The move would begin in 2013 and is expected to take three years.
Treasury officials announced in February that they planned to consolidate the Bureau of Public Debt (BPD) and the Financial Management Service (FMS) into a new organization called the Fiscal Service. BPD borrows money needed to operate the goverment, while FMS operates payment and collection services.
Treasury officials, who announced the planned merger in February, project the move to save $96 million over five years in management, administrative, and support service costs. In January, it completed a merger of the two organizations’ data centers, at an estimated five-year savings of $129 million.
The majority of Bureau of Public Debt operations are in Parkersburg, about 315 miles away near the Ohio border, and real estate there is much cheaper than in Hyattsville. According to the General Services Administration, which manages federal real estate, the move will help Treasury meet a directive from President Obama for agencies to more efficiently use their facilities.
Officials representing Prince George’s County and the State of Maryland, however, already angry that the county has been overlooked for other federal office deals, particularly a $450 million leases from the Department of Health and Human Services, were none too pleased at the announcement. .
After hearing the news from Treasury officials, U.S. Rep. Donna Edwards (D-Md.) issued a press release Wednesday expressing disappointment and suggesting that workers receive help finding new jobs.
“I expect that these workers losing their jobs will be compensated and provided opportunities to find new employment, and those remaining in Hyattsville guaranteed job security. I will continue to demand transparency and fair leasing practices on the part of the GSA to level the playing field. Prince George’s County deserves the opportunity to compete fairly in the marketplace,” she said.
Senators Barbara Mikulski and Ben Cardin, as well as Representatives Steny Hoyer, Chris Van Hollen and Elijah E. Cummings, all Democrats, attached statements to Edwards’ also condemned the move.
A Treasury Department spokesperson did not immediately respond to a request for comment.
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