DEPARTMENT OF THE TREASURY

Federal Funds

For necessary expenses of the Departmental Offices including operation and maintenance of the Treasury Building and Annex; hire of passenger motor vehicles; maintenance, repairs, and improvements of, and purchase of commercial insurance policies for[,] real properties leased or owned overseas, when necessary for the performance of official business, $324,889,000[$346,401,000]: Provided, That notwithstanding any other provision of law, of the amount appropriated under this heading, up to $1,000,000, may be contributed to the Global Forum on Transparency and Exchange of Information for Tax Purposes, a Part II Program of the Organization[Organziation] for Economic Cooperation and Development, to cover the cost assessed by that organization for Treasury's participation therein: Provided further, That of the amount appropriated under this heading, not to exceed $3,000,000, to remain available until September 30, 2013[2012], is for information technology modernization requirements; not to exceed $200,000 is for official reception and representation expenses; $200,000[$400,000] is to support [increased] international representation commitments of the Secretary; and not to exceed $258,000 is for unforeseen emergencies of a confidential nature, to be allocated and expended under the direction of the Secretary of the Treasury and to be accounted for solely on his certificate: Provided further, That of the amount appropriated under this heading, $6,787,000, to remain available until September 30, 2013[2012], is for the Treasury-wide Financial Statement Audit and Internal Control Program, of which such amounts as may be necessary may be transferred to accounts of the Department's offices and bureaus to conduct audits: Provided further, That this transfer authority shall be in addition to any other provided in this Act: Provided further, That of the amount appropriated under this heading, $500,000, to remain available until September 30, 2013[2012], is for secure space requirements: [Provided further, That of the amount appropriated under this heading, $1,100,000 to remain available until September 30, 2012, is for salary and benefits for hiring of personnel whose work will require completion of a security clearance investigation in order to perform highly classified work to further the activities of the Office of Terrorism and Financial Intelligence:] Provided further, That of the amount appropriated under this heading, up to $3,400,000, to remain available until September 30, 2014[2013], is to develop and implement programs within the Office of Critical Infrastructure Protection and Compliance Policy, including entering into cooperative agreements[: Provided further, That of the amount appropriated under this heading, $3,000,000, to remain available until September 30, 2013, is for modernizing the Office of Debt Management's information technology.] : Provided further, That of the funds made available under this heading, $2,500,000 is for strengthening the Department's acquisition workforce capacity and capabilities: Provided further, That with respect to the previous proviso, such funds shall be available for training, recruitment, retention, and hiring members of the acquisition workforce as defined by the Office of Federal Procurement Policy Act, as amended (41 U.S.C. 401 et seq.): Provided further, That with respect to the seventh proviso, such funds shall be available for information technology in support of acquisition workforce effectiveness or for management solutions to improve acquisition management. Note.—A full-year 2011 appropriation for this account was not enacted at the time the budget was prepared; therefore, this account is operating under a continuing resolution (P.L. 111–242, as amended). The amounts included for 2011 reflect the annualized level provided by the continuing resolution.

Program and Financing (in millions of dollars)

Departmental Offices, as the headquarters bureau for the Department of the Treasury, provides leadership to the Department through the promotion of policies geared toward developing a strong and stable economy. Through effective management and leadership, the Departmental Offices develops and implements strategies to promote the stability of the nation's financial markets, ensure the integrity of the financial system, and enhance the government's ability to collect revenue, and serves as a world leader for best practices in the area of counterterrorist financing and anti-money laundering.

The Budget provides resources to support the core mission of the Treasury as well as increased funding to successfully implement new offices and activities authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111–203), including the new Federal Insurance Office and Office of Minority and Women Inclusion. The Budget also provides additional resources to support effective administration of programs authorized in the American Recovery and Reinvestment Act of 2009 (P.L. 111–5).

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

This account is authorized to be used by or on behalf of Treasury bureaus, at the Secretary's discretion, to modernize business processes and increase efficiency through technology and infrastructure investments. The 2012 Budget does not include new resources for this account, however, Treasury will continue to focus on successfully implementing investments from previous years. Ongoing high priority investments include department-wide implementation of the Enterprise Content Management program, which will modernize Treasury's document-based processes by allowing bureaus to electronically manage documents; implementation of the Financial Innovation and Transformation Program, which will develop government-wide solutions that automate manual financial transaction processing; and improvements to the Treasury Annex building.

Object Classification (in millions of dollars)

For necessary expenses of the Office of Inspector General in carrying out the provisions of the Inspector General Act of 1978, as amended, [$30,269,000]$29,855,000, of which not to exceed $2,000,000 for official travel expenses, including hire of passenger motor vehicles; and of which not to exceed $100,000 for unforeseen emergencies of a confidential nature, to be allocated and expended under the direction of the Inspector General of the Treasury. Note.—A full-year 2011 appropriation for this account was not enacted at the time the budget was prepared; therefore, this account is operating under a continuing resolution (P.L. 111–242, as amended). The amounts included for 2011 reflect the annualized level provided by the continuing resolution.

Program and Financing (in millions of dollars)

The Office of Inspector General (OIG) conducts audits, evaluations, and investigations designed to: (1) promote economy, efficiency, and effectiveness and prevent and detect fraud, waste, and abuse in Departmental programs and operations; and (2) keep the Secretary and the Congress fully and currently informed of problems and deficiencies in the administration of Departmental programs and operations. The OIG conducts audits and investigations of all Treasury programs and operations except those under jurisdictional oversight of the Treasury Inspector General for Tax Administration and the Special Inspector General for the Troubled Assets Relief Program. Additionally, the Treasury Inspector General functions as the Chair of the Council of Inspectors General on Financial Oversight.

The 2012 resources for the OIG will be used to provide critical audit oversight to ensure the effectiveness and integrity of Treasury's programs and operations. The OIG will continue to address mandated requirements related to audits of the Department's financial statements, information security, and failed Treasury-regulated financial institutions. The OIG will also conduct mandated requirements related to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to include monitoring and periodic reporting on the transfer of functions of the Office of Thrift Supervision. In addition, the OIG will conduct audits of the Department's highest risk programs and operations. The Office of Audit expects to complete 100 percent of statutory audits by the required deadline, and to complete 70 audit products in 2012.

In 2012, OIG will continue to provide oversight on a reimbursable basis, of the Small Business Lending Fund (SBLF) and the State Small Business Credit Initiative (SSBCI). The programs were created by the Small Business Jobs Act of 2010, and assigned to the Department of the Treasury for management and execution.

In 2012, OIG Office of Investigations will continue to investigate all reports of fraud, waste and abuse and other criminal activity, such as financial programs where fraud and other crimes are involved in the issuance of licenses or benefits to citizens and will conduct proactive efforts to detect, investigate and deter electronic crimes and other threats to the Treasury's physical and cyber critical infrastructure. The Office of Investigations will continue current efforts to aggressively investigate, close, and refer cases for criminal prosecution, civil litigation or corrective administrative action in a timely manner.

Object Classification (in millions of dollars)

Employment Summary

For necessary expenses of the Treasury Inspector General for Tax Administration in carrying out the Inspector General Act of 1978, as amended, including purchase (not to exceed 150 for replacement only for police-type use) and hire of passenger motor vehicles (31 U.S.C. 1343(b)); services authorized by 5 U.S.C. 3109, at such rates as may be determined by the Inspector General for Tax Administration; [$155,452,000]$157,831,000, of which not to exceed $6,000,000 shall be available for official travel expenses; of which not to exceed $500,000 shall be available for unforeseen emergencies of a confidential nature, to be allocated and expended under the direction of the Inspector General for Tax Administration. Note.—A full-year 2011 appropriation for this account was not enacted at the time the budget was prepared; therefore, this account is operating under a continuing resolution (P.L. 111–242, as amended). The amounts included for 2011 reflect the annualized level provided by the continuing resolution.

Program and Financing (in millions of dollars)

The Treasury Inspector General for Tax Administration (TIGTA) conducts independent audits and investigations of Treasury Department matters relating to the Internal Revenue Service (IRS), the IRS Oversight Board, and the IRS Office of Chief Counsel. TIGTA's oversight helps ensure that the IRS accomplishes its mission; improves its programs and operations; promotes economy, efficiency and effectiveness; and prevents and detects fraud, waste and abuse. In 2012, TIGTA will continue to monitor the IRS's implementation of American Recovery and Reinvestment Act tax provisions. TIGTA's efforts will concentrate on the effectiveness of the tax provisions implemented and will both deter and detect potential fraud. TIGTA will also provide oversight to the IRS's administration of the Affordable Care Act.

In 2012, TIGTA's investigative program will concentrate on three core areas: (1) employee integrity; (2) employee and infrastructure security; and (3) external attempts to corrupt tax administration. As the principle law enforcement agency responsible for protecting the integrity of tax administration, TIGTA will focus its investigative efforts on identifying vulnerabilities and emerging threats to electronic tax administration.

In 2012, TIGTA will administer an audit program that strikes a balance between statutory audit coverage and high-risk audit work. The statutory coverage will include audits mandated by the IRS Restructuring and Reform Act of 1998 and other statutory authorities and standards involving computer security, taxpayer privacy and rights, and financial management. The balance of TIGTA's audit work will focus on high-risk tax administration areas and will address major management and performance challenges facing the IRS, progress in achieving its strategic goals and their efforts to eliminate identified material weaknesses. Audits will address areas of concern to Congress, Secretary of the Treasury, IRS Oversight Board and IRS Commissioner. TIGTA's 2010 highlights include issuing 129 audit reports, and identifying more than $11.69 billion in potential financial benefits.

In 2012, TIGTA's Office of Inspections and Evaluations will conduct strategic reviews targeting specific tax administration problems.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

This account supports the Department's activities to expand access to basic financial services for low- and moderate-income individuals. Funds have been used to implement a grant program (the First Accounts Program), gather information on community needs and best practices, and implement the Community Financial Access Pilot. Remaining funding will be used primarily to develop key aspects of the Bank on USA program. Funding for this account was last appropriated in 2000 (P.L. 106–346).

Program and Financing (in millions of dollars)

Most of the balances in this account were transferred to the Department of Homeland Security in accordance with the Homeland Security Act of 2002 (P.L. 107–296). The remaining resources were used to fund projects related to domestic and international terrorism. This schedule reflects remaining balances in the account.

Program and Financing (in millions of dollars)

The Terrorism Risk Insurance Extension Act of 2007 (P.L. 110–160) reauthorized and revised the program established by the Terrorism Risk Insurance Act (TRIA) of 2002 (P.L. 107–297). The 2007 Act extended the Terrorism Insurance Program for seven years, through December 31, 2014. This extension of TRIA added a requirement for commercial property and casualty insurers to make available coverage for losses from domestic, as well as foreign, acts of terrorism and extends TRIA coverage for those losses.

The Budget baseline includes the estimated Federal cost of providing terrorism risk insurance, reflecting the 2007 TRIA extension. Using market driven data, the Budget projects annual outlays and recoupment for TRIA. These estimates represent a weighted average of TRIA payments for insured losses over a full range of scenarios, from no insured losses (and therefore no TRIA payments), through insured loss levels of varying magnitudes. On this basis, the Budget baseline projects net spending of $945 million over the 2012–2016 period and $984 million over the 2012–2021 period.

Object Classification (in millions of dollars)

Employment Summary

Of the unobligated balances available under this heading, [$62,000,000] $600,000,000 are hereby permanently cancelled. Note.—A full-year 2011 appropriation for this account was not enacted at the time the budget was prepared; therefore, this account is operating under a continuing resolution (P.L. 111–242, as amended). The amounts included for 2011 reflect the annualized level provided by the continuing resolution.

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

The Treasury Forfeiture Fund supports Federal, State, and local law enforcement's use of asset forfeiture as a powerful tool to punish and deter criminal activity. Non-tax forfeitures made by participating bureaus of the Department of the Treasury and the Department of Homeland Security are deposited into the Fund. This revenue is available to pay or reimburse certain costs and expenses related to seizures and forfeitures that occur pursuant to laws enforced by the bureaus and other expenses authorized by 31 U.S.C. 9703. Upon notification of Congress, revenue can also be used to fund law enforcement related activities based on requests from member bureaus and evaluation by the Secretary of the Treasury. The Budget proposes to permanently cancel $600 million of surplus revenue and transfer an additional $30 million to the Financial Crimes Enforcement Network to support the BSA IT Modernization initiative.

Object Classification (in millions of dollars)

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

The Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR) were established under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Public Law 111–203). FSOC is an executive agency of government, and is comprised of ten voting members, including all federal financial regulators, and five non-voting members. The Secretary of the Treasury serves as Chairperson of FSOC. OFR is an office within the Department of the Treasury.

FSOC's purpose is to identify risks to the financial stability of the United States, promote market discipline, and respond to emerging threats to the stability of the U.S. financial system. OFR's purpose is to support FSOC by collecting data on behalf of FSOC, developing and promoting data standards, conducting research, and developing tools for risk measurement and monitoring. OFR has two primary operational divisions, a Data Center and a Research and Analysis Center.

Through July 21, 2012, FSOC and OFR are funded through transfers from the Board of Governors of the Federal Reserve System. After July 21, 2012, FSOC and OFR will be funded through assessments on bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies supervised by the Board of Governors. Administrative expenses of FSOC are considered expenses of, and are paid by, OFR. OFR expenses are paid for out of the Financial Research Fund, which was established by the Dodd-Frank Act and which is managed by the Department of the Treasury.

Projected OFR expenditures are largely driven by assumptions regarding the scale of resources needed to fulfill the OFR's data-related mandates. As the OFR defines the scope of its standardization, reference data, and collection activities, estimates may change.

Object Classification (in millions of dollars)

Employment Summary

Special and Trust Fund Receipts (in millions of dollars)

Program and Financing (in millions of dollars)

Individual Federal income tax returns include an optional Federal income tax designation of $3 that an individual may elect to be paid to the Presidential Election Campaign Fund (PECF). In recent years, less than 10% of individuals have elected to make this designation, resulting in less than $50 million paid into the Fund annually. Approximately every four years, the Department of the Treasury makes distributions from the PECF (referred to as public funds, matching funds, or Federal funds) to qualified Presidential candidates and national party committees for use in the Presidential elections.

Money for the public funding of Presidential elections can only come from the PECF. When the PECF runs short of funds, no other general Treasury funds may be used.

The Federal Election Commission administers the public funding program, determining which candidates are eligible, the amount to which they are entitled, and auditing their use of funds. The Department of the Treasury collects the income tax designations and makes payouts to the campaigns.

Matching Funds for Presidential Primary Candidates._Upon certification by the Federal Election Commission—based on demonstration of broad national support, adhering to spending limits, and other qualifications—every eligible Presidential primary candidate is entitled to receive $250 in Federal matching funds for the first eligible $250 of private contributions per individual received after the beginning of the calendar year immediately preceding the election year through the end of the calendar year of the election. For the 2012 Presidential election, payouts to eligible candidates are possible beginning in January 2012 and all monies raised in 2011 or 2012 are potentially matchable.

Candidates for General Elections._By statute, eligible candidates of each major party in a Presidential election are entitled to equal payments in an amount which, in the aggregate, shall not exceed $20 million each, plus an inflation adjustment. In 2008, this amounted to $84.1 million for each candidate, and only the Republican candidate accepted general election funding. Eligibility for this funding depends on meeting several criteria such as agreeing to limit spending to amounts specified by campaign finance laws. In addition, provision is made for new parties, minor parties, and non-major party candidates who may receive in excess of 5 percent of the popular vote and therefore be entitled to a pro rata portion of the major party grant in the general election.

Nominating Party Conventions._Upon certification by the Commission, payments may be made to the national committee of a major or minor political party that chooses to receive its entitlement. The total of such payments will be limited to the amount in the account at the time of payment. The national committee of each party may receive payments beginning on July 1 of the year immediately preceding the calendar year in which a presidential nominating convention of the political party is held. By statute, the two major parties receive $4 million each, plus an inflation adjustment (over 1974). In 2007, the Republican and Democratic parties each received $16.4 million for their nominating conventions. An additional $464,000 was paid to each party in 2008 to reflect the fully adjusted grant for 2008.

When there are insufficient funds to meet the demand for public funding, payments to the national parties for their nominating conventions have first priority with the general election candidates second and the primary candidates last.

Program and Financing (in millions of dollars)

Under the law creating the Exchange Stabilization Fund (ESF), section 10 of the Gold Reserve Act of 1934, as amended, codified at 31 USC 5302, the Secretary of the Treasury, with the approval of the President, is authorized to deal in gold, foreign exchange, and other instruments of credit and securities, as the Secretary considers necessary, consistent with U.S. obligations in the International Monetary Fund (IMF) regarding orderly exchange arrangements and a stable system of exchange rates. All earnings and interest accruing to the ESF are available for the purposes thereof. Transactions in Special Drawing Rights (SDRs) and U.S. holdings of SDRs are administered by the fund. By law, the fund is not available to pay administrative expenses.

Since 1934, the principal sources of the fund's income have been earnings on investments held by the fund, including interest earned on fund holdings of U.S. Government securities.

The amounts reflected in the 2011 and 2012 estimates entail only projected net interest earnings on ESF assets. The estimates are subject to considerable variance, depending on changes in the amount and composition of assets and the interest rates applied to investments. In addition, these estimates make no attempt to forecast gains or losses on SDR valuation or foreign currency valuation.

Balance Sheet (in millions of dollars)

Program and Financing (in millions of dollars)

The Department established a Temporary Guarantee Program for Money Market Funds (Treasury Guarantee Program) in September 2008 that was managed under the purview of the Treasury's Office of Financial Institutions. Under the Treasury Guarantee Program, the Treasury guaranteed to individual investors that they would receive the stable share price (SSP) for each share held in a participating money market fund up to the number of shares held as of the close of business, September 19, 2008. Use of ESF assets to support the Treasury Guarantee Program was approved by the President and the Secretary of the Treasury on September 19, 2008, and the Program was opened for participation on September 29, 2008. During the year ended September 30, 2009, the ESF collected $1.2 billion in program particpation payments (premia). The program officially expired on September 18, 2009, and this account closed in fiscal year 2010.

Balance Sheet (in millions of dollars)

Program and Financing (in millions of dollars)

Central services for Treasury Department bureaus funded through the Department of the Treasury Working Capital Fund include: telecommunications, printing, duplicating, graphics, computer support/usage, personnel/payroll, automated financial management systems, training, short-term management assistance, procurement, information technology services, equal employment opportunity services, and environmental health and safety services. These services are provided on a reimbursable basis at rates which will recover the Fund's operating expenses, including accrual of annual leave and depreciation of equipment.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

The Department of the Treasury was authorized to pilot a franchise fund under P.L. 103–356, the Government Management and Reform Act of 1994. The purpose of the franchise fund pilot was to lower costs while providing high quality administrative services through a competitive environment. The Treasury Franchise Fund (The Fund) was established by P.L. 104–208, made permanent by P.L. 108–447 and codified as 31 U.S.C. 322, note.

The Fund is revolving in nature and provides accounting, procurement, travel, human resources, and information technology services through the Bureau of the Public Debt, Administrative Resource Center (ARC). Services are provided to federal customers, on a reimbursable, fee-for-service basis. ARC has provided effective administrative support services since joining the Fund in 1998 and has been designated a Center of Excellence as a federal shared service provider under both the Financial Management (FMLoB) and Information Systems Security Lines of Business (ISSLoB). In addition, ARC has critical supporting roles in the Human Resources and Public Key Infrastructure (PKI) SSP designations of the Department of Treasury.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

The funding appropriated to this account supports the implementation and administration of a number of Recovery Act tax, bond and cash assistance programs across the Department of the Treasury.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Summary of Budget Authority and Outlays (in millions of dollars)

Section 1603 of the American Recovery and Reinvestment Act of 2009 authorized and directed the Secretary of the Treasury to establish payments in lieu of tax credits for taxpayers that place in service qualifying renewable energy facilities. This account presents the estimated disbursements for this program.

This program provides payments for specified energy property (including qualified facilities that produce electricity from wind and certain other renewable resources; qualified fuel cell property; solar property; qualified small wind energy property; geothermal property; qualified microturbine property; combined heat and power system property; and geothermal heat pump property). Payments are available for property placed in service in 2009, 2010 or 2011. In some cases, if construction begins in 2009, 2010, or 2011, the payment can be claimed for property placed in service before 2013, 2014 or 2017 (depending on the type of property). In general, projects that meet eligibility criteria for the energy property investment tax credit (ITC) (including qualified renewable energy facilities for which an election to claim the ITC can be made) are eligible for the payments. A person or entity receiving a payment for specified energy property may not claim either the investment tax credit or the renewable energy production tax credit with respect to the same property. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Public Law 111–312), Section 707(a), extended for one year, through 2011, the time within which certain eligible property must be placed in service or start construction.

Program and Financing (in millions of dollars)

Program and Financing (in millions of dollars)

Section 1602 of the American Recovery and Reinvestment Act of 2009 (Recovery Act) authorized and directed the Secretary of the Treasury to establish payments to States for low-income housing projects in lieu of low-income housing tax credits (LIHTC). This account presents the estimated disbursements for this program.

The program provides payments to State housing credit agencies to make sub-awards to finance the construction or acquisition and rehabilitation of qualified low-income housing in the same manner and generally subject to the same limitations as LIHTCs allocated under section 42 of the Internal Revenue Code (IRC) through December 31, 2011. The Recovery Act specifies that the exchange of credits for cash payments applies only to the 2009 LIHTC ceiling under IRC 42(h)(3)(C), and that states may elect to exchange credits for cash payments subject to the requirements and limitations provided in Division B, sections 1404 & 1602 of the Recovery Act.

To carry out the Community Development Banking and Financial Institutions Act of 1994 (Public Law 103–325), including services authorized by 5 U.S.C. 3109, but at rates for individuals not to exceed the per diem rate equivalent to the rate for ES-3, [$250,000,000]$227,259,000, to remain available until September 30, [2012]2013; of which $12,000,000 shall be for financial assistance, technical assistance, training and outreach programs, under sections 105 through 109 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4704–4708), designed to benefit Native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in Indian country, Native American organizations, tribes and tribal organizations and other suitable providers; of which, notwithstanding section [4707]108(d) of such Act, up to $25,000,000 shall be for a Healthy Food Financing Initiative to provide grants and loans to community development financial institutions for the purpose of offering affordable financing and technical assistance to expand the availability of healthy food options in distressed communities; of which [$50,000,000]$41,425,000 shall be for [financial assistance, technical assistance, training and outreach programs to community development financial institutions, other financial service organizations, non-profit organizations, states, and local governments, and partnerships of such entities (or a financial service organization designated as a fiscal agent on behalf of such entity) for the purpose of seeding local] initiatives to establish bank accounts for low and moderate-income persons who do not have bank accounts with financial institutions[, and providing appropriate financial products and services to underbanked persons, and for the purpose of encouraging such persons to enter into formal banking relationships and access financial services and development services, and to evaluate the results of such efforts;] and to improve access to the provision of bank accounts as authorized by section 1204 of Public Law 111–203; of which up to [$23,000,000]$22,965,000 may be used for administrative expenses, including administration of the New Markets Tax Credit; of which up to [$10,200,000]$10,315,000 may be used for the cost of direct loans; and of which up to $250,000 may be used for administrative expenses to carry out the direct loan program: Provided, That the cost of direct loans, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974: Provided further, That these funds are available to subsidize gross obligations for the principal amount of direct loans not to exceed $25,000,000.

Note.—A full-year 2011 appropriation for this account was not enacted at the time the budget was prepared; therefore, this account is operating under a continuing resolution (P.L. 111–242, as amended). The amounts included for 2011 reflect the annualized level provided by the continuing resolution.

Program and Financing (in millions of dollars)

Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in millions of dollars)

The Community Development Financial Institutions (CDFI) Fund promotes economic and community development through investment in and assistance to community development banks, credit unions, loan funds, and venture capital funds in order to expand the availability of financial services and affordable credit for underserved populations, including distressed urban, rural, Native American, Native Hawaiian, and Alaska Native communities. The CDFI Fund's role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program, which spurs investment of new private sector capital into low-income communities.

The 2012 Budget provides funding for the CDFI Fund's merit-based grant programs, including the Healthy Food Financing Initiative (HFFI), which provides grants to CDFIs in order to expand the offering of affordable financing for healthy food retail options in distressed communities; and, Bank on USA, a program that promotes access to affordable and appropriate financial services and basic consumer credit products for households without access to such products and services. In addition, the Budget proposes to reauthorize the NMTC Program through 2012, requesting $5 billion of allocation authority, which will expand affordable financing for the development of renewable energy projects, charter schools, manufacturing facilities, retail centers, as well as other projects, in low-income communities. Of the $5 billion requested for the NMTC Program in 2012, $250 million will support financing healthy food options in distressed communities as part of HFFI.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Status of Direct Loans (in millions of dollars)

As required by the Federal Credit Reform Act of 1990, this non-budgetary account records all cash flows to and from the Government resulting from direct loans obligated in 1992 and beyond (including modifications of direct loans that resulted from obligations in any year). The amounts in this account are a means of financing and are not included in the budget totals.

Balance Sheet (in millions of dollars)

Program and Financing (in millions of dollars)

The Emergency Economic Stabilization Act of 2008 (EESA) (P.L. 110–343) authorized the establishment of the Troubled Asset Relief Program (TARP) and the Office of Financial Stability (OFS) to purchase and insure certain types of troubled assets for the purpose of providing stability to and preventing disruption in the economy and financial systems and protecting taxpayers. The Act gives the Treasury Secretary broad and flexible authority to purchase and insure mortgages and other troubled assets, as well as inject capital by taking limited equity positions, as needed to stabilize the financial markets. This account provides for the administrative costs for the OFS.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in millions of dollars)