U.S. Department of the Treasury

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Department of the Treasury
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Secretary:Janet Yellen
Year created:1789
Official website:Treasury.gov



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Executive Departments of the United States
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Department Secretaries
Lloyd Austin • Xavier Becerra • Tony Blinken • Miguel Cardona • Marcia Fudge • Denis McDonough • Pete Buttigieg • Merrick Garland • Jennifer Granholm • Alejandro Mayorkas • Gina Raimondo • Marty Walsh • Tom Vilsack • Janet Yellen

The Department of the Treasury is a United States executive department established in 1789. The department was originally formed as a solution to managing the finances of the federal government.[1]

The current secretary of the Treasury is Janet Yellen. The Senate confirmed Yellen on January 25, 2021, by a vote of 84-15. Click here to learn more about her confirmation process.

History

On April 1, 1776, the Treasury Office of Accounts was formed to maintain the accounts of the rebel colonies. This allowed the colonies to seek loans after the Declaration of Independence was signed on July 4, 1776.[1] The subsequent years saw a steep decline in the value of Continental Dollars until Robert Morris was appointed Superintendent of the Treasury in 1781. In 1789, the First Congress of the United States created the Department of the Treasury, with Alexander Hamilton becoming the first secretary of the treasury.[1]

Many departments and agencies have taken root in the Treasury Department before breaking off. The U.S. Post Office, Commerce Department, Drug Enforcement Administration, Office of Management and Budget, Department of Health and Human Services, and even the U.S. Coast Guard were in some way responsibilities of the Treasury Department early in their development. At the 1944 Bretton Woods Conference, the department played a strong role in the formation of the International Monetary Fund and the World Bank.[1]

Mission

The mission of the Department of the Treasury is as follows:

" The U.S. Department of the Treasury's mission is to maintain a strong economy and create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad, strengthen national security by combating threats and protecting the integrity of the financial system, and manage the U.S. Government’s finances and resources effectively.[2] ”
—Treasury Department[3]

Leadership

The duties of the secretary of the treasury include:[1]

  • Managing economic and fiscal policy;
  • Handling government accounting and debt management;
  • Promulgating and enforcing tax and tariff laws;
  • Assessing and collecting internal revenue;
  • Producing currency; and
  • Supervising national banks.
Recent Secretaries of the Treasury
Secretary of the Treasury Years in office Nominated by Confirmation vote
Paul O'Neill 2001-2002 George W. Bush Voice vote
John W. Snow 2003-2006 George W. Bush Unanimous consent
Henry Paulson 2006-2009 George W. Bush Voice vote
Timothy Geithner 2009-2013 Barack Obama 60-34
Jack Lew 2013-2017 Barack Obama 71-26
Steven Mnuchin 2017-2021 Donald Trump 53-47
Janet Yellen 2021-Present Joe Biden 84-15


Note: Votes marked "N/A" represent voice votes or unrecorded votes.

Organization

Administrative State
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Read more about the administrative state on Ballotpedia.

Click here to view the Treasury's organizational chart.

Office of the Secretary of the Treasury

The secretary is charged with advising the president on economic and fiscal policy. The secretary also serves as the chief financial officer of the federal government as well as overseeing the Treasury Department. The head of the Department is also responsible for representing the U.S. in international organizations such as the International Monetary Fund and regional development banks.[1]

Office of the Deputy Secretary of the Treasury

The deputy secretary assists the secretary in running the department and is responsible for leading the department in the absence of the secretary.[1]

Office of the Treasurer of the United States

The treasurer of the United States must receive, hold and disburse government funds. The treasurer's signature is present on all U.S. paper money along with the secretary's signature.[1]

Recent news

The link below is to the most recent stories in a Google news search for the terms United States Department of Treasury. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

U.S. Department of the Treasury - Google News

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 U.S. Department of the Treasury, "Department of the Treasury history," accessed September 27, 2013
  2. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
  3. ↑ U.S. Department of the Treasury, "Role of the Treasury," accessed February 26, 2024
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