The Federal Reserve Bank of St. Louis has been selected to house and manage the Treasury Relations Support Office for the entire Federal Reserve System. The Federal Reserve's Financial Services Policy Committee announced the decision in late February.

The support office is responsible for managing the Federal Reserve System's relationship with the U.S. Treasury. Efforts will focus on overseeing the programs and initiatives that the Federal Reserve manages for the Treasury.

For example, staff will work with the Financial Management Service (FMS) on debt collection programs, government check and ACH processing, deposit reporting systems, tax collection and direct investments, as well as collateral maintenance/monitoring. They will also work closely with the Bureau of Public Debt (BPD) on efforts related to marketable securities and savings bonds.

"Obtaining this office allows the District to significantly increase its leadership in System activities," says Dave Sapenaro, senior vice president, Treasury and Customer Relations Division of the St. Louis Fed. "It could not have happened without the hard work of many, many people throughout the District, both in developing our proposal and, more important, in achieving a strong track record on Treasury projects over the last several years. We should all feel proud of this accomplishment."

The mission of the support office is to improve the Federal Reserve System's support of the Treasury's strategic direction. As such, it will work with the Office of the Fiscal Assistant Secretary on policy and direction-setting initiatives for both BPD and FMS.

The Office is led by First Vice President LeGrande Rives, with Dave Sapenaro and Judie Courtney serving as function manager and deputy function manager, respectively. Transition efforts from the previous office, located at the Federal Reserve Bank of Philadelphia, are nearly complete.