Improving the Payment Experience

Create a modern, seamless, inclusive, and secure Federal payment experience for the public that meets customer needs while reducing costs, expanding financial inclusion, and improving climate sustainability of Treasury’s operations. By September 30,2023, Treasury will:

• Increase the electronic payment rate for Treasury-disbursed payments to 96.56% by the end of FY 2023, compared with 96.18% in FY 2021
• Achieving this increased electronic payment rate would lead to an estimated reduction of 4.8 million checks
• Increase the electronic payment rate for IRS individual tax refunds to 81.00% by the end of FY 2023, compared with 80.34% in FY 2021

Promoting Transparency in the Financial System

Establish a robust regulatory framework to ensure timely information on the highest priority threats to combat the misuse of companies by criminals. By September 30, 2023, the Department of the Treasury will strengthen and adapt the Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) framework by publishing and updating regulatory requirements and creating a solution that will securely collect, store, and manage beneficial ownership information for use by law enforcement and other authorized partners.

Increasing Treasury Sustainability

Model best practices in sustainable operations, supporting the Department’s key role in the whole-of-government effort to manage climate-related risks and enable the transition to a net-zero economy. By September 30, 2023, the Department of the Treasury will:

• Transition Treasury’s Fleet to Electric Vehicles (EV): Convert 33% ¹ of the vehicles to EVs for those vehicles with lease terms needing renewal; and
• Implement a Climate Literacy Program: Deliver educational products to 100% of Treasury’s target audience of executives and key staff who are needed to support and sustain Treasury’s climate change and sustainability priority initiatives (e.g., facility and fleet operations, budget and finance, legal counsel, and procurement).