The Bureau of the Fiscal Service (Fiscal Service) was established on October 7, 2012, with the consolidation of two Treasury Department bureaus: the Bureau of the Public Debt (BPD) and the Financial Management Service (FMS).
BPD financed government operations, accounted for the resulting public debt, and provided financial and administrative services to federal agencies. FMS supplied central payments and collections and deposit services for the federal government and prepared the financial statements of the federal government.
By combining these responsibilities, the Bureau of the Fiscal Service transforms the way the federal government manages its financial services. The Fiscal Service delivers inter-agency administrative services with more efficiency, transparency, and accountability than ever before.
At Fiscal Service, We:
Operate the federal government’s collections and deposit systems, overseeing a daily cash flow of over $103.2 billion.
Borrow the money needed to operate the federal government through the sale of Treasury bills, bonds and notes and account for the resulting debt.
Provide central payment services to federal program agencies.
Provide governmentwide accounting and reporting services, and manage the collection of delinquent debt owed to the government.
Offer TreasuryDirect, allowing investors to buy Treasury securities online.
Provide administrative, financial management, and information technology (IT) services to a wide range of federal government clients through our shared services provider, the Administrative Resource Center (ARC).
The mission of the Bureau of the Fiscal Service is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments and shared services.
We will transform the way the government manages its finances and delivers shared services. Our goal is more efficiency, better transparency, and dependable accountability.
- We have a deep commitment to serving the interests of the American people and our federal clients.
- We're driven by a passion for improving financial management, and the delivery of administrative services, through efficient and effective operations.
- We never lose focus on our critical program responsibilities - essential to the operation of the federal government - while using our proven abilities and strengths to make government better.
As a combined agency, the Fiscal Service is a sought-after resource.
- We’re a valued partner, providing exceptional service in the collection, management and security of data.
- We’re a strong collaborator, working with clients to strengthen their financial management processes and raise their level of performance, while allowing them to concentrate on their missions.
- We lead and support, we don't simply process and account.
- When we exercise our authority, we do so in a partnership with our clients.
- We make financial information understandable and accessible to the public and federal agencies to promote transparency, better decision-making, and more efficient operations.
See at a glance what we accomplished in FY 2017.
We're guided by our commitment to embrace our values - Integrity, Collaboration, Learning, Accountability, and Excellence - as critical ingredients in shaping the culture of our organization.
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 $3.4 trillion to more than 100 million people; collects more than $4.1 trillion in federal revenue each year; and collects $7.6 billion in delinquent debts. Approximately 275 security auctions are conducted annually to finance the public debt; and in FY 2017, more than $8.6 trillion in Treasury marketable securities was awarded to investors. Fiscal Service manages a daily cash flow of more than $103.2 billion, has government-wide program responsibilities for credit and cash management, and accounts for the federal government’s debt of $20.2 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
- Lauren Buschor, 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 Operations
- Doug Anderson, 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
- David Copenhaver, 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.
Those activities were: Office of the Commissioner of Accounts and Deposits, Division of Bookkeeping and Warrants, Division of Disbursement, Division of Deposits, Section of Surety Bonds, Office of the Commissioner of the Public Debt, the Division of Loans and Currency, the Office of the Register of the Treasury, Division of Public Debt Accounts and Audit, Division of Savings Bonds, Division of Paper Custody, and the Office of the Treasurer.
Two new bureaus were created from some of these organizations:
The Bureau of the Public Debt consisting of:
- Office of the Commissioner of the Public Debt
- Division of Loans and Currency
- Register of the Treasury
- Division of Public Debt Accounts
- Division of Savings Bonds
- Division of Paper Custody
The Bureau of Accounts consisting of:
- Office of the Commissioner of Accounts and Deposits
- Division of Bookkeeping and Warrants
- Division of Disbursement
- Division of Deposits
- Section of Surety Bonds
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 a 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 original 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, Secretary of the Treasury, 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 12/06/18