What is the Department of the Treasury?

The Department of the Treasury is the federal department responsible for managing federal finances, collecting taxes, producing currency, and overseeing economic policy. Created by Congress in 1789, it is one of the original three executive departments along with State and War. Alexander Hamilton served as the first Secretary of the Treasury from 1789 to 1795 and used the position to design the early American financial system, including the federal assumption of state Revolutionary War debts and the establishment of the First Bank of the United States.

The Secretary of the Treasury is fifth in the line of presidential succession. The Treasury's headquarters is the Treasury Building, located next to the White House on Pennsylvania Avenue. It is one of the few federal department buildings whose location is mentioned in the Constitution as part of the District of Columbia's design.

Treasury operates several major bureaus and offices, each handling a specific aspect of federal financial policy. The Internal Revenue Service collects federal taxes and administers the tax code. The U.S. Mint produces coins, while the Bureau of Engraving and Printing produces paper currency. The Office of the Comptroller of the Currency regulates national banks. The Financial Crimes Enforcement Network tracks money laundering and terrorist financing. The U.S. Secret Service originally operated under Treasury, focused on counterfeiting, before being moved to the Department of Homeland Security in 2003.

Treasury manages the federal government's finances, including issuing Treasury bonds and bills to fund federal operations and pay down debt. The department oversees the federal debt, which has grown to more than 30 trillion dollars in recent years. Treasury also administers economic sanctions imposed against foreign governments and individuals as a tool of foreign policy.

The Secretary of the Treasury serves as the President's chief economic advisor and represents the United States in international financial forums such as the Group of Seven, Group of Twenty, and the International Monetary Fund. Recent Secretaries include Steven Mnuchin, Janet Yellen, and Scott Bessent.