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, [$304,888,000, of which not to exceed $21,983,000 is for executive direction program activities; not to exceed $47,249,000 is for economic policies and programs activities, including $1,000,000 that shall be transferred to the National Academy of Sciences for a study by the Board on Mathematical Sciences and Their Applications on the long-term economic effects of the aging population in the United States, to remain available until September 30, 2011, and $1,500,000 that shall be transferred to the National Academy of Sciences for a carbon audit of the tax code as authorized in section 117 of the Energy Improvement and Extension Act of 2008 (Public Law 110-343), to remain available until September 30, 2011; not to exceed $48,580,000 is for financial policies and programs activities; not to exceed $64,611,000 is for terrorism and financial intelligence activities; not to exceed $22,679,000 is for Treasury-wide management policies and programs activities; and not to exceed $99,786,000 is for administration programs activities: Provided, That the Secretary of the Treasury is authorized to transfer funds appropriated for any program activity of the Departmental Offices to any other program activity of the Departmental Offices upon notification to the House and Senate Committees on Appropriations: Provided further, That no appropriation for any program activity shall be increased or decreased by more than 4 percent by all such transfers: Provided further, That any change in funding greater than 4 percent shall be submitted for approval to the House and Senate Committees on Appropriations] $346,401,000: Provided [further], 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 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, [2011] 2012, is for information technology modernization requirements; not to exceed $200,000 is for official reception and representation expenses; $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, [2011] 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, [2011] 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, [2012] 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, [2012] 2013, is for modernizing the Office of Debt Management's information technology. (Department of the Treasury Appropriations Act, 2010.)

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 new resources to expand the analytic capacity of the Offices of Domestic Finance, Tax Policy, and Economic Policy so that Treasury can more effectively identify and address emerging economic challenges. The additional resources also support implementation of Financial Regulation Reform initiatives, including the launch of the Office of National Insurance and the Financial Services Oversight Council, which will improve supervision and regulation of financial institutions and markets. In addition, the Budget will allow Treasury to improve economic modeling capabilities; strengthen critical financial intelligence functions; and support rigorous evaluation of key Department programs. It also devotes resources to advance international economic and financial policy objectives, including closing tax havens overseas by participating in the Global Tax Forum, and encouraging sound international economic policies by hosting a number of additional multilateral meetings leading up to the G-7, G-20, and APEC conferences. Finally, the Budget provides resources to improve procurement activities and for the continued administration of the American Recovery and Reinvestment Act of 2009.

Object Classification (in millions of dollars)

Employment Summary

For development and acquisition of automatic data processing equipment, software, and services for the Department of the Treasury, [$9,544,000] $22,000,000, to remain available until September 30, [2012] 2013: Provided, [That $4,544,000 is for repairs to the Treasury Annex Building: Provided further,] That these funds shall be transferred to accounts and in amounts as necessary to satisfy the requirements of the Department's offices, bureaus, and other organizations: Provided further, That this transfer authority shall be in addition to any other transfer authority provided in this Act[: Provided further, That none of the funds appropriated under this heading shall be used to support or supplement "Internal Revenue Service, Operations Support'' or "Internal Revenue Service, Business Systems Modernization'']. (Department of the Treasury Appropriations Act, 2010.)

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 2011 Budget provides funds to continue the department-wide implementation of the Enterprise Content Management (ECM) program and to begin the implementation of the Federal Financial Transformation program.

The ECM program will modernize Treasury's document-based business processes by allowing bureaus to electronically capture, store, search/analyze, and share documents from internal and external customers, including citizens, corporations, intelligence, law enforcement, and financial communities.

The Federal Financial Transformation program will develop government-wide solutions that automate manual financial transaction processing and report production activities performed at Federal agencies. By automating the capture of financial information, these centrally-managed solutions will generate efficiencies across the Federal Government, as well as make financial information available to the public earlier.

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, 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[, $29,700,000, of which not to exceed $2,500 shall be available for official reception and representation expenses]. (Department of the Treasury Appropriations Act, 2010.)

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. This office is responsible for audit and investigative operations of all Treasury activities except tax administration.

The FY 2011 resources for the OIG will be used to provide critical audit and investigative services, ensuring 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 institutions regulated by the Office of the Comptroller of the Currency or the Office of Thrift Supervision resulting in material losses to the deposit insurance fund. 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 62 audit products in FY 2011.

In FY 2011, the 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; will perform oversight or quality assurance reviews of Treasury's police operations at the Bureau of Engraving and Printing and the U.S. Mint; 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; [$152,000,000] $155,452,000, 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[; and of which not to exceed $1,500 shall be available for official reception and representation expenses]. (Department of the Treasury Appropriations Act, 2010.)

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 FY 2011, TIGTA will continue to monitor the IRS' 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.

In FY 2011, 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 FY 2011, 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 2009 highlights include issuing 142 audit reports, and identifying more than $14.7 billion in potential financial benefits.

In FY 2011, The 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)

Expanded Access to Financial Services funds enable the Department to provide program and outreach services for banking the unbanked.

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)

Summary of Budget Authority and Outlays (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 ensured loss levels of varying magnitudes. On this basis, the Budget baseline projects net spending of $1.187 billion over the 2011-2015 period and $1.260 billion over the 2011-2020 period.

The Administration proposes to lessen federal intervention in this insurance market and reduce the subsidy to and through private insurers (i.e., increase the private sector share of losses) beginning in 2011 after the economy is expected to stabilize. The Budget projects savings from this proposal of $378 million over the 2011-2015 period and $249 million over the 2011-2020 period. For more details, please see the Credit and Insurance chapter in the Analytical Perspectives volume.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

Of the unobligated balances available under this heading, [$90,000,000] $62,000,000 are [rescinded] hereby permanently cancelled. (Department of the Treasury Appropriations Act, 2010.)

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. A $62 million cancellation is proposed for FY 2011.

Object Classification (in millions of dollars)

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 2011 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 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), 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. As required by Public Law 95-612, the fund is not available to pay administrative expenses.

The principal sources of the fund's income are earnings on investments held by the fund, including interest earned on fund holdings of U.S. Government securities.

The amounts reflected in the 2010 and 2011 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 opened for participation on September 29, 2008. To participate in the Treasury Guarantee Program, eligible money market funds must have submitted an application and paid a premium of 1 basis point if the fund's Net Asset Value (NAV) was greater than or equal to 99.75 percent of the SSP, or 1.5 basis points of the SSP if the fund's NAV was less than 99.75 percent of the SSP but greater than or equal to 99.50 percent of the SSP. To be eligible, funds were required to: (1) be regulated under Rule 2a-7 of the Investment Company Act of 1940; (2) maintain a SSP; (3) have a market-based NAV of at least 99.5 percent of the SSP as of September 19, 2008; and (4) be publicly offered and registered with the Securities and Exchange Commission. The Program was initially offered for a three month period (through December 19, 2008), with the option to extend through September 18, 2009, at the discretion of the Secretary of the Treasury. The Program was extended twice during 2009; first from December 19, 2008 through April 30, 2009 and again through September 18, 2009. The program officially expired on September 18, 2009.

On November 19, 2008, Treasury entered into a transaction with the Reserve Fund's U.S. Government Fund (USGF), under which Treasury: (1) executed the Guarantee Agreement, which accepted the USGF into the Treasury Guarantee Program; and (2) signed a Letter Agreement with the USGF. Under the terms of the Letter Agreement, Treasury was obligated to purchase in early January 2009 the USGF's remaining securities issued by four U.S. government sponsored enterprises. On January 15, 2009 the ESF purchased approximately $3.6 billion of these securities; the purchase price representing the amortized cost of the remaining securities, plus accrued but unpaid interest. Upon consummation of the purchase, these GSE securities were classified as held to maturity. As of the end of fiscal year 2009, $1.1 billion of these securities remained outstanding. In November 2009, all securities matured and resulted in the closing of the Treasury Guarantee Program (and this account) 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 bring about lower costs and higher quality for government and financial administrative services through greater competition. 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 a revolving fund that is used to supply financial and administrative services to the Department of Treasury and other federal agencies on a fee-for-service basis. The Financial Management Administrative Support budget activity has been defined to include the services provided by the Bureau of the Public Debt's Administrative Resource Center (ARC). ARC has been providing competitively priced, high quality, value added 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)

This appropriation covers the administrative expenses associated with programs authorized by certain sections of the American Recovery and Reinvestment Act. The $131 million appropriated to this account will support the implementation and administration of a number of new and expanded tax , bond and cash assistance programs across the Department of the Treasury. Funding also supported the disbursement of approximately 64 million Economic Recovery Payments to Social Security, Supplemental Security Income, Railroad Retirement, and Veterans Affairs beneficiaries.

Object Classification (in millions of dollars)

Employment Summary

Program and Financing (in millions of dollars)

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

This program will provide 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 or 2010. In some cases, if construction begins in 2009 or 2010, 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.

Program and Financing (in millions of dollars)

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

Section 1602 of the American Recovery and Reinvestment Act of 2009 (Recovery Act) authorizes and directs 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 will provide 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). 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.

The 2011 Budget proposes to extend for one year the cash assistance in lieu of LIHTCs option available to States found in the Recovery Act. The same general requirements and restrictions found in the Recovery Act will apply to the extension.

Program and Financing (in millions of dollars)

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, [notwithstanding sections 4707(d) and 4707(e) of title 12, United States Code, $166,750,000] $250,000,000, to remain available until September 30, [2011] 2012; 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 [American, Native Hawaiian, and Alaskan 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 [$1,000,000 shall be available for the pilot project grant program under section 1132(d) of division A of the Housing and Economic Recovery Act of 2008 (Public Law 110-289); of which $3,150,000 shall be for an additional pilot project grant to an eligible organization located in the State of Hawaii for financial education and pre-home ownership counseling as authorized in section 1132(d) of division A of the Housing and Economic Recovery Act of 2008 (Public Law 110-289), and], notwithstanding section 4707(d), 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 [up to $18,000,000 may] $50,000,000 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; of which up to $23,000,000 may be used for administrative expenses, including administration of the New Markets Tax Credit; of which up to $10,200,000 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.

[For an additional amount to be transferred to the "Capital Magnet Fund'', as authorized by section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 1301 et seq.), as amended by section 1131 of the Housing and Economic Recovery Act of 2008 (Public Law 110-289), to support financing for affordable housing and economic development projects, $80,000,000, to remain available until September 30, 2011: Provided, That, for fiscal year 2010, section 1339(h)(3) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by section 1131 of the Housing and Economic Recovery Act of 2008 (Public Law 110-289), shall be applied by substituting the term "at least 10 times the grant amount or such other amount that the Secretary may require'' for "at least 10 times the grant amount''.] (Department of the Treasury Appropriations Act, 2010.)

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 2011 Budget proposes to increase funding for the CDFI Fund's core merit-based CDFI programs, in addition to funding two new community development initiatives: (1) the Healthy Food Financing Initiative (HFFI), which will provide grants to CDFIs for the purpose of offering affordable financing to expand the availability of healthy food options in distressed communities; and, (2) Bank on USA, which will promote 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 through FY 2011, offsetting the Alternative Minimum Tax requirements for all NMTC allocation authority awarded but for which investments have not yet been made. Of the $5 billion requested for NMTC investment authority in FY 2011, $250 million will be used to attract private sector capital that will support the financing of healthy food options in distressed communities as part of HFFI.

Object Classification (in millions of dollars)

Employment Summary

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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 (EESA) of 2008 (P.L. 110343) 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 mortgage 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)