United States Department of the Treasury Law and Legal Definition

The United States Department of the Treasury (“Department”) is an executive agency of the United States. It is responsible for promoting economic prosperity and ensuring the financial security of the U.S. The Department was established by an Act of Congress in 1789, in order to manage government revenue. It is administered by the Secretary of the Treasury.

The mission of the Department is to maintain a strong economy and create economic and job opportunities by promoting factors that enable economic growth and stability both within and outside the U.S., strengthen national security by combating threats and protecting the integrity of the financial system, and manage the nation’s finances and resources in an effective and efficient manner.

The Department performs a wide range of functions. Some of its activities are:

a. Advising the U.S. President on economic and financial issues.

b. Encouraging sustainable economic growth.

c. Fostering improved governance in financial institutions.

d. Operating and maintaining systems that are critical to the nation's financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government.

e. Managing federal finances.

f. Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.

g. Managing government accounts and the public debt.

h. Supervising national banks and thrift institutions;

i. Advising on domestic and international financial, monetary, economic, trade and tax policy.

j.Enforcing federal finance and tax laws.

k. Investigating and prosecuting tax evaders, counterfeiters, and forgers.

The Department of the Treasury is organized into two major units: a. Departmental Offices; and b. Operating Bureaus that constitute 98% of the Treasury work force. While the departmental offices are primarily responsible for the formulation of policy and management of the Department as a whole, the operating bureaus carry out the specific operations assigned to the Department.

The Department works in co-operation with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and to the extent possible, predict and prevent economic and financial crises.