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United States Department of the Treasury
Columbia Encyclopedia entry: Treasury, United States Department of the
Treasury, United States Department of the, federal executive department established in 1789. It is charged with advising the president on fiscal policy and acting as fiscal agent for the federal government. Under the Articles of Confederation the limited financial administration of the United States was taken care of by a superintendent of finance, who was replaced in 1784 by a treasury board. One of the first necessities, after the new government was set up in 1789 under the Constitution of the United States, was machinery for the collection of taxes, the custody of federal funds, and the keeping of accounts. To this end the Dept. of the Treasury was created and its head, the secretary of the treasury, became the second-ranking cabinet member (after the secretary of state). Alexander Hamilton was the first secretary. The office of U.S. Treasurer was also created in 1789 to receive and pay out money for the federal government.

Divisions that were added over the years include the U.S. Mint (1792), the U.S. Secret Service (1865, transferred to the Dept. of Homeland Security in 2003), the Internal Revenue Service (1862), the Office of the Comptroller of the Currency (1863), the Bureau of Engraving and Printing (1877), the U.S. Customs Service (1927, functions transferred to bureaus in the Dept. of Homeland Security in 2003), the Bureau of the Public Debt (1940), the U.S. Savings Bonds Division (1945, transferred to the Bureau of the Public Debt in 1994), the Federal Law Enforcement Training Center (1970, transferred to the Dept. of Homeland Security in 2003), the Alcohol and Tobacco Tax and Trade Bureau (1972 as the Bureau of Alcohol, Tobacco, and Firearms; law enforcement functions transferred to the Dept. of Justice in 2003 as the Bureau of Alcohol, Tobacco, Firearms, and Explosives), the Financial Management Service (formerly the Bureau of Government Financial Operations, 1974), the Office of Thrift Supervision (1989), the Financial Crimes Enforcement Network (1990), and the Community Development Financial Institutions Fund (1994).

Until 1829 the department supervised the U.S. Postal Service and until 1849 the General Land Office; before 1903 the department was also charged with many duties pertaining to commerce. The law enforcement functions formerly carried out by the department were transferred to other departments in 2003.

See also Bank of the United States; Federal Reserve System; Independent Treasury System; subtreasury.

Wikipedia search results for: United States Department of the Treasury
From Wikipedia, the free encyclopedia
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 first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11, 1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris. Hamilton almost single-handedly worked out the nation's early financial system, and for several years was a major presence in Washington's administration as well....more »
Columbia Encyclopedia search results: United States Department of the Treasury
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