Department of Treasury Information

The Department of the Treasury is an executive department and is the treasury of the United States Government. In 1789 the U.S. Treasury Department was established by an Act of Congress to manage government revenue. The current Secretary of the Treasury and a member of the Cabinet is Timothy Geithner.

The United States Treasury Department is charged with a wide range of financial responsibilities. In addition to monetary functions such as budgets, taxes, and currency production and circulation, the U.S. Treasury also oversees critical functions in enforcement, economic policy development, and international treaty talks.

Perhaps the best known functions of the Treasury Department is that it prints and mints all paper currency and coins in circulation. This is conducted through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service (IRS).

The Department of the Treasury is organized into Major Offices and Bureaus. The Departmental offices are responsible for the formulation of policy and management of the Treasury Department. The operating bureaus carry out the specific operations assigned to the Department and make up a mjority of the Treasury work force.

U.S. Treasury Offices:

Domestic Finance - develops policies and guidance for Treasury Department activities in the areas of financial institutions, federal debt finance, financial regulation, and capital markets.

Economic Policy - responsible for the review and analysis of both domestic and international economic issues and developments in the financial markets. The Secretary of Treasury is the Chairman of the Boards of Trustees of the Social Security and Medicare trust funds. He serves with five other trustees, three from the Federal government (the Commissioner of Social Security, the Secretary of Health and Human Services and the Secretary of Labor) and two public trustees who are appointed by the President and confirmed by the Senate.

General Counsel - head of the Treasury Legal Division, a separate bureau within the Department that includes all legal counsels of the Treasury Department and their staff.

International Affairs - involved in the formulation and execution of U.S. international economic and financial policy.

Management/CFO - handles internal management and policy of the Department in the areas of budget, planning, human resources, information and technology management, financial management and accounting,

Public Affairs - develops and implements communications strategy for the Department.

Tax Policy - develops tax policies and programs, reviews regulations and rulings to administer the Internal Revenue Code, negotiates tax treaties, provides economic and legal policy analysis for domestic and international tax policy decisions.

Terrorism and Financial Intelligence (TFI) - develops and implements U.S. government strategies to combat terrorist financing domestically and internationally.

Treasurer of the United States - advises the Treasury Secretary on matters relating to coinage, currency and the production of other instruments by the United States. The treasurer also provides information about Savings Bonds. They have been called "the All American Investment." They are an easy way to save money safely and get a good market return. there are two main types of bonds, the I Bond and the Series EE Savings Bond.

Bureaus of the Treasury:

The Alcohol and Tobacco Tax and Trade Bureau (TTB) - enforces and administers laws covering the production, use, and distribution of alcohol and tobacco products.

Bureau of Engraving and Printing (BEP) - designs and manufactures U.S. currency, securities, and other official certificates and awards.

Bureau of the Public Debt - borrows the money needed to operate the Federal Government. They borrow by selling Treasury bills, notes, and bonds, as well as U.S. Savings Bonds. Interest is paid to investors and when the time comes to pay back the loans, the investors' securities are redeemed.
 
Community Development Financial Institution (CDFI) Fund - expands the availability of credit, investment capital, and financial services in distressed urban and rural communities.

Financial Crimes Enforcement Network (FinCEN) - supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes.
 
Financial Management Service (FMS) - receives and disburses all public monies, maintains government accounts, and prepares daily and monthly reports on the status of government finances.

Inspector General - conducts independent audits, investigations and reviews to help the Treasury Department accomplish its mission.

Treasury Inspector General for Tax Administration (TIGTA) - provides leadership and coordination and recommends policy for activities designed to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws.

Internal Revenue Service (IRS) - responsible for determining, assessing, and collecting internal revenue in the United States.

Office of the Comptroller of the Currency (OCC) - charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system.

Office of Thrift Supervision (OTS) - regulator of all federal and many state-chartered thrift institutions, which include savings banks and savings and loan associations.

U.S. Mint - distributes U.S. coins to the Federal Reserve banks as well as maintains physical custody and protection of our nation's silver and gold assets.

The basic functions of the Department of the Treasury include:
Managing Federal finances
Collecting taxes, duties and monies paid to and due to the U.S.
Paying all bills of the U.S.
Currency and coinage
Managing Government accounts 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, counterfeiters, and forgers

Treasury Auctions:
The department conducts IRS auctions of real estate, vehicles and other personal property seized by the IRS. The Treasury Executive Office of Assest Forfeiture (TEOAF) also conducts auctions of real estate, general property and car auctions.

Other government auctions are conducted by the GSA, HUD Homes and the Small Business Administration. Some of these government auctions are conducted online while others are in person. Most commonly auctioned items include fleet vehicles, real estate and general merchandise.

Treasury Securities: U.S. Treasury securities offer you a very good way to invest and save for the future. We provide you an overview of U.S. Treasury bonds, notes, bills, and TIPS. We also provide you with information about the different types of savings bonds, including EE/E, I and HH/H bonds.

Treasury Bills are short-term government securities with maturities ranging from a few days to 52 weeks. T-Bills are sold at a discount from their face value.

Treasury Notes are government securities that are issued with maturities of 2, 3, 5, 7, and 10 years and pay interest every six months.

Treasury Bonds pay interest every six months and mature in 30 years.

Treasury Inflation-Protected Securities (TIPS) are marketable securities whose principal is adjusted by changes in the Consumer Price Index. TIPS pay interest every six months and are issued with maturities of 5, 10, and 20 years

I Savings Bonds are a low-risk savings product that earn interest while protecting you from inflation. Sold at face value.

EE/E Savings Bonds are a secure savings product that pay interest based on current market rates for up to 30 years. Electronic EE Savings Bonds are sold at face value in Treasury Direct. Paper EE Savings Bonds are sold at 1/2 face value.