Responsible for one of the oldest and most basic functions of the Department of the Treasury, the Financial Management Service (FMS) receives and disburses all public monies, maintains government accounts, and prepares daily and monthly reports on the status of government finances. FMS administers the world�s largest collection system.
Salmon P. Chase, the25th Secretary of the Treasury,
served during the Civil War from 1861 to 1864.
Under Chase, the Bureau of Internal Revenue
was established in 1862. (Treasury Collection)
These functions were originally executed by the Treasurer and the Register of the Treasury. The Office of the Commissioner of Accounts and Deposits was established in 1920, and became part of the Fiscal Service in 1940. The Bureau of Government Financial Operations was established in 1974, and was renamed FMS in 1984. With the name change in 1984, FMS was given broader responsibilities, including lead agency roles for programs to improve cash management systems government-wide.