United States Department of the Treasury

United States Department of the Treasury
Seal of the Department
Flag of the Department

Treasury Building
Agency overview
FormedSeptember 2, 1789; 235 years ago (1789-09-02)
Preceding agency
  • Board of Treasury
TypeExecutive department
JurisdictionU.S. federal government
HeadquartersTreasury Building
1500 Pennsylvania Avenue, NW
Washington, D.C., U.S
38°53′51.2″N 77°2′3.4″W / 38.897556°N 77.034278°W / 38.897556; -77.034278
Employees87,336 (2019)
Annual budget$20.2 billion (2024)[1]
Agency executives
Child agencies
Websitetreasury.gov

The Department of the Treasury (USDT)[2] is the national treasury and finance department of the federal government of the United States, where it serves as an executive 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 minting coins, while the treasury executes currency circulation in the domestic fiscal system. It 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 member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production.[4] Signatures of both officials appear on all Federal Reserve notes.[5]

The department was established by an Act of Congress in 1789 to manage government revenue.[6] The first secretary of the treasury was Alexander Hamilton, who was sworn into office on September 11, 1789.[7] Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment.[8] Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration.[9] The department is customarily referred to as "Treasury", solely, without any preceding article – a transitional remnant from British to American English. Hamilton's portrait appears on the obverse of the ten-dollar bill, while the Treasury Building in Washington, D.C. is depicted on the reverse.[10]

  1. ^ "H.R.2882 - Further Consolidated Appropriations Act, 2024".
  2. ^ Donald A. Torres (1985). Handbook of Federal Police and Investigative Agencies. Greenwood Publishing Group. p. 275. ISBN 0313245789.
  3. ^ "An Act to Establish the Treasury Department". September 2, 1789. Archived from the original on September 14, 2018. Retrieved October 11, 2018.
  4. ^ "The Treasurer". U.S. Department of the Treasury. Archived from the original on April 4, 2018. Retrieved May 6, 2018.
  5. ^ Crutsinger, Martin (November 15, 2017). "New money: Mnuchin and Carranza signatures now on the dollar bill". USA Today. Gannett Satellite Information Network, LLC. The Associated Press. Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  6. ^ "Image 1 of An act to establish the Treasury department .... [Dated] 1789, July 2. New-York. Printed by Thomas Greenleaf.]". The Library of Congress. January 1, 1970. Archived from the original on December 1, 2022. Retrieved December 1, 2022.
  7. ^ "Appointment as Secretary of the Treasury". founders.archives.gov. Archived from the original on March 4, 2017. Retrieved March 4, 2017.
  8. ^ Adams, Jonathan. "Department of the Treasury". George Washington Digital Encyclopedia. Mount Vernon Ladies' Association. Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  9. ^ Scanlan, Laura Wolff (2006). "Alexander Hamilton: the man who modernized money". Humanities: The Magazine of the National Endowment for the Humanities. 27 (1). Archived from the original on May 7, 2018. Retrieved May 6, 2018.
  10. ^ "$10". U.S. Currency Education Program. Archived from the original on May 7, 2018. Retrieved May 6, 2018.