Happy Monday! The Obama administration on Monday will open a new office at the Treasury Department designed to help federal agencies pay
their bills more efficiently.
The Treasury Department and Office of Management and Budget will merge some financial management responsibilities into the new Office of
Financial Innovation and Transformation (FIT). The office’s 10 to 15
staffers will work to help reduce the estimated $750 million federal
agencies spend annually to process paper invoices for payments to
contractors and other agencies, according to a Treasury official. The
new office is also part of the administration’s ongoing budget efforts
to cut overlapping offices across the government, officials said.
“All agencies will work closely with Treasury and OMB to charge a new course for financial management,” said Acting Treasury Fiscal Assistant
Secretary Dick Gregg said in a statement set for
release later Monday.
FIT will give chief financial officers at federal agencies better access to financial management technology that administration officials
admit the government has been slow to adopt. Much of the new tools will
be web-based, making it easier to post public financial information
online and eliminate duplicative data entry, according to a Treasury