Editing United States Department of the Treasury

{{Short description|United States federal executive department}}
{{redirect|US Treasury|the type of US government bonds|United States Treasury security}}
{{Use American English|date=August 2022}}
{{Use mdy dates|date=April 2025}}
{{Infobox government agency
| agency_name     = United States Department of the Treasury
| logo_caption    = [[Symbols of the United States Department of the Treasury|Flag of the Department]]
| seal            = Seal of the United States Department of the Treasury.svg
| seal_width      = 175px
| seal_caption    = [[Symbols of the United States Department of the Treasury|Seal of the Department]]
| logo            = Flag of the United States Department of the Treasury.png{{!}}border
| logo_width      = 175px
| picture         = U.S. Treasury Department Building, Washington, D.C LCCN2011635063.jpg
| picture_caption = [[Treasury Building (Washington, D.C.)|Treasury Building]]
| formed          = {{Start date and age|1789|9|2}}
| preceding1      = Board of Treasury
| agency_type     = [[United States federal executive departments|Executive department]]
| jurisdiction    = [[Federal government of the United States|U.S. federal government]]
| headquarters    = [[Treasury Building (Washington, D.C.)|Treasury Building]]<br />1500 [[Pennsylvania Avenue]], [[Northwest, Washington, D.C.|NW]]<br />[[Washington, D.C.]], U.S
| coordinates     = {{Wikidatacoord|Q648666|type:landmark_region:US-DC|display=inline,title}}
| employees       = 87,336 (2019)
| budget          = $20.2 billion (2024)<ref>{{cite web |url=https://www.congress.gov/bill/118th-congress/house-bill/2882/text |title=H.R.2882 - Further Consolidated Appropriations Act, 2024 |date=March 23, 2024 |access-date=February 5, 2025 |archive-date=October 8, 2024 |archive-url=https://web.archive.org/web/20241008195259/https://www.congress.gov/bill/118th-congress/house-bill/2882/text |url-status=live }}</ref>
| chief1_name     = [[Scott Bessent]]
| chief1_position = [[United States Secretary of the Treasury|Secretary]]
| chief2_name     = [[Michael Faulkender]] 
| chief2_position = [[United States Deputy Secretary of the Treasury|Deputy Secretary]]
| chief3_name     = Patricia Collins
| chief3_position = Acting [[Treasurer of the United States|Treasurer]]
| child1_agency   = [[Internal Revenue Service]]
| child2_agency   = [[United States Mint]]
| child3_agency   = [[Bureau of Engraving and Printing]]
| child4_agency   = [[:Category:United States Department of the Treasury agencies|Several others]]
| website         = {{URL|https://home.treasury.gov/|treasury.gov}}
}}

The '''Department of the Treasury''' ('''USDT''')<ref name=isbn0313245789-pp275>{{cite book |page=275 |title=Handbook of Federal Police and Investigative Agencies |author=Donald A. Torres |publisher=Greenwood Publishing Group |year=1985 |isbn=0313245789 }}</ref> is the [[Treasury|national treasury]] and finance department of the [[federal government of the United States]]. It is one of 15 current [[United States federal executive departments|U.S. government departments]].<ref>{{cite web |url=https://fraser.stlouisfed.org/title/1121 |title=An Act to Establish the Treasury Department |date=September 2, 1789 |access-date=October 11, 2018 |archive-date=September 14, 2018 |archive-url=https://web.archive.org/web/20180914022408/https://fraser.stlouisfed.org/title/1121 |url-status=live }}</ref> 

The department oversees the [[Bureau of Engraving and Printing]] and the [[United States Mint|U.S. Mint]], two federal agencies responsible for printing all [[paper currency]] and minting [[United States coinage|coins]]. The treasury executes [[Currency in circulation|currency circulation]] in the domestic fiscal system, [[Tax collector|collects]] all [[taxation in the United States|federal taxes]] through the [[Internal Revenue Service]], manages [[United States Treasury security|U.S. government debt instruments]], [[Bank regulation#Licensing and supervision|licenses and supervises banks]] and [[Savings and loan association|thrift institutions]], and advises the [[Federal government of the United States#Legislative branch|legislative]] and [[Federal government of the United States#Executive branch|executive branches]] on [[fiscal policy]]. The department is administered by the [[United States Secretary of the Treasury|secretary of the treasury]], who is a member of the [[Cabinet of the United States|Cabinet]]. The [[treasurer of the United States]] has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production.<ref name="ustreasurydepttreasurer2018">{{cite web |title=The Treasurer |url=https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-the-Treasurer.aspx |website=U.S. Department of the Treasury |access-date=May 6, 2018 |ref=ustreasurydepttreasurer2018 |archive-date=April 4, 2018 |archive-url=https://web.archive.org/web/20180404163715/https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-the-Treasurer.aspx |url-status=live }}</ref> Signatures of both officials appear on all [[Federal Reserve Note|Federal Reserve notes]].<ref name="crutsinger2017">{{cite news |last1=Crutsinger |first1=Martin |title=New money: Mnuchin and Carranza signatures now on the dollar bill |url=https://www.usatoday.com/story/money/economy/2017/11/15/new-money-mnuchin-and-carranza-signatures-now-dollar-bill/867032001/ |access-date=May 6, 2018 |work=USA Today |agency=The Associated Press |publisher=Gannett Satellite Information Network, LLC |date=November 15, 2017 |ref=crutsinger2017 |archive-date=May 7, 2018 |archive-url=https://web.archive.org/web/20180507004727/https://www.usatoday.com/story/money/economy/2017/11/15/new-money-mnuchin-and-carranza-signatures-now-dollar-bill/867032001/ |url-status=live }}</ref><!--The lack of citations is purposeful. Refer to Wikipedia:Manual of Style/Lead section#Citations for more information. Wikipedia allows there to be little to no citations in the lead area if it is cited within the main body. If there is something in the lead not cited in the main part drop a {{not found in body}} tag to indicate a missing citation and it will be addressed.-->

The department was established by an [[Act of Congress]] in 1789 to manage government [[revenue]].<ref name="Act-to-establish">{{cite web |title=Image 1 of An act to establish the Treasury department .... [Dated] 1789, July 2. New-York. Printed by Thomas Greenleaf.]. |website=The Library of Congress |date=January 1, 1970 |url=https://www.loc.gov/resource/rbpe.1110160m/?st=text |access-date=December 1, 2022 |archive-date=December 1, 2022 |archive-url=https://web.archive.org/web/20221201172233/https://www.loc.gov/resource/rbpe.1110160m/?st=text |url-status=live }}</ref> The first secretary of the treasury was [[Alexander Hamilton]] from [[New York (state)|New York]], a [[Founding Fathers of the United States|Founding Father]], delegate to the [[Second Continental Congress]] in [[Philadelphia]] during the [[American Revolutionary War|Revolutionary War]], and one of 56 delegates who unanimously signed the [[United States Declaration of Independence|Declaration of Independence]]. Appointed by [[George Washington]], the nation's first [[President of the United States|president]], Hamilton was sworn into office on September 11, 1789.<ref>{{Cite web |url=https://founders.archives.gov/documents/Hamilton/01-26-02-0002-0147 |title=Appointment as Secretary of the Treasury |work=founders.archives.gov |access-date=March 4, 2017 |archive-date=March 4, 2017 |archive-url=https://web.archive.org/web/20170304114342/https://founders.archives.gov/documents/Hamilton/01-26-02-0002-0147 |url-status=live }}</ref> Hamilton was recommended to Washington by [[Robert Morris (financier)|Robert Morris]] from [[Pennsylvania]], who was also a Second Continental Congress delegate. Morris was Washington's first choice for the position, but declined the appointment.<ref name="adams2018">{{cite web |last1=Adams |first1=Jonathan |title=Department of the Treasury |url=http://www.mountvernon.org/library/digitalhistory/digital-encyclopedia/article/department-of-the-treasury |website=George Washington Digital Encyclopedia |publisher=Mount Vernon Ladies' Association |access-date=May 6, 2018 |ref=adams2018 |archive-date=May 7, 2018 |archive-url=https://web.archive.org/web/20180507085258/http://www.mountvernon.org/library/digitalhistory/digital-encyclopedia/article/department-of-the-treasury |url-status=live }}</ref> Hamilton established the nation's early financial system and for several years was a major presence in [[Presidency of George Washington|Washington's administration]].<ref name="wolffscanlan2006">{{cite journal |last1=Scanlan |first1=Laura Wolff |title=Alexander Hamilton: the man who modernized money |journal=Humanities: The Magazine of the National Endowment for the Humanities |date=2006 |volume=27 |issue=1 |url=https://www.neh.gov/humanities/2006/januaryfebruary/feature/alexander-hamilton |access-date=May 6, 2018 |ref=wolffscanlan2006 |archive-date=May 7, 2018 |archive-url=https://web.archive.org/web/20180507085224/https://www.neh.gov/humanities/2006/januaryfebruary/feature/alexander-hamilton |url-status=live }}</ref> 

The department is customarily referred to as "Treasury", solely, without any [[Article (grammar)|preceding article]] – a transitional remnant from [[British English|British]] to [[American English]]. Hamilton's portrait appears on the [[Obverse and reverse|obverse]] of the [[United States ten-dollar bill|ten-dollar bill]], while the [[Treasury Building (Washington, D.C.)|Treasury Building]] in Washington, D.C. is depicted on the [[Obverse and reverse|reverse]].<ref name="uscep2018$10">{{cite web |title=$10 |url=https://www.uscurrency.gov/denominations/10 |website=U.S. Currency Education Program |access-date=May 6, 2018 |ref=uscep2018$10 |archive-date=May 7, 2018 |archive-url=https://web.archive.org/web/20180507003549/https://www.uscurrency.gov/denominations/10 |url-status=live }}</ref>

== History ==
{{More citations needed|date=February 2025}}
===American Revolution===
The history of the Department of the Treasury began during the [[American Revolution]] when the [[Continental Congress]], convening in [[Philadelphia]], deliberated the crucial question of how it would finance the [[American Revolutionary War]] in which the [[Thirteen Colonies]] ultimately sought [[United States Declaration of Independence|independence]] from the [[Kingdom of Great Britain]], then led by [[George III|King George III]].

The Congress had no power to [[tax levies|levy]] and [[tax collector|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 [[fiat money|redemption]] in [[coin]] on faith in the revolutionary cause. On June 22, 1775, only a few days after the [[Battle of Bunker Hill]], the Continental Congress issued $2&nbsp;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 responsibility for the administration of the revolutionary government'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 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, [[settlement (finance)|settle accounts]], and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and [[clerk]]s, 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 [[United States Declaration of Independence|Declaration of Independence]] on July 4, 1776, the newborn republic as a [[sovereign nation]] was able to secure loans from abroad.<ref>{{Cite book |title=Banks and Politics in America: From the Revolution to the Civil War |last=Hammond |first=Bray |publisher=Princeton University Press |year=1957 |location=Princeton, NJ }}</ref>

Despite the infusion of foreign and domestic loans, the [[Thirteen Colonies|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&nbsp;million in paper Continental bills [[devaluation|devalued]] rapidly. By May 1781, the dollar [[hyperinflation|collapsed]] at a rate of from 500 to 1000 to 1 against [[hard currency]]. Protests against the worthless money swept the colonies, giving rise to the expression "[[early American currency#Continental currency|not worth a Continental]]".

===Late 18th century===
Since the late 18th century, the office has been [[British English|customarily referred]] to as the singular "Treasury", without any [[Article (grammar)|preceding article]], as a remnant of the country's transition from [[British English|British]] to [[American English]].<ref>{{Cite book |last=Hamilton |first=Alexander |url=https://books.google.com/books?id=s3NUAAAAYAAJ |title=Reports of the secretary of the Treasury of the United States: prepared in obedience to the act of May 10, 1800 |date=1851 |publisher=Printed by Blair & Rives |language=en |access-date=April 27, 2020 |archive-date=December 13, 2023 |archive-url=https://web.archive.org/web/20231213050157/https://books.google.com/books?id=s3NUAAAAYAAJ |url-status=live }}</ref><ref>{{Cite book |last=Dewey |first=Davis Rich |url=https://books.google.com/books?id=VSopAAAAYAAJ&q=history+of+the+united+states+treasury |title=Financial History of the United States |date=1922 |publisher=Longmans, Green and Company |language=en |access-date=November 22, 2020 |archive-date=December 13, 2023 |archive-url=https://web.archive.org/web/20231213050157/https://books.google.com/books?id=VSopAAAAYAAJ&q=history+of+the+united+states+treasury#v=snippet&q=history%20of%20the%20united%20states%20treasury&f=false |url-status=live }}</ref> For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission."<ref>{{Cite web |url=https://home.treasury.gov/about/general-information/role-of-the-treasury |title=Role of the Treasury {{!}} U.S. Department of the Treasury |website=home.treasury.gov |access-date=April 27, 2020 |quote=Treasury's mission highlights its role as the steward of U.S. economic and financial systems, and as an influential participant in the world economy. |archive-date=April 29, 2020 |archive-url=https://web.archive.org/web/20200429220544/https://home.treasury.gov/about/general-information/role-of-the-treasury |url-status=live }}</ref>

[[Robert Morris (financier)|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 of the Treasury|register]], and [[auditor]]s, 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 former colonies until September 1789.

===Founding===
[[Image:Seal of the United States Department of the Treasury (1789-1968).png|thumb|Original seal, dating from before 1968]]
The [[1st United States Congress|First United States Congress]] convened in [[New York City]] on March 4, 1789, marking the beginning of government under the [[Constitution of the United States|U.S. Constitution]]. On September 2, 1789, Congress created a permanent institution for the management of government finances:<blockquote>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 [[United States Assistant Secretary of the Treasury|Assistant to the Secretary of the Treasury]], which assistant shall be appointed by the said Secretary.<ref name="Act-to-establish"/><ref>{{Cite web |url=http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf |title=Chapter 12, 1 Statue. 65 |archive-url=https://web.archive.org/web/20171019033202/http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf |archive-date=October 19, 2017 |url-status=usurped }}</ref></blockquote>[[Alexander Hamilton]] took the oath of office as the first [[United States Secretary of the Treasury|secretary of the treasury]] on September 11, 1789. Hamilton had served as [[George Washington]]'s ''[[aide-de-camp]]'' during the [[American Revolutionary War]] and was influential in the [[United States Constitution#1788 ratification|ratification]] of the Constitution. Hamilton's [[business acumen|financial and managerial acumen]] made him a logical choice for addressing the problem of the new nation's heavy [[war debt]]. His first official act as secretary 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 [[Debt Assumption|federal assumption]] and dollar-for-dollar repayment of the country's $75&nbsp;million debt 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."<ref name="syrett1962vol6">{{cite book |editor-last1=Syrett |editor-first1=Harold C. |title=The Papers of Alexander Hamilton, vol. 6 |date=1962 |publisher=[[Columbia University Press]] |location=New York City |isbn=978-0231089050 |url=http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm |access-date=May 6, 2018 |ref=syrett1962vol6 |archive-date=May 7, 2018 |archive-url=https://web.archive.org/web/20180507003521/http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm |url-status=live }}</ref> Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon [[customs duties]].<ref name="syrett1962vol6" /> His sound [[fiscal policy|financial policies]] also inspired investment in the [[First Bank of the United States|Bank of the United States]], which acted as the government's [[fiscal agent]].{{citation needed|date=May 2018}}

The Department of Treasury believes their seal was created by [[Francis Hopkinson#Great Seal of the United States|Francis Hopkinson]], the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created.<ref>{{cite book |first=Albert L. |last=Friedberg |date=2017 |title=Paper money of the US 21st Edition |publisher=Coin & Currency Institute |location=Clifton, New Jersey |pages=6–7 |isbn=9780871840219 }}</ref>

===19th and 20th centuries===
In 1861, Sophia Holmes became the first Black woman to be employed by the Treasury Department and by the [[Federal government of the United States]] when [[Henry Wilson|Senator Henry Wilson]], [[James G. Blaine]] and others advocated for her hiring as a janitor under Secretary of the Treasury [[Francis E. Spinner|Francis Spinner]]. She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $200,000 when she came across a box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. 

U.S. President [[Abraham Lincoln]] subsequently honored her with a commendation for her actions, and the [[Federal government of the United States|federal government]] rewarded her with an appointment for life as a messenger with its Department of Issues.<ref>Logan, Mrs. John A. ''Thirty Years in Washington or Life and Scenes in Our National Capital''. Hartford, Connecticut: A. D. Worthington & Co., 1901.</ref><ref>Bailey, M. ''[https://books.google.com/books?id=nJTNAAAAMAAJ&dq=Sophia+Holmes+treasury&pg=PA628 The Chautauquan: Organ of the Chautauqua Literary and Scientific Circle]''. Meadville, Pennsylvania: The T. L. Flood publishing House, 1892.</ref><ref>''[https://books.google.com/books?id=DkJIAQAAIAAJ&q=%22Sophia+Holmes%22 The United States Treasury Register Containing a List of Persons Employed in the Treasury Department]'', p. 36. Washington, D.C.:U.S. Government Printing Office, 1874.</ref> Another early woman hired by the Department was [[Jennie Douglas]] in 1862.<ref>Ziparo, Jessica. ''This Grand Experiment: When Women Entered the Federal Workforce in Civil War–Era Washington, D.C.'' Chapel Hill, North Carolina: University of North Carolina Press, 2017.</ref> Douglas, who was also recruited by Spinner, is sometimes attributed to having been the first woman to have held an appointed position in the Federal government.<ref>{{cite news |title=Historic Markers Tell Mohawk Valley Story |url=https://newspaperarchive.com/herkimer-evening-telegram-aug-15-1981-p-4/ |access-date=January 8, 2025 |work=Herkimer Evening Telegram |date=August 15, 1981 |page=4 |language=en |via=[[NewspaperArchive]] }}</ref>

===21st century===
====Departmental reorganization====
{{Further|Homeland Security Act}}
[[File:Treasury departement.jpg|thumb|The [[Treasury Building (Washington, D.C.)|Treasury Building]] at 1500 [[Pennsylvania Avenue]], [[Northwest, Washington, D.C.|NW]] in [[Washington, D.C.]]]]
The [[United States Congress|U.S. 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 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|Homeland Security Act of 2002]]. The [[Law enforcement agency|law enforcement]] functions of ATF, including the regulation of legitimate traffic in [[firearms]] and [[explosives]], were transferred to the [[United States Department of Justice|Department of Justice]] as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE).<ref name="Washington Post 2003">{{cite news |title=Move to Justice Dept. Brings ATF New Focus |newspaper=Washington Post |date=January 23, 2003 |url=https://www.washingtonpost.com/archive/politics/2003/01/23/move-to-justice-dept-brings-atf-new-focus/76f43384-a848-4dec-9490-29dd2a2ade6c/ |access-date=March 11, 2023 |url-status=live |archive-url=https://web.archive.org/web/20230311155436/https://www.washingtonpost.com/archive/politics/2003/01/23/move-to-justice-dept-brings-atf-new-focus/76f43384-a848-4dec-9490-29dd2a2ade6c/ |archive-date=March 11, 2023 }}</ref> 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).<ref name="TTBGov 2015">{{cite web |title=History |website=TTBGov |date=November 18, 2015 |url=https://www.ttb.gov/about-ttb/history |access-date=March 11, 2023 |url-status=live |archive-url=https://web.archive.org/web/20230311160913/https://www.ttb.gov/about-ttb/history |archive-date=March 11, 2023 }}</ref>

Effective March 1, 2003, the [[Federal Law Enforcement Training Center]], the [[United States Customs Service|U.S. Customs Service]], and the [[United States Secret Service|U.S. Secret Service]] were transferred to the newly created [[United States Department of Homeland Security|Department of Homeland Security ("DHS")]].<ref>{{cite web |date=July 27, 2012 |title=Who Joined DHS |url=https://www.dhs.gov/who-joined-dhs |access-date=March 10, 2023 |website=Department of Homeland Security |language=en |url-status=live |archive-url=https://web.archive.org/web/20230311160243/https://www.dhs.gov/who-joined-dhs |archive-date=March 11, 2023 }}</ref>

====2020 data breach====
{{Main|2020 United States Treasury and Department of Commerce data breach}}
In 2020, the Treasury [[2020 United States Treasury and Department of Commerce data breach|suffered a data breach]] following a [[cyberattack]] likely conducted by a [[advanced persistent threat|nation state adversary]], possibly Russia.<ref name="wapo">{{cite news |archive-url=https://web.archive.org/web/20201213220635/https://www.washingtonpost.com/national-security/russian-government-spies-are-behind-a-broad-hacking-campaign-that-has-breached-us-agencies-and-a-top-cyber-firm/2020/12/13/d5a53b88-3d7d-11eb-9453-fc36ba051781_story.html |archive-date=December 13, 2020 |url=https://www.washingtonpost.com/national-security/russian-government-spies-are-behind-a-broad-hacking-campaign-that-has-breached-us-agencies-and-a-top-cyber-firm/2020/12/13/d5a53b88-3d7d-11eb-9453-fc36ba051781_story.html |title=Russian government spies are behind a broad hacking campaign that has breached U.S. agencies and a top cyber firm |last=Nakashima |first=Ellen |date=December 13, 2020 |newspaper=[[The Washington Post]] |access-date=December 14, 2020 }}</ref><ref name="reuters">{{Cite news |url=https://www.reuters.com/article/us-usa-cyber-treasury-exclsuive-idUSKBN28N0PG |title=Suspected Russian hackers spied on U.S. Treasury emails – sources |first=Christopher |last=Bing |work=[[Reuters]] |date=December 14, 2020 |access-date=December 14, 2020 |archive-date=December 14, 2020 |archive-url=https://web.archive.org/web/20201214025738/https://www.reuters.com/article/us-usa-cyber-treasury-exclsuive-idUSKBN28N0PG |url-status=live }}</ref> This was in fact the first detected case of the much wider [[2020 United States federal government data breach]], which involved at least eight federal departments.<ref>{{Cite web |last=Office |first=U. S. Government Accountability |date=March 21, 2024 |title=SolarWinds Cyberattack Demands Significant Federal and Private-Sector Response (infographic) {{!}} U.S. GAO |url=https://www.gao.gov/blog/solarwinds-cyberattack-demands-significant-federal-and-private-sector-response-infographic |access-date=April 10, 2024 |website=www.gao.gov |language=en }}</ref>

==Responsibilities==
[[File:Treasury department official 1907.jpg|thumb|A Treasury Department official surrounded by packages of newly minted currency, counting and wrapping dollar bills in [[Washington, D.C.]] in 1907]]
[[File:Organization of US Dept of the Treasury.jpg|thumb|The organizational structure of the U.S. Department of the Treasury]]
[[File:Treasury Annex.JPG|thumb|The [[Office of Foreign Assets Control]], the [[Treasury Library]], and the main branch of the [[Treasury Department Federal Credit Union]] in the [[Freedman's Bank Building]] in Washington, D.C.]]
===Basic functions===
The basic functions of the Department of the Treasury include:<ref>US Treasury website [http://www.treasury.gov/about/role-of-treasury/Pages/default.aspx Organization] {{Webarchive |url=https://web.archive.org/web/20111011231501/http://www.treasury.gov/about/role-of-treasury/Pages/default.aspx |date=October 11, 2011 }}</ref>
* Producing all currency and coinage of the U.S.;
* Collecting [[Tax, tariff and trade|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 (including the [[Treasury General Account]]) and the [[United States public debt]];
* Supervising national banks and [[Cooperative banking|thrift institutions]];
* Advising on domestic and international financial, [[monetary policy|monetary]], [[economic policy|economic]], [[industrial policy|trade and tax policy]] ([[fiscal policy]] being the sum of these);
* Enforcing federal finance and tax laws;
* Investigating and prosecuting [[tax evasion|tax evaders]];
* Publishing statistical reports.

With respect to the estimation of revenues for the [[Executive (government)|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 [[United States Congress Joint Committee on Taxation|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, responsibility for overseeing [[weights and measures]] was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department.<ref name="archives">[https://www.archives.gov/research/guide-fed-records/groups/167.html Records of the National Institute of Standards and Technology (NIST)] {{Webarchive |url=https://web.archive.org/web/20171019033843/https://www.archives.gov/research/guide-fed-records/groups/167.html |date=October 19, 2017 }}, National Archives website, (Record Group 167), 1830–1987.</ref> After 1901, that responsibility was assigned to the agency that subsequently became known as the [[National Institute of Standards and Technology]].

==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===
[[File:Seal on United States Department of the Treasury on the Building.JPG|thumb|Seal on United States Department of the Treasury on the Building]]
* [[Secretary of the Treasury]]<ref name="101-05">[http://www.treasury.gov/about/role-of-treasury/orders-directives/Pages/to101-05.aspx Treasury Order 101-05] {{Webarchive |url=https://web.archive.org/web/20210319075827/https://www.treasury.gov/about/role-of-treasury/orders-directives/Pages/to101-05.aspx |date=March 19, 2021 }}, U.S. Dept. of the Treasury. January 10, 2011. Updated April 26, 2011. Accessed November 11, 2012.</ref>
** [[United States Deputy Secretary of the Treasury|Deputy Secretary of the Treasury]]
*** [[Treasurer of the United States]]
**** [[Bureau of Engraving and Printing]]
***** [[Bureau of Engraving and Printing#BEP_Police|Bureau of Engraving and Printing Police]]
**** [[United States Mint]]
***** [[United States Mint Police]]
*** [[Under Secretary of the Treasury for Domestic Finance|Under Secretary for Domestic Finance]]<ref name="DF org chart">[http://www.treasury.gov/about/organizational-structure/offices/Documents/DF%20Org%20Chart%2011%2015%2011.pdf DF Org Chart] {{Webarchive |url=https://web.archive.org/web/20220116024550/https://www.treasury.gov/about/organizational-structure/offices/Documents/DF%20Org%20Chart%2011%2015%2011.pdf |date=January 16, 2022 }}, "The Office of Domestic Finance". U.S. Dept. of the Treasury. October 2011. Accessed November 11, 2012.</ref>
**** [[Assistant Secretary of the Treasury for Financial Institutions|Assistant Secretary for Financial Institutions]]
***** [[Office of Financial Institutions]]
**** [[Assistant Secretary for Financial Markets]]
***** [[Office of Financial Markets (U.S.)|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 of the Treasury for International Affairs|Under Secretary for International Affairs]]<ref name="International Affairs">[http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-Of-International-Affairs.aspx International Affairs] {{Webarchive |url=https://web.archive.org/web/20160622015450/https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-Of-International-Affairs.aspx |date=June 22, 2016 }}, "About International Affairs". U.S. Dept. of the Treasury. February 14, 2012. Accessed November 11, 2012.</ref>
**** [[Assistant Secretary of the Treasury for International Markets|Assistant Secretary for International Markets and Development]]
**** Assistant Secretary for International Finance
**** Assistant Secretary of the Treasury for Investment Security<ref>{{cite web |title=Officials {{!}} U.S. Department of the Treasury |url=https://home.treasury.gov/about/general-information/officials |website=home.treasury.gov |access-date=April 20, 2021 |archive-date=September 22, 2018 |archive-url=https://web.archive.org/web/20180922003643/https://home.treasury.gov/about/general-information/officials |url-status=live }}</ref>
**** Office of Environment and Energy<ref>{{Cite web |url=https://www.treasury.gov/about/organizational-structure/offices/Pages/Environment-and-Energy.aspx |title=Environment and Energy |website=www.treasury.gov |language=en-us |access-date=October 30, 2017 |archive-date=November 7, 2017 |archive-url=https://web.archive.org/web/20171107020659/https://www.treasury.gov/about/organizational-structure/offices/Pages/Environment-and-Energy.aspx |url-status=live }}</ref>
*** [[Under Secretary of the Treasury for Terrorism and Financial Intelligence|Under Secretary for Terrorism and Financial Intelligence]] ([[Office of Terrorism and Financial Intelligence]])<ref name="OTFI">[http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Terrorism-and-Financial-Intelligence.aspx Terrorism and Financial Intelligence] {{Webarchive |url=https://web.archive.org/web/20150905060527/http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Terrorism-and-Financial-Intelligence.aspx |date=September 5, 2015 }}, "About Terrorism and Financial Intelligence". U.S. Dept. of the Treasury. July 2, 2012. Accessed November 11, 2012.</ref>
**** [[Assistant Secretary for Terrorist Financing]]
***** [[Office of Terrorist Financing and Financial Crimes]]
**** Assistant Secretary for Intelligence and Analysis
***** [[Office of Intelligence and Analysis (Treasury Department)|Office of Intelligence and Analysis]]
**** [[Financial Crimes Enforcement Network]]
**** [[Office of Foreign Assets Control]]
**** [[Treasury Executive Office for Asset Forfeiture]]
*** [[Assistant Secretary of the Treasury for Management]] / Chief Financial Officer / Performance Improvement Officer
**** Office of Small and Disadvantaged Business Utilization
**** Office of Privacy, Transparency, and Records
**** Chief Information Officer
*** [[Assistant Secretary of the Treasury for Economic Policy|Assistant Secretary for Economic Policy]]
*** [[Assistant Secretary of the Treasury for Legislative Affairs|Assistant Secretary for Legislative Affairs]]
*** Assistant Secretary for Public Affairs
*** Assistant Secretary for Tax Policy
*** Climate Counselor<ref>{{cite web |title=Treasury Announces Coordinated Climate Policy Strategy with New Treasury Climate Hub and Climate Counselor {{!}} U.S. Department of the Treasury |url=https://home.treasury.gov/news/press-releases/jy0134 |website=home.treasury.gov |access-date=April 20, 2021 |archive-date=April 20, 2021 |archive-url=https://web.archive.org/web/20210420022718/https://home.treasury.gov/news/press-releases/jy0134 |url-status=live }}</ref>
*** [[Commissioner of Internal Revenue]]
**** [[Internal Revenue Service]]
*** [[Office of the Comptroller of the Currency]]
*** [[Office of Financial Research]]
*** [[Office of the General Counsel for the Department of the Treasury|Office of the General Counsel]]
*** [[U.S. Department of the Treasury, Office of Inspector General|Office of the Inspector General]]
*** [[Treasury Inspector General for Tax Administration]] (TIGTA)
*** [https://home.treasury.gov/policy-issues/coronavirus Chief Recovery Officer]

===Bureaus===
{| class="wikitable"
|-
| style="width: 150pt; background:grey;" | '''Bureau'''
| style="width: 400pt; background:grey;" | '''Description'''
|-
| [[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.
|-
| [[Bureau of Engraving and Printing|Bureau of Engraving & Printing]] (BEP)|| The Bureau of Engraving & Printing (BEP) designs and manufactures U.S. currency, securities, and other official certificates and awards.
|-
| [[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.
|-
| [[Community Development Financial Institutions Fund|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.
|-
| [[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. policymakers with strategic analyses of domestic and worldwide trends and patterns.
|-
| [[U.S. Department of the Treasury, Office of Inspector General|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.
|-
| [[Treasury Inspector General for Tax Administration|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.
|-
| [[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.
|-
| [[Office of the Comptroller of the Currency|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.
|-
| [[United States Mint|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 has authorized a budget for [[2024 United States federal budget|Fiscal Year 2024]] of $16.5&nbsp;billion. The budget authorization is broken down as follows:<ref>[https://home.treasury.gov/system/files/266/FY-2025-Budget-in-Brief-Combined.pdf 2025 Department of Treasury Budget], pg 1, United States Department of the Treasury, Accessed July 28, 2024</ref>

{| class="wikitable"
|-
!Program
!Funding (in millions)
|-
| colspan="2" style="text-align:center; background:grey;" | '''Management and Finance'''
|-
|Department Administration
|$273
|-
|Office of the Inspector General
|$49
|-
|Inspector General for Tax Administration
|$174
|-
|Special Inspector General for TARP (Troubled Asset Relief Program)
|$9
|-
|Community Development Financial Institutions Fund
|$324
|-
|Financial Crimes Enforcement Network
|$190
|-
|Alcohol and Tobacco Tax and Trade Bureau
|$149
|-
|Bureau of the Fiscal Services
|$373
|-
|Other
|$339
|-
| colspan="2" style="text-align:center; background:grey;" | '''Tax Administration'''
|-
|Internal Revenue Service
|$12,319
|-
| colspan="2" style="text-align:center; background:grey;" | '''International Programs'''
|-
|International Programs
|$2,364
|-
! colspan="2" |Other
|-
|Other
|$293
|-
|'''TOTAL'''
|'''$16,517'''
|}

==Freedom of Information Act processing performance==
In the latest [[Center for Effective Government]] analysis of the 15 federal agencies that receive the most [[Freedom of Information Act (United States)|Freedom of Information Act]] FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the treasury failed to earn a satisfactory overall grade.<ref>''[http://www.foreffectivegov.org/access-to-information-scorecard-2015/ Making the Grade: Access to Information Scorecard 2015] {{Webarchive |url=https://web.archive.org/web/20190811044220/https://www.foreffectivegov.org/access-to-information-scorecard-2015 |date=August 11, 2019 }}'', March 2015, 80 pages, [[Center for Effective Government]], retrieved March 21, 2016</ref>

== See also ==
{{Portal|United States}}
* [[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]]
* [[United States Coast Guard History and Heritage Sites]]

== Notes and references ==
{{Reflist}}

==External links==
{{Commons}}
{{EB1911 poster|Treasury}}
* {{official website}}
* [https://www.usaspending.gov/agency/department-of-the-treasury Department of the Treasury] on [[USAspending.gov]]
* [https://www.federalregister.gov/agencies/treasury-department Department of the Treasury] in the ''[[Federal Register]]''
* [http://www.up2maps.net/maps/TSoprano/World/major_foreign_holders_of_treasury_securities.html Map of Major Foreign Holders Of Treasury Securities 2009]
* [https://fraser.stlouisfed.org/title/194 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.
* {{webarchive |url=https://web.archive.org/web/19961226124309/http://www.treas.gov/ |date=December 26, 1996 |title=United States Department of the Treasury }}
* [https://fraser.stlouisfed.org/title/1121 Act to establish the Treasury Department. 1st Congress, 1st Session, Ch. 12, 1 Stat. 65]

{{United States Department of the Treasury}}
{{United States federal executive departments}}
{{Money and central banking within the contemporary United States (pre–1913)}}
{{Patriot Act}}
{{Authority control}}

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