News release: “The U.S. Department of the Treasury and the Office of Management and Budget (OMB) today announced the opening of a new office created to improve and streamline financial management across the U.S. government. The Office of Financial Innovation and Transformation (FIT) will be located in the Treasury Department and will work in collaboration with OMB to reduce costs, streamline processes, and provide better transparency of financial information…By partnering to transform the government’s financial management, OMB and Treasury will help to reduce costs and improve quality in financial management across government. At present, the processes that government agencies use to conduct financial transactions and prepare associated financial reports are fragmented, expensive, and inefficient. The FIT office will play a key role in a larger initiative to stem the costs of financial operations – which when fully deployed, will yield hundreds of millions in reduced financial system and operational costs annually.”