What Is the U.S. Department of the Treasury?
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The U.S. Department of the Treasury manages the finances of the federal government. It is charged with managing currency, public debt and government spending accounts. It collects federal taxes, pays federal bills and supervises national banks and thrift institutions. It must also enforce federal finance and tax laws, which includes investigating and prosecuting those who evade taxes or counterfeit money.
It was founded in 1789 and is currently led by Secretary Scott Bessent. The Treasury and its secretary play an important role in advising the federal government with domestic and international fiscal policies related to economics, finances, trade and taxes.
The Treasury also plays a critical role in keeping all Congressionally approved federal obligations met if the U.S. hits its debt ceiling. The Treasury takes “extraordinary measures” to generate funds and avoid a potential default, which would be catastrophic for the U.S. and world economies. Some extraordinary measures include suspending savings plan benefits for federal workers and reinvestment of federal, state and local government securities.
» MORE: What is the debt ceiling?
What does the U.S. Treasury do?
The mission of the Treasury Department is to be the steward of U.S. economic and financial systems. It also plays a crucial role in the world economy.
There are several offices within the Treasury department including:
Domestic Finance.
Economic Policy.
General Counsel.
Inflation Reduction Act Program.
International Affairs.
Legislative Affairs.
Management.
Financial Research.
Financial Stability.
Public Affairs.
Recovery Programs.
Tax Policy.
Terrorism and Financial Intelligence.
Treasurer of the United States.
Tribal and Native Affairs.
The Office of Diversity, Equity, Inclusion and Accessibility fell under the Treasury Department, but was ended by executive order of President Donald Trump soon after he took office.
Multiple bureaus also fall under the umbrella of the U.S. Treasury including:
Alcohol and Tobacco Tax and Trade (TTB).
Bureau of Engraving and Printing (BEP).
Bureau of the Fiscal Service (BFS).
Financial Crimes Enforcement Network (FinCEN).
The Inspector General.
Treasury Inspector General for Tax Administration (TIGTA).
Office of the Comptroller of the Currency (OCC).
U.S. Mint.
Trump has proposed an “External Revenue Service’ that would collect tariffs on imports. Any new agency requires approval by Congress. Currently, the U.S. Customs and Border Protection collects tariff revenue.
What the Treasury Department does for you
Here are some direct links and contact information for the Treasury’s consumer services:
How to contact the U.S. Department of the Treasury
In addition to the links above, here’s how to reach the Department of the Treasury:
Treasury Department website: treasury.gov
General information: 202-622-2000
Mailing address:
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
