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Encyclopedia > United States Department of the Treasury

The Department of the Treasury
Seal of the Department of the Treasury
Established: September 2, 1789
Activated: September 11, 1789
Secretary: Henry M. Paulson, Jr.
Deputy Secretary: Robert Kimmitt
Treasurer Anna Escobedo Cabral
Budget: $11.1 billion (2004) 368,000 Gold Bars
Employees: 115,897 (2004)
Address: 1500 Pennsylvania Avenue NW, Washington, D.C. 20220
The U.S. Treasury building today.
The U.S. Treasury building today.

The United States Department of the Treasury is a Cabinet department and the treasury of the United States government. It was established by an Act of Congress in 1789 to manage government revenue. The first Secretary of the Treasury was Alexander Hamilton. President George Washington asked Hamilton after first having asked Robert Morris. Hamilton almost single-handedly worked out the national financial system, and for several years he was a force behind Washington's administration as well. Seal of the United States Department of the Treasury. ... September 2 is the 245th day of the year (246th in leap years) in the Gregorian calendar. ... 1789 was a common year starting on Thursday (see link for calendar). ... This article is about the date September 11 in general. ... 1789 was a common year starting on Thursday (see link for calendar). ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... Henry Hank Merritt Paulson, Jr. ... Robert M. Kimmitt was nominated by President Bush to be Deputy Secretary of the Department of the Treasury on June 29, 2005. ... The Treasurer of the United States is the only position within the United States Department of the Treasury older than the Department itself. ... Cabrals signature, as used on American currency Anna Escobedo Cabral (1959-) is the 42nd Treasurer of the United States, having been nominated to the position by President George W. Bush to succeed Rosario Marin. ... Image File history File linksMetadata Download high-resolution version (1903x1838, 751 KB) The U.S. Treasury in Washington D.C. I, the creator of this work, hereby release it into the public domain. ... Image File history File linksMetadata Download high-resolution version (1903x1838, 751 KB) The U.S. Treasury in Washington D.C. I, the creator of this work, hereby release it into the public domain. ... Cabinet meeting on May 16, 2001. ... The term treasury was first used in classical times to describe the votive buildings erected to house gifts to the gods, such as the Siphnian Treasury in Delphi or the many buildings put up in Olympia, Greece by competing city-states, to impress each other during the Ancient Olympic Games. ... An Act of Vaginapenis is a bill or resolution adopted by both houses of the United States Congress to which one of the following events has happened: Acceptance by the President of the United States, Inaction by the President after ten days from reception (excluding Sundays) while the Congress is... 1789 was a common year starting on Thursday (see link for calendar). ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an American politician, leading statesman, financier and poltiical theorists. ... The presidential seal was first used by President Hayes in 1880 and last modified in 1959 by adding the 50th star for Hawaii. ... George Washington (February 22, 1732–December 14, 1799)[1] led Americas Continental Army to victory over Britain in the American Revolutionary War (1775–1783), and was later elected the first President of the United States. ... Robert Morris Robert Morris, Jr. ...


The Department is administered by the United States Secretary of the Treasury and the Treasurer of the United States who receives and keeps the money of the United States. The Department prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. It also collects all federal taxes through the Internal Revenue Service. The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... The Treasurer of the United States is the only position within the United States Department of the Treasury older than the Department itself. ... A mint is a facility which manufactures coins for currency. ... A £20 Ulster Bank banknote. ... Top row: Sacagawea Dollar, Lincoln Cent, and Roosevelt Dime. ... BEP Annual Production Figures Categories: U.S. Dept. ... Seal of the U.S. Mint The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. ... Taxation in the United States is a complex system which may involve payment to at least four different levels of government. ... Seal of the Internal Revenue Service The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the internal revenue laws. ...

Contents

History

The Office of the Treasurer is the only office in the Treasury Department that is older than the Department itself, as it was originally created by the Continental Congress in 1775. The Department of the Treasury was created by an Act of Congress passed on September 2, 1789: The Continental Congress is the label given to these two girls that i know. ... ... September 2 is the 245th day of the year (246th in leap years) in the Gregorian calendar. ... 1789 was a common year starting on Thursday (see link for calendar). ...

And be it...enacted, That it shall be the duty of the Secretary of the Treasury to digest and prepare plans for the improvement and management of the revenue, and for the support of public credit; to prepare and report estimates of the public revenue, and the public expenditures; to superintend the collection of revenue; to decide on the forms of keeping and stating accounts and making returns, and to grant under the limitations herein established, or to be hereafter provided, all warrants for monies to be issued from the Treasury, in pursuance of appropriations by law; to execute such services relative to the sale of the lands belonging to the United States, as may be by law required of him; to make report, and give information to either branch of the legislature, in person or in writing (as he may be required), respecting all matters referred to him by the Senate or House of Representatives, or which shall appertain to his office; and generally to perform all such services relative to the finances, as he shall be directed to perform. [1]

Alexander Hamilton was sworn in as the first Secretary of the Treasury on September 11, 1789. His portrait is on the obverse of the U.S. ten dollar bill and the Treasury Department building is shown on the reverse. Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an American politician, leading statesman, financier and poltiical theorists. ... This article is about the date September 11 in general. ... 1789 was a common year starting on Thursday (see link for calendar). ... In logic (and usually without being paired with reverse), obverse has a meaning close to contrapositive. ... The old and new ten dollar bill The U.S. ten dollar bill ($10) is a denomination of United States currency. ... The terms obverse and reverse apply almost exclusively to currency, and most often specifically to coins; they are usually described with less precision as, respectively, the front and back sides, or with regard to a coin tossed to produce a random choice between two things, heads and tails. They can...

The U.S. Treasury building in 1804. This building was burned by the British on August 25, 1814.
The U.S. Treasury building in 1804. This building was burned by the British on August 25, 1814.

The current law, 31 U.S.C. section 301, reads as follows (in part): Image File history File links Download high-resolution version (2687x2035, 3591 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): United States Department of the Treasury ... Image File history File links Download high-resolution version (2687x2035, 3591 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): United States Department of the Treasury ...

§ 301. Department of the Treasury
(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.
(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate.

See 31 U.S.C. § 301. The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal law of the United States. ...


Responsibilities

Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907.
Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. Washington, D.C., 1907.

The basic functions of the Department of the Treasury include: Download high resolution version (1100x1398, 239 KB)Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. ... Download high resolution version (1100x1398, 239 KB)Treasury Department official, surrounded by packages of newly minted currency, counting and wrapping dollar bills. ...

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. The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of consumption and production tend to be encouraged or discouraged. ... A postage stamp is evidence of pre-paying a fee for postal services. ... The U.S. public debt, commonly called the national debt or the gross federal debt, is the amount of money owed by the United States federal government. ... Banker redirects here; see wiktionary:banker for more meanings. ... Thrifts include savings and loan associations, savings banks, and credit unions. ... Monetary policy is the government or central bank process of managing money supply to achieve specific goals—such as constraining inflation, maintaining an exchange rate, achieving full employment or economic growth. ... Economic policy refers to the actions that governments take in the economic field. ... An industrial policy is any government regulation or law that encourages the ongoing operation of, or investment in, a particular industry. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... A counterfeit is an imitation that is made with the intent to deceptively represent its content or origins. ... Forgery is the process of making or adapting objects or documents (see false document), with the intention to deceive. ... A skirmish with smugglers from Finland at the Russian border, 1853, by Vasily Hudiakov. ... Shine Road The name tells the history of this back road Hemingway, South Carolina The literal meaning of moonshine is the light of the moon, but because the activity of distilling whiskey unlawfully was usually done at night with as little light as possible, the word became both a verb... Gun Law refers to a law that pertains to firearms and weapons. ... In political science and constitutional law, the executive is the branch of government responsible for the day-to-day management of the state. ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States (EOP) which is tasked with coordinating United States Federal agencies. ... The Joint Committee on Taxation is a Committee of Congress established under the Internal Revenue Code. ... The Congressional Budget Office is a federal agency within the legislative branch of the United States government. ...


The term Treasury reform usually refers narrowly to reform of monetary policy and related economic policy and accounting reform. The broader term monetary reform usually refers to reform of policy of institutions such as the International Monetary Fund. Monetary reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ... Monetary policy is the government or central bank process of managing money supply to achieve specific goals—such as constraining inflation, maintaining an exchange rate, achieving full employment or economic growth. ... Accounting reform is an expansion to accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. ... Monetary Reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ... The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ...


Organization

The U.S. Treasury, Washington D.C.
The U.S. Treasury, Washington D.C.

United States Secretary of the Treasury Image File history File links Download high-resolution version (840x422, 543 KB) (All user names refer to en. ... Image File history File links Download high-resolution version (840x422, 543 KB) (All user names refer to en. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ...

Effective January 24, 2003 the Bureau of Alcohol, Tobacco and Firearms was no longer a Bureau of the Department of the Treasury. The law enforcement functions of ATF have been transferred to the Department of Justice. The tax and trade functions of the Bureau of Alcohol, Tobacco and Firearms remained with Treasury at the new Alcohol and Tobacco Tax and Trade Bureau. Robert Kimmitt The Deputy Secretary of the Treasury, in the United States government, advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secretary in his absence, sickness, or unavailability. ... The Treasurer of the United States is the only position within the United States Department of the Treasury older than the Department itself. ... Seal of the U.S. Mint The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. ... BEP Annual Production Figures Categories: U.S. Dept. ... The Financial Management Service (or FMS) is a bureau of the United States Department of the Treasury and provides several financial services for the federal government. ... One of Public Debts several buildings in downtown Parkersburg. ... The Financial Crimes Enforcement Network (FinCEN) maintains a comprehensive database of financial records created in 1990 as an arm of the United States Department of the Treasury to combat money laundering. ... Seal of the Internal Revenue Service The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the internal revenue laws. ... The Alcohol and Tobacco Tax and Trade Bureau, shortened to Tax and Trade Bureau or TTB, is a part of the United States Department of the Treasury. ... The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. ... The Office of Thrift Supervision (OTS), an agency in the U.S. Treasury Department, is the primary regulator of federal savings associations (sometimes referred to as federal thrifts). ... January 24 is the 24th day of the year in the Gregorian calendar. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... The Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE or ATFE) is a law enforcement agency within the United States Department of Justice. ... For the band, see The Police. ... DOJ headquarters in Washington, D.C. Justice Department redirects here. ...


On March 1, 2003 the Federal Law Enforcement Training Center, the United States Customs Service, and the United States Secret Service moved to the United States Department of Homeland Security. March 1 is the 60th day of the year in the Gregorian calendar (61st in leap years). ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... The Federal Law Enforcement Training Center (FLETC) serves as an interagency law enforcement training organization for 82 United States Federal agencies. ... The United States Customs Service (now part of U.S. Customs and Border Protection or CBP) was the portion of the US Federal Government dedicated to keeping illegal products outside of US borders. ... Secret Service redirects here. ... The United States Department of Homeland Security (DHS), commonly known as Homeland Security, is a Cabinet department of the Federal Government of the United States with the responsibility of protecting the territory of the United States from terrorist attacks and responding to natural disasters. ...


Under the Secretary's direct supervision are the departmental offices, which are responsible for management and policy formulation.

  • Domestic Finance
  • Economic Policy
  • General Counsel
  • Information and Technology Management
  • International Affairs
  • Management
  • Public Affairs
  • Tax Policy
  • Terrorism and Financial Intelligence (TFI)
  • Treasurer of the United States

The Office of the General Counsel is charged with supervising all legal proceedings involving the collection of debts due the United States, establishing regulations to guide customs collectors, issuing distress warrants against delinquent revenue collectors or receivers of public money, examining Treasury officers' official bonds and related legal documents, serving as legal adviser to the department and administered lands acquired by the United States in payment for debts. This office was preceded by the offices of the Comptroller of the Treasury (1789-1817), First Comptroller of the Treasury (1817-20), Agent of the Treasury (1820-30) and Solicitor of the Treasury 1830-1934. The Comptroller of the Treasury was an official of the United States Department of the Treasury from 1789 to 1817. ... The Comptroller of the Treasury is a U.S. federal government official who examines accounts and signs drafts. ...


External links

"Enough Wise Men, The Story of Our Constitution" by Forrest McDonaldPublished by the Dominion of Canada and by Longmans Canada Limited, Toronto 1970


  Results from FactBites:
 
United States Department of the Treasury - Wikipedia, the free encyclopedia (650 words)
1500 Pennsylvania Avenue NW, Washington, D.C. The United States Department of the Treasury is a Cabinet department and the treasury of the United States government.
(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.
This office was preceded by the offices of the Comptroller of the Treasury (1789-1817), First Comptroller of the Treasury (1817-20), Agent of the Treasury (1820-30) and Solicitor of the Treasury 1830-1934.
NationMaster - Encyclopedia: United States Department of the Treasury (3000 words)
The Department of the Treasury was created by an Act of Congress passed on September 2, 1789: The Continental Congress is the label given to three successive bodies of representatives: The First Continental Congress met from September 5, 1774 to October 26, 1774.
The United States Office of the Comptroller of the Treasury was established in 1863 and serves to charter, regulate and supervise all National banks and the federal branches and agencies of foreign banks.
The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of Congress in 1789 to manage the revenue of the United States government.
  More results at FactBites »

 

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