve banks as fiscal agents of the 
Treasury.
    (12) Approves new and revised principles and standards and system 
designs for Treasury's fiscal accounting systems operated and 
maintained by the Financial Management Service and Bureau of the Public 
Debt, and coordinates efforts to review, improve and report such 
systems in accordance with Section 4 of the Federal Managers' Financial 
Integrity Act, Pub. L. 97-255 (31 U.S.C. 3512(d)(2)(B)).
    (13) Approves, in accordance with applicable Treasury directives, 
regulations pertaining to the Government securities market and 
participates in the development of policy issues affecting the 
liquidity, integrity and efficiency of the market.
    (14) Provides policy advice to the Assistant Secretary 
(International Affairs) regarding terms and conditions of agreements 
for borrowing from foreign international monetary authorities.
    (15) Represents the Secretary in directing the Treasury's 
participation in the Joint Financial Management Improvement Program for 
improvement of all aspects of financial management in the Government.
    (16) Represents the Secretary on various interdepartmental 
commissions, boards, and committees.
    b. The Deputy Fiscal Assistant Secretary shares in carrying out the 
functions and responsibilities of the Fiscal Assistant Secretary and 
works with the Fiscal Assistant Secretary in managing program areas for 
which the latter is responsible.
    c. The Assistant Fiscal Assistant Secretary serves as the principal 
advisor to the Fiscal Assistant Secretary and the Deputy Fiscal 
Assistant Secretary on matters relating to fiscal policy and banking 
relationships.
    d. The Director, Office of Cash and Debt Management, is the 
principal advisor to the Fiscal Assistant Secretary and the Deputy 
Fiscal Assistant Secretary on matters relating to Treasury cash and 
debt position management, cash flow forecasting, borrowing and 
investment activities.
    4. The Financial Management Service.
    a. Organization. The Financial Management Service is comprised of 
the Washington headquarters and Regional Financial Centers. In the 
Washington headquarters, the Office of the Commissioner consists of the 
Commissioner, the Deputy Commissioner, the Office of Quality and 
Diversity Management, and the Office of Legislative and Public Affairs. 
The headquarters office also includes the Chief Counsel, who is located 
in the Office of the Commissioner. The Chief Counsel is an official of 
the Department's Legal Division and under the supervision of the 
Department's General Counsel. The Commissioner and Deputy Commissioner 
direct the activities of the Service through seven Assistant 
Commissioners: Management/Chief Financial Officer, Regional Operations, 
Financial Information, Federal Finance, Agency Services, Debt 
Management Services, and Information Resources.
    b. Functions. The Financial Management Service acts as the 
Government's financial manager and central accountant and is 
responsible for improving the quality of government financial 
management through the following functions:
    (1) Develops and implements policies and programs to improve 
financial management, including cash management, credit management, and 
debt collection.
    (2) Issues electronic funds transfer payments and Treasury checks, 
reconciles all payments, and settles claims for Treasury checks cashed 
under forged endorsements or lost, stolen or destroyed.
    (3) Operates and maintains the systems for the deposit of receipts, 
and designates and oversees the performance of Government depositaries.
    (4) Maintains the central system that accounts for the monetary 
assets and liabilities of the Treasury and tracks collection and 
payment operations.
    (5) Provides direct debt collection and debt management services to 
Federal agencies.
    (6) Develops and publishes financial reports on the Government's 
financial operations and condition and provides financial management 
information to decision makers through financial reports that show 
budget results and the Government's overall financial status, such as 
the Daily Treasury Statement, the Monthly Treasury Statement, the 
Quarterly Treasury Bulletin, the Annual Report of the U.S. Government, 
and the Consolidated Financial Statement.
    (7) Performs a wide range of financial services for Federal 
agencies including accounting cross-servicing, providing financial 
advice and guidance, consulting on financial management services, 
assisting with financial

[[Page 30376]]

systems, and training of accounting and finance staffs.
    5. The Bureau of the Public Debt.
    a. Organization. The Bureau of the Public Debt is comprised of the 
Washington headquarters and operations facilities in Washington and in 
Parkersburg, West Virginia. In the Washington headquarters, the Office 
of the Commissioner consists of the Commissioner, the Deputy 
Commissioner, the Government Securities Regulations Staff, and the 
Program Advisory Staff. The headquarters office also includes the 
Office of the Chief Counsel. The Chief Counsel is an official of the 
Department's Legal Division and under the supervision of the 
Department's General Counsel. The Commissioner and Deputy Commissioner 
direct the Bureau's activities through six Assistant Commissioners: 
Securities and Accounting Services; Public Debt Accounting; 
Administration; Automated Information Systems; Savings Bond Operations; 
and Financing; and the Executive Director of the Savings Bond Marketing 
Office.
    b. Functions. The Bureau of the Public Debt borrows the money 
needed to operate the Federal Government and accounts for the resulting 
public debt, and is responsible for the following functions:
    (1) Maintains accounting controls over public debt receipts and 
expenditures, securities and interest costs, and publishes the Monthly 
Statement of the Public Debt of the United States.
    (2) Participates with the Deputy Assistant Secretary (Federal 
Finance) in the development of policies and plans pursuant to the 
Government Securities Act of 1986 and, on a day-to-day basis, carries 
out duties pursuant to the Act.
    (3) Issues regulations and instructions pertaining to public debt 
securities, such as commercial and direct access book-entry securities, 
definitive securities, savings-type securities, and other special 
purpose securities.
    (4) Prepares Treasury announcements and offering circulars for 
public debt securities, including savings bonds.
    (5) Conducts the auction and allotment of public debt securities 
and issues such securities.
    (6) Provides policy direction and exercises general oversight 
responsibility for the commercial book-entry system for Treasury 
marketable securities, and ensures the availability of an efficient 
mechanism for the conduct of secondary market transactions and the 
Treasury Direct System.
    (7) Plans and implements a national marketing program for U.S. 
Savings Bonds.
    (8) Maintains accounts, processes transactions, and authorizes 
payments for investors whose book-entry, registered and/or savings bond 
accounts are held directly with the Treasury.
    (9) Provides policy direction and exercises general oversight 
responsibility for the nationwide network of institutions authorized to 
issue and redeem savings bonds.
    (10) Invests, approves schedules for withdrawals and charges, and 
accounts for the Federal trust and deposit funds as directed by 
statute.
    (11) Certifies interest rates determined by the Secretary.
    (12) Disposes of obligations, including bonds, notes or other 
securities, acquired by the Secretary for the Government or delivered 
by an executive agency pursuant to 31 U.S.C. 324, and performs any 
functions necessary to effect such disposition.
    (13) Oversees the lending of funds to agencies with borrowing 
authority, as prescribed by the Secretary pursuant to the Federal 
Credit Reform Act of 1990 (Pub. L. 101-508, as amended) and other 
statutory authority.
    6. Authority. Treasury Order 101-05, ``Reporting Relationships and 
Supervision of Officials, Offices and Bureaus, Delegation of Certain 
Authority, and Order of Succession in the Department of the Treasury.''
    7. Cancellation. Treasury Directive 27-02, ``Organization and 
Functions of the Fiscal Service,'' dated April 6, 1995, is superseded.
    8. Expiration Date. This Directive expires three years after the 
date of issuance unless canceled or superseded prior to that date.
    9. Office of Primary Interest. Office of the Fiscal Assistant 
Secretary.
Gerald Murphy,
Fiscal Assistant Secretary.

BILLING CODE 4810-25-P

[[Page 30377]]

[GRAPHIC] [TIFF OMITTED] TN03JN97.000



[FR Doc. 97-14355 Filed 6-2-97; 8:45 am]
BILLING CODE 4810-25-C