92 Best of DC

Promoting Economic Prosperity The Department of the Treasury serves the American people and strengthen national security by managing the U.S. Government’s finances effectively, promoting economic growth and stability, and ensuring the safety, soundness, and security of the U.S. and international financial systems. The Treasury’s mission highlights its role as the steward of U.S. economic and financial systems, and as an influential participant in the global economy.D

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The Treasury Department is the executive agency responsible for

promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation’s financial

infrastructure, such as 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. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and to the extent possible, predict and prevent economic and financial crises. The Treasury Department

also performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the safeguards of our financial systems.

The Department of the Treasury is organized into two major components the Departmental offices and the operating bureaus. The Departmental Offices are primarily responsible for the formulation of

The Treasury Building is the oldest departmental building in Washington, and the third oldest federally occupied building in Washington, preceded only by the Capitol and the White House. The Main Treasury Building covers five stories and a raised basement and sits on 5 acres of ground. The building measures 466 feet north to south by 260 feet east to west.

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policy and management of the Department as a whole, while the operating bureaus carry out the specific operations assigned to the Department. Our bureaus make up 98% of the Treasury work force.

The American economy is truly the envy of the world, and its strength comes from our small-business owners and entrepreneurs, our outstanding workforce and the simple fact that we operate as a free market. Our role is to create an environment in which workers and businesses can either thrive or struggle.

Jobs are being created and the economy is thriving, and we want to make sure that path of growth continues. That means making sure that the right policies are in place – especially low marginal tax rates. I’m very pleased that we were able to have this important discussion about the economy here at the Treasury, in the historic Cash Room. Ongoing conversations about the health of the economy are central to maintaining that health.

www.ustreas.gov

Former Secretary John Snow to be the 73rd Snow talks to a radio host on the phone while reporters watch and listenSecretary Henry M. Paulson, met with Federal Reserve Bank of New York President Timothy F. Geithner, nominated as the next Treasury Secretary

Secretary of the Treasury Timothy Geithner(Photo by Chris Taylor -US Treasury)

The Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for enforcing and administering laws covering the production, use, and distribution of alcohol and tobacco products. TTB also collects excise taxes for firearms and ammunition.

Bureau of Engraving and Printing designs and manufactures U.S. currency, securities, and other official certificates and awards.

The Bureau of the Public Debt borrows the money needed to operate the Federal Government. It administers the public debt by issuing and servicing U.S. Treasury marketable, savings and special securities.

The Community Development Financial Institution (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities.

The Financial Crimes Enforcement Network (FinCEN) supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes. It also provides U.S. policy makers with strategic analyses of domestic and worldwide trends and patterns.

The Financial Management Service (FMS) receives and disburses all public monies, maintains government accounts, and prepares daily and monthly reports on the status of government finances conducts independent audits, investigations and reviews to help the Treasury Department accomplish its mission; improve its programs and operations; promote economy, efficiency and effectiveness; and prevent and detect fraud and abuse.

The Treasury Inspector General for Tax Administration (TIGTA) provides leadership and coordination and recommends policy for activities designed to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws. TIGTA also recommends policies to prevent and detect fraud and abuse in the programs and operations of the IRS and related entities.

The Internal Revenue Service (IRS) is the largest of Treasury’s bureaus. It is responsible for determining, assessing, and collecting internal revenue in the United States.

The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system that supports the citizens, communities, and economy of the United States.

The Office of Thrift Supervision (OTS) is the primary regulator of all federal and many state-chartered thrift institutions, which include savings banks and savings and loan associations.

The U.S. Mint designs and manufactures domestic, bullion and foreign coins as well as commemorative medals and other numismatic items. The Mint also distributes U.S. coins to the Federal Reserve banks as well as maintains physical custody and protection of our nation’s silver and gold assets. Coin production has varied between 11 billion and 20 billion coins annually.

President George Bush with Treasury Secretary Henry M. Paulson (Photo courtesy: US Treasury)