Treasury Department

The Treasury Department is an executive agency responsible for promoting economic success and is a safeguard for the financial security of the United States (About). Established by Congress in 1789, the Treasury Department has changed and grown as the United States has, and today it is one of the most important agencies of our government. This paper will entail the history, functions, and differing viewpoints of the Treasury Department.
First and foremost, there are the origins of the department. Established by Congress in 1789, the Treasury Department to manage finances. In turn, the position of “Secretary of Treasury” was created, and the first secretary was Alexander Hamilton. Alexander first advised the department to pay back its
75 million dollar war debt, many members were surprised by this act, but Hamilton insisted this would set up a sound foundation for the new government (History). Moreover, the Treasury Department was given many other functions to do, besides keep track of the nation’s money. For example, the Postal Service was directed by the Treasury until 1829, and the and the General Land Office was also managed by the Treasury from 1812 to 1849. Additionally, the coast guard was part of the treasury until it was moved to the Department of Transportation in 1967. Other marine fields were also created by the Department of Treasury: the Coast Survey, the Lighthouse Service, and the Marine Hospital Service, from which Public Health Service, and eventually, the Department of Health and Human Services developed. Furthermore, the Civil War also had a great effect on the Treasury, due to the loss of customs revenues. As a result, the Bureau of Internal Revenue was created in 1862 by President Lincoln and Congress to create an income tax to pay for the war, however; the tax was revoked ten years later. Then the bureau was revived in 1894 and finally ruled unconstitutional by the Supreme Court the next year. In 1913 though, the 16th Amendment gave Congress the power to create an income tax. President Lincoln also revised the National Bank Law in 1864, which established a new system for the national banks and ultimately a new bureau of the Treasury headed by a Controller of Currency, whose main job is to regulate national banks (History). In addition, the Treasury has been responsible for establishing the Bureau of Alcohol, Tobacco, and Firearms in 1972, however; the Bureau of Alcohol, Tobacco, and Firearms is now under the control of the Department of Justice (Bureau).
Next, the Department of Treasury has many functions. One of the main functions is promoting economic success and ensuring the financial security of America. Additionally, other functions of the Treasury include: advising the President on financial issues, encouraging economic growth, producing coins and currency, disbursing payments to the public, collecting revenue, and borrow funds to run the federal government (About). It also works with other federal agencies, foreign governments, and other institutes to achieve global economic growth, raise the standards of living, possibly prevent financial crises, and enhances national security. Furthermore, the Treasury Department is arranged into two major parts: the Departmental Offices and the operating bureaus. The Department Offices are in charge of most of the Treasury’s functions, while the operating bureau’s carry out specific jobs assigned to the department (About). Furthermore, some other functions of the department are; the Inspector General collects audits and prevents IRS fraud, it controls $358 billion in tax credits and debt financing, and the Secretary manages the U.S. current account deficit by selling Treasury notes and bonds (U.S. Department).
Lastly, the Treasury Department is not well-known.
The Secretary of the Treasury has been often not recognizable and the public is only really aware of the department when there is a fiscal problem (Fabbri). While both the Republicans and Democrats are in favor of the Treasury Department, they couldn’t be more divided over the current Secretary of the Treasury, Steven Mnuchin. For example, Democrat Senator Bob Menendez states “Mr. Mnuchin's entire career can be effectively summarized in one line: privatizing profits and socializing losses,” and Democrat Senator Dick Durbin, also states “ If Steven Mnuchin gets confirmed, the banks are going to have the best friend they can have in the Treasury Department”. Republicans, however, came to the new Secretary’s defense. “The voters spoke in November and wanted change. ... Mr. Mnuchin will help implement that change with a fresh, new regulatory framework that cuts the bureaucratic red tape that costs our economy trillions of dollars each year," said Republican Senator Johnny Isakson. In turn, Democrats boycotted a vote on Mnuchin's confirmation, and have tried to make the process as painful and as slow as possible, but in the end, Steven Mnuchin was sworn in as the new Secretary of the Treasury on January, 22nd, 2017
(Caldwell).
To conclude, the Treasury Department is an executive agency responsible for promoting economic success and is a safeguard for the financial security of the United States (About).
It also has many functions. One of the main functions is promoting economic success and ensuring the financial security of America. Additionally, other functions of the Treasury include: advising the President on financial issues, encouraging economic growth, producing coins and currency, disbursing payments to the public, collecting revenue, and borrow funds to run the federal government (About). In a time where the government is changing all around, one can only hope the Department of Treasury can solve fiscal problems, keep the national debt down, and ultimately do the job the founding fathers intended for
it.