The Office of Fiscal Service (OFS) is an agency of the United States federal government in the United States Department of the Treasury. The office is led by the Fiscal Assistant Secretary of the Treasury. The Fiscal Assistant Secretary reports to the United States Secretary of the Treasury through the Under Secretary of the Treasury for Domestic Finance.
Within the Office of Fiscal Service are:
The Office of Fiscal Service's mission is to develop policy for and operate the financial infrastructure of the federal government, including payments, collections, cash management, financing, central accounting, and delinquent debt collection. OFS provides policy oversight of the bureaus under it and develops policy on payments, collections, debt financing operations, electronic commerce, government wide accounting, government investment fund management, and other issues. The office also performs two mission critical functions for the Department: it manages the daily cash position of the government and it produces the cash and debt forecasts used to determine the size and timing of the government's financing operations.
The Office represents the Secretary of the Treasury on the Federal Accounting Standards Advisory Board (FASAB), Joint Financial Management Improvement Program (JFMIP), and the Library of Congress and National Archives Trust Fund Boards, is a statutory member of the government wide Chief Financial Officers Council, and serves as liaison to the Federal Reserve System in its capacity as Treasury's fiscal agent.
Under the office is the Bureau of the Fiscal Service (formerly the Financial Management Service and the Bureau of the Public Debt).
The Office of Fiscal Operations and Policy, led by the Deputy Assistant Secretary for Fiscal Operations and Policy, oversees the development and implementation of policies relating to the government's cash management, operations, investment and administration of trust funds, payments, collections, and debt collections.
Within the Office of Fiscal Operations and Policy are:
The Office of Accounting Policy, led by the Deputy Assistant Secretary for Accounting Policy, oversees the government wide accounting by providing guidance to the Financial Management Service, the prepares of the Financial Report of the United States Government, in conjunction with Office of Management and Budget (OMB) and the United States Chief Financial Officer Council. The Office promotes and facilitates efforts to develop and include more useful, reliable and timely financial information in the Financial Report.
The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively; collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy.
The Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund are trust funds that provide for payment of Social Security benefits administered by the United States Social Security Administration.
Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.
The national debt of the United States is the total debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. A deficit year increases the debt, while a surplus year decreases the debt as more money is received than spent.
The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. The Treasurer plays a key role in the economic policy of the government. The current holder of the position is Josh Frydenberg, whose term began on 24 August 2018.
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner directed the Bureau be combined with the Financial Management Service into the single Bureau of the Fiscal Service in 2012.
The Financial Management Service was a bureau of the United States Department of the Treasury and provided several financial services for the federal government. On October 7, 2012, Secretary of the Treasury Timothy Geithner issued a directive merging the FMS with the Bureau of the Public Debt to form the new Bureau of the Fiscal Service.
The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities, and other related economic and fiscal matters.
The New Zealand Treasury is the central public service department of New Zealand charged with advising the Government on economic policy, assisting with improving the performance of New Zealand's economy, and managing financial resources.
The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. The office is currently held by Brent McIntosh following the appointment of David Malpass to lead the World Bank.
The Philippines' Department of Finance (DOF) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public sector debt, and the rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government.
The Ministry of Finance is an important ministry within the Government of India concerned with the economy of India, serving as the Indian Treasury Department. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
The Office of Financial Institutions (OFI) is an agency of the United States federal government in the United States Department of the Treasury. OFI coordinates the department's efforts regarding financial institutions legislation and regulation, legislation affecting Federal agencies that regulate or insure financial institutions, and securities markets legislation and regulation. The office coordinates the department's efforts on financial education policy and ensuring the resiliency of the financial services sector in the wake of a terrorist attack.
The Office of Financial Markets is an office of the United States federal government in the United States Department of the Treasury. OFM serves as the department's advisor on broad matters of domestic finance, financial markets, Federal, State and local finance, Federal Government credit policies, lending and privatization.
The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy.
The Oklahoma Secretary of Finance, Administration and Information Technology is a member of the Oklahoma Governor's Cabinet. The Secretary is appointed by the governor, with the consent of the Oklahoma Senate, to serve at the pleasure of the governor. The secretary serves as the chief adviser to the governor on fiscal policy, taxation, and the operations and personnel needs of the state government.
According to statute, the Fiscal Assistant Secretary is appointed by the United States Secretary of the Treasury. The Fiscal Assistant Secretary is the highest ranking career official in the Department of the Treasury. The Fiscal Service, which the Fiscal Assistant Secretary heads, includes the Bureau of Government Financial Operations (which since 1984 has been known as the Financial Management Service and the Bureau of the Public Debt.
Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals." In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
Finance Department is a department of Government of Punjab, Pakistan. The Finance Department is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of Financial Rules, management of public debt.