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TREAS/FMS | RIN: 1510-AA38 | Publication ID: Fall 1999 |
Title: Rules and Procedures for Efficient Federal-State Funds Transfers | |
Abstract: This regulation governs the transfer of Federal assistance funds to State governments and implements the Cash Management Improvement Act of 1990, as amended. Revisions to the regulation will address concerns raised by both States and Federal agencies about intergovernmental financing. Rules and procedures for funds transfers will be revised to provide more options and greater flexibility. | |
Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: Undetermined |
CFR Citation: 31 CFR 205 | |
Legal Authority: 5 USC 301 31 USC 321 31 USC 3335 31 USC 6501 31 USC 6503 |
Legal Deadline:
None |
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Statement of Need: The Cash Management Improvement Act (CMIA), Public Law 101-453, October 24, 1990, requires the head of each Executive agency, under regulations prescribed by the Secretary of the Treasury, to provide for the timely disbursement of Federal funds through cash, checks, electronic funds transfer, or any other means identified by the Secretary of the Treasury. FMS issued a final implementing regulation, impacting billions of dollars in Federal payments, on December 21, 1992. Since that date, many changes have been identified that require public comment. This CMIA regulation affects all States and territories receiving Federal funds. |
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Summary of the Legal Basis: This regulation is authorized by the Cash Management Improvement Act of 1990, Public Law 101-453, October 24, 1990. The substantive provisions of this law are codified at 31 U.S.C. 3335 and 6503; other applicable provisions of law are codified at 5 U.S.C. 301 and 31 U.S.C. 321. |
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Alternatives: Not applicable. |
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Anticipated Costs and Benefits: This proposed revision of the regulation implementing the Cash Management Improvement Act of 1990 is anticipated to improve the efficiency of funds transfers between the Federal Government and the States. No increase in costs is anticipated for the Federal Government or the States. Administrative burdens on the Federal Government and the States are anticipated to decrease. |
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Risks: Not applicable. |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal, State |
Included in the Regulatory Plan: Yes | |
Agency Contact: Stephen Kenneally Financial Program Specialist, Cash Management Policy and Planning Division Department of the Treasury Financial Management Service Room 408D, 401 14th Street SW., Washington, DC 20227 Phone:202 874-6799 Email: stephen.kenneally@fms.treas.gov |