Department of TreasuryDepartment of TreasuryTreasury_54a5c5f2-9759-4060-806e-c90a480b5fcbThe mission of the Department of the Treasury is to promote the conditions for prosperity and stability in the United States and encourage prosperity and stability in the rest of the world._5f5da126-e529-4d8f-b05a-4fc88a73e308Strategic Goal E1Promote Prosperous U.S. and World Economies_7deceda5-51d7-4c20-a86d-adec1dae0e0cE1The aim of this Strategic Goal is to ensure that the United States and World economies perform at full economic potential. In order to perform at its full potential, the U.S. economy must increase its rate of growth and create new, high quality jobs for all Americans. Additionally, the legal and regulatory framework must support this growth by providing an environment where businesses and individuals can grow and prosper without being limited by unnecessary or obsolete rules and regulations. Treasury plays diverse roles as to the domestic economy. From serving as the President’s principal economic advisor to issuing tax refunds to millions of Americans, the Treasury has a significant influence on creating the conditions for economic prosperity in the U.S. A prosperous world economy serves the United States in many ways. It creates markets for U.S. goods and services, and it promotes stability and cooperation among nations. For these reasons, the Department of the Treasury will work with other federal agencies and offices to promote international economic growth and raise international standards of living through interaction with foreign governments and international financial institutions.Strategic Objective E1AStimulate Economic Growth and Job Creation_65a0f2c2-5481-46bd-94d1-ee8265ebc9ebE1AThe Department of the Treasury, with other agencies and organizations, works to stimulate economic growth and raise living standards in the United States and abroad. Treasury supports U.S. economic growth by developing and implementing policies for domestic economic development, tax programs, banking and financial institutions, and other fiscal matters. Treasury also pays particular attention to improving the economies of distressed communities. The creation of good jobs for Americans is an essential element in a balanced economic plan that will accelerate and sustain our recovery, increase workers’ standards of living, and improve the economic performance of our Nation now and for years to come. Internationally, most of humanity lives in developing and emerging markets with low standards of living and little opportunity for economic advancement. Reducing this extreme poverty can dramatically improve health and welfare worldwide. Furthermore, the U.S. benefits when developing and transitional countries expand their economies and open their markets. Greater economic opportunity in developing and emerging markets can enhance regional stability, advance democracy, reduce the spread of infectious diseases, and provide new opportunities for profitable trade. Treasury, through its responsibility for U.S. money invested in the IFIs as well as international economic policy, plays a role in accelerating growth and improving living standards around the world. The United States and the world benefit from a strong, integrated international trading system. Opening world markets to increase trade promotes global prosperity, and prosperity promotes peace. As we integrate nations and peoples through trade, we invest in the future security of the U.S. and the rest of the world. Treasury leads the U.S. efforts to liberalize the financial aspects of the international trading system.Strategic Objective E1BProvide a Flexible Legal and Regulatory Framework_b72f68b6-cb2d-4d50-958c-c24756a7e840E1BTo achieve its full potential, the U.S. financial sector must be guided by a flexible legal and regulatory framework that allows financial institutions to offer a full array of competitive services. The legal and regulatory framework must ensure a safe and sound national financial system and must promote the growth of financial services, fair access to financial services, and fair treatment of banking and thrift customers.Strategic Objective E1CImprove and Simplify the Tax Code_58f234ee-b9bc-4659-93e1-4b0402dd542aE1CTreasury is committed to improving and simplifying tax laws and administrative guidance in a manner consistent with important tax policy goals such as fairness, efficiency, and effective enforcement. A more fair tax code would treat similarly situated taxpayers the same and provide an equitable distribution of the tax burden among taxpayers with different abilities to pay. A more economically neutral and rational tax system would allocate labor and capital to their most productive uses, reduce interference with economic incentives, and be more conducive to economic growth. A simpler tax system would reduce the significant cost of tax compliance for businesses and individuals and reduce the intrusiveness of tax administration.Strategic Goal E2Promote Stable U.S and World Economies_faf4e897-e441-4610-b16e-08481748d4b5E2The aim of this strategic goal is to create the conditions which allow the American people to feel economically secure because they have the savings and other resources necessary to live as they desire, and are protected from financial frauds and other crimes. Achieving this goal requires a wide range of actions by Treasury, from promoting personal savings to protecting the security of pensions, ensuring the privacy of personal information used in financial transactions, and maintaining the solvency of the government retirement programs many Americans depend on. This goal promotes stability in the world economic and financial systems to prevent crises. It also aims to ensure that the world economic system is used for legitimate purposes, and to deny access to those who wish to commit financial crimes, such as money laundering and terrorist financing.Strategic Objective E2AIncrease Citizens’ Economic Security_56c60654-c758-482d-bb99-aeededdc5709E2AEconomic security includes ensuring that Americans have adequate personal savings to support them in tough times or retirement; guaranteeing that private pension plans will meet their obligations to their beneficiaries; protecting consumers from fraud and deception; and protecting personal information used in financial transactions. It also includes the long-term strategy for managing the Social Security and Medicare programs. Lastly, it addresses financial education, so that Americans are better prepared to manage their personal finances.Strategic Objective E2BImprove the Stability of the International Financial System_37b43f46-a249-4d63-b17e-a9d1e27554caE2BTreasury is committed to improving the stability of the international financial system in order to prevent crises, and to minimize the impact of those that do occur. Financial crises in developing and emerging markets can undo the benefits of years of economic progress, throw millions into poverty, create political instability, and may require expensive international intervention. By continuing to build a more stable international financial system, Treasury will enhance the conditions necessary for growth and improved standards of living through the developing and emerging markets. International Financial Institutions (IFIs), such as the International Monetary Fund (IMF), the World Bank, and other multilateral development banks (MDBs), play a key role in enabling global economic growth and stability. They must use their resources in the right places, at the right times, and for the right reasons. The U.S. is a major stakeholder in the IFIs and contributes a significant portion of their resources toward the broader objectives of U.S. international economic policy. The Treasury Department has the responsibility for ensuring that the institutions appropriately use the resources the U.S. contributes. The Treasury Department works with other nations and the leaders of these institutions to help strengthen the IFIs’ effectiveness by encouraging and guiding implementation of key reforms. Through these reforms, the IFIs can better ensure that they use the funds in the most effective manner, in the countries where they will have the most impact, thereby encouraging the most sustainable and stable development activities and delivering measurable results for their sponsors.Strategic Goal F3Preserve the Integrity of Financial Systems_a43a4eda-e58f-48a9-b56e-eecc30aea381F3The purpose of this strategic goal is threefold. First, it aims to ensure that the U.S. financial systems will continue to operate without disruption from either natural disasters or manmade attacks. Second, it will keep the system free and open to legitimate users, while excluding those who wish to use the system for illegal purposes. Third, it ensures that the U.S. financial system and access to U.S. goods and services are closed to individuals, groups, and nations that threaten the U.S.’s vital interests. The terrorist attacks of September 11, 2001 and ensuing world events clearly identified the need to ensure the continuous operation of the U.S. financial system during crisis. It also reinforced the need to eliminate the international flow of funds that finance global terror. At the direction of the President, Treasury launched the financial front in the war on terrorism and took the lead in global efforts to combat the financing of terrorism and other financial crimes.Strategic Objective F3ADisrupt and Dismantle Financial Infrastructure of Terrorists, Drug Traffickers, and Other Criminals and Isolate Their Support Networks_508b4d66-5d3b-4d29-829e-5b161aefbbd4F3AThe Department of the Treasury leads the U.S. Government’s multi-faceted effort to keep the world’s financial systems free and open to legitimate users, while excluding those who wish to use the systems for illegal purposes. The broad range of activities in this area includes stopping the flow of money to terrorist groups, drug traffickers, and other criminals, disrupting their support networks. Stemming the flow of funds to terrorist groups is critical to our national security and the overall war against terrorism. Treasury works closely with other federal agencies–both as chair of the National Security Council’s Policy Coordination Committee (PCC) on terrorist financing and through other relationships–foreign governments, international bodies, and private financial institutions to attack the financial infrastructure of terrorism. Fundamental components of this effort include identifying, blocking, and dismantling terrorist financial support networks; isolating them from their funding sources; and denying them access to the international financial system. The Executive Office for Terrorist Financing and Financial Crimes (EOTFFC) is at the forefront of these efforts. Through its work with the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement network (FinCEN), and through direct outreach to foreign countries and international bodies such as the Financial Action Task Force (FATF), the EOTFFC works to ensure that all countries are cooperating and implementing appropriate measures in this effort. Abuse of the financial system, however, is not limited to terrorist financing. Treasury continues to focus on other types of abuses and, in particular, money laundering by organized criminals, narcotics traffickers, and corrupt foreign officials. Treasury will continue efforts to deny money launderers access to the U.S. and international financial systems through law enforcement and appropriate financial regulatory initiatives, as well as cooperation with foreign countries and international bodies such as the FATF. Treasury is dedicated to attacking money laundering and disrupting all abuses of the domestic and international financial systems. To further this effort, Treasury coordinates development of the National Money Laundering Strategy; issues and implements money laundering regulations; investigates financial crimes, and collects, analyzes and disseminates financial intelligence to support foreign and domestic law enforcement investigations. Treasury also investigates and enforces compliance with U.S. tax laws.Strategic Objective F3BExecute the Nation’s Financial Sanctions Policies_c99e9654-2138-4a87-a4a7-4a762b388e51F3BDO, primarily OFAC, has responsibility for designing, implementing, and enforcing a variety of statutes, executive orders, and regulations imposing economic sanctions on foreign entities to further the foreign policy and national security objectives of the United States. The design of economic sanctions also involves International Affairs and the Office of General Counsel. Generally, U.S. economic sanctions deprive targets of the use of their assets and/or deny them benefits of trade with the United States. Certain programs remove assets from the control of those that would use them to harm U.S. citizens and interests. The economic sanctions programs are primarily directed against countries and groups of individuals, such as terrorists and narcotics traffickers, who engage in activities that pose an extraordinary threat to the national security, foreign policy or the economy of the United States. Sanctions programs may be either comprehensive or selective, using the blocking of assets and/or trade or investment restrictions to accomplish administration policy and goals. For certain countries, the sanctions apply to dealings with that nation’s government and/or with other countries. The prohibitions extend not only to dealings with the government, but also to its country’s citizens, residents, and commercial enterprises. Prohibitions also apply to specific individuals and entities identified as specially designated nationals (SDNs), specially designated narcotics traffickers and kingpins (SDNTs and SDNTKs), specially designated global terrorists (SDGTs), and foreign terrorist organizations (FTOs). In administering these programs, OFAC generally relies upon Presidential authorities contained in the Trading With the Enemy Act (TWEA), the International Emergency Economic Powers Act (IEEPA), or upon specific legislation to prohibit or regulate commercial or financial transactions with specific foreign countries or groups.Strategic Objective F3CIncrease the Reliability of the U.S. Financial System_52d705e6-dc53-40c9-b9d7-5258d22a2b36F3COur Nation’s financial system must remain operational at all times. Treasury is responsible for ensuring the strength and resilience of critical U.S. financial markets, and minimizing the potential effects of wide-scale disruptions. Additionally, the recent string of corporate scandals signals the need for better corporate governance to ensure the reliability of the U.S. financial system. Treasury ensures the integrity of the national currency and the safety of funds placed in financial institutions. Treasury also administers a temporary federal program, established by the Terrorism Risk Insurance Act of 2002, which provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.Strategic Goal F4Manage the U.S. Government’s Finances Effectively_6b302f72-c118-48c5-836d-68b0a8586dc6F4As the primary fiscal agent for the Federal Government, Treasury manages the Nation’s finances by collecting money due the United States, making its payments, managing its borrowing, performing central accounting functions, and producing coins and currency to meet demand. The Department of the Treasury serves as the primary federal tax collecting agent and collector of revenue on regulated commodities. Treasury oversees, accounts for, and reports on government collections and expenditures, is the chief disburser of federal payments, and collects delinquent federal debt government-wide. The Department determines and executes the federal borrowing strategy to meet the monetary needs of the Government at the lowest possible cost. The goal of all these activities is to provide the American public with cost-effective, efficient, and secure management of federal finances, while employing modern technology and providing quality customer- centered service.Strategic Objective F4ACollect Federal Revenue When Due, Through a Fair and Uniform Application of the Law_0e2fb70c-2ecb-4f0b-89a6-6fbd8851968cF4AThe Department of the Treasury must collect the revenue due to the Federal Government in a manner that is not only timely but also fair. In the context of tax collection, fairness is primarily a product of compliance. Treasury works to educate all Americans and help them meet these obligations. Treasury also works to increase the electronic collection of payments and improve the ease of payment.Strategic Objective F4BManage Federal Debt Effectively and Efficiently_15c48b79-48f5-44ac-8526-6f2c892eb977F4BTreasury is responsible for borrowing what is necessary to meet the Government’s financing needs. The sum of all borrowing is called the gross federal debt. Treasury’s goal is to provide government financing at the lowest cost over time. Issuing debt regularly and in predictable quantities fulfills this mission. The risks to regular and predictable issuance include unexpected changes in our borrowing requirements, the demand for our securities, and anything that inhibits timely sales of our securities. To reduce these risks, Treasury closely monitors economic conditions, fiscal policy, and market activity and, when necessary, responds with changes in debt issuance based on thorough analysis and discussions with market participants. We also seek to lower our borrowing costs by ensuring timely, reliable sales of securities through continuous improvement in the auction process.Strategic Objective F4CMake Collections and Payments on Time and Accurately, Optimizing use of Electronic Mechanisms_ba7e2d6e-c7a5-4805-bf44-7ad42c211e09F4CTreasury collects approximately 95 percent of total federal receipts, such as individual and corporate income and other taxes, duties, fees, debts, and other money owed to the U.S. Government. The Department devotes the bulk of its resources to collecting taxes. Each year the IRS collects more than $1.5 trillion primarily through the EFTPS. FMS administers the world’s largest collection system, including EFTPS, and facilitates efficient collections by promoting electronic collections to federal agencies. The purpose of this objective is timely, complete collection of all monies due the government consistent with good customer service and “best practice” business efficiency.Strategic Goal M5Strategic Goal M5_1f7cc650-5bde-4b2f-8a9c-005590ffcc21M5The Department of the Treasury strives to promote national prosperity through economic growth and job creation; maintains public trust and confidence in our economic and financial systems; and ensures that it has the workforce, technology, and business practices to meet the nation’s needs effectively and efficiently. We will realize our Strategic Goals by building a strong institution that is citizen-centered, resultsoriented, and actively promotes innovation through competition. Treasury will work effectively and efficiently to implement the President’s Management Agenda and continuously improve our internal business operations. All Treasury bureaus have means, strategies, and success metrics to drive their performance, achieve their performance goals, and become world class in management practices. The means and strategies describe a Treasury-wide framework that provides guidance to our policy offices, operating bureaus, and our most import asset, our employees. The Department of the Treasury has a diverse portfolio of products and services. We are strengthening the communication and relationships between our policy offices and the operating bureaus to focus on meaningful business results, with an emphasis on improving financial management. We are strategically aligning Treasury policies, business plans, programs and resources to achieve meaningful business results. The Treasury Strategic Plan for FY 2003 – 2008 and its implementation reflects this alignment. From senior leadership to management levels to line staff, the Treasury workforce was engaged to develop an integrated plan in which policies and operations aligned. Continuing efforts to further align these elements are accomplished through regular meetings, integrated performance and budgeting, and a refocusing on our core businesses.Strategic Objective M5AProtect the Integrity of the Department of the Treasury_3b55f7be-64fa-48e2-a2b9-d6358d75231aM5ATreasury is committed to preserving and protecting the integrity of the Department, its programs, policies and initiatives. The independent efforts of an inspector general to ensure fairness, integrity, independence, objectivity, proficiency and due care in performing our work in all of Treasury, including its bureaus serve to detect and prevent misconduct and mismanagement by personnel and programs. Their audits, inspections and oversight are continuously addressed and contribute to taking corrective actions and improving our efforts. The Treasury Bureaus rely on independent audits, inspections and oversight in their ongoing program evaluations. We will ensure fairness, integrity, independence, objectivity, proficiency, and due care in performing our work. We will protect the integrity of our programs, our operations and our management.Strategic Objective M5BManage Treasury Resources to effectively to Accomplish the Mission and Provide Quality Customer Service_26313356-ae53-4604-aff8-82fc9100360bM5BThe President’s Management Agenda (PMA) provides a viable framework upon which to achieve this objective, achieve world-class excellence, and deliver on results that matter. We will: • Strengthen workforce management to provide the leadership capacity, people tools and technology to ensure a diverse workforce committed to excellence • Achieve efficient and effective competition from all sources to achieve our mission in the most cost effective manner; • Improve financial performance; • Expand electronic government; and • Integrate budget decisions with performance assessment to ensure Treasury is cost effectively delivering results for the American people.2003-01-012008-12-312010-02-08http://www.treas.gov/offices/management/budget/planningdocs/treasury-strategic-plan.pdfArthurColman (www.drybridge.com)202-512-2055colman@drybridge.com