At the end of February, the Federal Reserve's Financial Services Policy Committee announced that the St. Louis Fed had been awarded the Treasury Relations and Support Office. This office is responsible for managing the Fed System's relationship with the U.S. Treasury. The District's successful bid was the result of more than a decade's experience with the Treasury, including the successful implementation of the Treasury Investment Program and the Paper Tax system.
The office will focus on overseeing the programs and initiatives that the System manages for the Treasury. For example, the St. Louis Fed's staff will work with the Financial Management Service on debt-collection programs, government check and ACH processing, deposit reporting systems, tax collection, and direct investments and collateral maintenance/monitoring. The District also will work with the Bureau of Public Debt in marketing securities and savings bonds. To further improve the System's support of the Treasury, the new support office will work with the Office of Fiscal Assistant Secretary on policy and direction, setting initiatives for both the Bureau of Public Debt and the Financial Management System.
First Vice President LeGrande Rives will lead the new support office, with Dave Sapenaro and Judie Courtney serving as function manager and deputy function manager, respectively. Transition efforts from the previous office, located at the Philadelphia Fed, are nearly complete.