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
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