U.S. Treasury

U.S. Treasury

The department of the federal government responsible for the printing of money, the collection of taxes, the regulation of banks, and the management of public debt. Created in 1789, the U.S. Treasury issues Treasury securities, which is debt that the American government uses to pay for some of its functions. It also administers the Internal Revenue Service, which collects taxes and decides how tax laws and regulations are enforced, and the U.S. Mint, which prints and disburses currency. The Treasury Department is responsible for investigating and prosecuting certain financial crimes, such as tax evasion and counterfeiting. It is headed by the Secretary of the Treasury, who is appointed by the President with the consent of the Senate.

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U.S. Treasury

What Does U.S. Treasury Mean?

Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes, and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, the U.S. Mint, the Bureau of the Public Debt, and the Alcohol and Tobacco Tax Bureau.

Investopedia explains U.S. Treasury

Generally, the U.S. Treasury is responsible for the revenue of the U.S. government, but it also has other key functions: (a) printing of bills, postage, and Federal Reserve notes and minting of coins, (b) collection of taxes and enforcement of tax laws (through the IRS), (c) management of all government accounts and debt issues, and (d) overseeing U.S. banks.

Related Terms:
• Monetary Policy
• Treasury Bill—T-Bill
• Treasury Bond—T-Bond
• Treasury Inflation Protected Securities—TIPS
• Treasury Note