UK Accounting Glossary
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.
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This glossary post was last updated: 5th February 2020.