US Treasury

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Definition: US Treasury



What is the dictionary definition of US Treasury?

Dictionary Definition


The US Treasury (United States Department of the Treasury) is the cabinet-level federal government body that manages the tax and other revenue collected by the United States government. The US Treasury prints, collects, and keeps all money needed for the budget that Congress and the US president create. The Internal Revenue Service collects taxes for the US Treasury. The US Treasury also produces postage stamps, enforces tax laws, supervises national banks, and manages the federal debt. To pay for its operations, the US Treasury sells Treasury bonds to individual and institutional investors. This body is located in Washington, DC and was founded in 1789. Alexander Hamilton, who is on the $10 bill, was the first secretary of the US Treasury.


Full Definition of US Treasury


US Treasury or the United States Department of the Treasury was established on 2 September 1789. Alexander Hamilton served as first Secretary of US Treasury. It was Alexander Hamilton who built the early financial system of the United States. The US Treasury manages many other government departments including like IRS, Bureau of the Public Debt, Alcohol and Tobacco Tax and Trade Bureau, and US Mint. Responsibilities of US Treasury extend to matters like issuance of Treasury bonds, bills and notes.

US Treasury is responsible for ensuring government revenues. It also performs other important functions like minting coins, printing postage, bills, and Federal Reserve notes. It also collects taxes, enforces tax laws, manages debts and government accounts, and keeps an eye on activities of US banks. US Treasury headquarters is located on 1500 Pennsylvania Avenue in Washington D.C. It employs more than 100,000 people and manages an annual budget in excess of $10 billion.

IRS

IRS or Internal Revenue Services was established on 9 July 1953. It employs more than 80,000 employees and is headquartered in Washington D.C. IRS oversees the collection of US taxes. It’s also responsible for administering the Internal Revenue Code.

Bureau of the Public Debt

Bureau of the Public Debt, an agency of US Treasury, has its headquarters located in Washington D.C. But most of its operations are carried out through Parkersburg in West Virginia. This US Treasury bureau arranges funds for Federal Government by borrowing money from investors.

Alcohol And Tobacco Tax And Trade Bureau

Alcohol and Tobacco Tax and Trade Bureau, also known by its abbreviated form the TTB, was established on 24 January 2003. It performs operations like risk management, tax audit, and trade investigations. It also serves as a National Revenue Center and a Tobacco Enforcement Division.

US Mint

US Mint was founded on 2 April 1792. Responsibility of minting coins for carrying out trade and commerce in the United States lies with US Mint. It became a part of US Treasury under the Coinage Act of 1873.

US Treasury And The Credit Crunch (or Credit Crisis)

The US Treasury has played a leading role in attempting to solve the Credit Crunch (or Credit Crisis) that has gripped the US financial system in 2008.

Treasury officials led by US Treasury Secretary Henry Paulson have helped to negotiate private deals for Bear Stearns and Washington Mutual to be purchased by JP Morgan Chase, and have orchestrated government bailouts of Fannie Mae, Freddie Mac and AIG. They declined to help Lehman Brothers which went into bankruptcy.

In order to stop the downward spiral of banks defaulting and freezing credit markets even further, the Treasury proposed a mass bailout of toxic debt for all banks with significant operations in the US, for a sum that could rise to US$700 billion.


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Definition Sources


Definitions for US Treasury are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 2nd April, 2020 | 0 Views.