|Formed||September 2, 1789|
|Jurisdiction||U.S. federal government|
|Headquarters|| Treasury Building |
1500 Pennsylvania Avenue, NW
Washington, D.C., U.S
|Annual budget||$20 billion (2019)|
The Department of the Treasury (USDT) [ citation needed ]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, 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.
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.
A treasury is either
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.
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.Signatures of both officials appear on all Federal Reserve notes.
The Secretary of the Treasury is the head of the United States Department of the Treasury which is concerned with financial and monetary matters, and, until 2003, also included several 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.
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. [ citation needed ] His portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse.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. Hamilton established—almost singlehandedly—the nation's early financial system and for several years was a major presence in Washington's administration.
Alexander Hamilton was an American statesman and 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.
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.
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.Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer.
Steven Terner Mnuchin is an American 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.
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, in Washington, D.C.
Jovita Carranza is the 44th Treasurer of the United States after being appointed by President Donald Trump. Previously she 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) the world's largest package delivery company at its facility in Louisville, Kentucky, where she oversaw the automated package processing operation.
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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.
The American Revolution was a colonial revolt that took place between 1765 and 1783. The American Patriots in the Thirteen Colonies won independence from Great Britain, becoming the United States of America. They defeated the British in the American Revolutionary War (1775–1783) in alliance with France and others.
The Continental Congress, also known as the Philadelphia Congress, was a convention of delegates called together from the Thirteen Colonies. It became the governing body of the United States during the American Revolution. The Congress met from 1774 to 1789 in three incarnations. The first call for a convention was made over issues of the blockade and the Intolerable Acts penalizing the Province of Massachusetts Bay. In 1774 Benjamin Franklin convinced the colonial delegates to the Congress to form a representative body. Much of what we know today comes from the yearly log books printed by the Continental Congress called Resolutions, Acts and Orders of Congress, which gives a day-to-day description of debates and issues.
Philadelphia, sometimes 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 2017 census-estimated population of 1,580,863. Since 1854, the city has been coterminous with 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.
The Second Continental Congress was a convention of delegates from the Thirteen Colonies that started meeting in the spring of 1775 in Philadelphia, Pennsylvania. It succeeded the First Continental Congress, which met in Philadelphia between September 5, 1774, and October 26, 1774. The Second Congress managed the Colonial war effort and moved incrementally towards independence. It eventually adopted the Lee Resolution which established the new country on July 2, 1776, and it agreed to the United States Declaration of Independence on July 4, 1776. The Congress acted as the de facto national government of the United States by raising armies, directing strategy, appointing diplomats, and making formal treaties such as the Olive Branch Petition.
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 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.
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.
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." [ citation needed ]Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties. His sound financial policies also inspired investment in the Bank of the United States, which acted as the government's fiscal agent.
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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").
The basic functions of the Department of the Treasury mainly include:
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.After 1901, responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology.
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.
|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) Fund||The 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 General||The 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.|
The Treasury Department was authorized a budget for Fiscal Year 2015 of $22.6 billion. The budget authorization is broken down as follows:
|Program||Funding (in millions)||Employees (in FTEs)|
|Management and Finance|
|Office of the Inspector General||$35||213|
|Inspector General for Tax Administration||$157||837|
|Special Inspector General for TARP||$34||192|
|Community Development Financial Institutions Fund||$225||73|
|Financial Crimes Enforcement Network||$108||346|
|Alcohol and Tobacco Tax and Trade Bureau||$101||517|
|Bureau of the Fiscal Services||$348||2,350|
|Internal Revenue Service||$12,476||92,009|
|Office of Fiscal Stability||$184||86|
|Small Business Lending Programs||$17||25|
|State Small Business Credit Initiative||$7||12|
|Financial Stability Oversight Council||$20||26|
|Office of Financial Research||$92||249|
|Bureau of Engraving and Printing||$749||1,944|
|United States Mint||$3,571||1,874|
|Office of the Comptroller of the Currency||$1,104||3,997|
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.
|Wikimedia Commons has media related to United States Department of the Treasury .|
|Wikisource has the text of the 1911 Encyclopædia Britannica article Treasury .|
The national debt of the United States is the debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies. The terms national deficit and national surplus usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. A deficit year increases the debt, while a surplus year decreases the debt as more money is received than spent.
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.
The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. The Treasurer plays a key role in the economic policy of the government. The current holder of the position is Josh Frydenberg, whose term began on 24 August 2018.
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner directed the Bureau be combined with the Financial Management Service into the single Bureau of the Fiscal Service in 2012.
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States, foreign coins like the Spanish dollar were widely circulated. Colonial governments sometimes issued paper money to facilitate economic activities. The British Parliament passed Currency Acts in 1751, 1764, and 1773 that regulated colonial paper money.
The United States federal budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that the U.S. is facing a series of long-term financial challenges, as the population of the country ages and healthcare costs continue growing faster than the economy, leading to the debt held by the public exceeding GDP by 2030.
The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities, and other related economic and fiscal matters.
The Philippines' Department of Finance (DOF) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public sector debt, and the rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government.
The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
The First Report on the Public Credit was one of four major reports on fiscal and economic policy submitted by American Founding Father and first United States Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States of America and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the House of Representatives on September 21, 1789, the Report was presented on January 9, 1790, at the second session of the First US Congress. The 40,000 word document called for full federal payment at face value to holders of government securities ("Redemption") and the national government to assume funding of all state debt ("Assumption") The political stalemate in Congress that ensued led to the Compromise of 1790, locating the permanent US capital on the Potomac River ("Residency").
The Office for the Treasury and Public Credit is the finance ministry of Mexico. In Mexico the Treasurer of the Republic is the head of the Office for the Treasury and Public Credit, and is a member of the federal executive cabinet and is named to the post by the President of the Republic. Recently, the institution has been promoting a financial inclusion policy and is now a member of the Alliance for Financial Inclusion. This position is analogous to the Secretary of the Treasury in the United States of America or to the finance ministers of other nations.
Salvatore Antonio "Tony" Fratto was deputy assistant and deputy press secretary to former United States President George W. Bush.
The Office of Financial Markets is an office of the United States federal government in the United States Department of the Treasury. OFM serves as the department's advisor on broad matters of domestic finance, financial markets, Federal, State and local finance, Federal Government credit policies, lending and privatization.
The Office of Fiscal Service (OFS) is an agency of the United States federal government in the United States Department of the Treasury. The office is led by the Fiscal Assistant Secretary of the Treasury. The Fiscal Assistant Secretary reports to the United States Secretary of the Treasury through the Under Secretary of the Treasury for Domestic Finance.
A Certified California Municipal Treasurer (CCMT) is a post-nominal professional certification awarded by the California Municipal Treasurers Association (CMTA) to California public treasurers who meet standards of education, experience, and a stated commitment to a code of ethics. It was created in 1978 to provide a professional standard of financial expertise and ethics in California government treasury.
The financial position of the United States includes assets of at least $269.6 trillion and debts of $145.8 trillion to produce a net worth of at least $123.8 trillion as of Q1 2014.
Rosa "Rosie" Gumataotao Rios was the 43rd Treasurer of the United States and is a Visiting Scholar at the Radcliffe Institute for Advanced Study at Harvard University.
The United States Funding Act of 1790, the full title of which is "An Act making provision for the [payment of the] Debt of the United States", was passed on August 4, 1790 by the United States Congress as part of the Compromise of 1790, to address the issue of funding of the domestic debt incurred by the Colonies; the States in rebellion; in independence; in Confederation, and subsequently the States' comprising and within, a single, sovereign, Federal Union. By the Act the newly-inaugurated federal government under the US Constitution assumed, the debts of each of the individual Colonies' in rebellion and the bonded debts of the States in Confederation — debts that each state had individually and independently issued, on its own "full faith and credit", when each of them were in effect, an independent nation.
According to statute, the Fiscal Assistant Secretary is appointed by the United States Secretary of the Treasury. The Fiscal Assistant Secretary is the highest ranking career official in the Department of the Treasury. The Fiscal Service, which the Fiscal Assistant Secretary heads, includes the Bureau of Government Financial Operations (which since 1984 has been known as the Financial Management Service and the Bureau of the Public Debt.