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The is a
Cabinet department and the
Treasury of the
United States Government . It was established by an
Act Of Congress in
1789 to manage government
Revenue . The first
Secretary Of The Treasury was
Alexander Hamilton .
President George Washington asked Hamilton after first having asked
Robert Morris . Hamilton almost single-handedly worked out the national financial system, and for several years he was a force behind Washington's administration as well.
The Department is administered by the
United States Secretary Of The Treasury and the
Treasurer Of The United States who receives and keeps the money of the United States. The Department prints and
Mints all
Paper Currency and
Coins in circulation through the
Bureau Of Engraving And Printing and the
United States Mint . It also collects all
Federal Taxes through the
Internal Revenue Service .
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 . The Department of the Treasury was created by an Act of Congress passed 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.
was sworn in as the first Secretary of the Treasury on
September 11 ,
1789 . His portrait is on the
Obverse of the
U.S. Ten Dollar Bill and the Treasury Department building is shown on the
Reverse .
The current law, 31 U.S.C. section 301, reads as follows (in part):
::ยง 301. Department of the Treasury
:::(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.
:::(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate.
See .
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 Stamp s, Currency and coinage;
- Managing Government accounts and the U.S. Public Debt ;
- Supervising national Bank s and Thrift Institution s;
- 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 Evader s, Counterfeiter s, Forger s, Smuggler s, Illicit Spirits Distiller s, 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 .
United States Secretary Of The Treasury
Effective
January 24 ,
2003 the
Bureau Of Alcohol, Tobacco And Firearms was no longer a Bureau of the Department of the Treasury. The
Law Enforcement functions of ATF have been transferred to the
Department Of Justice . The tax and trade functions of the Bureau of Alcohol, Tobacco and Firearms remained with Treasury at the new Alcohol and Tobacco Tax and Trade Bureau.
On
March 1 ,
2003 the
Federal Law Enforcement Training Center , the
United States Customs Service , and the
United States Secret Service moved to the
United States Department Of Homeland Security .
Under the Secretary's direct supervision are the departmental offices, which are responsible for management and policy formulation.
- Domestic Finance
- Economic Policy
- General Counsel
- Information and Technology Management
- International Affairs
- Management
- Public Affairs
- Tax Policy
- Terrorism and Financial Intelligence (TFI)
- Treasurer of the United States
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 Warrant s 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 Treasury (1789-1817),
First Comptroller Of The Treasury (1817-20),
Agent Of The Treasury (1820-30) and
Solicitor Of The Treasury 1830-1934.
