E Pluribus Unum
Out of Many, One
E Pluribus Unum
Out of Many, One
Strategic Plan
Fiscal Years 2007-2012
United States Department of the Treasury
Strategic Priorities of the Department of the Treasury
Strategic Framework for the Department of the Treasury
Strategic Goal: Effectively Managed U.S. Government Finances
Strategic Goal: U.S. and World Economies Perform at Full Economic Potential
Strategic Goal: Management and Organizational Excellence
The Strategic Management System of the Department of the Treasury
Appendix A: Organizations of the Department of the Treasury
Appendix B: The Strategic Framework of the Department of the Treasury
Appendix C: The Strategic-Operational Relationship
Appendix D: Key Factors Affecting the Strategic Outlook of the Department of the Treasury
Appendix E: Summary of Consultation Efforts
Appendix F: Strategic Goal Linkage to Federal Partners
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July 2007
The Treasury Department plays a critical role in U.S. and global economies that reaches back to America’s founding. We are pleased to submit the Strategic Plan of the Department of the Treasury for fiscal years 2007 to 2012, which provides the basis for strengthening this legacy over the next five years.
The American economy is a model of strength, flexibility, and resiliency. At the Treasury Department, we help to sustain this model by effectively managing the government’s finances, promoting economic opportunity at home and abroad through sound fiscal policy, working for entitlement reform, strengthening trade and investment policies, and maximizing voluntary tax compliance. Utilizing flexibility in planning these activities allows us to be responsive to today’s world and to the challenges of the new century.
We acknowledge that the global integration of economies and the liberalization of markets hold the promise of a more prosperous and secure world. We will continue to promote an economic system that brings a better life for people here and abroad, while supporting the national security strategy and ensuring the safety and integrity of our financial systems against the abuse of terrorist financiers, money launderers, and other criminals.
The Department is fervently committed to creating the conditions that allow its programs and activities to perform efficiently and effectively, while continuing to drive results through performance and cost-based decision-making, aligning resources to deliver outcomes, investing in, securing and leveraging information technology, closing skill gaps, recruiting and retaining a high performing workforce, and developing effective leadership.
The theme of this strategic plan, E Pluribus Unum – out of many, one – supports the Department’s commitment that despite its organizational diversity, we are one Treasury. Collectively, the strategic objectives are clear, the priorities distinct, and the outcomes are meaningful. Through the use of performance-based management, we establish the foundation for linking funding to performance, helping Treasury employees understand, accept, and meet their responsibilities for achieving organizational excellence.
With this plan, the Treasury Department is well-positioned to embrace change, perform to expectations and fulfill our obligations to the American people. We will keep our economy strong and chart a course for maintaining and enhancing our global economic and financial leadership in the years ahead.
Sincerely,
Henry M. Paulson, Jr.
Secretary of the Treasury
E Pluribus Unum—Out of Many, One
Most know the Treasury Department has something to do with money, but few understand the scope of its functions or how it affects their daily lives.
The Department of the Treasury is the steward of the public purse. It takes in money, pays bills, and when appropriate, borrows and invests. On a typical day, the Treasury Department’s cash transactions average in excess of $58 billion.
The Department of the Treasury is the steward of the public purse. It takes in money, pays bills, and when appropriate, borrows and invests. |
The most visible evidence of the Department’s work is currency – the nation’s coins and notes. The Bureau of Engraving and Printing produces notes and the United States Mint manufactures coins, both for circulation and as collectibles. In addition, the United States Mint makes bullion coins for investment and secures the nation’s gold reserves.
One of the most important functions the Department of the Treasury performs is tax collection, which funds federal government operations on behalf of the American people. The Internal Revenue Service collects taxes and is the Department’s largest bureau, accounting for about 90 percent of its employees. The Alcohol and Tobacco Tax and Trade Bureau collects excise taxes on alcohol, tobacco and firearms, and ensures that alcoholic beverages are properly produced, labeled, advertised, and marketed.
At some point nearly every American will receive a federal disbursement, such as an income tax refund or Social Security payment, through the Financial Management Service. It also operates the federal government’s collections and deposit systems, provides government-wide accounting and reporting services, and manages the collection of delinquent debt.
When the total operating cost of the federal government exceeds available funds, the Bureau of the Public Debt borrows money by selling Treasury securities to the public, institutional investors, and authorized government agencies.
Many Americans have bank accounts. The Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision charter, regulate, examine, and supervise national banks and savings institutions to maintain their safety and soundness, and ensure fair access and treatment of customers. The Community Development Financial Institutions Fund expands the capacity of financial institutions to provide credit, capital, and financial services to underserved communities which spur economic development and create jobs.
The Office of the Treasurer of the United States advises the Secretary on currency matters and communicates changes in currency design to the public. The Treasurer also promotes improved financial literacy for Americans by educating people about the basics of cash and credit management so that informed decisions can be made about their personal and family budgets.
The Office of Terrorism and Financial Intelligence and the Financial Crimes Enforcement Network enhances national security and combats terrorist financing and their support organizations, weapons of mass destruction (WMD) proliferators, drug traffickers, money launderers, and other financial criminals.
The Inspector General conducts independent audits, investigations, and reviews to help ensure that the Treasury Department accomplishes its mission, improves its programs and operations, promotes economy, efficiency and effectiveness, and prevents and detects fraud, waste, and abuse.
The Treasury Inspector General for Tax Administration provides audit and investigative services to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws.
The Department’s headquarter offices develop policies related to financial regulation, entitlements, taxation, and terrorist financing. They also maintain accountability through internal controls, and provide guidance in legal, public, and congressional matters. These offices provide data, analysis, and recommendations that assist the Secretary of the Treasury, Congress and the President, and other federal agencies in financial and economic decision-making for the nation.
Through these combined efforts the Treasury Department stays accountable to its most important stakeholders, the American people.
Set the global standard in financial and economic leadership.
The Treasury Department’s vision statement provides a compelling picture of the organization’s future. The Department strives to maintain public trust and confidence in U.S. and international economic and financial systems while building on exemplary leadership, best-in-class processes, and a culture that is characteristic of excellence, integrity, and teamwork to achieve its goals on behalf of the American people.
Serve the American people and strengthen national security by managing the U.S. Government’s finances effectively, promoting economic growth and stability, and ensuring the safety, soundness, and security of U.S. and international financial systems.
The Department of the Treasury’s mission highlights its role as the steward of the U.S. economic and financial systems, and as an influential participant in the global economy.
The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and, to the extent possible, predict and prevent economic and financial crises. The Treasury Department also performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the safeguards of our financial systems.
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Service – Work for the benefit of the American people. Integrity – Aspire to the highest ethical standards of honesty, trustworthiness, and dependability. Excellence – Strive to be the best, continuously improve, innovate, and adapt. Objectivity – Encourage independent views. Accountability – Responsible for our conduct and work. Community – Dedicated to excellent customer service, collaboration, and teamwork while promoting diversity. |
