United States Department of the Treasury - wikipedia United States Department of the Treasury `` OFR '' redirects here. For other uses, see OFR ( disambiguation ). United States Department of the Treasury Seal of the U.S. Department of the Treasury Flag of the U.S. Department of the Treasury Treasury Building Agency overview Formed September 2, 1789 ; 228 years ago ( 1789 - 09 - 02 ) Preceding agency Board of Treasury Jurisdiction Federal government of the United States Headquarters Treasury Building 1500 Pennsylvania Avenue, NW Washington, D.C., U.S 38 ° 53 ′ 54 '' N 77 ° 2 ′ 3 '' W ﻿ / ﻿ 38.89833 ° N 77.03417 ° W ﻿ / 38.89833 ; - 77.03417 Coordinates : 38 ° 53 ′ 54 '' N 77 ° 2 ′ 3 '' W ﻿ / ﻿ 38.89833 ° N 77.03417 ° W ﻿ / 38.89833 ; - 77.03417 Employees 86,049 ( 2014 ) Annual budget `` $14 billion ( 2013 ) '' ( PDF ). Agency executives Steven Mnuchin, Secretary Vacant, Deputy Secretary Jovita Carranza, Treasurer Child agencies Internal Revenue Service United States Mint Bureau of Engraving and Printing Several others Website treasury.gov The Department of the Treasury ( USDT ) is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, its responsibilities include producing currency and coinage, collecting taxes and paying bills of the US government, managing the federal finances, supervising banks and thrifts, and advising on fiscal policy. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. On February 13, 2017, the Senate confirmed Steven Mnuchin as Secretary of the Treasury. 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 while 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 whose signature, along with the Treasury Secretary 's, appears on all Federal Reserve notes. 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. Contents 1 History 1.1 Revolutionary Period 1.2 Hamilton and the Establishment of the Department of the Treasury 1.3 2003 Reorganization 2 Responsibilities 2.1 Basic functions 3 Organization 3.1 Structure 3.2 Bureaus 3.3 Budget and staffing 4 Freedom of Information Act processing performance 5 See also 6 Notes and references 7 External links History Revolutionary period The history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to 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, Congress issued $2 million in bills ; on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government 's finances to Joint Continental Treasurers, George Clymer and Michael Hillegas. The Congress stipulated that each of the colonies contribute to the Continental government 's funds. To ensure proper and efficient handling of the growing national debt in the face 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 the accounts, and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an Auditor General and clerks, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the new - born republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans to pay for a war of independence, 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 of paper Continental Dollars 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 and angry Americans coined the expression `` not worth a Continental ''. 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 of three Commissioners continued to oversee the finances of the confederation of former colonies until September 1789. Hamilton and the establishment of the Department of the Treasury 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. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton had served as George Washington 's aide - de-camp during the Revolution, and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a logical 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 for the nation 's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar - for - dollar repayment of the country 's war debt of $75 million in order to revitalize the public credit : `` ( T ) he debt of the United States ' was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation. '' Hamilton foresaw the development of industry and trade in the United States, and suggested that government revenues be based upon customs duties. His sound financial policies also inspired investment in the Bank of the United States, which acted as the government 's fiscal agent. 2003 reorganization Treasury Building 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 '' ). Responsibilities Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907. Basic functions The basic functions of the Department of the Treasury mainly include : 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 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 ) ; Enforcing federal finance and tax laws ; Investigating and prosecuting tax evaders ; Publishing statistical reports. 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. From 1830 until 1901, the responsibility of overseeing weights and measures was carried out by the Office of Standard Weights and Measures, which was part of the U.S. Treasury Department. After 1901, the responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology. Organization of the U.S. Dept. of the Treasury. The Office of Foreign Assets Control and the main branch of the Treasury Department Federal Credit Union are located in the Freedman 's Bank Building in Washington, D.C. 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 Secretary of the Treasury Deputy Secretary of the Treasury Treasurer of the United States Bureau of Engraving and Printing United States Mint Under Secretary for Domestic Finance Assistant Secretary for Financial Institutions Office of Financial Institutions Assistant Secretary for Financial Markets Office of Financial Markets Fiscal Assistant Secretary Office of Fiscal Service Bureau of the Fiscal Service Assistant Secretary for Financial Stability Office of Financial Stability Under Secretary for International Affairs Assistant Secretary for International Markets and Development Assistant Secretary for International Affairs Office of Environment and Energy Under Secretary for Terrorism and Financial Intelligence ( Office of Terrorism and Financial Intelligence ) Assistant Secretary for Terrorist Financing Office of Terrorist Financing and Financial Crimes Assistant Secretary for Intelligence and Analysis Office of Intelligence and Analysis Financial Crimes Enforcement Network Office of Foreign Assets Control Treasury Executive Office for Asset Forfeiture Assistant Secretary for Management / Chief Financial Officer / Performance Improvement Officer Assistant Secretary for Economic Policy Assistant Secretary for Legislative Affairs Assistant Secretary for Public Affairs / Director of policy planning Assistant Secretary for Tax Policy Alcohol and Tobacco Tax and Trade Bureau Commissioner of Internal Revenue Internal Revenue Service Office of the Comptroller of the Currency Office of the General Counsel Office of the Inspector General Treasury Inspector General for Tax Administration ( TIGTA ) 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. policy makers 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 was authorized a budget for Fiscal Year 2015 of $22.6 billion. The budget authorization is broken down as follows : 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 $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 15 federal agencies which receive the most Freedom of Information Act FOIA requests, published in 2015 ( using 2012 and 2013 data, the most recent years available ), the Treasury earned a D by scoring 68 out of a possible 100 points, i.e. did not earn a satisfactory overall grade. See also Government of the United States portal Federal Reserve System MicroLoan Program Title 12 of the Code of Federal Regulations Title 17 of the Code of Federal Regulations Title 19 of the Code of Federal Regulations Title 31 of the Code of Federal Regulations Treasury Enterprise Architecture Framework Treasury Information System Architecture Framework Notes and references Jump up ^ Donald A. Torres ( 1985 ). Handbook of Federal Police and Investigative Agencies. Greenwood Publishing Group. p. 275. ISBN 0313245789. Jump up ^ `` An Act to Establish the Treasury Department '' ( PDF ). September 2, 1789. Retrieved 2014 - 11 - 05. Jump up ^ `` Appointment as Secretary of the Treasury ''. Jump up ^ `` Chapter 12, 1 Statue. 65 '' ( PDF ). Jump up ^ US Treasury website Organization Jump up ^ Records of the National Institute of Standards and Technology ( NIST ), National Archives website, ( Record Group 167 ), 1830 -- 1987. Jump up ^ Treasury Order 101 - 05, U.S. Dept. of the Treasury. 10 January 2011. Updated 26 April 2011. Accessed 11 November 2012. Jump up ^ DF Org Chart, `` The Office of Domestic Finance ''. U.S. Dept. of the Treasury. October 2011. Accessed 11 November 2012. Jump up ^ International Affairs, `` About International Affairs ''. U.S. Dept. of the Treasury. 14 February 2012. Accessed 11 November 2012. Jump up ^ `` Environment and Energy ''. www.treasury.gov. Retrieved 2017 - 10 - 30. Jump up ^ Terrorism and Financial Intelligence, `` About Terrorism and Financial Intelligence ''. U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012. Jump up ^ 2015 Department of the Treasury Budget in Brief, pg 9, United States Department of the Treasury, Accessed 2015 - 07 - 06 Jump up ^ Making the Grade : Access to Information Scorecard 2015, March 2015, 80 pages, Center for Effective Government, retrieved 21 March 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. Official website Department of the Treasury in the Federal Register Map of Major Foreign Holders Of Treasury Securities 2009 Annual Reports of the Secretary of the Treasury on the State of Finances -- These annual reports also contain the reports of the many departments of the Treasury, including the Bureau of the Mint, Bureau of Engraving and Printing, Bureau of Customs, Office of the Comptroller of the Currency, Secret Service, and the Internal Revenue Service. United States Department of the Treasury at the Wayback Machine ( archived December 26, 1996 ) Act to establish the Treasury Department. 1st Congress, 1st Session, Ch. 12, 1 Stat. 65 Agencies under the United States Department of the Treasury Headquarters : Treasury Building Steven Mnuchin, Secretary of the Treasury Vacant, Deputy Secretary of the Treasury Deputy Secretary of the Treasury Alcohol and Tobacco Tax and Trade Bureau Community Development Financial Institutions Fund Treasury Inspector General for Tax Administration Office of the Comptroller of the Currency Office of Tax Policy Under Secretary of the Treasury for International Affairs Office of East Asia Office of South and Southeast Asia Nations Office of Europe & Eurasia Office of the Western Hemisphere Office of International Monetary Policy Office of Banking and Securities Office of International Debt Policy Office of Development Policy Office of Financing Operations Office of African Nations Office of the Middle East and North Africa Office of International Trade Office of International Investment Office of Trade Finance Office of Technical Assistance Office of Risk and Research Analysis Exchange Stabilization Fund Under Secretary of the Treasury for Domestic Finance Advanced Counterfeit Deterrence Federal Financing Bank Office of Debt Management Office of Financial Institutions Office of Financial Markets Office of Financial Stability Office of Fiscal Service Bureau of the Fiscal Service Under Secretary of the Treasury for Terrorism and Financial Intelligence Office of Terrorism and Financial Intelligence Office of Terrorist Financing and Financial Crimes Office of Intelligence and Analysis Office of Foreign Assets Control Financial Crimes Enforcement Network Treasury Executive Office for Asset Forfeiture Treasurer of the United States Bureau of Engraving and Printing United States Mint Federal executive departments of the United States of America Executive Departments Agriculture Commerce Defense Education Energy Health and Human Services Homeland Security Housing and Urban Development Interior Justice Labor State Transportation Treasury Veterans Affairs Former Air Force Army Commerce and Labor Health, Education, and Welfare Navy Post Office War Patriot Act Titles I -- II -- III -- IV -- V -- VI -- VII -- VIII -- IX -- X Statute legislative and judicial history History of the Patriot Act Acts modified Omnibus Crime Control and Safe Streets Act of 1968 Electronic Communications Privacy Act Computer Fraud and Abuse Act Foreign Intelligence Surveillance Act Family Educational Rights and Privacy Act Money Laundering Control Act Bank Secrecy Act Right to Financial Privacy Act Fair Credit Reporting Act Immigration and Nationality Act of 1952 Victims of Crime Act of 1984 Telemarketing and Consumer Fraud and Abuse Prevention Act People George W. Bush John Ashcroft Alberto Gonzales Patrick Leahy Orrin Hatch Jon Kyl Dianne Feinstein Viet D. Dinh Joe Biden Michael Chertoff Barack Obama Eric Holder Jim Dempsey Chuck Schumer Lamar Smith Bob Graham Jay Rockefeller Arlen Specter Mike Oxley Dick Armey Paul Sarbanes Trent Lott Tom Daschle Russ Feingold Ellen Huvelle Ron Paul Lisa Murkowski Ron Wyden Dennis Kucinich Larry Craig John E. Sununu Richard Durbin Bernie Sanders Jerrold Nadler John Conyers, Jr. Butch Otter Government organizations Federal Bureau of Investigation Department of Justice Select Committee on Intelligence Department of the Treasury FinCEN Department of State National Institute of Standards and Technology Customs Service U.S. Immigration and Customs Enforcement Non-government organizations American Civil Liberties Union American Library Association Center for Democracy and Technology Center for Public Integrity Electronic Frontier Foundation Electronic Privacy Information Center Humanitarian Law Project Retrieved from `` https://en.wikipedia.org/w/index.php?title=United_States_Department_of_the_Treasury&oldid=827340262 '' Categories : United States Department of the Treasury United States federal executive departments 1789 establishments in the United States Finance ministries Financial regulatory authorities of the United States Ministries established in 1789 Robert Mills buildings Hidden categories : CS1 : Julian -- Gregorian uncertainty Use mdy dates from May 2012 Coordinates not on Wikidata Webarchive template wayback links Talk Contents About Wikipedia Aragonés Български Català Deutsch Eesti Español Esperanto Euskara فارسی Français 한국어 Hrvatski Bahasa Indonesia Italiano עברית Nederlands 日本 語 Norsk Polski Português Русский Simple English Srpskohrvatski / српскохрватски Suomi Svenska ไทย Türkçe Українська Tiếng Việt 中文 Edit links This page was last edited on 24 February 2018, at 04 : 21. 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Question: what office in the u.s. treasury department manages the production of coins
Answer: The U.S. Mint