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Mr. Murphy has over 42
years experience in the Federal Government including military
service with the U.S. Army, civilian service with the U.S.
Navy and 39 years with the U.S. Treasury Department. He was
appointed Fiscal Assistant Secretary in January 1986, the
highest ranking career position in Treasury. In that capacity,
he coordinated the Department’s management of the U.S.
Government’s financial operations. These include managing
the Government’s cash balance, administering the Public
Debt, central accounting, governmentwide financial reporting,
directing the performance of the fiscal agency functions of
the Federal Reserve Banks and investment of Federal trust
funds and other Government accounts. He provided general
supervision and policy oversight to two Treasury bureaus --
the Financial Management Service and the Bureau of the Public
Debt (approximately 4000 employees/$400 million annual
budget).
He worked closely with
other central agency officials in the Office of Management and
Budget and the General Accounting Office as well as Chief
Financial Officers in the program agencies. He represented
Treasury on (1) the Joint Financial Management Improvement
Program (JFMIP) for 30 years, (2) the Chief Financial Officers
Council for 8 years and (3) the Federal Accounting Standards
Advisory Board (FASAB) for 8 years. He also served on National
Council on Governmental Accounting (NCGA) from 1978 to 1984
and the Government Accounting Standards Advisory Council (GASAC)
from 1984 to 1989. Mr. Murphy also represented Treasury on the
Federal Credit Policy Working Group, the Electronic Benefit
Transfer (EBT) Task Force, the Consolidated Financial
Statement Task Force, Trust Fund Boards for the Library of
Congress, the National Archives and the National Gallery of
Art and served as Vice President and Treasurer of the Federal
Financing Bank.
Mr. Murphy is a
Certified Public Accountant (CPA) and a Certified Government
Financial Manager (CGFM). He is a member of the American
Institute of Certified Public Accountants (AICPA), the Senior
Executives Association (SEA), the Federal Executive Institute
Alumni Association (FEIAA) and the International Consortium on
Government Financial Management. He has been active in the
Association of Government Accountants (AGA) for the past 34
years serving as Chapter President, Regional Vice President,
National President and member of the National Board of
Directors for the last 25 years. He taught accounting and
budgeting courses at night for 11 years as an adjunct
professor at Southeastern University and at the U.S.
Department of Agriculture Graduate School.
U.S. TREASURY
DEPARTMENT
Fiscal Assistant
Secretary 1986 - 1998
Appointed by Secretary
James Baker in January 1986, Mr. Murphy served as head of
Treasury’s Fiscal Service, which consists of the Office of
the Fiscal Assistant Secretary, the Financial Management
Service and the Bureau of the Public Debt. He coordinated the
development of policies, programs and systems for the
collection, disbursement, management and security of public
moneys, for debt financing and the related governmentwide
accounting and reporting for such funds. He directed
Treasury’s role as lead agency in improving cash management,
credit administration and financial management systems on a
governmentwide basis. He ensured the timely consolidation and
publication of reports on the Federal Government’s financial
operations for use by policy and decision makers in Government
and in the private sector financial markets. He provided
oversight of Treasury’s investment of the major trust funds,
such as the Social Security Trust Funds, Civil Service
Retirement and Disability Fund and the Highway Trust Fund. He
also directed the management of Treasury’s daily cash
position ($5-$50 billion) and the investment of temporarily
excess cash balances and was responsible for the preparation
of forecasts of Treasury’s future cash and debt position for
use in determining future financing needs.
During this period,
Treasury made significant progress toward the goal of becoming
an "All electronic Treasury" (i.e. electronic
payments, collections and debt financing). On the payment
side, the majority of Federal checks (approximately 60%) were
converted to electronic payments with a goal of converting
virtually all types of payments by January 1999. Treasury’s
Financial Management Service issues 900 million payments
annually with 99.99% released on time with 100% accuracy. An
Electronic Certification System (ECS) was developed for
agencies to certify payments to Treasury. Another electronic
system, known as ASAP, was developed for recipient initiated
payments (e.g. drawdowns under Federal grants). For recipients
of public benefits that do not have bank accounts, Treasury
worked with a number of states to develop an "EBT"
system so unbanked recipients could, for the first time,
access both Federal and State benefits with a single plastic
card at ATMs and POS terminals. Treasury also implemented
payment cycling (a Reinventing Government initiative) for all
new Social Security recipients. Mr. Murphy also chaired a
Payment Re-engineering Advisory Board consisting of officials
from the Office of Management and Budget, the Federal Reserve
System and Treasury and developed conceptual configurations of
a world class Federal payment facility for the future.
Electronic Money pilots were also initiated with the
Department of Defense and the Veterans Administration.
On the collection side,
Treasury manages the systems that collect over $1.5 trillion
annually for the Federal Government. A number of new
collection mechanisms were developed to eliminate old paper
based systems and accelerate the availability of funds. The
new Electronic Federal Tax Payment System (EFTPS) was
developed primarily for business taxpayers and became
operational in the fall of 1996. Financial institutions were
designated as depositary and financial agents of the
Government to provide a Lockbox network and a Plastic Card
Collection Network. Federal agencies can now accept VISA,
MasterCard and bank ATM cards and access deposit information
the next day using Treasury’s "CA$HLINK" system.
Systems were also developed to collect debts owed to the
Federal Government via offset against payments due the same
individuals. The offset system is also available to States for
the collection of delinquent child support payments.
The issuance of Treasury
marketable debt securities (bills, notes and bonds) is done
entirely by electronic book entry systems. As a result of
automation efforts, the Bureau of the Public Debt was able to
consolidate most of its operations at a field location with
net annual savings of over $15 million and a reduction of 300
positions. A new Treasury Automated Auction Process (TAAP) was
developed to accept dealer bids, calculate and accelerate the
announcement of auction results. Systems were also modified to
accommodate the new Inflation-Indexed Securities issued for
the first time in 1997.
Mr. Murphy also managed
the Government’s cash and debt operations during the
unprecedented debt limit impasse from October 1995 to March
1996. The Administration and Congress were embroiled in an
intense controversy over the budget and the need to increase
the statutory debt limit. Congress had not approved agency
appropriations. The stopgap "continuing resolution"
under which the Federal Government was operating had expired
and, for a time, most of Government was closed. Mr. Murphy
served on the Treasury team that met daily to monitor the
crisis and develop strategies to continue operating within the
bounds of statutory limitations. These limitations severely
disrupted Fiscal operations, including marketable security
auctions, the issuance on non-marketable securities, the
investment of Government accounts, etc. It also placed
enormous pressure on Mr. Murphy’s office to forecast
Governmentwide cash flows and debt levels on a daily basis
with sufficient accuracy to avoid (1) the first default in
U.S. history and (2) a violation of the statutory debt
ceiling. Both were avoided as Mr. Murphy directed the
extraordinary actions required during the period. These
unprecedented actions were thoroughly reviewed by the General
Accounting Office, which subsequently confirmed the
appropriateness of every action.
Mr. Murphy’s
accomplishments in Federal accounting and financial reporting
include:
- Publication in March
1998 of the first audited Consolidated Financial Statement
for the U.S. Government in its 200-year history. This was
an enormous undertaking requiring considerable
coordination between Treasury, the Office of Management
and Budget, the General Accounting Office, agency Chief
Financial Officers, and Inspectors General. Mr. Murphy has
been a strong supporter of Federal financial statements
for over 20 years. He participated in the development of
Treasury’s first "prototype" statement
covering 1975-76 and kept the concept alive until Congress
mandated preparation of audited statements in the
Government Management and Reform Act of 1994.
- Mr. Murphy
represented Treasury in discussions with OMB and GAO that
led to the joint creation of the Federal Accounting
Standards Advisory Board (FASAB) in 1990. He served as
Treasury’s only representative on the Board since
inception. The Board completed the first comprehensive set
of basic accounting standards for the U.S. Government in
1996 in time for agency use in preparing the financial
statements mandated by the Government Management Reform
Act. This was the first time the Federal Government had
standards approved through a formal due process procedure.
- Participation in the
development of Core Financial Systems Requirements under
the Joint Financial Management Improvement Program and the
creation of a Project Management Office to test and
certify commercial software packages.
- Development of a
" popular style" Financial Report to Citizens
which is available on the Internet. This was one of
several recommendations of the President’s National
Performance Review that Mr. Murphy implemented.
U.S. TREASURY
DEPARTMENT
Deputy Fiscal
Assistant Secretary 1979 - 1986
Appointed Deputy
Assistant Secretary by Secretary Blumenthal during the Carter
Administration. Served as "full deputy"
participating in all areas including supervision of two
Treasury bureaus. Supervised the cash position of the Treasury
and forecasts of future Governmentwide cash flows serving as a
member of the Treasury Financing Group which used the
forecasts to make weekly financing decisions. Represented
Treasury on the Joint Financial Management Improvement Program
and chaired the interagency Steering Committee that provides
leadership to the program in 1978 - 80 and again in 1984 - 86.
Devoted considerable
effort in 1979 - 80 to solving operational problems with the
processing of check claims in the Bureau of Government
Financial Operations (now the Financial Management Service).
When the Commissioner retired, Mr. Murphy was designated
Acting Commissioner of the bureau. Morale was low and three
more senior executives retired leaving 7 of the top 9 jobs
vacant. Mr. Murphy hired quality managers from outside the
organization to fill 4 key positions and made temporary
appointments to fill the other vacancies. He testified before
the House Appropriations Committee to gain support for his
revitalization efforts, justified an exemption from the
Presidential hiring freeze, met with the Union President,
finalized MBO’s for improvement efforts and provided
positive reinforcement to both managers and employees
stressing cooperation, priorities and results. He participated
in the successful search for a new Commissioner and worked
with him extensively during a transitional period.
During this period, he
also served as Acting Fiscal Assistant Secretary for two
extended periods from September 1982 to March 1983 and again
from August 1985 until his selection as Fiscal Assistant
Secretary in January 1986. In the earlier period, Treasury
assumed "lead role" responsibilities for
Governmentwide Cash Management under OMB’s "Reform
88" initiative. Other major initiatives included the
first Social Security interfund borrowing, implementation of
the Prompt Payment Act, the collection of debts via offset
against payments, planning the conversion of Treasury notes
and bonds to book entry form and the start of joint long range
planning with the Federal Reserve on operational matters. He
also represented the Secretary on three trust fund boards and
worked closely with the President’s Private Sector Survey on
Cost Control (also known as the Grace Commission).
U.S. TREASURY
DEPARTMENT 1975 -1979
Deputy
Commissioner, Financial Management Service
(Formerly Bureau
of Government Financial Operations)
Appointed Deputy
Commissioner by Secretary Simon during the Ford
Administration. As second in command to the Commissioner,
provided leadership to the Bureau and directed the activities
of 2650 employees in Washington and 11 regional offices
throughout the United States. As the financial operating
center of the Government, the Bureau made over 650 million
payments a year for civilian agencies, paid and reconciled all
Government checks, processed over 1 million check claims,
supervised the Federal Tax Deposit System through which 70% of
the Government’s revenue was collected, issued cash
management regulations to other Federal agencies, maintained
the central summary accounts integrating Treasury cash
operations with the financial operations of all Federal
disbursing and collecting officers and the program agencies,
published Governmentwide reports of official budget results
and other financial data and provided investment services for
the multi-billion dollar Government trust funds. In 1979,
significant savings were achieved through investment of
Treasury cash balances ($622M net earnings), successful
operation of the Treasury Financial Communication System
($56M), the Direct Deposit/EFT program ($15M), presorting
checks for the Postal Service ($8M), increased use of letters
of credit to delay the premature withdrawal of Treasury funds
and other management initiatives.
U.S. TREASURY
DEPARTMENT 1974 - 1975
Assistant
Commissioner, Governmentwide Accounting
Financial
Management Service
In February 1974,
Treasury merged the operations of two separate bureaus. Mr.
Murphy assumed responsibility for Governmentwide accounting
functions previously performed by 600 employees in five
separate divisions. He combined like functions into three new
divisions, selected personnel to fill key management
positions, planned the relocation of many offices and took
steps to integrate systems, procedures and computer
operations. Functional responsibilities included maintaining
the Government’s central summary accounts and related
controls, financial reporting for the Government as a whole,
accounting systems development, reconciliation of all
Government checks and supporting data processing systems.
U.S. TREASURY
DEPARTMENT 1971 - 1974
Director,
Division of Government Financial Operations
Managed a division with
150 employees responsible for Governmentwide accounting,
reporting and investment management. During the period, Mr.
Murphy was designated and served as Treasury’s
representative on the Steering Committee for the Joint
Financial Management Improvement Program, the Federal Budget
Concepts Steering Committee and the joint OMB/Treasury effort
to implement the Legislative Reorganization Act of 1970. The
latter required establishment of a standardized information
and data processing system for budgetary and fiscal data.
U.S. TREASURY
DEPARTMENT
Deputy Director,
Division of Government Financial Operations 1970 - 1971
Served as full deputy
sharing responsibility with the Director for Governmentwide
accounting, reporting and investment management functions.
U.S. TREASURY
DEPARTMENT
Assistant
Director, Government Accounting Systems Staff 1969 - 1970
Managed a staff of
systems accountants engaged in a variety of internal and
interagency projects related to the Bureau’s Governmentwide
financial operations. Issued regulations necessary to carry
out Treasury’s statutory responsibility for consolidating
accounting results of all agencies with those of the Treasury
and preparing financial reports for the President, the
Congress and the public. Represented Treasury in joint efforts
with OMB and GAO to implement accrual accounting throughout
Government. This involved a Governmentwide pilot to test the
practicability of converting the President’s Budget and
Treasury reports to the accrual basis as recommended by the
President’s Commission on Budget Concepts. Mr. Murphy served
on the Technical Advisory Board reviewing Defense efforts to
develop accruals statistically under the constructive delivery
concept. Based on the pilot and related cost/benefit analysis,
the accrual Budget recommendation was rejected.
U.S. TREASURY
DEPARTMENT
Systems
Accountant 1967 - 1969
Provided staff
assistance to the Comptroller. Worked with OMB and GAO on the
implementation of many recommendations made by the
President’s Commission on Budget Concepts. Provided staff
support to the Bureau’s Long Range Planning Group and
participated in the improvement of
Planning-Programming-Budgeting systems. Served as Executive
Secretary to the Chairman of the Joint Financial Management
Improvement Program.
U.S. TREASURY
DEPARTMENT
Assistant Budget
Officer 1966 - 1967
Prepared annual budget
estimates for the Bureau. Analyzed internal operating expense
budgets for component units, long range plans and special
studies. Participated in a major project under the Joint
Financial Management Improvement Program to develop a
Governmentwide system for reporting Federal outlays by
geographic location.
U.S. TREASURY
DEPARTMENT
Various
Positions (Systems Accountant, Fiscal Accountant) 1959 - 1966
Hired as a Management
Trainee in 1959. Completed the Bureau’s 12 month Executive
Development Training Program. Served as a Fiscal Accountant
and Depositary Analyst. Reviewed cost reports from commercial
banks serving as Treasury fiscal agents and adjusted
compensating balances to provide correct reimbursement after
consideration of reserve requirements, collection procedures,
check float, etc. Was selected and successfully completed the
12 month Fiscal Service Management Intern Program rotating
through three Treasury bureaus. As a Systems Accountant,
drafted procedure manuals and Governmentwide regulations,
conducted special studies and served as Executive Secretary
for the Bureau Planning Group. Was detailed to another
Treasury office for six months as Acting Budget and Fiscal
Officer. Later was detailed for another six months to the
Commissioner’s Office to develop the Bureau’s
Planning-Programming-Budgeting system.
U.S. NAVY
DEPARTMENT
Various
Positions (Accounting Technician, Administrative) 1957 - 1959
Served as an Editorial
Clerk in the Executive Office of the Secretary analyzing and
coding all Navy Department directives and publishing a
quarterly "check list" of all directives in effect
for each recipient. Transferred to the Bureau of Weapons in
1958 as an Accounting Technician responsible for allotment
accounting, fund controls, budget reporting and contract
analysis.
U.S. ARMY
(Active Duty) 1956
Served a six-month tour
of active duty at Ft. Jackson, S.C. Completed nine weeks of
basic training, the eight-week Basic Army Administration
course and assignments in the Finance Office and Headquarters.
E D U C A T
I O N
Benjamin Franklin
University B.C.S. Degree (with honors) 1960 Washington, D.C.
M.C.S. Degree 1963
American University
Graduate courses 1962
Washington, D.C.
Treasury Executive
Development Program 1 year
Treasury Management
Intern Program 1 year
Federal Executive
Institute 7 weeks
American Management
Association 4 weeks
C E R
T I F I C A T I O N S
1965 - Certified Public
Accountant
1996 - Certified
Government Financial Manager
P R O
F E S S I O N A L O R G A N I Z A T I O N S
American Institute of
Certified Public Accountants (Since 1965)
Association of
Government Accountants (Since 1964-Past National President)
Senior Executives
Association (Since 1985)
Federal Executives
Institute Alumni Association (Since 1974-Former Board Member)
National Council on
Governmental Accounting (Elected 1978-1984)
Government Accounting
Standards Advisory Council (Appointed 1984-1989)
Federal Accounting
Standards Advisory Board (Appointed 1990-1998)
Individual Psychology
Association (Former Board Member)
International Consortium
on Governmental Financial Management (Former Board Member)
International Advisory
Group on Federal Government Financial Reporting (Appointment)
A W A
R D S
1968 - Treasury Special
Act Award from Secretary Fowler
1972 - Treasury
Meritorious Service Award from Secretary Shultz
1973 - Treasury
Commissioner’s Citation Award
1976 - Benjamin Franklin
University’s Distinguished Alumni Award
1983 - Treasury Honor
Award from Deputy Secretary McNamar
1983 - Association of
Government Accountant’s Robert W. King Memorial Award
1992 - President’s
Meritorious Rank Award
1998 - Treasury's Albert
Gallatin Award
1998 - The Treasury Gold
Medal from Secretary Rubin |
