US Department of Treasury
Although it rarely makes much noise in regard to media coverage, the U.S. Department of Treasury is an important government agency.
US Department of Treasury
The mission of the Department of the Treasury is to promote the monetary conditions necessary for prosperity and stability in the United States. Secondarily, it has the same goal for the rest of the world since the global economy impacts the United States.
In practical terms, the Treasury’s role is to be the steward of U.S. economic and financial systems, and an influential participant in the international economy. The Department of the Treasury is the primary federal agency responsible for the economic and financial prosperity and security of the United States, and as such is responsible for a wide range of activities including advising the President on economic and financial issues, promoting the President’s growth agenda, and enhancing corporate governance in financial institutions.
In the international arena, the Department of the Treasury works with other federal agencies, the governments of other nations, and the International Financial Institutions (IFIs) to encourage economic growth, raise standards of living, and predict and prevent, to the extent possible, economic and financial crises.
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. The operating bureaus make up 98 percent of the Treasury work force. 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.
- Paying the bills of the U.S.;
- Producing postage stamps, currency and coinage;
- Managing Government accounts and the public debt;
- Supervising national banks and thrift institutions;
- Advise on domestic and international financial, monetary, economic, trade and tax policy;
- Enforcing Federal finance and tax laws;
Investigating and prosecuting tax evaders, counterfeiters, and forgers.
Although the U.S. Department of Treasury is rarely in the news, it performs a critical function. Without it, who would pay out government’s bills?
