The Department of the Treasury ( USDT ) [ 2 ] is the national department of the treasury and finance department of the federal politics of the United States where it serves as an administrator department. [ 3 ] The department oversees the Bureau of Engraving and Printing, and the U.S. Mint ; these two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal arrangement. The USDT collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a extremity of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on versatile matters such as neologism and currency production. [ 4 ] Signatures of both officials appear on all Federal Reserve notes. [ 5 ] Established by an Act of Congress in 1789 to manage government gross, the first secretary of the treasury was Alexander Hamilton, sworn into function on September 11. [ 6 ] Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington ‘s first base choice for the position, who had declined the appointment. [ 7 ] Hamilton established the nation ‘s early fiscal system and for several years was a major presence in Washington ‘s administration. [ 8 ] The office is thus customarily referred to as “ Treasury ”, entirely, without any preceding article, as a leftover of the country ‘s transition from british to american english English during the late eighteenth century. Hamilton ‘s portrait appears on the obverse of the ten-dollar placard, while the Treasury Department build is depicted on the revoke. [ 9 ] The current secretary of the treasury is Janet Yellen, who was confirmed by the United States Senate on January 25, 2021. [ 10 ] Jovita Carranza, appointed on April 28, 2017, was the incumbent treasurer, until January 15, 2020, when she left the office. [ 11 ]
history [edit ]
rotatory period [edit ]
The history of the Department of the Treasury began in the tumult of the american Revolution, when the Continental Congress at Philadelphia deliberated the all-important issue of financing a war of independence against Great Britain. The Congress had no might to levy and collect taxes, nor was there a palpable footing for securing funds from foreign investors or governments. The delegates resolved to issue newspaper money in the form of bills of accredit, promising redemption in mint on religion in the revolutionary campaign. On June 22, 1775—only a few days after the Battle of Bunker Hill —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 Second Continental Congress assigned the responsibility for the presidency of the revolutionary politics ‘s finances to joint Continental treasurers George Clymer and Michael Hillegas. Congress stipulated that each of the colonies contribute to the continental government ‘s funds. To ensure proper and efficient handle of the growing national debt in the font of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts, and report sporadically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an hearer general and clerks, was established to facilitate the colonization of claims and to keep the public accounts for the government of the United Colonies. With the sign of the Declaration of Independence on July 4, 1776, the neonate republic as a autonomous nation was able to secure loans from abroad. [ 12 ] Despite the infusion of foreign and domestic loans, the unite colonies were unable to establish a well-organized representation for fiscal administration. Michael Hillegas was foremost 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 composition Continental bills devalued quickly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against unvoiced currency. Protests against the worthless money swept the colonies, giving rise to the saying “ not worth a continental “. The office has, since the former eighteenth hundred, been customarily referred to as the singular “ Treasury ”, without any preceding article, as a leftover of the state ‘s transition from british to american English. [ 13 ] [ 14 ] For example, the department notes its guiding function as “ Treasury ‘s mission ” alternatively of “ the Treasury ‘s mission. ” [ 15 ] Robert Morris was designated Superintendent of Finance in 1781 and restored constancy to the nation ‘s finances. Morris, a affluent colonial merchant, was nicknamed “ the financier ” because of his repute for procuring funds or goods on a moment ‘s poster. His staff included a accountant, 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 erstwhile colonies until September 1789 .
initiation of the Treasury [edit ]
original varnish, dating from before 1968 The First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances :
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely : a Secretary of the Treasury, to be deemed head of the department ; a Comptroller, an Auditor, a Treasurer, a Register, and an assistant to the Secretary of the Treasury, which assistant shall be appointed by the said Secretary. [ 16 ]
Alexander Hamilton took the curse of office as the foremost secretary of the department of the treasury on September 11, 1789. Hamilton had served as George Washington ‘s aide-de-camp during the Revolution and was of bang-up importance in the ratification of the Constitution. Because of his fiscal and managerial acumen, Hamilton was a legitimate choice for solving the problem of the new nation ‘s heavy war debt. Hamilton ‘s first official act was to submit a report to Congress in which he laid the foundation garment for the nation ‘s fiscal health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar refund of the country ‘s $ 75 million debt in ordain to revitalize the public credit : “ [ T ] he debt of the United States was the price of liberty. The religion of America has been repeatedly pledged for it, and with solemnities that give peculiar power to the obligation. ” [ 17 ] Hamilton foresaw the development of industry and craft in the United States, suggesting that government revenues be based upon customs duties. [ 17 ] His sound fiscal policies besides inspired investment in the Bank of the United States, which acted as the government ‘s fiscal agent. [ citation needed ] The treasury believes their seal was created by Francis Hopkinson, the treasurer of loans. He submitted bills to Congress in 1780 that authorized the plan of department seals, including the seal for the Board of Treasury. While it is it not certain that Hopkinson designed the seal, it is very similar to others he ‘s done. [ 18 ]
2003 reorganization [edit ]
Congress transferred several agencies that had previously been under the breastplate of the Treasury Department to other departments as a consequence of the September 11 attacks. Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms ( ATF ), which had been a agency 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 legalize traffic in firearms and explosives, were transferred to the Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives ( BATFE ). The regulative and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its fresh 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 ” ) .
2020 data breach [edit ]
In 2020, the Treasury suffered a data breach following a cyberattack probable conducted by a nation submit adversary, possibly Russia. [ 19 ] [ 20 ] This was in fact the first detect font of the much wide-eyed 2020 United States union government data gap, which involved at least eight union departments .
Responsibilities [edit ]
Treasury Department official, surrounded by packages of newly minted currency, count and wrapping dollar bills. Washington, D.C., 1907 .
basic functions [edit ]
The basic functions of the Department of the Treasury chiefly include : [ 21 ]
With respect to the estimate of revenues for the executive branch, Treasury serves a determination parallel to that of the Office of Management and Budget for the estimate of spend for the executive branch, the Joint Committee on Taxation for the estimate of revenues for Congress, and the Congressional Budget Office for the estimate of spending for Congress. From 1830 until 1901, duty for overseeing weights and measures was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. [ 22 ] After 1901, responsibility was assigned to the representation that subsequently became known as the National Institute of Standards and Technology .
organization of the U.S. Dept. of the Treasury .
organization [edit ]
The Department of the Treasury is organized into two major components : the departmental offices and the engage agency. The departmental offices are chiefly responsible for the formulation of policy and management of the department as a hale, while the function chest of drawers carry out the specific operations assigned to the department .
structure [edit ]
seal on United States Department of the Treasury on the construct
agency [edit ]
Budget and staffing [edit ]
The Treasury Department has authorized a budget for fiscal year 2015 of $ 22.6 billion. The budget authority is broken down as follows : [ 30 ]
|Program||Funding (in millions)||Employees (in FTEs)|
|Management and Finance|
|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|
|Internal Revenue Service||$12,476||92,009|
|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|
exemption of Information Act process performance [edit ]
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 late years available ), the treasury failed to earn a satisfactory overall grade. [ 31 ]