The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.

The first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11, 1789. Hamilton was asked by President George Washington 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 obverse of the U.S. ten-dollar bill and the Treasury Department building is shown on the reverse.

Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States, 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 coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, 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 Congress in 1775. Michael Hillegas served as the first Treasurer of the United States and throughout the American Revolution until Congress created the Department of the Treasury on September 2, 1789:

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 and monies paid to and due to the U.S. and paying all bills of the U.S.;

• Producing all postage stamps, currency, and coinage;

• Managing government accounts and the United States public debt;

• Supervising national banks and thrift institutions;

• Advising on domestic and international financial, monetary, economic, trade and tax policy – fiscal policy being the sum of these, and the ultimate responsibility of Congress.

• Enforcing Federal finance and tax laws;

• Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.

With respect to the estimation of revenues for the executive branch, 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 Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.

The term Treasury reform usually refers narrowly to reform of monetary policy and related economic policy and accounting reform. The broader term monetary reform usually refers to reform of policy of institutions such as the International Monetary Fund.

Organization

• Secretary of the Treasury

• *Deputy Secretary of the Treasury

• **Treasurer of the United States

• ***United States Mint

• ***Bureau of Engraving and Printing

• **Under Secretary for Domestic Finance

• ***Assistant Secretary for Financial Institutions

• ***Assistant Secretary for Financial Markets

• ***Assistant Secretary for of Fiscal Service

• ****Financial Management Service

• ****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

• ***Financial Crimes Enforcement Network

• **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

• ***Alcohol and Tobacco Tax and Trade Bureau

• **Inspector General for Tax Administration (TIGTA)

• **Office of the General Counsel

• ***Office of the Comptroller of the Currency

• ***Office of Thrift Supervision

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 (1789–1817), First Comptroller of the Treasury (1817–20), Agent of the Treasury (1820–30), and 1830–1934.

2003 Reorganization

thumb|[[Treasury Building (Washington, D.C.)|Treasury Building]]
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 2002. The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives, were transferred to the Department of Justice 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 (TTB).

Effective March 1, 2003, the Federal Law Enforcement Training Center, the United States Customs Service, and the United States Secret Service were transferred to the newly-created Department of Homeland Security ("DHS"). On March 14, 2003, the United States Coast Guard also became a part of DHS.

See also

• Treasury Information System Architecture Framework

• Treasury Enterprise Architecture Framework

• Treasury Building (Washington, D.C.)