United States Department of the Treasury
| Department of the Treasury | |
|---|---|
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| Treasury Seal | |
| Agency overview | |
| Formed | September 2, 1789 |
| Preceding agency | Board of Treasury |
| Jurisdiction | Federal government of the United States |
| Headquarters | Treasury Building 1500 Pennsylvania Avenue, NW Washington, D.C. |
| Employees | 115,897 (2007) |
| Annual budget | $19.56 billion (2009) |
| Agency executives | Timothy Geithner, Secretary Neal S. Wolin, Deputy Secretary Rosa Gumataotao Rios, Treasurer |
| Child agencies | Internal Revenue Service United States Mint Bureau of Engraving and Printing Several others |
| Website | |
| www.ustreas.gov | |
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.
The first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11, 1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris (who declined, recommending Hamilton instead). Hamilton almost single-handedly worked out the nation's early financial system, and for several years was a major presence in Washington's administration as well. His portrait is on the obverse of the U.S. ten-dollar bill and the Treasury Department building is shown on the reverse.
Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States, who receives and keeps the money of the U.S. Facsimile signatures of the Secretary and the Treasurer appear on all modern paper U.S. currency.
The Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, and manages U.S. government debt instruments.
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History
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The Office of the Treasurer is the only office in the Treasury Department that is older than the Department itself, as it was originally created by the Continental Congress in 1775.[1] Michael Hillegas served as the first Treasurer of the United States[2] and throughout the American Revolution until Congress created the Department of the Treasury on September 2, 1789:
- And be it...enacted, That it shall be the duty of the Secretary of the Treasury to digest and prepare plans for the improvement and management of the revenue, and for the support of public credit; to prepare and report estimates of the public revenue, and the public expenditures; to superintend the collection of revenue; to decide on the forms of keeping and stating accounts and making returns, and to grant under the limitations herein established, or to be hereafter provided, all warrants for monies to be issued from the Treasury, in pursuance of appropriations by law; to execute such services relative to the sale of the lands belonging to the United States, as may be by law required of him; to make report, and give information to either branch of the legislature, in person or in writing (as he may be required), respecting all matters referred to him by the Senate or House of Representatives, or which shall appertain to his office; and generally to perform all such services relative to the finances, as he shall be directed to perform.[3]
The current law, 31 U.S.C. § 301, reads as follows (in part):
| “ | (a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.
(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate. |
” |
Responsibilities
The basic functions of the Department of the Treasury include:
- Managing federal finances;
- Collecting taxes, duties and money 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 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, and the ultimate responsibility of Congress.
- Enforcing Federal finance and tax laws;
- Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.
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.
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 refers to reform of policy of institutions such as the International Monetary Fund.
Administrative Materials
As part of its administration of Federal tax, the Treasury issues a wide range of documents providing its interpretation of the Internal Revenue Code (IRC), which each document having a varying level of weight for which the tax payer may rely:
- Treasury Regulations reflect the Treasury's interpretation of the IRC, may be promulgated by the Secretary of the Treasury, and when final they have "force of law" status. Congress can sometimes carve out areas in which the Treasury can actually make, not just interpret, the rules.[4]
- Revenue Rulings are issued under the same statutory authority as regulations, but generally are just a response to a taxpayer's question about their own tax liability. Published Revenue Rulings are released in the weekly Internal Revenue Bulletin and again in the semi-annual Cumulative Bulletin; they do not have the force or effect of regulations, but nonetheless may be cited and used by the public. Private Letter Rulings are also the IRS' response to a specific taxpayer's question regarding the tax consequences of a particular transaction and can be made public upon request. Although they may not be relied on by anyone other than the taxpayer that requested it, they are still useful for tax planning purposes.
- A Revenue Procedure is a statement of the Treasury's practice and procedures, and generally deals with a broad subject area.
Organization
- Secretary of the Treasury
- Deputy Secretary of the Treasury
- Treasurer of the United States
- United States Mint
- Bureau of Engraving and Printing
- Under Secretary for Domestic Finance
- Assistant Secretary for Financial Institutions
- Office of Financial Institutions Policy
- Office of Critical Infrastructure Protection and Compliance Policy
- Office of Financial Education
- Assistant Secretary for Financial Markets
- Office of Debt Management
- Office of Financial Market Policy
- Office of Policy and Legislative Review
- Assistant Secretary for of Fiscal Service
- Financial Management Service
- Bureau of Public Debt
- Assistant Secretary for Financial Stability
- Office of Financial Stability
- Assistant Secretary for Financial Institutions
- Under Secretary for International Affairs
- Assistant Secretary for International Affairs
- Under Secretary for Terrorism and Financial Intelligence
- Assistant Secretary for Terrorist Financing
- Assistant Secretary for Intelligence and Analysis
- Financial Crimes Enforcement Network
- Assistant Secretary for Economic Policy
- Assistant Secretary for Legislative Affairs
- Assistant Secretary for Management
- Chief Financial Officer
- Chief Performance Officer
- Assistant Secretary for Public Affairs
- Director of policy planning
- Assistant Secretary for Tax Policy
- Internal Revenue Service
- Alcohol and Tobacco Tax and Trade Bureau
- Inspector General for Tax Administration (TIGTA) Official website
- Office of the General Counsel
- Office of the Comptroller of the Currency
- Office of Thrift Supervision
- Treasurer of the United States
- Deputy Secretary of the Treasury
The Office of the General Counsel is charged with supervising all legal proceedings involving the collection of debts due the United States, establishing regulations to guide customs collectors, issuing distress warrants against delinquent revenue collectors or receivers of public money, examining Treasury officers' official bonds and related legal documents, serving as legal adviser to the department and administered lands acquired by the United States in payment for debts. This office was preceded by the offices of the Comptroller of the Treasury (1789–1817), First Comptroller of the Treasury (1817–20), Agent of the Treasury (1820–30), and Solicitor of the Treasury 1830–1934.
2003 Reorganization
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"). On March 14, 2003, the United States Coast Guard also became a part of DHS.
See also
- Treasury Information System Architecture Framework
- Treasury Enterprise Architecture Framework
References
- ↑ US Treasury website History of the Treasurer's Office
- ↑ US Treasury website: Treasurers of the United States.
- ↑ U.S. Treasury - Fact Sheet on the Act of Congress Establishing the Treasury Department
- ↑ I.R.C. Section 197(g), 469(l), 1017(b)(1).
External links
- United States Department of the Treasury website
- Proposed and final federal regulations from the Department Of The Treasury
- Map of Major Foreign Holders Of Treasury Securities 2009
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