By Denny Gulino
WASHINGTON (MNI) – The Obama administration FY2013 budget proposals
sent to Congress Monday include a consolidation of the Treasury
Department’s Bureau of the Public Debt and the Financial Management
Service and Monday afternoon, Treasury officials said no job losses
would occur in the merger.
The merger could be accomplished without congressional approval,
officials said, but Congress is being asked for additional funding to
accomplish it.
“We want to work very closely with Congress and the labor unions,”
an official said.
The computer systems for the two offices have already been merged
but the Financial Management Service and the Bureau of the Budget
currently occupy two different downtown Washington office buildings.
The new Fiscal Service that would result from the merger would
improve financial management across the federal government and improve
the efficiency of government financial management by providing central
payment services, collect funds owed the government and issue Treasury
securities.
Even in the context of a highly partisan Congress, the merger is
seen as relatively non-controversial and ultimately would offer
operating fund savings, and therefore is seen as more likely to be
accomplished.
The consolidation would be accomplished in fiscal year 2014.
** Market News International Washington Bureau: 202-371-2121 **
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