The president aims to cut «waste» and improve how transactions are processed through the General Fund.
President Donald Trump signed an executive order Tuesday to overhaul how the federal government tracks and manages trillions of dollars in transactions.
Trump aims to improve how transactions are processed through the General Fund, which the White House describes as «America’s bank account.»Why It Matters
Trump has made reducing federal spending and «waste» a main priority of his second term, with Elon Musk’s Department of Efficiency (DOGE) overseeing major cuts and the dismantling of federal agencies.
According to government estimates, between $233 billion and $521 billion is lost annually to fraud and improper payments—an issue Trump hopes to address with his latest order.What to Know
The General Fund essentially operates as a check balancer for the U.S. government. It processes the government’s cash activity—including deposits, tax collections, and withdrawals—that finance federal operations.
In fiscal 2024, the General Fund reported $33.9 trillion in cash inflows and $33.6 trillion in outflows, according to government figures.
Trump’s latest executive order, titled «Protecting America’s Bank Account Against Fraud, Waste, and Abuse», aims to give the Treasury Department greater power and control to ensure these transactions are properly recorded and managed.
The order says the moves are necessary because the Treasury requires financial information from executive departments and agencies «beyond what they currently provide» in order to prevent fraud.
