Most of you know of my banking background so today’s topic - Department of Treasury - was rather exciting for me to delve into. The Department of Treasury is responsible for economic, financial, tax, and fiscal policies. The main thing I think of when it comes to this department is the manufacture of coins and currency, but they do a lot more than print money. Nine key agencies make up the Department of Treasury and these agencies support various functions of the Treasury.
The US Mint, Bureau of Engraving and Printing and the Bureau of the Public Debt deal with the money in production and circulation and the debt instruments. The US Mint was created on April 2, 1792, when the new Congress passed The Coinage Act. The Mint was the first federal building erected under the Constitution and their job today remains the same, to coin money. The Bureau of Engraving and Printing has the daunting task of producing Federal Reserve Notes. They print billions of dollars each year for delivery into the Federal Reserve System. The purpose of the Bureau of Public Debt is to borrow money to operate the federal government, account for the debt and provide reimbursable support to other federal agencies. They borrow by selling Treasury bills, notes, bonds and US Savings Bonds
The Internal Revenue Services is the nation’s tax collection agency. The IRS’s mission is to help the compliant taxpayers understand the tax law while ensuring the noncompliant few pay their fair share (remember this is information I am gathering from public sources and presenting to you. In short, don’t shoot the messenger, lol). Love ‘em or hate ‘em, the IRS is one of the world’s most efficient tax administrators. In the fiscal year 2010 they collected $2.3 trillion in revenue and processed 230 million returns. In the same year, they spent just 53 cents for each $100 collected. Evil genius or efficiency, you decide
The 1800 employees in the Financial Management Service provide central payment services to Federal Program Agencies operate the government’s collection and deposit system and oversee daily cash flow of $89 Billion. This agency provides accounting and reporting services and collects delinquent debt owed to the government.
The Alcohol and Tobacco Tax Trade Bureau is charged with collecting excise tax on alcohol, tobacco, firearms and ammunition. They also ensure compliance with tobacco and alcohol permitting, labeling and marketing requirements to protect consumers. This agency is the newest in the Department of Treasury and was formed in January 2003 when the Bureau of Alcohol, Tobacco and Firearms (ATF) was reorganized under the provisions of the Homeland Security Act of 2002.
The Bureau of Consumer Financial Protection is designed to make the consumer financial products and services work best for you. They educate consumers about predatory or abusive practices, they enforce consumer protection laws and they analyze data to better understand consumer, financial service providers and the market.
The last two we should all remember well from 2008. The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) both handle the supervision and regulation of banks, savings and loans, thrifts, etc. The OTS is the agency that shut down Washington Mutual bank, the largest thrift in the nation. Supervisory responsibility for federal savings associations transferred from the OTS to the OCC on July 21, 2011. The OCC is the watchdog for banks and has the power to examine national banks and federal thrifts, approve or deny applications for new charters, take supervisory action against noncompliant banks or thrifts and issue rules and regulations governing investments, lending and other practices.
The Treasury Department, as you can see, packs quite a punch. They print, coin and borrow money, control financial institutions, enforce taxation, provide central payment solutions, and protect our consumer rights regarding financial products. Look further into each of these agencies to uncover contracting opportunities that may exist for you. Keep in mind that certain functions, like printing money, will never be outsourced.