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159627 1 (1997-01-01)

handle is hein.gao/gaobacxel0001 and id is 1 raw text is: A Newsletter for Government Financial Managers ATTENTION JFMIP NEWS Recipients: To reduce costs for printing and mailing and to gain the benefit of a wider distribution with the use of the Internet through FinanceNet, the JFMIP is changing the way it distributes exposure drafts of JFMIP publications. JFMIP has established a new mailing list in cooperation with our liaisons from organizations in both the public and private sectors. The liaisons determine who in their organizations will receive future exposure drafts of JFMIIP publications, such as financial systems requirements and core competencies for financial management personnel, in hand copy. The liaisons in federal, departments and agencies are usually members of the U.S. Chief Financial Officers Council, Federal Audit Executive Council, Small Agency Councils Financial Management Committee and Executive Council on Integrity and Efficiency. You may access and download exposure drafts on FinanceNet under JTFM\IP: Current Exposure Drafts TFMIP has issued the following exposure drafts: Corr Competencies in Financial Management jir Infirmation Technology Prnmel (CC-3) - Seprembcr 1997 This document is ouindy issued by JFMIP and the Human Resources Committee of the Chief Financial Officers (CFO) Council. Comments are due by November 17, 1997. Cor Competene for Financial System Analys (CC-4) - Scptember 1997 This document is jointly issued by JFMIUP and the Human Resources and Financial Systems Committees of the CFO Council. Comments are due by November 17, 1997. Con Competencies in Financial Management for Management Analysts and Financial Specialists (CC-5) - Octoe 1997 This document is joindy issued by JFMIP and the Human Resources Committee of the Update on the U.S. CFO Council recently left their positions as chief financial officers: . T he federal financial management community will miss the following individuals who * Bonnie Cohen, formerly CFO, Department of the Interior, is now the Under Secretary for Management at the Department of State. * George Munoz, formerly CFO, Department of the Treasury, is the Chairman, Overseas Private Investment Corporation. * Louise F. Stoll, formerly CFO, Department of Transportation, has taken a position in the private sector. Some new members of the CFO Council are: Kenneth Bresnahan was sworn in as the Deputy Chief Financial Officer (DCFO) of the Department of Labor on October 15, 1996. He is currently the Acting CFO at Labor. Prior to his Labor Department appointment, Mr. Bresnahan has held financial and program continued on page 4. Educating Millions on EFT 99 the effort to implement the Debt Collection Improvement Act (Public Law 104- T he Department of the Treasury, Financial Management Service (FMS), is leading 134), which will have a major impact on the way the Federal government issues payments. The law requires the use of Electronic Funds Transfer (EFT) for all Federal payments after January 1, 1999, with the exception of tax refunds. These disbursements include Federal benefit payments, such as Social Security and veterans' benefits, Federal salary payments, and vendor payments. The Treasury Department refers to this effort as EFT 99. On September 16, 1997, Treasury issued a Notice of Proposed Rulemaking, 31 CFR Part 208, for implementing the EFT requirements. The proposed rule addresses how current and new recipients of Federal payments will arrange to have their payments delivered electronically, how those without accounts at financial institutions will receive their payments, and who is eligible for a waiver. EFT is defined as any transfer of funds using other than paper instruments. This includes electronic transactions such as Automated Clearing House (ACH), Fedwire, credit cards, automated teller machine (ATM) and point-of-sale (POS) transactions. Public hearings on the proposed rule will be held in coniued on' p~e 4. Ij017 Inside this Issue Surcharge for FMSS.......... CFOC Human Resources Commitee . . . 3 Profile: Elizabeth Smedley . . . . . . . . . 5 FASAB Update...... . . . . . . . 8 HUD's Accountability Report . . . . . . 10 TIN Regulation Proposed . . . . . . . 12 Fall 1997 Vol.9. No.3.

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