What does the Financial Management Service (FMS) oversee?

The Financial Management Service (FMS), which is part of the U.S. Department of the Treasury, plays a critical role in managing the federal government's financial operations. Its primary responsibility encompasses overseeing all government financial transactions, including payments and collections. This involves ensuring that transactions are executed efficiently and securely, managing risks associated with financial systems, and maintaining the integrity of financial records.

By overseeing payments, FMS ensures that funds are disbursed accurately and timely to various entities, ranging from contractors and beneficiaries to federal employees. Meanwhile, its role in overseeing collections involves managing the incoming revenue streams for the federal government, ensuring that funds due to the government are collected effectively.

This comprehensive supervision of financial transactions directly supports the government's financial stability and accountability, facilitating smooth operations across various agencies and departments.

While consumer financial education programs, management of state-funded financial institutions, and investment management for government employees are important aspects of the financial landscape, these tasks fall outside the primary purview of FMS and instead may be managed by other agencies or organizations dedicated to those specific areas.