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Department of the Treasury

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The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.

The Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, and manages U.S. government debt instruments.

[edit] Responsibilities

The basic functions of the Department of the Treasury include:

  • Managing federal finances
  • Collecting taxes, duties and money paid to and due to the U.S. and paying all bills of the U.S.
  • Producing all postage stamps, currency, and coinage
  • Managing government accounts and the United States public debt
  • Supervising national banks and thrift institutions
  • Advising on domestic and international financial, monetary, economic, trade and tax policy – fiscal policy being the sum of these, and the ultimate responsibility of Congress.
  • Enforcing Federal finance and tax laws
  • Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators

[edit] See also

[edit] External links

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This entry includes content from the following Wikipedia article: United States Department of the Treasury