Function: Acting as the U.S. government's money manager, FMS provides centralized payment, collection, and reporting services for the government.
Staffed by approximately 2,100 career civil servants;
Oversees the daily cash flow of nearly $50 billion into and out of federal accounts;
Disburses more than $1.7 trillion to more than 100 million individuals via social security and veterans' benefits, income tax refunds and other federal payments;
Collects more than $2.2 trillion per year in payments to the government through 10,000 financial
institutions, with nearly $1.8 trillion collected electronically;
Provides cash management guidance to federal program agencies;
Serves as the government’s central debt collection agency, managing the government’s delinquent debt portfolio; and
Collects more than $3 billion per year in delinquent debts owed to the federal government.
