Definition of Treasury Department
Most developed nations have a treasury department, where financial initiatives are planned and economic policies are introduced. The U.S. Treasury Department is the primary custodian and steward of the nation's economic and financial institutions. The department also plays an important role in ensuring the safety and security of economic assets, protecting them from financial crimes and terrorism. Economic growth and stimulus are key indicators of the overall effectiveness of the Treasury Department.
Treasury Department
The executive agency responsible for ensuring economic stability and promoting financial prosperity is the U.S. Treasury Department. The secretary of the Treasury advises the president on economic policy and oversees the management of the department. The Treasury Department is separated into department offices and bureaus that handle a wide variety of activities and work with other federal agencies. For example, the Internal Revenue Service (IRS) and the U.S. Mint are bureaus that fall under the Treasury Department. In addition to improving domestic financial institutions, the Treasury Department plays an important role in balancing the global economy and combating foreign economic threats.
Offices of the Treasury
Although the Treasury bureaus make up 98 percent of the department work force, the treasury offices hold important positions in regulating the department as a whole. The offices of the Treasury are divided into subsections which are headed by under secretaries and assistant secretaries. The primary role of the department offices is to form new economic policies and manage the department. Perhaps the most widely known position at the department is that of Treasurer. The Treasurer is one of the main advisers on financial matters affecting the nation, such as currency and fiscal initiatives. This person is also the figurehead and spokesman in the areas of financial literacy and education.
Financial Management Service
In 1984, the Bureau of Government Financial Operations was renamed the Financial Management Service. This bureau of the Treasury Department is responsible for the collection of delinquent debts owed to the government, accounting and reporting services for federal agencies, as well as operating the government's collections and deposit systems. The name change is representative of the department's desire to have increased efficiency and accountability in government financial management.
The U.S. Mint
The primary function of the U.S. Mint is to produce an adequate amount of circulating currency for the nation's commerce and trade. The Federal Reserve banks and branches are supplied by the U.S. Mint. The bureau designs and manufactures domestic currency for daily usage, as well as commemorative coins and items. The Mint makes anywhere from 11 billion to 20 billion coins a year at its production facilities in Denver; West Point, N.Y.; San Francisco; Philadelphia and Fort Knox, Ky. The U.S. Mint manufactures and sells platinum, gold and silver bouillon. It also maintains custody of the nation's gold and silver assets, worth an estimated 100 billion dollars.
The Internal Revenue Service
The largest bureau in the Treasury Department is the IRS. The primary responsibility of the IRS is to determine, assess and collect internal revenue in the United States. Congress requires taxpaying citizens to comply with tax law. Under section 7801 of the Internal Revenue Code, the secretary has a legislative grant to administer and collect internal revenue. The IRS performs this function and prides itself on being one of the most efficient tax administrators in the world. According to the Treasury Department, the IRS collected more than $2 trillion in revenue and processed more than 224 million tax returns in 2004. The IRS also has a comprehensive website and resources available to deliver quality service and help the public understand tax law.
Terrorism and Financial intelligence
The Office of Terrorism and Financial Intelligence (TFI) leads the financial front on the war against terror. They develop strategies designed to protect important domestic financial holdings against new-age threats to the economic infrastructure like cyberterrorism. One such strategy is the National Money Laundering Strategy, designed to combat drug kingpins and money traffickers. Rogue nations and proliferates of nuclear arms are also carefully monitored by the Office of Terrorism and Financial Intelligence. The TFI has the power to implement economic sanctions against foreign threats to the nation's security.
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