WASHINGTON (MNI) – The Obama administration Monday announced the
creation of a new office intended to “improve and streamline financial
management across the U.S. government,” according to a joint statement
from Treasury and the White House Office of Management and Budget.
The Office of Financial Innovation and Transformation will be
located in Treasury and will work with OMB to reduce cost, streamline
processes and provide better transparency of financial information,
which could lead to hundreds of millions in savings, the statement said.
Creation of the FIT office responds to the budget’s call for cost
reductions. One example is moving to automated payments rather than
paper invoices which cost $750 million annually, which would reduce
costs $40 million a year.
“It is time to stop the increasing cost of financial operations and
systems in the government today,” OMB Controller Danny Werfel said in
the statement. “The Treasury Department’s new office will play a
critical role by initiating common, simpler, and lower-cost solutions
for basic financial management activities, such as accounts payable and
reporting.”
The budget provides $17 million for the FIT.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MGU$$$,MFU$$$]
