The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the

Bureau of Engraving and Printing The Bureau of Engraving and Printing (BEP) 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 Federal Rese ...

and the U.S. Mint. These two agencies are responsible for printing all paper currency and

coins A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to ...

, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the

Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory t ...

; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the

legislative A legislature is an assembly with the authority to make laws for a political entity such as a country or city. They are often contrasted with the executive and judicial powers of government. Laws enacted by legislatures are usually known a ...

and executive branches on matters of

fiscal policy In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variabl ...

. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The department was established by an

Act of Congress An Act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called private laws), or to the general public ( public laws). For a bill to become an act, the text must pass through both hous ...

in 1789 to manage government

revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue ...

. The first secretary of the treasury was

Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charle ...

, who was sworn into office on September 11, 1789. Hamilton was appointed by

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese f ...

George Washington George Washington (February 22, 1732, 1799) was an American military officer, statesman, and Founding Father who served as the first president of the United States from 1789 to 1797. Appointed by the Continental Congress as commander of th ...

on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration. The department is customarily referred to as "Treasury", solely, without any preceding article, as a remnant of the country's transition from British to

American English American English, sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. English is the most widely spoken language in the United States and in most circumstances ...

during the late 18th century. Hamilton's portrait appears on the

obverse Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags, seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, ' ...

of the ten-dollar bill, while the Treasury Department building is depicted on the reverse.

History

Revolutionary period

The history of the Department of the Treasury began in the turmoil of the American Revolution, when the

Continental Congress The Continental Congress was a series of legislative bodies, with some executive function, for thirteen of Britain's colonies in North America, and the newly declared United States just before, during, and after the American Revolutionary War. ...

at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and

collect The collect ( ) is a short general prayer of a particular structure used in Christian liturgy. Collects appear in the liturgies of Catholic, Eastern Orthodox, Oriental Orthodox, Anglican, Methodist, Lutheran, and Presbyterian churches, among oth ...

taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, promising redemption in

coin A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order ...

on faith in the revolutionary cause. On June 22, 1775—only a few days after the

Battle of Bunker Hill The Battle of Bunker Hill was fought on June 17, 1775, during the Siege of Boston in the first stage of the American Revolutionary War. The battle is named after Bunker Hill in Charlestown, Massachusetts, which was peripherally involved in ...

—Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency. On July 29, 1775, the

Second Continental Congress The Second Continental Congress was a late-18th-century meeting of delegates from the Thirteen Colonies that united in support of the American Revolutionary War. The Congress was creating a new country it first named "United Colonies" and in 1 ...

assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas. Congress stipulated that each of the colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts, and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and

clerk A clerk is a white-collar worker who conducts general office tasks, or a worker who performs similar sales-related tasks in a retail environment. The responsibilities of clerical workers commonly include record keeping, filing, staffing service ...

s, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the

Declaration of Independence A declaration of independence or declaration of statehood or proclamation of independence is an assertion by a polity in a defined territory that it is independent and constitutes a state. Such places are usually declared from part or all of the ...

on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against

hard currency In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and r ...

. Protests against the worthless money swept the colonies, giving rise to the expression " not worth a Continental". The office has, since the late 18th century, been customarily referred to as the singular “Treasury”, without any preceding article, as a remnant of the country's transition from British to

. For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nation's finances. Morris, a wealthy colonial

merchant A merchant is a person who trades in Commodity, commodities produced by other people, especially one who trades with foreign countries. Historically, a merchant is anyone who is involved in commerce, business or trade. Merchants have operated fo ...

, was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a

comptroller A comptroller (pronounced either the same as ''controller'' or as ) is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executi ...

, a

treasurer A treasurer is the person responsible for running the treasury of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance. Government The treasury o ...

, a register, and

auditor An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and a ...

s, who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee the finances of the confederation of former colonies until September 1789.

Creation of the Treasury

The First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances:

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury, which assistant shall be appointed by the said Secretary.

took the oath of office as the first secretary of the treasury on September 11, 1789. Hamilton had served as George Washington's '' aide-de-camp'' during the Revolution and was of great importance in the

ratification Ratification is a principal's approval of an act of its agent that lacked the authority to bind the principal legally. Ratification defines the international act in which a state indicates its consent to be bound to a treaty if the parties inte ...

of the Constitution. Because of his financial and managerial acumen, Hamilton was a logical choice for solving the problem of the new nation's heavy war debt. Hamilton's first official act was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of the country's $75 million debt in order to revitalize the

public credit A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit o ...

: " e debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon

customs duties A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and po ...

. His sound financial policies also inspired investment in the Bank of the United States, which acted as the government's fiscal agent. The treasury believes their seal was created by

Francis Hopkinson Francis Hopkinson (October 2,Hopkinson was born on September 21, 1737, according to the then-used Julian calendar (old style). In 1752, however, Great Britain and all its colonies adopted the Gregorian calendar (new style) which moved Hopkinson ...

, the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including the seal for the Board of Treasury. While it is it not certain that Hopkinson designed the seal, it is very similar to others he's done.

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 attacks The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commerci ...

. Effective January 24, 2003, the

Bureau of Alcohol, Tobacco and Firearms The Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE), commonly referred to as the ATF, is a domestic law enforcement agency within the United States Department of Justice. Its responsibilities include the investigation and prevent ...

(ATF), which had been a bureau of the department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002. The

law enforcement Law enforcement is the activity of some members of government who act in an organized manner to enforce the law by discovering, deterring, rehabilitating, or punishing people who violate the rules and norms governing that society. The term ...

functions of ATF, including the regulation of legitimate traffic in

firearms A firearm is any type of gun designed to be readily carried and used by an individual. The term is legally defined further in different countries (see Legal definitions). The first firearms originated in 10th-century China, when bamboo tubes ...

and

explosives An explosive (or explosive material) is a reactive substance that contains a great amount of potential energy that can produce an explosion if released suddenly, usually accompanied by the production of light, heat, sound, and pressure. An exp ...

, were transferred to the

Department of Justice A justice ministry, ministry of justice, or department of justice is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...

as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its new

Alcohol and Tobacco Tax and Trade Bureau The Alcohol and Tobacco Tax and Trade Bureau, statutorily named the Tax and Trade Bureau and frequently shortened to TTB, is a bureau of the United States Department of the Treasury, which regulates and collects taxes on trade and imports of alcoho ...

(TTB). Effective March 1, 2003, the

Federal Law Enforcement Training Center The Federal Law Enforcement Training Centers (FLETC) serves as an interagency law enforcement training body for 105 United States government federal law enforcement agencies. The stated mission of FLETC is to "...train those who protect our home ...

, the United States Customs Service, and the

United States Secret Service The United States Secret Service (USSS or Secret Service) is a federal law enforcement agency under the Department of Homeland Security charged with conducting criminal investigations and protecting U.S. political leaders, their families, and ...

were transferred to the newly created Department of Homeland Security ("DHS").

2020 data breach

In 2020, the Treasury suffered a data breach following a

cyberattack A cyberattack is any offensive maneuver that targets computer information systems, computer networks, infrastructures, or personal computer devices. An attacker is a person or process that attempts to access data, functions, or other restricted ...

likely conducted by a nation state adversary, possibly Russia. This was in fact the first detected case of the much wider

2020 United States federal government data breach In 2020, a major cyberattack suspected to have been committed by a group backed by the Russian government penetrated thousands of organizations globally including multiple parts of the United States federal government, leading to a series of ...

, which involved at least eight federal departments.

Responsibilities

Basic functions

The basic functions of the Department of the Treasury mainly include: * Producing all currency and coinage of the U.S.; * Collecting taxes, duties and money paid to and due to the U.S.; * Paying all bills of the U.S.; * Managing the federal finances; * Managing government accounts and the United States public debt; * Supervising national banks and thrift institutions; * Advising on domestic and international financial,

monetary Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are ...

economic An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with th ...

, trade and tax policy (

being the sum of these); * Enforcing federal finance and tax laws; * Investigating and prosecuting tax evaders; * Publishing statistical reports. With respect to the estimation of revenues for the

executive branch The Executive, also referred as the Executive branch or Executive power, is the term commonly used to describe that part of government which enforces the law, and has overall responsibility for the governance of a state. In political systems ...

, Treasury serves a purpose parallel to that of the

Office of Management and Budget The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP). OMB's most prominent function is to produce the president's budget, but it also examines agency programs, poli ...

for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the

Congressional Budget Office The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress. Inspired by California's Legislative Analyst's Office that manage ...

for the estimation of spending for Congress. From 1830 until 1901, responsibility for overseeing

weights and measures A unit of measurement is a definite magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same kind of quantity. Any other quantity of that kind can be expressed as a multi ...

was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department.Records of the National Institute of Standards and Technology (NIST)
National Archives website, (Record Group 167), 1830–1987. After 1901, responsibility was assigned to the agency that subsequently became known as the

National Institute of Standards and Technology The National Institute of Standards and Technology (NIST) is an agency of the United States Department of Commerce whose mission is to promote American innovation and industrial competitiveness. NIST's activities are organized into physical sc ...

Organization

The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for the formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department.

Structure

Seal on United States Department of the Treasury on the Building

* Secretary of the TreasuryTreasury Order 101-05
U.S. Dept. of the Treasury. January 10, 2011. Updated April 26, 2011. Accessed November 11, 2012. **

Deputy Secretary of the Treasury The United States 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 Secret ...

*** Treasurer of the United States ****

***** Bureau of Engraving and Printing Police ****

United States Mint The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; tha ...

*****

United States Mint Police The United States Mint Police (USMP) is a U.S. federal law enforcement agency responsible for the protection of the facilities of the U.S. Mint. In 2004 they employed 376 police officers. History The United States Mint Police was founded in 1792 ...

*** Under Secretary for Domestic FinanceDF Org Chart
"The Office of Domestic Finance". U.S. Dept. of the Treasury. October 2011. Accessed November 11, 2012. **** Assistant Secretary for Financial Institutions *****

Office of Financial Institutions The Office of Financial Institutions (OFI) is an agency of the United States federal government in the United States Department of the Treasury. OFI coordinates the department's efforts regarding financial institutions legislation and regulation, le ...

**** Assistant Secretary for Financial Markets ***** Office of Financial Markets **** Fiscal Assistant Secretary ***** Office of Fiscal Service *****

Bureau of the Fiscal Service The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the U.S. Department of the Treasury. The Fiscal Service replaced the Bureau of the Public Debt and the Financial Management Service effective October 7, 2012 by directive of Treas ...

*** Under Secretary for International AffairsInternational Affairs
"About International Affairs". U.S. Dept. of the Treasury. February 14, 2012. Accessed November 11, 2012. **** Assistant Secretary for International Markets and Development **** Assistant Secretary for International Affairs **** Assistant Secretary of the Treasury for Investment Security **** Office of Environment and Energy *** Under Secretary for Terrorism and Financial Intelligence ( Office of Terrorism and Financial Intelligence)Terrorism and Financial Intelligence
"About Terrorism and Financial Intelligence". U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012. **** Assistant Secretary for Terrorist Financing ***** Office of Terrorist Financing and Financial Crimes **** Assistant Secretary for Intelligence and Analysis ***** Office of Intelligence and Analysis **** Financial Crimes Enforcement Network ****

Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy ...

**** Treasury Executive Office for Asset Forfeiture *** Assistant Secretary of the Treasury for Management / Chief Financial Officer / Performance Improvement Officer *** Assistant Secretary for Economic Policy *** Assistant Secretary for Legislative Affairs *** Assistant Secretary for Public Affairs/Director of policy planning *** Assistant Secretary for Tax Policy *** Climate Counselor ****

*** Commissioner of Internal Revenue ****

***

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nation ...

*** Office of Financial Research *** Office of the General Counsel ***

Office of the Inspector General In the United States, Office of Inspector General (OIG) is a generic term for the oversight division of a federal or state agency aimed at preventing inefficient or unlawful operations within their parent agency. Such offices are attached to ma ...

*** Treasury Inspector General for Tax Administration (TIGTA)

Bureaus

Budget and staffing

The Treasury Department has authorized a budget for Fiscal Year 2015 of $22.6 billion. The budget authorization is broken down as follows:

Freedom of Information Act processing performance

In the latest Center for Effective Government analysis of the fifteen federal agencies that receive the most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the treasury failed to earn a satisfactory overall grade.
Making the Grade: Access to Information Scorecard 2015
', March 2015, 80 pages, Center for Effective Government, retrieved March 21, 2016

Notes and references

External links

*
Department of the Treasury
on USAspending.gov
Department of the Treasury
in the ''

Federal Register The ''Federal Register'' (FR or sometimes Fed. Reg.) is the official journal of the federal government of the United States that contains government agency rules, proposed rules, and public notices. It is published every weekday, except on fe ...

''
Map of Major Foreign Holders Of Treasury Securities 2009

Annual Reports of the Secretary of the Treasury on the State of Finances
– These annual reports also contain the reports of the many departments of the Treasury, including the Bureau of the Mint, Bureau of Engraving and Printing, Bureau of Customs, Office of the Comptroller of the Currency, Secret Service, and the Internal Revenue Service. *
Act to establish the Treasury Department. 1st Congress, 1st Session, Ch. 12, 1 Stat. 65
{{DEFAULTSORT:United States Department Of The Treasury

Treasury A treasury is either *A government department related to finance and taxation, a finance ministry. *A place or location where treasure, such as currency or precious items are kept. These can be state or royal property, church treasure or in ...

1789 establishments in the United States Finance ministries Financial regulatory authorities of the United States Ministries established in 1789 Robert Mills buildings