Understanding the U.S. Department of the Treasury

The United States Department of the Treasury is at the heart of managing the government’s finances. This vital institution is tasked with oversight of currency, public debt, and federal spending accounts. Moreover, it’s responsible for collecting federal taxes, settling federal payments, and keeping a close watch over national banks and thrift institutions. Additionally, the Treasury plays a pivotal role in enforcing federal finance and tax laws, which includes the investigation and prosecution of individuals attempting to dodge taxes or counterfeit currency.

Established way back in 1789, the Treasury is currently steered by Secretary Scott Bessent. In its advisory capacity, both the Treasury and the Secretary are instrumental in shaping federal policies relating to domestic and global economics, finance, trade, and taxation.

A critical responsibility of the Treasury is ensuring that the U.S. meets all of its Congressionally approved financial obligations, especially when debt ceilings loom large. In such situations, the Treasury employs "extraordinary measures" to drum up funds, forestalling a default scenario that could have severe repercussions on both the U.S. and world economies. These measures might involve pausing certain federal worker savings plans or halting the reinvestment of various government securities.

So, what does the U.S. Treasury actually do? At its core, the Treasury’s mission is to serve as the steward of the U.S. economic and financial systems while also making its mark on the global economy.

Within the Treasury Department are several dedicated offices such as:

The Inflation Reduction Act Program
Terrorism and Financial Intelligence
Treasurer of the United States
Tribal and Native Affairs

At one point, the Office of Diversity, Equity, Inclusion, and Accessibility was part of the Treasury, but it was dissolved by executive order under President Donald Trump shortly after his inauguration.

The U.S. Treasury also encompasses various bureaus, including:

Alcohol and Tobacco Tax and Trade Bureau (TTB)
Bureau of Engraving and Printing (BEP)
Bureau of the Fiscal Service (BFS)
Financial Crimes Enforcement Network (FinCEN)
Treasury Inspector General for Tax Administration (TIGTA)
Office of the Comptroller of the Currency (OCC)

President Trump has floated the idea of an "External Revenue Service" to handle tariffs on imports. However, for any new agency to come into existence, it would need Congressional approval. Right now, U.S. Customs and Border Protection is in charge of collecting tariff revenue.

How does the Treasury Department impact you? There are a number of ways it serves individuals directly. Here’s where you can find relevant information and services:

Purchase bonds and securities: TreasuryDirect is your go-to platform for buying U.S. savings bonds and other securities.
Report scams, fraud, waste, and abuse: The Treasury’s Office of Inspector General handles investigations about scams and fraudulent activities.
Currency Redemption: If you have damaged currency, you can submit it for examination to the Bureau of Engraving and Printing, which handles all such requests.
Debt Collection: The Treasury Offset Program is tasked with collecting delinquent debts owed to state and federal agencies. Assistance is available through their automated hotline at 1-800-304-3107.

For additional information, you can contact the U.S. Department of the Treasury at 202-622-2000. Their physical address is 1500 Pennsylvania Avenue, NW.