United States Department of The Treasury - Responsibilities

Responsibilities

The basic functions of the Department of the Treasury mainly include:

• Producing all currency, coinage and postage stamps of the U.S.;
• Collecting taxes, duties and money paid to and due to the U.S.:
• Paying all bills of the U.S.;
• Managing the federal finances;
• Managing government accounts and the United States public debt;
• Supervising national banks and thrift institutions;
• Advising on domestic and international financial, monetary, economic, trade and tax policy (fiscal policy being the sum of these, and the ultimate responsibility of Congress);
• Enforcing federal finance and tax laws;
• Investigating and prosecuting tax evaders;
• Publishing statistical reports.

With respect to the estimation of revenues for the executive branch, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.

From 1830 until 1901, the responsibility of overseeing weights and measures was carried out by the Office of Standard Weights and Measures, which was part of the U.S. Treasury Department. After 1901, the responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology.