United States Department of the Treasury

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United States Department of the Treasury
Seal of the United States Department of the Treasury.svg
Flag of the United States Department of the Treasury.png
Treasury Department rear view.JPG
Treasury Building
Agency overview
FormedSeptember 2, 1789;230 years ago (1789-09-02)
Preceding agency
  • Board of Treasury
Type Executive department
Jurisdiction U.S. federal government
Headquarters Treasury Building
1500 Pennsylvania Avenue, NW
Washington, D.C., U.S
38°53′54″N77°2′3″W / 38.89833°N 77.03417°W / 38.89833; -77.03417 Coordinates: 38°53′54″N77°2′3″W / 38.89833°N 77.03417°W / 38.89833; -77.03417
Employees87,336 (2019)
Annual budget$20 billion (2019) [1]
Agency executives
Child agencies
Website www.treasury.gov

The Department of the Treasury (USDT) [2] is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, [3] the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively; collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy.[ citation needed ]

The United States federal executive departments are the principal units of the executive branch of the federal government of the United States. They are analogous to ministries common in parliamentary or semi-presidential systems but they are led by a head of government who is also the head of state. The executive departments are the administrative arms of the President of the United States. There are currently 15 executive departments.

Treasury government department related to finance

A treasury is either

Federal government of the United States National government of the United States

The federal government of the United States is the national government of the United States, a federal republic in North America, composed of 50 states, a federal district, five major self-governing territories and several island possessions. The federal government is composed of three distinct branches: legislative, executive and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court.

Contents

The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. Senior advisor to the Secretary is the Treasurer of the United States. [4] Signatures of both officials appear on all Federal Reserve notes. [5]

United States Secretary of the Treasury Government position

The secretary of the treasury is the head of the United States Department of the Treasury which is concerned with all financial and monetary matters relating to the federal government, and, until 2003, also included several major federal law enforcement agencies. This position in the federal government of the United States is analogous to the minister of finance in many other countries. The secretary of the treasury is a member of the president's Cabinet, and is nominated by the president of the United States. Nominees for secretary of the treasury undergo a confirmation hearing before the United States Senate Committee on Finance before being voted on by the United States Senate.

Treasurer of the United States office in the United States Department of the Treasury

The Treasurer of the United States is an official in the United States Department of the Treasury who was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department. Responsibility for oversight of the Bureau of Engraving and Printing, the United States Mint, and the United States Savings Bonds Division was assigned to the Treasurer in 1981. As of 2002 the Office of the Treasurer underwent a major reorganization. The Treasurer now advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States.

The first Secretary of the Treasury was Alexander Hamilton, sworn into office on September 11, 1789. [6] Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment. [7] Hamilton established—almost singlehandedly—the nation's early financial system [8] and for several years was a major presence in Washington's administration.[ citation needed ] His portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse. [9]

Alexander Hamilton first Secretary of the Treasury and Founding Father of the United States

Alexander Hamilton was an American statesman, politician, legal scholar, military commander, lawyer, banker and economist. He was one of the Founding Fathers of the United States. He was an influential interpreter and promoter of the U.S. Constitution, as well as the founder of the nation's financial system, the Federalist Party, the United States Coast Guard, and the New York Post newspaper. As the first Secretary of the Treasury, Hamilton was the main author of the economic policies of George Washington's administration. He took the lead in the Federal government's funding of the states' debts, as well as establishing a national bank, a system of tariffs, and friendly trade relations with Britain. His vision included a strong central government led by a vigorous executive branch, a strong commercial economy, a national bank and support for manufacturing, and a strong military. Thomas Jefferson was his leading opponent, arguing for agrarianism and smaller government.

Oath of office an official promise by a person who has been elected to a public office to fulfill the duties of the office according to the law

An oath of office is an oath or affirmation a person takes before undertaking the duties of an office, usually a position in government or within a religious body, although such oaths are sometimes required of officers of other organizations. Such oaths are often required by the laws of the state, religious body, or other organization before the person may actually exercise the powers of the office or any religious body. It may be administered at an inauguration, coronation, enthronement, or other ceremony connected with the taking up of office itself, or it may be administered privately. In some cases it may be administered privately and then repeated during a public ceremony.

President of the United States Head of state and of government of the United States

The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.

The current Secretary of the Treasury is Steven Mnuchin, who was confirmed by the United States Senate on February 13, 2017. [10] Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer. [11]

Steven Mnuchin 77th and current United States secretary of the treasury

Steven Terner Mnuchin is an American politician and investment banker who is serving as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager and investor.

United States Senate Upper house of the United States Congress

The United States Senate is the upper chamber of the United States Congress which, along with the United States House of Representatives—the lower chamber—comprises the legislature of the United States. The Senate chamber is located in the north wing of the Capitol Building, in Washington, D.C.

Jovita Carranza American businesswoman and government administrator

Jovita Carranza is the 44th Treasurer of the United States after being appointed by President Donald Trump. She previously served as the Deputy Administrator for the United States Small Business Administration from December 2006 to January 2009. Appointed by President George W. Bush, Carranza was unanimously confirmed by the U.S. Senate. Prior to the SBA appointment, Carranza served as Vice President of Air Operations for United Parcel Service (UPS) at its facility in Louisville, Kentucky.

History

Revolutionary period

The history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and collect 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, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775—only a few days after the Battle of Bunker Hill—Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency.

American Revolution Revolt in which the Thirteen Colonies won independence from Great Britain

The American Revolution was a colonial revolt which occurred between 1765 and 1783. The American Patriots in the Thirteen Colonies defeated the British in the American Revolutionary War (1775–1783) with the assistance of France, winning independence from Great Britain and establishing the United States of America.

Continental Congress convention of delegates that became the governing body of the United States

The Continental Congress was initially a convention of delegates from a number of British American colonies at the height of the American Revolution, who spoke and acted collectively for the people of the Thirteen Colonies that ultimately became the United States of America. After declaring the colonies independent from the Kingdom of Great Britain in 1776, it acted as the provisional governing structure for the collective United States, while most government functions remained in the individual states. The term most specifically refers to the First Continental Congress of 1774 and the Second Continental Congress of 1775–1781. More broadly, it also refers to the Congress of the Confederation of 1781–1789, thus covering the three congressional bodies of the Thirteen Colonies and the United States that met between 1774 and the inauguration of a new government in 1789 under the United States Constitution.

Philadelphia Largest city in Pennsylvania

Philadelphia, known colloquially as Philly, is the largest city in the U.S. state and Commonwealth of Pennsylvania, and the sixth-most populous U.S. city, with a 2018 census-estimated population of 1,584,138. Since 1854, the city has had the same geographic boundaries as Philadelphia County, the most populous county in Pennsylvania and the urban core of the eighth-largest U.S. metropolitan statistical area, with over 6 million residents as of 2017. Philadelphia is also the economic and cultural anchor of the greater Delaware Valley, located along the lower Delaware and Schuylkill Rivers, within the Northeast megalopolis. The Delaware Valley's population of 7.2 million ranks it as the eighth-largest combined statistical area in the United States.

On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas. The 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 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 clerks, 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 on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. [12]

Second Continental Congress convention of delegates from the American Colonies

The Second Continental Congress was a meeting of delegates from the Thirteen Colonies in America which united in the American Revolutionary War. It convened on May 10, 1775 with representatives from 12 of the colonies in Philadelphia, Pennsylvania shortly after the battles of Lexington and Concord, succeeding the First Continental Congress which met in Philadelphia from September 5 to October 26, 1774. The Second Congress functioned as a de facto national government at the outset of the Revolutionary War by raising armies, directing strategy, appointing diplomats, and writing treatises such as the Declaration of the Causes and Necessity of Taking Up Arms and the Olive Branch Petition. All thirteen colonies were represented by the time that the congress adopted the Lee Resolution which declared independence from Britain on July 2, 1776, and the congress agreed to the Declaration of Independence two days later.

George Clymer American politician

George Clymer was an American politician and Founding Father of the United States. He was one of the first Patriots to advocate complete independence from Britain. As a Pennsylvania representative, Clymer was, along with five others, a signatory of both the Declaration of Independence and the U.S. Constitution. He attended the Continental Congress, and served in political office until the end of his life.

Michael Hillegas American politician

Michael Hillegas was the first Treasurer of the United States.

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 rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies, giving rise to the expression "not worth a Continental".

Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nation's finances. Morris, a wealthy colonial merchant, was nicknamed "the Financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller, a treasurer, a register, and auditors, 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.

Hamilton and the Establishment of the Department of the Treasury

Original seal, dating from before 1968 Seal of the United States Department of the Treasury (1789-1968).png
Original seal, dating from before 1968

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. [13]

Alexander Hamilton took the oath of office as the first Secretary of the Treasury 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 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. 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: "[T]he 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." [14] Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties. [14] His sound financial policies also inspired investment in the Bank of the United States, which acted as the government's fiscal agent.[ citation needed ]

The Treasury believes their seal was created by Francis Hopkinson, 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. [15]

2003 Reorganization

Treasury Building Treasury departement.jpg
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 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").

Responsibilities

Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907. Treasury department official 1907.jpg
Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907.

Basic functions

The basic functions of the Department of the Treasury mainly include: [16]

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.

From 1830 until 1901, responsibility for overseeing weights and measures was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. [17] After 1901, responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology.

Organization of the U.S. Dept. of the Treasury. Organization of US Dept of the Treasury.jpg
Organization of the U.S. Dept. of the Treasury.
The Office of Foreign Assets Control and the main branch of the Treasury Department Federal Credit Union are located in the Freedman's Bank Building in Washington, D.C. Treasury Annex.JPG
The Office of Foreign Assets Control and the main branch of the Treasury Department Federal Credit Union are located in the Freedman's Bank Building in Washington, D.C.

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 Seal on United States Department of the Treasury on the Building.JPG
Seal on United States Department of the Treasury on the Building

Bureaus

BureauDescription
The Alcohol and Tobacco Tax and Trade Bureau (TTB)The Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for enforcing and administering laws covering the production, use, and distribution of alcohol and tobacco products. TTB also collects excise taxes for firearms and ammunition.
The Bureau of Engraving & Printing (BEP)The Bureau of Engraving & Printing (BEP) designs and manufactures U.S. currency, securities, and other official certificates and awards.
The Bureau of the Fiscal Service The Bureau of the Fiscal Service was formed from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Its mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services.
The Community Development Financial Institution (CDFI) FundThe Community Development Financial Institution (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities.
The Financial Crimes Enforcement Network (FinCEN)The Financial Crimes Enforcement Network (FinCEN) supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes. It also provides U.S. policy makers with strategic analyses of domestic and worldwide trends and patterns.
The Inspector GeneralThe Inspector General conducts independent audits, investigations and reviews to help the Treasury Department accomplish its mission; improve its programs and operations; promote economy, efficiency and effectiveness; and prevent and detect fraud and abuse.
The Treasury Inspector General for Tax Administration (TIGTA) The Treasury Inspector General for Tax Administration (TIGTA) provides leadership and coordination and recommends policy for activities designed to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws. TIGTA also recommends policies to prevent and detect fraud and abuse in the programs and operations of the IRS and related entities.
The Internal Revenue Service The Internal Revenue Service (IRS) is the largest of Treasury's bureaus. It is responsible for determining, assessing, and collecting internal revenue in the United States.
The Office of the Comptroller of the Currency (OCC) The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system that supports the citizens, communities, and economy of the United States.
The U.S. Mint The U.S. Mint designs and manufactures domestic, bullion and foreign coins as well as commemorative medals and other numismatic items. The Mint also distributes U.S. coins to the Federal Reserve banks as well as maintains physical custody and protection of the nation's silver and gold assets.

Budget and staffing

The Treasury Department was authorized a budget for Fiscal Year 2015 of $22.6 billion. The budget authorization is broken down as follows: [23]

ProgramFunding (in millions)Employees (in FTEs)
Management and Finance
Department Administration$3111,320
Office of the Inspector General$35213
Inspector General for Tax Administration$157837
Special Inspector General for TARP$34192
Community Development Financial Institutions Fund$22573
Financial Crimes Enforcement Network$108346
Alcohol and Tobacco Tax and Trade Bureau$101517
Bureau of the Fiscal Services$3482,350
Tax Administration
Internal Revenue Service$12,47692,009
International Programs
International Programs$2,6100
Non-Appropriated Bureaus
Office of Fiscal Stability$18486
Small Business Lending Programs$1725
State Small Business Credit Initiative$712
Financial Stability Oversight Council$2026
Office of Financial Research$92249
Bureau of Engraving and Printing$7491,944
United States Mint$3,5711,874
Office of the Comptroller of the Currency$1,1043,997
TOTAL$22,583106,080

Freedom of Information Act processing performance

In the latest Center for Effective Government analysis of the fifteen federal agencies that receive the most Freedom of Information 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. [24]

See also

Notes and references

  1. "Department of Treasury - List of Federal Departments".
  2. Donald A. Torres (1985). Handbook of Federal Police and Investigative Agencies. Greenwood Publishing Group. p. 275. ISBN   0313245789.
  3. "An Act to Establish the Treasury Department". September 2, 1789. Retrieved October 11, 2018.
  4. "The Treasurer". U.S. Department of the Treasury. Retrieved May 6, 2018.
  5. Crutsinger, Martin (November 15, 2017). "New money: Mnuchin and Carranza signatures now on the dollar bill". USA Today. Gannett Satellite Information Network, LLC. The Associated Press. Retrieved May 6, 2018.
  6. "Appointment as Secretary of the Treasury".
  7. Adams, Jonathan. "Department of the Treasury". George Washington Digital Encyclopedia. Mount Vernon Ladies' Association. Retrieved May 6, 2018.
  8. Scanlan, Laura Wolff (2006). "Alexander Hamilton: the man who modernized money". Humanities: The Magazine of the National Endowment for the Humanities. 27 (1). Retrieved May 6, 2018.
  9. "$10". U.S. Currency Education Program. Retrieved May 6, 2018.
  10. Rappeport, Alan (February 13, 2017). "Steven Mnuchin is confirmed as Treasury Secretary". The New York Times (Page A19). The New York Times Company. Retrieved May 6, 2018.
  11. "Jovita Carranza: Treasurer, U.S. Department of the Treasury". U.S. Department of the Treasury. Retrieved May 6, 2018.
  12. Hammond, Bray (1957). Banks and Politics in America: From the Revolution to the Civil War. Princeton, NJ: Princeton University Press.
  13. "Chapter 12, 1 Statue. 65" (PDF).
  14. 1 2 Syrett, Harold C. (ed.) (1962). The Papers of Alexander Hamilton, vol. 6. New York: Columbia University Press. ISBN   978-0231089050 . Retrieved May 6, 2018.CS1 maint: extra text: authors list (link)
  15. Friedberg, A.L. (2017). Paper money of the US 21st Edition. Coin & Currency Institute. Pg. 6-7. ISBN   9780871840219
  16. US Treasury website Organization
  17. Records of the National Institute of Standards and Technology (NIST), National Archives website, (Record Group 167), 1830–1987.
  18. Treasury Order 101-05, U.S. Dept. of the Treasury. 10 January 2011. Updated 26 April 2011. Accessed 11 November 2012.
  19. DF Org Chart, "The Office of Domestic Finance". U.S. Dept. of the Treasury. October 2011. Accessed 11 November 2012.
  20. International Affairs, "About International Affairs". U.S. Dept. of the Treasury. 14 February 2012. Accessed 11 November 2012.
  21. "Environment and Energy". www.treasury.gov. Retrieved October 30, 2017.
  22. Terrorism and Financial Intelligence, "About Terrorism and Financial Intelligence". U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012.
  23. 2015 Department of the Treasury Budget in Brief, pg 9, United States Department of the Treasury, Accessed 2015-07-06
  24. Making the Grade: Access to Information Scorecard 2015 , March 2015, 80 pages, Center for Effective Government, retrieved 21 March 2016

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