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Information about United States Department Of The Treasury

Department of the Treasury
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Treasury Seal

Treasury Seal
Agency overview
FormedSeptember 2, 1789
Preceding AgencyBoard of Treasury
JurisdictionFederal government of the United States
Headquarters1500 Pennsylvania Avenue NW
Washington, D.C.
Employees115,897 (2004)
Annual Budget$11.1 billion (2004)
Agency ExecutivesHenry M. Paulson, Jr., Secretary
 
Robert Kimmitt, Deputy Secretary
 
Ann Escobedo Cabral, Treasurer
Child AgenciesInternal Revenue Service
 
United States Mint
 
Bureau of Engraving and Printing
 
Website
www.ustreas.gov


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The U.S. Treasury building designed by Ammi Burnham Young.


The United States Department of the Treasury 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 to serve after first having asked Robert Morris. 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 statue still stands outside the Treasury building.

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.

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. 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. [1]


Alexander Hamilton 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 .
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The U.S. Treasury building in 1804. This building was burned by the British on August 25, 1814.

Responsibilities

The basic functions of the Department of the Treasury include:
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Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907.
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

United States Secretary of the Treasury
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The U.S. Treasury, Washington D.C.
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Treasury building
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 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 Treasury (1789-1817), First Comptroller of the Treasury (1817-20), Agent of the Treasury (1820-30) and Solicitor of the Treasury 1830-1934.

External links

"Enough Wise Men, The Story of Our Constitution" by Forrest McDonaldPublished by the Dominion of Canada and by Longmans Canada Limited, Toronto 1970

United States Federal Executive Departments
State | Treasury | Defense | Justice | Interior | Agriculture | Commerce | Labor | Health and Human Services | Housing and Urban Development | Transportation | Energy | Education | Veterans Affairs | Homeland Security
(: War | Navy | Post Office | Commerce and Labor | Health, Education, and Welfare)
 •  • [ e]
Agencies under the United States Department of the Treasury
Secretary of the Treasury
Deputy Secretary of the Treasury
Alcohol and Tobacco Tax and Trade Bureau • Bureau of the Public Debt • Community Development Financial Institution Fund • Financial Management Service • Treasury Inspector General for Tax Administration • Internal Revenue Service • Office of the Comptroller of the Currency • Office of Thrift Supervision • Office of Tax Policy

Under Secretary of the Treasury for International Affairs
Office of East Asia • Office of South and Southeast Asia Nations • Office of Europe & Eurasia • Office of the Western Hemisphere • Office of International Monetary Policy • Office of Banking and Securities • Office of International Debt Policy • Office of Development Policy • Office of Financing Operations • Office of African Nations • Office of the Middle East & North Africa • Office of International Trade • Office of International Investment • Office of Trade Finance • Office of Technical Assistance • Office of Risk & Research Analysis

Under Secretary of the Treasury for Domestic Finance
Office of Financial Institutions • Office of Financial Markets • Office of Fiscal Service

Under Secretary of the Treasury for Terrorism and Financial Intelligence
Office of Terrorist Finance and Financial Crime • Office of Intelligence and Analysis • Office of Foreign Assets Control • Financial Crime Enforcement Network • Treasury Executive Office for Asset Forfeiture

Treasurer of the United States
Bureau of Engraving and Printing • United States Mint
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United States Department of the Treasury Seal
United States Treasury Seal is the official symbol of the United States Department of the Treasury. It actually predates the department, having originated with the Board of Treasury during the period of the Articles of Confederation. It is used on all U.S.
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September 2 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.

Events


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United States of America

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Washington, D.C.

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Nickname: DC, The District
Motto: Justitia Omnibus (Justice for All)
Location of Washington, D.C.
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Henry Merritt "Hank" Paulson Jr. (born March 28 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs, one of the world's largest and most
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The 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.
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Robert M. Kimmitt (born December 19, 1947) is the current Deputy Secretary of the Department of the Treasury. He was nominated by President Bush on June 29, 2005. The United States Senate unanimously confirmed him on July 29, 2005, and he was sworn into office on August 16,
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The Treasurer of the United States (established September 6, 1777) is the only position within the United States Department of the Treasury older than the Department itself.
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Taxation in the United States

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Politics and government of
the United States


Federal taxation
History Internal Revenue Service
Tax Court   Tax forms

Income tax   Payroll tax
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United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The main Mint facility is located in Philadelphia, Pennsylvania, and branch facilities are located in Denver, Colorado; San Francisco, California; and West Point, New
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The United States Bureau of Engraving and Printing (BEP) is an government agency in the United States Department of the Treasury that primarily prints Federal Reserve notes for the Federal Reserve, but also produces a variety of other government security documents.
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United States of America

This article is part of the series:
Politics and government of
the United States


Federal government
Constitution
Taxation

President Vice President
Cabinet


Congress
Senate
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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,
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Motto
"In God We Trust"   (since 1956)
"E Pluribus Unum"   ("From Many, One"; Latin, traditional)
Anthem
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United States of America

This article is part of the series:
Politics and government of
the United States


Federal government
Constitution
Taxation

President Vice President
Cabinet


Congress
Senate
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An Act of Congress is a statute enacted by the United States Government which legally must be specifically empowered by the United States Constitution. An Act of Congress does not create power, but merely legislates how the existing power of the Constitution is to be used.
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8th century - 9th century - 10th century
850s  860s  870s  - 880s -  890s  900s  910s
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Revenue is a business term for the amount of money that a company receives from its activities in a given period, mostly from sales of products and/or services to customers.
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The 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.
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Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an Army officer, lawyer, Founding Father, American politician, leading statesman, financier and political theorist. One of America's first constitutional lawyers, he was a leader in calling the U.S.
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George Washington (February 22, 1732 – December 14, 1799)[1][2] was a central, critical figure in the founding of the United States of America, as well as the nation's first president (1789–1797).
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Robert Morris, Jr. (IPA: /ˈmɒrɨs/) (January 20, 1734 – May 9, 1806) was an American merchant and a signer to the United States Declaration of Independence, the Articles of Confederation, and the United
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The 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.
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The Treasurer of the United States (established September 6, 1777) is the only position within the United States Department of the Treasury older than the Department itself.
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"Mints" redirects here. For other uses, see Mint (disambiguation).

A mint is a place or facility which manufactures coins for currency.

On the whole, the history of mints correlates very closely with the history of coins.
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banknote (often known as a bill or simply note) is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and under many jurisdictions is used as legal tender.
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United 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.
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The United States Bureau of Engraving and Printing (BEP) is an government agency in the United States Department of the Treasury that primarily prints Federal Reserve notes for the Federal Reserve, but also produces a variety of other government security documents.
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