Duties and Functions FAQs
Duties and Functions
What are the duties and functions of the Treasury Department?
The Treasury Department includes the Office of the Secretary and the Departmental Offices. This is where all of the policy-making offices are found. Each office has an Assistant Secretary directly responsible for its activities. In addition, there are many bureaus with different responsibilities.
Secretary and Senior Officials
Who is the current Secretary of the Treasury and what does she do?
Janet Yellen is the Secretary of the Treasury.
The Secretary of the Treasury is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Treasury Department in carrying out her major law enforcement responsibilities; in serving as the financial agent for the U.S. Government; and in manufacturing coins and currency.
The chief financial officer of the Government, the Secretary of the Treasury serves on the President's National Economic Council. She is also Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, Chairman of the Thrift Depositor Protection Oversight Board, and serves as U.S. Governor of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development.
What does the Deputy Secretary of the Treasury do?
The Deputy Secretary of the Treasury advises and assists the Secretary of the Treasury in the supervision and direction of the Department and its activities, and succeeds the Secretary in her absence, sickness, or unavailability. The Deputy Secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the Department's activities.
What does the Treasurer of the United States do?
The office of Treasurer of the United States is the only Treasury office older than the Department itself. The Treasurer was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different Treasury Bureaus. Responsibility for oversight of the Bureau of Engraving and Printing (BEP) and the United States Mint was assigned to the Treasurer in 1981. In 1994, the Treasurer was named National Honorary Director of the U.S. Savings Bonds Campaign.
As a seasoned expert with a comprehensive understanding of the intricacies within the U.S. Department of the Treasury, I can confidently provide insights into the various concepts and functions outlined in the provided article.
1. General Information:
- The Treasury Department comprises several key elements, including the Office of the Secretary, Departmental Offices, and various bureaus each headed by an Assistant Secretary.
2. Role of the Treasury:
- The Secretary of the Treasury, currently Janet Yellen, holds a pivotal role in formulating and recommending domestic and international financial, economic, and tax policies. The Secretary also manages the public debt and oversees law enforcement responsibilities, acting as the chief financial officer of the U.S. Government.
3. Officials:
-
The Deputy Secretary of the Treasury supports and advises the Secretary, playing a crucial role in the formulation and execution of Treasury policies and programs.
-
The Treasurer of the United States, with responsibilities dating back to the inception of the Treasury, is tasked with overseeing functions related to the Bureau of Engraving and Printing (BEP) and the United States Mint.
4. Organizational Chart:
- The organizational chart illustrates the hierarchical structure of the Treasury Department, showcasing the relationships between various offices, bureaus, and officials.
5. Orders and Directives:
- The Treasury Department issues orders and directives to guide its operations, ensuring effective implementation of policies and procedures.
6. Offices:
- The Treasury Department houses several offices, including those focused on Domestic Finance, Economic Policy, General Counsel, International Affairs, Management, Public Affairs, Tax Policy, and Terrorism and Financial Intelligence.
7. Bureaus:
- Bureaus under the Treasury Department include the Alcohol and Tobacco Tax and Trade Bureau (TTB), Bureau of Engraving & Printing (BEP), Financial Crimes Enforcement Network (FinCEN), Bureau of the Fiscal Service (BFS), Internal Revenue Service (IRS), and more.
8. Budget and Financial Reporting:
- The Treasury Department is involved in budget planning, financial reporting, and performance evaluation. This includes the Strategic Plan, Budget Request/Annual Performance Plan and Reports, and the Agency Financial Report.
9. Policy Issues:
- The Treasury Department addresses various policy issues such as COVID-19 Economic Relief, Tax Policy, Climate Change, Terrorism and Illicit Finance, and Small Business Programs.
10. Financial Markets and Fiscal Service:
- The Treasury Department plays a critical role in managing financial markets, forecasting cash and debt, and overseeing the stability of the financial system through the Financial Stability Oversight Council.
11. International Affairs:
- The Treasury Department engages in international matters, including participation in organizations like the International Monetary Fund (IMF) and overseeing foreign investments through the Committee on Foreign Investment in the United States (CFIUS).
12. Data:
- The Treasury Department provides various financial data, including interest rates, daily Treasury bill rates, and information on Treasury securities.
13. Services:
- The Treasury Department offers services such as reporting fraud, managing bonds and securities, grant programs, and information on Treasury payments.
In conclusion, the Treasury Department is a multifaceted entity with a broad range of responsibilities encompassing domestic and international financial matters, economic policies, law enforcement, and more. The intricacies of its organizational structure and functions highlight its critical role in shaping and safeguarding the economic landscape of the United States.
