US Treasury
The U.S. Department of the Treasury manages federal finances, collects revenue, produces currency and advises the President on economic and financial policy.
Industry: Government administration | Location: Washington, D.C., United States | Founded: 1789
About US Treasury
The U.S. Department of the Treasury is a department of the federal government of the United States. Its stated mission is to maintain a strong economy, create economic and job opportunities, strengthen national security and manage the government's finances and resources effectively.
According to the Treasury, the department advises the President on economic and financial issues, manages federal finances, collects taxes and other revenue, and pays the government's bills. It produces currency and coins, manages government accounts and the public debt, and supervises national banks and thrift institutions. It also enforces federal finance and tax laws and investigates tax evasion, counterfeiting and forgery.
The department has seven operating bureaus: the Alcohol and Tobacco Tax and Trade Bureau, the Bureau of Engraving and Printing, the Bureau of the Fiscal Service, the Financial Crimes Enforcement Network, the Internal Revenue Service, the Office of the Comptroller of the Currency and the U.S. Mint. They make up 98 percent of its workforce. Its policy offices include Domestic Finance, Economic Policy, International Affairs, Tax Policy, and Terrorism and Financial Intelligence, and three inspector general offices operate within it.
Congress created the department on 2 September 1789 with an act providing for a Secretary of the Treasury, a Comptroller, an Auditor, a Treasurer, a Register and an assistant to the Secretary. Alexander Hamilton, the first Secretary, took the oath of office on 11 September 1789 and served until 1795. Lost customs revenue during the Civil War led to the creation of the Bureau of Internal Revenue, paper currency and the National Banking System. The department took part in the 1944 Bretton Woods conference that established the International Monetary Fund and the World Bank.
The present Treasury Building in Washington, D.C., is a Greek Revival structure built between 1836 and 1869 and is the oldest departmental building in the capital.
Scott Bessent is the 79th Secretary of the Treasury. Francis Brooke is Deputy Secretary and Erin Browne is Under Secretary for International Affairs, according to the department's officials page.