The Department of the Treasury (USDT)
is the
national 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 ...
and finance department of the
federal government of the United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a fede ...
, where it serves as an
executive department
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 ba ...
. 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
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes were originally issued ...
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
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 othe ...
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 ta ...
; manages
U.S. government debt instruments;
licenses and supervises banks and
thrift institutions
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...
; 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 as p ...
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 variables ...
. The department is administered by the
secretary of the treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
, who is a member of the
Cabinet
Cabinet or The Cabinet may refer to:
Furniture
* Cabinetry, a box-shaped piece of furniture with doors and/or drawers
* Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets
* Filing ...
. The
treasurer of the United States
The treasurer of the United States is an officer in the United States Department of the Treasury who serves as custodian and trustee of the federal government's collateral assets and the supervisor of the department's currency and coinage produc ...
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 note
Federal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 ...
s.
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 Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law) ...
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 reven ...
.
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 Charlest ...
, 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 ful ...
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
British may refer to:
Peoples, culture, and language
* British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies.
** Britishness, the British identity and common culture
* British English, ...
to
American English
American English, sometimes called United States English or U.S. English, is the set of variety (linguistics), varieties of the English language native to the United States. English is the Languages of the United States, most widely spoken lan ...
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, ''o ...
of the
ten-dollar bill, while the
Treasury Department building is depicted on the
reverse
Reverse or reversing may refer to:
Arts and media
* ''Reverse'' (Eldritch album), 2001
* ''Reverse'' (2009 film), a Polish comedy-drama film
* ''Reverse'' (2019 film), an Iranian crime-drama film
* ''Reverse'' (Morandi album), 2005
* ''Reverse'' ...
.
History
Revolutionary period
The history of the Department of the Treasury began in the turmoil of the
American Revolution
The American Revolution was an ideological and political revolution that occurred in British America between 1765 and 1791. The Americans in the Thirteen Colonies formed independent states that defeated the British in the American Revolut ...
, 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
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...
deliberated the crucial issue of financing a war of independence against
Great Britain
Great Britain is an island in the North Atlantic Ocean off the northwest coast of continental Europe. With an area of , it is the largest of the British Isles, the largest European island and the ninth-largest island in the world. It is ...
. The Congress had no power to
levy
Levy, Lévy or Levies may refer to:
People
* Levy (surname), people with the surname Levy or Lévy
* Levy Adcock (born 1988), American football player
* Levy Barent Cohen (1747–1808), Dutch-born British financier and community worker
* 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 Bills of credit are documents similar to banknotes issued by a government that represent a government's indebtedness to the holder. They are typically designed to circulate as currency or currency substitutes. Bills of credit are mentioned in Art ...
, 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 t ...
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
George Clymer (March 16, 1739January 23, 1813) was an American politician, abolitionist and Founding Father of the United States, one of only six founders who signed both the Declaration of Independence and U.S. Constitution. He was among the e ...
and
Michael Hillegas
Michael Hillegas (April 22, 1729 – September 29, 1804) was the first Treasurer of the United States.
Biography
Hillegas was born in Philadelphia, Pennsylvania. He was the son of Margaret Schiebenstock (1710 – July 21, 1770) and George Micha ...
. 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
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 oc ...
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
A nation state is a political unit where the state and nation are congruent. It is a more precise concept than "country", since a country does not need to have a predominant ethnic group.
A nation, in the sense of a common ethnicity, may inc ...
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
In macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national curren ...
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 ...
. 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
British may refer to:
Peoples, culture, and language
* British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies.
** Britishness, the British identity and common culture
* British English, ...
to
American English
American English, sometimes called United States English or U.S. English, is the set of variety (linguistics), varieties of the English language native to the United States. English is the Languages of the United States, most widely spoken lan ...
. 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 commodities produced by other people, especially one who trades with foreign countries. Historically, a merchant is anyone who is involved in business or trade. Merchants have operated for as long as indust ...
, 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
Register or registration may refer to:
Arts entertainment, and media Music
* Register (music), the relative "height" or range of a note, melody, part, instrument, etc.
* ''Register'', a 2017 album by Travis Miller
* Registration (organ), th ...
, 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 au ...
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.
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 Charlest ...
took the oath of office as the first
secretary of the treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
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 inten ...
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
War reparations are compensation payments made after a war by one side to the other. They are intended to cover damage or injury inflicted during a war.
History
Making one party pay a war indemnity is a common practice with a long history.
R ...
. 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 oc ...
: "
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 poli ...
.
His sound
financial policies also inspired investment in the
Bank of the United States, which acted as the government's
fiscal agent
A fiscal agent, fiscal sponsor, or financial agent is a proxy that manages fiscal matters on behalf of another party. A fiscal agent may assist in the redemption of bonds or coupons at maturity, disbursing dividends, and handling tax issues. For ex ...
.
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's ...
, 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
![Treasury departement](https://upload.wikimedia.org/wikipedia/commons/c/cf/Treasury_departement.jpg)
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 commercia ...
. 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 2002
The Homeland Security Act (HSA) of 2002, () was introduced in the aftermath of the September 11 attacks and subsequent mailings of anthrax spores. The HSA was cosponsored by 118 members of Congress. The act passed the U.S. Senate by a vote of ...
. 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 en ...
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 c ...
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 expl ...
, 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
United States Customs Service
The United States Customs Service was the very first federal law enforcement agency of the U.S. federal government. Established on July 31, 1789, it collected import tariffs, performed other selected border security duties, as well as conducted c ...
, 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, 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
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury sec ...
;
* Supervising national banks and
thrift institutions
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...
;
* 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 as ...
,
economic
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is ...
,
trade and tax policy (
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 variables ...
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 (polity), state.
In poli ...
, 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, pol ...
for the estimation of spending for the executive branch, the
Joint Committee on Taxation
The Joint Committee on Taxation (JCT) is a Committee of the U.S. Congress established under the Internal Revenue Code at .
Structure
The Joint Committee is composed of ten Members: five from the Senate Finance Committee and five from the House ...
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 manages ...
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 multip ...
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)](_blank)
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 sci ...
.
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](https://upload.wikimedia.org/wikipedia/commons/3/30/Seal_on_United_States_Department_of_the_Treasury_on_the_Building.JPG)
*
Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
[Treasury Order 101-05](_blank)
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
The treasurer of the United States is an officer in the United States Department of the Treasury who serves as custodian and trustee of the federal government's collateral assets and the supervisor of the department's currency and coinage produc ...
****
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 ...
*****
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 179 ...
***
Under Secretary for Domestic Finance[DF Org Chart](_blank)
"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
****
Assistant Secretary for Financial Markets
The Assistant Secretary of the Treasury for Financial Markets is an official in the United States Department of the Treasury who heads the Office of Financial Markets. The office is currently held by Joshua Frost.
According to U.S. statute, ther ...
*****
Office of Financial Markets The Office of Financial Markets is an office of the United States federal government in the United States Department of the Treasury. OFM serves as the department's advisor on broad matters of domestic finance, financial markets, Federal, State and ...
****
Fiscal Assistant Secretary According to statute, the Fiscal Assistant Secretary is appointed by the United States Secretary of the Treasury. The Fiscal Assistant Secretary is the highest ranking career official in the Department of the Treasury. The Fiscal Service, which th ...
*****
Office of Fiscal Service The Office of Fiscal Service (OFS) is an agency of the United States federal government in the United States Department of the Treasury. The office is led by the Fiscal Assistant Secretary of the Treasury. The Fiscal Assistant Secretary reports to t ...
*****
Bureau of the Fiscal Service
The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the United States Department of the Treasury, U.S. Department of the Treasury. The Fiscal Service replaced the Bureau of the Public Debt and the Financial Management Service effectiv ...
***
Under Secretary for International Affairs
The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. During the Trump Admin ...
[International Affairs](_blank)
"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
The Under Secretary for Terrorism and Financial Intelligence is a position within the United States Department of the Treasury responsible for directing the Treasury's efforts to cut the lines of financial support for terrorists, fight financial c ...
(
Office of Terrorism and Financial Intelligence The Office of Terrorism and Financial Intelligence (TFI), formed in 2004, is an agency of the United States Department of the Treasury. TFI works to reduce the use of the financial system for illicit activities by terrorists (groups and state-sponso ...
)
[Terrorism and Financial Intelligence](_blank)
"About Terrorism and Financial Intelligence". U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012.
****
Assistant Secretary for Terrorist Financing
The Assistant Secretary for Terrorist Financing is an office of the United States government within the United States Treasury Department.
Establishment and responsibilities
The office of Assistant Secretary for Terrorist Financing is statutorily ...
*****
Office of Terrorist Financing and Financial Crimes
**** Assistant Secretary for Intelligence and Analysis
*****
Office of Intelligence and Analysis
****
Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terr ...
****
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 ob ...
****
Treasury Executive Office for Asset Forfeiture The Treasury Executive Office for Asset Forfeiture (TEOAF) is an agency of the United States federal government in the United States Department of the Treasury. TEOAF is responsible for administering the Treasury Forfeiture Fund (TFF). The TFF was e ...
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Assistant Secretary of the Treasury for Management / Chief Financial Officer / Performance Improvement Officer
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Assistant Secretary for Economic Policy
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Assistant Secretary for Legislative Affairs
*** Assistant Secretary for Public Affairs/Director of policy planning
*** Assistant Secretary for Tax Policy
*** Climate Counselor
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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 ...
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Commissioner of Internal Revenue
The Commissioner of Internal Revenue is the head of the Internal Revenue Service (IRS), an agency within the United States Department of the Treasury.
The office of Commissioner was created by Congress as part of the Revenue Act of 1862. Section ...
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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 ta ...
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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 ...
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Office of Financial Research
The Office of Financial Research (OFR) is an independent bureau within the United States Department of the Treasury that was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative ...
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Office of the General Counsel
An office is a space where an Organization, organization's employees perform Business administration, administrative Work (human activity), work in order to support and realize objects and Goals, plans, action theory, goals of the organizati ...
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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
The Treasury Inspector General for Tax Administration (TIGTA) is an office in the United States Federal government. It was established in January 1999 in accordance with the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA 98) ...
(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
The Center for Effective Government, formerly OMB Watch, was a think tank and advocacy group based in Washington, D.C. It was focused on government transparency. Founded in 1983, the organization ceased operations in 2016, folding its work into th ...
analysis of the fifteen federal agencies that receive the most
Freedom of Information Act Freedom of Information Act may refer to the following legislations in different jurisdictions which mandate the national government to disclose certain data to the general public upon request:
* Freedom of Information Act 1982, the Australian 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
The Center for Effective Government, formerly OMB Watch, was a think tank and advocacy group based in Washington, D.C. It was focused on government transparency. Founded in 1983, the organization ceased operations in 2016, folding its work into th ...
, retrieved March 21, 2016
See also
*
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
*
MicroLoan Program In the United States, the MicroLoan Program is a program administered by the Small Business Administration (SBA). Since 1992, the MicroLoan Program has provided microloans to start-up, newly established, or growing small business endeavors.
It is ...
*
Title 12 of the Code of Federal Regulations
CFR Title 12 – Banks and Banking is one of 50 titles composing the United States Code of Federal Regulations
In the law of the United States, the ''Code of Federal Regulations'' (''CFR'') is the codification of the general and permanent ...
*
Title 17 of the Code of Federal Regulations CFR Title 17 – Commodity and Securities Exchanges is one of 50 titles composing the United States Code of Federal Regulations (CFR) and contains the principal set of rules and regulations issued by federal agencies regarding commodity and securiti ...
*
Title 19 of the Code of Federal Regulations CFR Title 19 – Customs Duties is one of fifty titles comprising the United States Code of Federal Regulations (CFR), containing the principal set of rules and regulations issued by federal agencies regarding customs duties. It is available in dig ...
*
Title 31 of the Code of Federal Regulations CFR Title 31 - Money and Finance: Treasury is one of fifty titles comprising the United States Code of Federal Regulations (CFR). Title 31 is the principal set of rules and regulations issued by federal agencies of the United States regarding mone ...
*
Treasury Enterprise Architecture Framework
Treasury Enterprise Architecture Framework (TEAF) was 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.US Department of the Treasur ...
*
Treasury Information System Architecture Framework
The Treasury Information System Architecture Framework (TISAF) is an early 1990s Enterprise Architecture framework to assist US Treasury Bureaus to develop their Enterprise Information System Architectures (EISAs).Franklin D. Raines (1997)MEMORANDU ...
Notes and references
External links
*
Department of the Treasuryon
USAspending.gov ttp://www.usaspending.gov USASpending.govis a database of spending by the United States federal government.
History
Around the time of the Act's passage, OMB Watch, a government watchdog group, was developing a site that would do essentially eve ...
Department of the Treasuryin 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 feder ...
''
Map of Major Foreign Holders Of Treasury Securities 2009Annual 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 p ...
1789 establishments in the United States
Finance ministries
Financial regulatory authorities of the United States
Ministries established in 1789
Robert Mills buildings