Department of Treasury Law and Legal Definition

The Department of Treasury is an executive department to the U.S. federal government. The department is responsible for the country's economy, finance and revenue. This department was established in 1789 through an act of Congress. The administration of the department is done by the Secretary of the treasury. The secretary of the treasury is a member of the cabinet appointed by the President, by and with the advice and consent of the Senate. Another important official in the department is the Treasurer of the U.S. The department is authorized to print and mint all paper currency and coins circulated in the U.S. The department is also empowered to collect all federal taxes through the Internal Revenue Service.

The department is referred under 31 USCS ยง 301. This provision reads as:

โ€œ(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.

(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate.****โ€

The functions of the department are to:

1. manage federal finances;

2. collect taxes, duties and money paid to and due to the U.S. and paying all bills of the U.S.;

3. produce all postage stamps, currency, and coinage;

4. manage accounts of the government and the U.S. public debt;

5. supervise national banks and thrift institutions;

6. advise on domestic and international financial, monetary, economic, trade and tax policy โ€“ fiscal policy being the sum of these, and the ultimate responsibility of Congress;

7. enforce Federal finance and tax laws; and

8. Investigate and prosecute tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.