Department of the Treasury

By Dacee Dey

History

  • Established as an executive department by the first session of Congress in 1789
  • Began during the American Revolution when the Continental Congress met to talk about the issue of financing a war of independence against Great Britain
  • Alexander Hamilton served as first Secretary of the Treasury from 1789-1795

Duties of the Department of the Treasury

  • To maintain a strong economy and to create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad
  • Strengthen national security by combatting threats and protecting the integrity of the financial system
  • Manage the U.S. Government's finances and resources effectively


Some major functions include:

  • Manage federal finances
  • Collect taxes, duties and monies paid to and due to the U.S. and pay all bills of the U.S.
  • Currency and coinage
  • Manage government accounts and the public debt
  • Supervise national banks
  • Enforce Federal finance and tax laws
  • Investigate and prosecute tax evaders, counterfeiters, and forgers

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Above: Original Seal of Department of Treasury designed in 1778

Leader of the Department of Treasury

  • Current Secretary of Treasury is Neal S. Wolin
  • Took office January 25, 2013
  • Oversees the activities of the Treasury Department
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