Department of the Treasury

Department of the Treasury, an executive department of the United States federal government, responsible for handling the government's fiscal affairs. It was established by the Congress of the United States in September 1789 as the successor to the Treasury Department created by the Congress of the Confederation in 1781. At its head is the secretary of the treasury, who is appointed by the president of the United States with the approval of the Senate and who is a member of the Cabinet.

The Treasury Department performs four basic functions: It formulates and recommends financial, economic, and tax policies; it serves as the government’s financial agent; it manufactures currency and coins; and it carries out certain law enforcement activities. The department's business is handled by the Office of the Secretary and nine operating bureaus. The Treasury Department maintains field offices throughout the nation and in some foreign countries.

The Internal Revenue Service is the largest of the Treasury bureaus. It is responsible for collecting federal taxes and for enforcing federal tax laws. The Bureau of Engraving and Printing produces paper currency; Treasury securities such as notes, bills, and bonds; and postage and other stamps. The United States Mint produces and distributes both domestic and foreign coins, and it controls the processing and movement of bullion. The Bureau of the Public Debt is responsible for issuing and servicing Treasury bills, notes, and bonds. The bureau’s U.S. Savings Bonds Division promotes the sale of government savings bonds. The Office of the Comptroller of the Currency provides general supervision of national banks, including periodic bank examinations to determine compliance with rules and regulations and soundness of bank operations. The Financial Management Service is responsible for the central accounting of the monetary assets and liabilities of the U.S. Treasury and for the supervision of the government’s cash management program. The Office of Thrift Supervision (formerly the Federal Home Loan Bank Board) oversees the Federal Home Loan Bank System and the nation’s insured savings and loan associations. The Tax and Trade Bureau oversees regulation and taxation of the alcohol and tobacco industries. Finally, the Financial Crimes Enforcement Network helps law enforcement agencies and financial institutions to prevent and detect money laundering.