U.S. Treasury

The Department of the Treasury is the U.S. government agency which manages federal finances, collects taxes, administers federal finance and tax laws, mints and prints new money, and monitors national debt. History of The Treasury The U.S. Treasury was created in 1789 to manage the government’s finances and control spending. Congress originally announced that the Treasury would be headed by the Secretary of the Treasury, who oversees a Comptroller, Treasurer, Register, and Auditor. Organizational Structure of The Treasury Today, the U.S. Treasury is organized into departmental offices and operating bureaus. Departmental offices form policy and legislate the procedures that govern the entire department, while operating bureaus execute and implement those procedures. The Secretary of the Treasury advises the U.S. President on issues relating to the government’s control over fiat currency and the monetary base. Treasury Bureaus The Department of Treasury consists of seven bureaus: Alcohol and Tobacco Tax and Trade (TTB), Bureau of Engraving and Printing (BEP), Bureau of the Fiscal Service (BFS), Financial Crimes Enforcement Network (FinCEN), Internal Revenue Service (IRS), Office of the Comptroller of the Currency (OCC), and the U.S. Mint. The Treasury and The Federal Reserve Over time, the Federal Reserve banking system has begun to work closely with the Treasury. Now, the government can borrow funds easily with little to no interest by selling U.S. treasury securities to the Federal Reserve. Any interest on Treasury bonds held by the Federal Reserve is remitted back to the federal government. Learn more about the connection between the Treasury and the Fed.