United States Department of the Treasury

Coordinates: 38°53′51.2″N 77°2′3.4″W / 38.897556°N 77.034278°W / 38.897556; -77.034278
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United States Department of the Treasury
Marilynn Malerba, Treasurer
Child agencies
Websitetreasury.gov

The Department of the Treasury (USDT)

Federal Reserve notes.[5]

The department was established by an Act of Congress in 1789 to manage government revenue.[6] The first secretary of the treasury was Alexander Hamilton, who was sworn into office on September 11, 1789.[7] 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.[8] Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration.[9] The department is customarily referred to as "Treasury", solely, without any preceding article, as a remnant of the country's transition from British to American English during the late 18th century. Hamilton's portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse.[10]

History

Revolutionary period

The history of the Department of the Treasury began in the turmoil of the

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
, the Continental Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency.

On July 29, 1775, the

sovereign nation was able to secure loans from abroad.[11]

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". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article, as a remnant of the country's transition from British to American English.[12][13] For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission."[14]

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.

Creation of the Treasury

Original seal, dating from before 1968

The

war debt
. His first official act as secretary 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

customs duties.[16] 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 Department of 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 not certain that Hopkinson designed the seal, it is very similar to others he has done.[17]

2003 reorganization

NW in Washington, D.C.

The

explosives, were transferred to the Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE).[18] 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).[19]

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").[20]

2020 data breach

In 2020, the Treasury

suffered a data breach following a cyberattack likely conducted by a nation state adversary, possibly Russia.[21][22] This was in fact the first detected case of the much wider 2020 United States federal government data breach, which involved at least eight federal departments.[23]

Responsibilities

A Treasury Department official surrounded by packages of newly minted currency, counting and wrapping dollar bills in Washington, D.C. in 1907
The organizational structure of the U.S. Department of the Treasury
The Office of Foreign Assets Control, the Treasury Library, and the main branch of the Treasury Department Federal Credit Union in the Freedman's Bank Building in Washington, D.C.

Basic functions

The basic functions of the Department of the Treasury mainly include:[24]

  • Producing all currency and coinage of the U.S.;
  • Collecting
    taxes, duties
    and money paid to and due to the U.S.;
  • Paying all bills of the U.S.;
  • Managing the federal finances;
  • Managing government accounts (including the
    United States 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);
  • Enforcing federal finance and tax laws;
  • Investigating and prosecuting tax evaders;
  • Publishing statistical reports.

With respect to the estimation of revenues for 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.[25] After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology
.

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

Bureaus

Bureau Description
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. policymakers 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.

Budget and staffing

The Treasury Department has authorized a budget for Fiscal Year 2015 of $22.6 billion. The budget authorization is broken down as follows:[33]

Program Funding (in millions) Employees (in FTEs)
Management and Finance
Department Administration $311 1,320
Office of the Inspector General $35 213
Inspector General for Tax Administration $157 837
Special Inspector General for TARP (Troubled Asset Relief Program) $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
Tax Administration
Internal Revenue Service $12,476 92,009
International Programs
International Programs $2,610 0
Non-Appropriated Bureaus
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
TOTAL $22,583 106,080

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.[34]

See also

Notes and references

  1. ^ "Department of Treasury – List of Federal Departments". federalpay.org. Archived from the original on January 28, 2019. Retrieved January 28, 2019.
  2. ISBN 0313245789
    .
  3. ^ "An Act to Establish the Treasury Department". September 2, 1789. Archived from the original on September 14, 2018. Retrieved October 11, 2018.
  4. ^ "The Treasurer". U.S. Department of the Treasury. Archived from the original on April 4, 2018. 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. Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  6. ^ a b "Image 1 of An act to establish the Treasury department .... [Dated] 1789, July 2. New-York. Printed by Thomas Greenleaf.]". The Library of Congress. January 1, 1970. Archived from the original on December 1, 2022. Retrieved December 1, 2022.
  7. ^ "Appointment as Secretary of the Treasury". founders.archives.gov. Archived from the original on March 4, 2017. Retrieved March 4, 2017.
  8. ^ Adams, Jonathan. "Department of the Treasury". George Washington Digital Encyclopedia. Mount Vernon Ladies' Association. Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  9. ^ Scanlan, Laura Wolff (2006). "Alexander Hamilton: the man who modernized money". Humanities: The Magazine of the National Endowment for the Humanities. 27 (1). Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  10. ^ "$10". U.S. Currency Education Program. Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  11. ^ Hammond, Bray (1957). Banks and Politics in America: From the Revolution to the Civil War. Princeton, NJ: Princeton University Press.
  12. ^ Hamilton, Alexander (1851). Reports of the secretary of the Treasury of the United States: prepared in obedience to the act of May 10, 1800. Printed by Blair & Rives. Archived from the original on December 13, 2023. Retrieved April 27, 2020.
  13. ^ Dewey, Davis Rich (1922). Financial History of the United States. Longmans, Green and Company. Archived from the original on December 13, 2023. Retrieved November 22, 2020.
  14. ^ "Role of the Treasury | U.S. Department of the Treasury". home.treasury.gov. Archived from the original on April 29, 2020. Retrieved April 27, 2020. Treasury's mission highlights its role as the steward of U.S. economic and financial systems, and as an influential participant in the world economy.
  15. ^ "Chapter 12, 1 Statue. 65" (PDF). Archived from the original (PDF) on October 19, 2017.
  16. ^
    ISBN 978-0231089050. Archived
    from the original on May 7, 2018. Retrieved May 6, 2018.
  17. ISBN 9780871840219
    .
  18. ^ "Move to Justice Dept. Brings ATF New Focus". Washington Post. January 23, 2003. Archived from the original on March 11, 2023. Retrieved March 11, 2023.
  19. ^ "History". TTBGov. November 18, 2015. Archived from the original on March 11, 2023. Retrieved March 11, 2023.
  20. ^ "Who Joined DHS". Department of Homeland Security. July 27, 2012. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  21. ^ Nakashima, Ellen (December 13, 2020). "Russian government spies are behind a broad hacking campaign that has breached U.S. agencies and a top cyber firm". The Washington Post. Archived from the original on December 13, 2020. Retrieved December 14, 2020.
  22. ^ Bing, Christopher (December 14, 2020). "Suspected Russian hackers spied on U.S. Treasury emails – sources". Reuters. Archived from the original on December 14, 2020. Retrieved December 14, 2020.
  23. ^ Office, U. S. Government Accountability (March 21, 2024). "SolarWinds Cyberattack Demands Significant Federal and Private-Sector Response (infographic) | U.S. GAO". www.gao.gov. Retrieved April 10, 2024.
  24. ^ US Treasury website Organization Archived October 11, 2011, at the Wayback Machine
  25. ^ Records of the National Institute of Standards and Technology (NIST) Archived October 19, 2017, at the Wayback Machine, National Archives website, (Record Group 167), 1830–1987.
  26. ^ Treasury Order 101-05 Archived March 19, 2021, at the Wayback Machine, U.S. Dept. of the Treasury. January 10, 2011. Updated April 26, 2011. Accessed November 11, 2012.
  27. ^ DF Org Chart Archived January 16, 2022, at the Wayback Machine, "The Office of Domestic Finance". U.S. Dept. of the Treasury. October 2011. Accessed November 11, 2012.
  28. ^ International Affairs Archived June 22, 2016, at the Wayback Machine, "About International Affairs". U.S. Dept. of the Treasury. February 14, 2012. Accessed November 11, 2012.
  29. ^ "Officials | U.S. Department of the Treasury". home.treasury.gov. Archived from the original on September 22, 2018. Retrieved April 20, 2021.
  30. ^ "Environment and Energy". www.treasury.gov. Archived from the original on November 7, 2017. Retrieved October 30, 2017.
  31. ^ Terrorism and Financial Intelligence Archived September 5, 2015, at the Wayback Machine, "About Terrorism and Financial Intelligence". U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012.
  32. ^ "Treasury Announces Coordinated Climate Policy Strategy with New Treasury Climate Hub and Climate Counselor | U.S. Department of the Treasury". home.treasury.gov. Archived from the original on April 20, 2021. Retrieved April 20, 2021.
  33. ^ 2015 Department of the Treasury Budget in Brief Archived July 14, 2014, at the Wayback Machine, pg 9, United States Department of the Treasury, Accessed July 6, 2015
  34. ^ Making the Grade: Access to Information Scorecard 2015 Archived August 11, 2019, at the Wayback Machine, March 2015, 80 pages, Center for Effective Government, retrieved March 21, 2016

External links

Wikimedia Commons has media related to United States Department of the Treasury.
Wikisource has the text of the 1911 Encyclopædia Britannica article "Treasury".
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