Overview and History of the Department of the Treasury
– National treasury and finance department of the federal government of the United States
– Administered by the secretary of the treasury
– Oversees agencies such as the Bureau of Engraving and Printing and the U.S. Mint
– Collects federal taxes through the Internal Revenue Service
– Manages U.S. government debt instruments
– Department’s history began during the American Revolution
– Continental Congress issued paper money to finance the war
– Responsibility for finances assigned to joint Continental treasurers
– Treasury Office of Accounts established to settle claims and keep public accounts
– Newborn republic secured loans from abroad after declaring independence
– Department of the Treasury created by Congress in 1789
– Alexander Hamilton became the first Secretary of the Treasury
– Hamilton’s financial expertise addressed the nation’s war debt
– Hamilton proposed federal assumption and repayment of the debt
– Hamilton’s financial policies inspired investment in the Bank of the United States
Key Officials and Treasury Department Seal
– Janet Yellen serves as the Secretary of the Treasury
– Wally Adeyemo serves as the Deputy Secretary
– Marilynn Malerba serves as the Treasurer
– Signatures of both officials appear on all Federal Reserve notes
– The treasurer advises the Secretary on matters such as coinage and currency production
– The Treasury Department believes the seal was created by Francis Hopkinson
– Hopkinson submitted bills to Congress in 1780 for the design of department seals
– The seal is similar to the one designed for the Board of Treasury
– The seal is featured on official documents and represents the department
– The exact designer of the seal is not certain, but Hopkinson is a likely candidate
2003 Reorganization
– Bureau of Alcohol, Tobacco and Firearms (ATF) extensively reorganized under Homeland Security Act of 2002
– Law enforcement functions of ATF transferred to Department of Justice as BATFE
– Regulatory and tax collection functions of ATF related to alcohol and tobacco remained with Treasury at Alcohol and Tobacco Tax and Trade Bureau (TTB)
– Federal Law Enforcement Training Center, United States Customs Service, and United States Secret Service transferred to Department of Homeland Security
– Effective date of reorganization: January 24, 2003 for ATF and March 1, 2003 for other agencies
2020 Data Breach
– Treasury suffered a data breach in 2020
– Cyberattack likely conducted by a nation-state adversary, possibly Russia
– First detected case of wider 2020 United States federal government data breach
– Involved at least eight federal departments
– Specific details and citation needed
Responsibilities, Functions, and Organization
– Producing currency and coinage of the U.S.
– Collecting taxes, duties, and money paid to and due to the U.S.
– Paying all bills of the U.S.
– Managing federal finances and government accounts
– Supervising national banks and thrift institutions
– Enforcing federal finance and tax laws
– Investigating and prosecuting tax evaders
– Advising on domestic and international financial, monetary, economic, trade, and tax policy
– Publishing statistical reports
– Estimating revenues for the executive branch
– Department of the Treasury has two major components: departmental offices and operating bureaus
– Alcohol and Tobacco Tax and Trade Bureau (TTB) enforces laws related to alcohol, tobacco, firearms, and ammunition
– Bureau of Engraving & Printing (BEP) designs and manufactures U.S. currency, securities, and official certificates
– Bureau of the Fiscal Service promotes financial integrity and operational efficiency of the U.S. government
– Financial Crimes Enforcement Network (FinCEN) supports law enforcement efforts against domestic and international financial crimes.Sources: https://en.wikipedia.org/wiki/United_States_Treasury_Department
