Financial Agent Authority | Procurement Contracts under the Federal Acquisition Regulation
The National Bank Acts of 1863 and 1864 grant Treasury the authority to retain financial agents to provide services on its behalf. Financial agents act on behalf of the Government during the performance of their duties under an agent-principal relationship with Treasury. Financial agents have the fiduciary obligation to protect the interests of the United States. Financial Agency Agreements (FAA) entered into by Treasury do not constitute procurement contracts under the purview of Federal Acquisition Regulations. The Secretary of the Treasury has designated financial institutions to support the implementation of the EESA, including banks, savings associations, credit unions, security brokers or dealers, insurance companies, and other entities to serve as Treasury's financial agents.