The United States Department of the Treasury is primarily responsible for ensuring the financial stability of the country. Its officials serve as advisors to the U.S. president on economic and financial matters. This agency is also responsible for producing paper and coin money, as well as distributing it to banks. It may also borrow funds from other governments, on behalf of the nation.
Collecting debts owed to America is one of the primary duties of the United States Department of the Treasury. The agency may collect funds borrowed by other countries. It might also accept taxes owed by U.S. citizens. This organization helps collect taxes, in part, by helping the Internal Revenue Service (IRS) enforce tax laws and prosecute tax evaders.
This department is headed by the Secretary of the Treasury. This individual is a member of the presidential cabinet, as well as the United States National Security Council. He advises the president on such matters as economic or tax issues. He might also warn the chief executive of any potential economic disasters, and recommend measures to minimize financial hardship to the government or its citizens.
The Department of the Treasury oversees the printing and stamping of all U.S. coin and paper currency, which are also called notes. Coins are produced by the U.S. Mint, while currency is printed by the Bureau of Engraving and Printing. Both of these report directly to the treasury department.
After production of the money, this agency makes sure it is distributed to the Federal Reserve, which, in turn, releases the funds to the banking industry. The treasury also attempts to predict how much money it should print by monitoring the current economic conditions and comparing these statistics with historical data.
The Bureau of Alcohol, Tobacco and Firearms (ATF), the office of Inspector General, and the Financial Crimes Enforcement Network (FinCEN) are all agencies that are headed by the United States Department of the Treasury. These all perform investigations into crimes which could potentially affect the U.S. economy. Such offenses could include the illegal sale of tobacco, international financial crimes, or instances of government fraud or abuse.
The United States Department of the Treasury has been in existence since the late 1700s. It is authorized by the U.S. Congress to oversee matters pertaining to the country's financial security. Its existence is vital to the economic well-being of the American government as well as its citizens.