H 6 (Treasury.Pdf)

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  • 1. Promoting Economic Prosperity Department of the Treasury 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. 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. T he Treasury Department is the infrastructure, such as the production of also performs a critical and far-reaching executive agency responsible for coin and currency, the disbursement of role in enhancing national security by promoting economic prosperity and payments to the American public, revenue implementing economic sanctions against ensuring the financial security of the United collection, and the borrowing of funds foreign threats to the U.S., identifying and States. The Department is responsible for a necessary to run the federal government. targeting the financial support networks of wide range of activities such as advising the The Department works with other federal national security threats, and improving the President on economic and financial issues, agencies, foreign governments, and safeguards of our financial systems. encouraging sustainable economic growth, international financial institutions to The Department of the Treasury is and fostering improved governance in encourage global economic growth, raise organized into two major components the financial institutions. The Department of the standards of living, and to the extent Departmental offices and the operating Treasury operates and maintains systems possible, predict and prevent economic and bureaus. The Departmental Offices are that are critical to the nation’s financial financial crises. The Treasury Department primarily responsible for the formulation of 92 Best of DC
  • 2. Secretary Henry M. Paulson, met with Federal Reserve Bank of New York President Former Secretary John Snow to be the 73rd Snow talks to a radio host on the phone while reporters watch and listen Timothy F. Geithner, nominated as the next Treasury Secretary 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 President George Bush with Treasury Secretary Henry M. Paulson conducts independent audits, investigations and reviews to help the Treasury Department accomplish (Photo courtesy: US Treasury) 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. policy and management of the Department Jobs are being created and the economy as a whole, while the operating bureaus carry is thriving, and we want to make sure that out the specific operations assigned to the path of growth continues. That means Department. Our bureaus make up 98% of making sure that the right policies are in the Treasury work force. place – especially low marginal tax rates. I’m The American economy is truly the envy very pleased that we were able to have this of the world, and its strength comes from our important discussion about the economy here small-business owners and entrepreneurs, at the Treasury, in the historic Cash Room. our outstanding workforce and the simple fact Ongoing conversations about the health of that we operate as a free market. Our role the economy are central to maintaining that is to create an environment in which workers health. www.ustreas.gov and businesses can either thrive or struggle. Best of DC 12 Secretary of the Treasury Timothy Geithner (Photo by Chris Taylor -US Treasury)