White House Budget Proposes Returning Secret Service to the US Department of Treasury, Cites Crypto Concerns as a Factor

This week the White House, via the Office of Management and Budget (OMB), released the proposed federal budget for 2021. According to the White House, the plan seeks to balance the budget within 15 years by proposing $4.6 trillion in deficit reduction. Debt, as a percentage of GDP, will drop to 66% by the end of a 10-year window, according to the OMB.

Buried within the budget was an interesting note regarding the US Secret Service.

The Secret Service, a government agency that not only provides protection service for the President and his family, it also pursues a range of financial crimes such as counterfeiting. Until 2003, it was part of the US Department of Treasury but it was moved under the guidance of Homeland Security.

The budget proposes moving it back to the US Department of Treasury citing the growing sophistication of financial crime including cryptocurrencies.

To quote the budget:

“Technological advancements in recent decades, such as cryptocurrencies and the increasing interconnectedness of the international financial marketplace, have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists and rogue state actors. The Budget proposes legislation to return the U.S. Secret Service to Treasury to create new efficiencies in the investigation of these crimes and prepare the Nation to face the threats of tomorrow.” [emphasis added]

Additionally, the budget provides $2.4 billion to fund the Secret Service. This number will also enhance staff as it adds 119 special agents and professional staff and “continues efforts to rightsize the Agency in order to allow it to perform its important missions.”

The budget also proposes investments in protective equipment and technology, consistent with recommendations of independent reviews of U.S. Secret Service operations.

 

 

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