The Department of the Treasury is an executive department. The head of the Department of the Treasury is the Secretary of the Treasury. The Secretary of the Treasury is appointed by the President, by and with the advice and consent of the Senate.
The Department of the Treasury is responsible for promoting economic prosperity and ensuring the financial security of the United States.
The Department of the Treasury advises the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth. The Department of the Treasury also enhances national security by implementing economic sanctions against foreign threats to the United States.
The basic functions of the Department of the Treasury include:
- 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 United States public debt;
- Supervising national banks and thrift institutions;
- Advising on domestic and international financial, monetary, economic, trade and tax policy;
- Enforcing Federal finance and tax laws;
- Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers and illicit spirit distillers.
The Department of the Treasury is organized into two major components: departmental offices and operating bureaus. Departmental offices are headed by assistant secretaries and under secretaries.
Departmental offices are primarily responsible for the formulation of policy and management of the Department as a whole.
The main offices of the Treasury are:-
- Office of Domestic Finance
- Office of Economic Policy
- Office of General Counsel
- Office of International Affairs
- Office of Management
- Office of Public Affairs
- Office of Tax Policy
- Office of Terrorism and Financial Intelligence
- Office of the Treasurer.
The operating bureaus carry out specific operations assigned to the Department. The operating bureaus make up 98% of the Treasury work force.
The main bureaus are:-
- The Alcohol and Tobacco and Trade Bureau (ITB).
- The Bureau of Engraving and Printing (BEP).
- The Bureau of Public Debt
- The Community Development Financial Institution Fund (CDFI)
- The Financial Crimes Enforcement Network (FinCEN)
- Financial Management Service (FMS)
- The Inspector General
- The Treasury inspector General for Tax Administration (TIGTA)
- The Internal Revenue Service (IRS)
- Office of the Comptroller of the Currency (OCC)
- Office of the Thrift Supervision (OTC).
- The U.S. Mint.