Treasury Department Responsibilities

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The United States Department of the Treasury is responsible for the country’s financial well-being. The Treasury department controls the production and distribution of the country’s currency as well as keeping the president abreast of the country’s economic status. Composed of several compartments and bureaus, the Department of the Treasury helps to promote global economic stability and prevent economic crises.

Distributes Coins and Currency

  • Although money is typically distributed by the banks, it originates in the Treasury department. The Treasury department is responsible for manufacturing all currency notes and coins for the public's distribution. After the money is produced by the Department of the Treasury, it is shipped to the Federal Reserve banks and branches. The Federal Reserve then sends the money to privately-owned banks. The amount of currency and coins produced depends on the public’s demand for cash.

Revenue Collection

  • The Department of the Treasury is responsible for collecting the revenue needed to meet the governmental expenses on the different levels. The federal government's main revenue is income taxes. At the state level, the state government depends on sales taxes as well as income taxes. Cities and counties generate their revenue through property tax.

Organization

  • The Department of the Treasury has two major compartments, the Departmental Offices and the operating bureaus. The U.S. Mint, the Bureau of Engraving & Printing , the Alcohol and Tobacco Tax and Trade Bureau, the Community Development Financial Institution Fund, the Financial Crimes Enforcement Network, the Financial Management Services, the Inspector General, the Treasury Inspector General for Tax Administration, the Internal Revenue Service, the Office of the Controller of the Currency, the Office of Thrift Supervision and the Bureau of the Public Debt are the bureaus that make up the department.

    Individual bureaus are organized to perform certain operations within the Treasury. The bureaus make up 98% of the workforce.

    The Departmental Offices manage the whole department and make up the necessary policies needed to run the department.

Economic Issues

  • The Department of the Treasury is responsible for advising the president of current financial issues. In addition to administrating the payments to the American public, the Department of the Treasury is responsible for borrowing necessary money to run the federal government.

    The Department of the Treasury works with other governmental agencies to promote economic growth, raise the standards of living, and to prevent financial crisis. They also play a role in enhancing the nation's security system by safeguarding the nation's financial systems.

References

  • Photo Credit money money money image by Tribalstar from Fotolia.com
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