# United States Department of the Treasury *Federal executive department responsible for the national treasury, public finance, tax collection and banking supervision* The Department of the Treasury is the federal executive department that serves as the treasury and finance department of the United States government. It is one of 15 current U.S. government departments.[^1] Its functions include putting currency into circulation in the domestic fiscal system, collecting all federal taxes through the Internal Revenue Service, managing the federal government's debt, licensing and supervising banks and thrift institutions, and advising Congress and the executive branch on fiscal policy.[^1] A secretary of the treasury, who holds a seat in the Cabinet, heads the department.[^1] It oversees two federal agencies: the Bureau of Engraving and Printing prints the country's paper currency, and the U.S. Mint strikes its coins.[^1] The treasurer of the United States has limited statutory duties and advises the secretary on matters including coinage and currency production. The signatures of both the treasurer and the secretary appear on all U.S. dollar bank notes.[^1] The department is customarily called "Treasury", without an article.[^1] Congress created the department by statute in 1789 to manage the government's revenue.[^2] President George Washington appointed Alexander Hamilton of New York, a Founding Father, as the first secretary. Hamilton took the oath of office on September 11, 1789. He established the nation's early financial system and was a major figure in Washington's administration for several years.[^2] ## History ### American Revolution The department's history begins in the American Revolution. The Continental Congress, sitting in Philadelphia, had to decide how to pay for the Revolutionary War, in which the Thirteen Colonies sought independence from the Kingdom of Great Britain under King George III.[^3] Congress could not levy or collect taxes, and it had no tangible basis for raising funds from foreign governments or investors. Its delegates therefore resolved to issue bills of credit: paper money backed by faith in the revolutionary cause and redeemable in coin.[^3] On June 22, 1775, a few days after the Battle of Bunker Hill, Congress issued $2 million in bills. On July 25 it hired 28 Philadelphia citizens to sign and number the currency.[^3] On July 29, 1775, the Second Continental Congress made George Clymer and Michael Hillegas joint Continental treasurers, responsible for the revolutionary government's finances. Congress also required each colony to contribute to the Continental government's funds.[^3] The national debt was growing, and economic and political ties among the colonies were weak. On February 17, 1776, Congress named a committee of five to superintend the treasury, settle accounts and report to Congress at regular intervals.[^3] On April 1 it established a Treasury Office of Accounts, made up of an auditor general and clerks. The office settled claims and kept the public accounts of the government of the United Colonies.[^3] ## Responsibilities ### Basic functions The department's basic functions are:[^4] - producing all U.S. currency and coins; - collecting taxes, duties and other money paid or owed to the United States, and paying the government's bills; - managing federal finances, government accounts (among them the Treasury General Account) and the public debt; - supervising national banks and thrift institutions; - advising on domestic and international financial, monetary, economic, trade and tax policy; - enforcing federal finance and tax laws; - investigating and prosecuting tax evaders; - publishing statistical reports. The department estimates revenue for the executive branch. Other bodies make the parallel estimates: the Office of Management and Budget estimates executive spending, the Joint Committee on Taxation estimates revenue for Congress, and the Congressional Budget Office estimates spending for Congress.[^4] From 1830 to 1901, the Office of Standard Weights and Measures oversaw weights and measures under the Treasury Department. After 1901 the duty moved to the agency later known as the National Institute of Standards and Technology.[^4] ## Organization The department has two major components.[^5] The departmental offices formulate policy and manage the department as a whole. The operating bureaus carry out its specific operations.[^5] Its structure includes:[^5] - the Bureau of Engraving and Printing and its police force; - the United States Mint and its police force; - the [[Bureau of the Fiscal Service]], under the fiscal assistant secretary; - the Office of Terrorism and Financial Intelligence, under an under secretary, with the Financial Crimes Enforcement Network and the Office of Foreign Assets Control; - the Internal Revenue Service, headed by the Commissioner of Internal Revenue. ## Notes [^1]: Wikipedia contributors, *United States Department of the Treasury*, lead section (rev. 1375397860, retrieved 2026-10-26) — establishes the department's status among 15 departments, its functions, the secretary's Cabinet role, the Bureau of Engraving and Printing and the Mint, the treasurer's duties, the note signatures and the "Treasury" usage. https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury [^2]: Wikipedia contributors, *United States Department of the Treasury*, lead section (rev. 1375397860, retrieved 2026-10-26) — establishes the 1789 creation by act of Congress, Hamilton's appointment by Washington, his swearing-in on September 11, 1789, and his role in the early financial system. https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury [^3]: Wikipedia contributors, *United States Department of the Treasury*, "History" section (rev. 1375397860, retrieved 2026-10-26) — establishes the Continental Congress's financing of the war, the June 22 and July 25, 1775 currency actions, the July 29, 1775 appointment of Clymer and Hillegas, the February 17, 1776 committee and the Office of Accounts. https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury [^4]: Wikipedia contributors, *United States Department of the Treasury*, "Responsibilities" section (rev. 1375397860, retrieved 2026-10-26) — establishes the basic functions, the parallel estimation roles and the 1830–1901 weights-and-measures responsibility. https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury [^5]: Wikipedia contributors, *United States Department of the Treasury*, "Organization" section (rev. 1375397860, retrieved 2026-10-26) — establishes the two-component organization and the listed offices and bureaus. https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury