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Financial Innovation & Transformation

Managing the Financial Management Line of Business (FMLoB)

The Financial Management Line of Business (FMLoB) is a group of representatives from federal agencies who work together to solve issues about federal financial management.

The Office of Financial Innovation & Transformation (FIT) is the managing partner for FMLoB.

Why work with FIT and FMLoB?

As part of FMLoB, you:

  • share, learn from, and coordinate with representatives from other federal agencies on financial management issues and solutions
  • provide input on innovative solutions
  • work with FIT as a partner in moving to shared solutions

What is FIT's role in FMLoB?

As the managing partner, we handle these nine tasks:

  1. Provide leadership and direction, based on the strategic plans and direction of the Office of Management and Budget (OMB) and the Chief Financial Officers Council (CFOC)
  2. Sponsor the Federal Management Standards Committee, where representatives of federal agencies:
    • collaborate on financial management issues
    • share best practices
    • weigh in on changes to the Management Standards
  3. Define and set ways to collect and report performance measures
  4. Communicate with stakeholders on behalf of FMLoB. Stakeholders include OMB, federal agencies, Chief Financial Officers, Chief Information Officers, and others whom we identify
  5. Collect and manage funds from participating agencies to support FMLoB
  6. Prepare annual plans and budgets for FMLoB goals and deliverables
  7. Develop and maintain a timeline for FMLoB initiatives
  8. Provide periodic updates to the Chief Financial Officers Council on FMLoB initiatives
  9. Collaborate with agencies to get contract support, as needed, to meet FMLoB goals

What governs FIT's role as managing partner for FMLoB?

A 2013 memorandum of understanding between OMB and Treasury set up this role.

For more information, e-mail FIT@fiscal.treasury.gov.

Last modified 07/20/20