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Commissioner Richard L. Gregg Retires

On May 30, 2006, Richard L. Gregg will retire from his position as Commissioner of Treasury's Financial Management Service (FMS) with more than 40 years of federal service.

Treasury Secretary John W. Snow said, "Commissioner Gregg's retirement concludes 40 years of distinguished service to the federal government and nearly a decade as FMS Commissioner. Treasury is proud that he chose to spend his entire civilian federal service with our Department's Fiscal Service. He is widely recognized both within and outside government as an outstanding leader."

Mr. Gregg joined the Department of Treasury in 1970, serving in various managerial positions, including Assistant Commissioner in the Office of Financing, Deputy Commissioner, and Commissioner of the Bureau of the Public Debt. Mr. Gregg has served with distinction as the Commissioner of Public Debt and FMS for a combined consecutive total of 19 years.

Mr. Gregg's leadership and accomplishments are widely recognized throughout Treasury, the Federal Reserve System and the government. For his sustained extraordinary service at Treasury's FMS, Mr. Gregg has received three Presidential Rank Awards, including Distinguished Executive, the highest award given to a member of the Senior Executive Service.

Mr. Gregg has instituted fundamental and transformational change at Public Debt and FMS by developing a book entry environment for marketable Treasury securities, modernizing the savings bond and governmentwide accounting programs, moving towards an all-electronic Treasury for collections and payments, and revitalizing the debt collection program, which has collected $25 billion in delinquent debt.

A native of Harrold, S.D., Mr. Gregg holds a bachelor's degree in political science from the University of South Dakota, Vermillion, S.D., a master's degree in public administration and a law degree from the George Washington University in Washington, DC. He is a member of the Virginia Bar Association.