U.S. Department of the Treasury

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The U.S. Department of the Treasury, created in 1789, is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Treasury Department oversees the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. [1]

The basic functions of the Department of the Treasury include:

  • Managing federal finances;
  • Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.;
  • Producing postage stamps, currency and coinage;
  • Managing government accounts and the public debt;
  • Supervising national banks and thrift institutions;
  • Advising on domestic and international financial, monetary, economic, trade and tax policy;
  • Enforcing federal finance and tax laws;
  • Investigating and prosecuting tax evaders, counterfeiters, and forgers.

VIDEO: What Does the Secretary of the Treasury Do?

Video from OnlineMBA.com[2]

Treasury and the Dodd-Frank Act

The Treasury Department has The Dodd-Frank Act authorizes or requires the FDIC to complete initiatives in a number of areas, mainly through the Office of the Comptroller of the Currency (OCC), an independent bureau operating within the Treasury Department, whose primary mission is to charter, regulate, supervise all national banks and federal savings associations, and supervising the federal branches and agencies of foreign banks.[3]

A list of key OCC rulemakings related to Dodd-Frank can be found HERE.

References

  1. U.S. Treasury - Education: Duties & Functions. U.S. Treasury. Retrieved on November 15, 2012.
  2. What Does the Secretary of the Treasury Do?. OnlineMBA.com. Retrieved on September 18, 2012.
  3. About The OCC. Office of the Comptroller of the Currency. Retrieved on August 14, 2012.

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