United States Department of the Treasury

The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government.

Overview

It is administered by the United States Secretary of the Treasury and the Treasurer of the United States who receives and keeps the monies of the United States. The Department prints and mints all the Federal Reserve notes and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. It also collects all taxes through the Internal Revenue Service.

Related Topics:
United States Secretary of the Treasury - Treasurer of the United States - Federal Reserve note - Coins - Bureau of Engraving and Printing - United States Mint - Tax - Internal Revenue Service

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The basic functions of the Department of the Treasury include:

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• 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 stamps, currency and coinage;
• Managing Government accounts and the U.S. public debt;
• Supervising national banks and thrift institutions;
• Advising on domestic and international financial, monetary, economic, trade and tax policy - fiscal policy being the sum of these, and the ultimate responsibility of US Congress.
• Enforcing Federal finance and tax laws;
• Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.

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 involves changes to institutions created at the Bretton Woods Conference of 1944, e.g. the World Bank, which govern the relationship of the US dollar to other global currencies.

Related Topics:
Treasury reform - Monetary policy - Economic policy - Accounting reform - Monetary reform - Bretton Woods Conference - US dollar

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