The
Department of the Treasury is an
executive departmentThe United States federal executive departments are among the oldest primary units of the executive branch of the federal government of the United States—the Departments of State, War, and the Treasury all being established within a few weeks of each other in 1789.The heads of the federal...
and the
treasuryA treasury is any place where the currency or items of high monetary value are kept. The term was first used in Classical times to describe the votive buildings erected to house gifts to the gods, such as the Siphnian Treasury in Delphi or many similar buildings erected in Olympia, Greece by...
of the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
federal governmentThe federal government of the United States is the central government entity established by the United States Constitution, which shares sovereignty over the United States with the governments of the individual U.S. states. The federal government has three branches: the legislative, executive, and...
. It was established by an
Act of CongressAn act of Congress is a statute enacted by government with a legislature named "Congress," such as the United States and the Philippines....
in 1789 to manage government
revenueIn business, revenue or revenues is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. Some companies also receive revenue from interest, dividends or royalties paid to them by other companies...
. The Department is administered by the
Secretary of the TreasuryThe United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. This position in the Federal Government of the United States is analogous to the...
, who is a member of the
CabinetThe United States Cabinet is composed of the most senior appointed officers of the executive branch of the federal government of the United States...
.
The first Secretary of the Treasury was
Alexander HamiltonAlexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher...
, who was sworn into office on September 11, 1789. Hamilton was asked by
PresidentThe President of the United States is the head of state and head of government of the United States and is the highest political official in the United States by influence and recognition...
George WashingtonGeorge Washington was the commander of the Continental Army in the American Revolutionary War and served as the first President of the United States of America...
to serve after first having asked Robert Morris (who declined, recommending Hamilton instead). Hamilton almost single-handedly worked out the nation's early financial system, and for several years was a major presence in Washington's administration as well. His portrait is on the
obverseThe term, obverse, and its opposite, reverse, describe the two sides of units of currency and many other kinds of two-sided objects - most often in reference to coins, but also to paper currency, flags , medals, drawings, old master prints and other works of art, and printed fabrics...
of the
U.S. ten-dollar billThe United States ten-dollar bill is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. The United States ten-dollar bill ($10) is a...
and the Treasury Department building is shown on the
reverseThe term, obverse, and its opposite, reverse, describe the two sides of units of currency and many other kinds of two-sided objects - most often in reference to coins, but also to paper currency, flags , medals, drawings, old master prints and other works of art, and printed fabrics...
.
Besides the Secretary, one of the best-known Treasury officials is the
Treasurer of the United StatesThe Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...
, who receives and keeps the money of the United States. Facsimile signatures of the Secretary and the Treasurer appear on all modern United States currency.
The Department prints and mints all paper currency and
coinsUnited States coinage was first minted by the new republic in 1792. New coins have been produced every year since then and they make up a valuable aspect of the United States currency system. Today circulating coins exist in denominations: $0.01, $0.05, $0.10, $0.25, $0.50, and $1.00. Also minted...
in circulation through the
Bureau of Engraving and PrintingThe Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States Government, most notable of which is paper currency for the Federal Reserve. In addition to paper...
and the
United States MintThe United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The main Mint facility is located in Washington, D.C., and branch facilities are located in Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; and West...
. The Department also collects all
federal taxesTaxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation. United States taxation includes local government, possibly including one or more of municipal, township, district and county governments...
through the
Internal Revenue ServiceThe Internal Revenue Service is the United States federal government agency that collects taxes and enforces the internal revenue laws. It is an agency within the U.S. Department of the Treasury and is responsible for interpretation and application of Federal tax law. The official U.S...
, and manages U.S. government debt instruments.
History
The Office of the Treasurer is the only office in the Treasury Department that is older than the Department itself, as it was originally created by the
Continental CongressThe Continental Congress was a convention of delegates from the Thirteen Colonies that became the governing body of the United States during the American Revolution...
in 1775.
Michael HillegasMichael Hillegas was born in Philadelphia, Pennsylvania to a family of German descent. As the son of a well-to-do merchant involved in iron and sugar, he had the freedom and resources to participate in local politics...
served as the first Treasurer of the United States and throughout the
American RevolutionThe American Revolution is the political upheaval during the last half of the 18th century in which thirteen of Britain's colonies in North America at first rejected the governance of the Parliament of Great Britain, and later the British monarchy itself, to become the sovereign United States of...
until Congress created the Department of the Treasury on September 2, 1789:
- And be it...enacted, That it shall be the duty of the Secretary of the Treasury to digest and prepare plans for the improvement and management of the revenue, and for the support of public credit; to prepare and report estimates of the public revenue, and the public expenditures; to superintend the collection of revenue; to decide on the forms of keeping and stating accounts and making returns, and to grant under the limitations herein established, or to be hereafter provided, all warrants for monies to be issued from the Treasury, in pursuance of appropriations by law; to execute such services relative to the sale of the lands belonging to the United States, as may be by law required of him; to make report, and give information to either branch of the legislature, in person or in writing (as he may be required), respecting all matters referred to him by the Senate or House of Representatives, or which shall appertain to his office; and generally to perform all such services relative to the finances, as he shall be directed to perform.
The current law, , reads as follows (in part):
Responsibilities
The basic functions of the Department of the Treasury include:
- Managing federal finances;
- Collecting taxes, duties
The tax, tariff and trade laws of a political region, state or trade bloc determine which form of consumption and production tend to be encouraged or discouraged...
and monies paid to and due to the U.S. and paying all bills of the U.S.;
- Producing all postage stamp
A postage stamp is adhesive paper evidence of a fee paid for postal services. Usually a small rectangle attached to an envelope, the stamp signifies the person sending it has fully or partly paid for delivery...
s, currencyIn economics, the term currency can refer either to a particular currency, for example the US dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply...
, and coinage;
- Managing government accounts and the United States public debt
The United States government debt, commonly called the "public debt" or the "national debt", is the amount of money owed by the Federal government of the United States to holders of U.S. debt instruments. Gross Debt is the national debt plus intragovernmental debt obligations or debt held by trust...
;
- Supervising national bank
A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money.Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds...
s and thrift institutions;
- Advising on domestic and international financial, monetary
Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy...
, economicEconomic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labour market, national ownership, and many other areas of government interventions into the economy.Such policies are often...
, trade and tax policyAn industrial policy is a set of actions executed by interventionist or mixed-economy countries in order to affect the way in which factors of production are being distributed across national industries...
– fiscal policyIn economics, fiscal policy is the use of government spending and revenue collection to influence the economy.Fiscal policy can be contrasted with the other main type of economic policy, monetary policy, which attempts to stabilize the economy by controlling interest rates and the supply of money....
being the sum of these, and the ultimate responsibility of Congress.
- Enforcing Federal finance and tax laws;
- Investigating and prosecuting tax evaders, counterfeiters, forger
Forgery is the process of making, adapting, or imitating objects, statistics, or documents , with the intent to deceive. The similar crime of fraud is the crime of deceiving another, including through the use of objects obtained through forgery...
s, smugglerSmuggling, also known as trafficking, is the clandestine transportation of goods or persons past a point where prohibited, such as out of a building, into a prison, or across an international border, in violation of applicable laws or other regulations.There are various motivations to smuggle...
s, illicit spirits distillers, and gun lawA gun law is a law that pertains to firearms. Restrictions on gun ownership and use vary greatly both by country and the type of firearm used....
violators.
With respect to the estimation of revenues for the
executive branch}}In the study of political science the executive branch of government has sole authority and responsibility for the daily administration of the state bureaucracy. The division of power into separate branches of government is central to the democratic idea of the separation of powers .In many...
, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the
Joint Committee on TaxationThe Joint Committee on Taxation is a Committee of the U.S. Congress established under the Internal Revenue Code at . The Joint Committee is composed of ten Members: five from the Senate Finance Committee and five from the House Ways and Means Committee....
for the estimation of revenues for Congress, and the
Congressional Budget OfficeThe Congressional Budget Office is a federal agency within the legislative branch of the United States government. It is a government agency that provides economic data to Congress....
for the estimation of spending for Congress.
The term Treasury reform usually refers narrowly to reform of
monetary policyMonetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy...
and related economic policy and
accounting reformAccounting reform is an expansion of accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies...
. The broader term
monetary reformMonetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy than the current system.Monetary reformers may advocate any of the following, among other proposals:...
usually refers to reform of policy of institutions such as the
International Monetary FundThe International Monetary Fund is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments...
.
Organization
- Secretary of the Treasury
- Deputy Secretary of the Treasury
The Deputy Secretary of the Treasury, in the United States government, advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secretary in his absence, sickness, or unavailability...
- Treasurer of the United States
The Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...
- United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The main Mint facility is located in Washington, D.C., and branch facilities are located in Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; and West...
- Bureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States Government, most notable of which is paper currency for the Federal Reserve. In addition to paper...
- Under Secretary for Domestic Finance
- Assistant Secretary for Financial Institutions
- Assistant Secretary for Financial Markets
- Assistant Secretary for of Fiscal Service
- Financial Management Service
The Financial Management Service is a bureau of the United States Department of the Treasury and provides several financial services for the federal government...
- Bureau of Public Debt
- Under Secretary for International Affairs
- Assistant Secretary for International Affairs
- Under Secretary for Terrorism and Financial Intelligence
- Assistant Secretary for Terrorist Financing
- Assistant Secretary for Intelligence and Analysis
The Office of Intelligence and Analysis is a part of the Office of Terrorism and Financial Intelligence, of the United States Department of the Treasury and is responsible for the receipt, analysis, collation, and dissemination of foreign intelligence and foreign counterintelligence information...
- Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.As reflected in its name, the Financial...
- Assistant Secretary for Economic Policy
- Assistant Secretary for Legislative Affairs
- Assistant Secretary for Management
- Chief Financial Officer
- Chief Performance Officer
- Assistant Secretary for Public Affairs
- Direcor of policy planning
- Assistant Secretary for Tax Policy
- Internal Revenue Service
The Internal Revenue Service is the United States federal government agency that collects taxes and enforces the internal revenue laws. It is an agency within the U.S. Department of the Treasury and is responsible for interpretation and application of Federal tax law. The official U.S...
- Alcohol and Tobacco Tax and Trade Bureau
The Alcohol and Tobacco Tax and Trade Bureau, originally designated Tax and Trade Bureau in the statute and frequently shortened to TTB, is a bureau of the United States Department of the Treasury...
- Inspector General for Tax Administration (TIGTA) Official website
- Office of the General Counsel
- Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
- Office of Thrift Supervision
The Office of Thrift Supervision , an agency of the United States Department of the Treasury, is the primary regulator of federal savings associations . Federal savings associations include both federal savings banks and federal savings and loans...
The Office of the General Counsel is charged with supervising all legal proceedings involving the collection of debts due the United States, establishing regulations to guide customs collectors, issuing distress warrants against delinquent revenue collectors or receivers of public money, examining Treasury officers' official bonds and related legal documents, serving as legal adviser to the department and administered lands acquired by the United States in payment for debts. This office was preceded by the offices of the
Comptroller of the TreasuryThe Comptroller of the Treasury was an official of the United States Department of the Treasury from 1789 to 1817. According to section III of the Act of Congress establishing the Treasury Department, it is the comptroller's duty to...
(1789–1817), First Comptroller of the Treasury (1817–20), Agent of the Treasury (1820–30), and Solicitor of the Treasury 1830–1934.
2003 Reorganization
Congress transferred several agencies that had previously been under the aegis of the Treasury department to other departments as a consequence of the September 11, 2001 terrorist attacks. Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the Department since 1972, was extensively reorganized under the provisions of the
Homeland Security Act of 2002The Homeland Security Act of 2002, Pub. L. No. 107-296, 116 Stat. 2135 , introduced in the aftermath of the September 11 attacks, created the United States Department of Homeland Security in the largest federal government reorganization since the Department of Defense was created via the National...
. The
law enforcementIn North American English, a Law enforcement agency is an organisation that enforces the law.Outside North America, such organisations are called police services. In North America, some of these services are called police, others have other names In North American English, a Law enforcement agency...
functions of ATF, including the regulation of legitimate traffic in firearms and explosives, were transferred to the
Department of JusticeThe United States Department of Justice is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States according to the law and to ensure fair and impartial administration of justice for all Americans...
as the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in
alcoholIn chemistry, an alcohol is any organic compound in which a hydroxyl group is bound to a carbon atom of an alkyl or substituted alkyl group. An important group of acohols is formed by the simple acyclic alcohols, the general formula for which is C
nH
2n+1OH...
and
tobaccoTobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as an organic pesticide, and in the form of nicotine tartrate it is used in some medicines. In consumption it most commonly appears in the forms of smoking, chewing, snuffing, or...
remained with the Treasury at its new
Alcohol and Tobacco Tax and Trade BureauThe Alcohol and Tobacco Tax and Trade Bureau, originally designated Tax and Trade Bureau in the statute and frequently shortened to TTB, is a bureau of the United States Department of the Treasury...
(TTB).
Effective March 1, 2003, the
Federal Law Enforcement Training CenterThe Federal Law Enforcement Training Center serves as an interagency law enforcement training organization for 82 United States Government Federal Law Enforcement agencies.-Location:...
, the
United States Customs ServiceUntil March 2003, the United States Customs Service was an agency of the U.S. federal government that collected import tariffs and performed other selected border security duties....
, and the
United States Secret ServiceThe United States Secret Service is a United States federal law enforcement agency that falls under the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...
were transferred to the newly-created
Department of Homeland Security ("DHS")The United States Department of Homeland Security is a Cabinet department of the United States federal government with the primary responsibilities of protecting the territory of the U.S...
. On March 14, 2003, the
United States Coast GuardThe United States Coast Guard is a branch of the United States Armed Forces and one of seven uniformed services. It is unique among the military branches in that it has a maritime law enforcement mission and a federal regulatory agency mission as part of its mission set...
also became a part of DHS.
See also
- Treasury Information System Architecture Framework
The Treasury Information System Architecture Framework is a premature 1990s Enterprise Architecture framework to assist US Treasury Bureaus to develop their Enterprise Information System Architectures ....
- Treasury Enterprise Architecture Framework
Treasury Enterprise Architecture Framework is an Enterprise architecture framework for treasury, based on the Zachman Framework.It was developed by the US Department of the Treasury and published in July 2000.- Overview :...
- Treasury Building (Washington, D.C.)
The Treasury Building in Washington, D.C., known also as U.S. Department of the Treasury, is a National Historic Landmark building which is the headquarters of the United States Department of the Treasury....
External links