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 Savings Bonds Section of Surety 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 Public Debt Accounts and Audit 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.
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This legacy bureau provided central payment services to federal agencies, operated the collections and deposit systems, provided government-wide accounting and reporting services, and managed the collection of delinquent debt owed to the government.
See what the roles and responsibilities of this legacy Bureau were – to borrow the money needed to operate the government and to account for the resulting debt.
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