United States Department of the Treasury

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United States Department of the 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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References in periodicals archive ?
The sanctions have already ruffled feathers, with Japan appealing to the USA to be allowed to continue buying crude from Iran , although at reduced volume, without its financial institutions facing punitive measures from the USA Treasury Department.
USA treasury secretary Timothy Geithner has unveiled a sweeping overhaul of financial regulations including additional controls over finance companies, but economic analysts took note of one glaring omission from the Obama administration plan: any mention of the raging debate over fair value accounting rules.
Justifying a close look at the business in 2001, the USA Treasury's Financial Crimes Enforcement Network (FinCEN) quotes a report issued in 1996 by the National Institute of Justice, which states that real-estate transactions offer "excellent money-laundering opportunities" and provide opportunities to "legitimate and repatriate illegal funds." Because real estate involves such large sums the opportunities for money laundering crop up throughout the business.