United States Department of the Treasury

The United States Department of the Treasury is the federal government’s principal department for public finance and financial administration. Established by Congress on September 2, 1789, it was created to manage national revenue and the financial obligations of the newly formed United States. It is headed by the secretary of the treasury, a Cabinet member who advises the president on economic and fiscal policy and serves as a member of the National Security Council. The secretary is also fifth in the presidential line of succession. Treasury’s responsibilities span both domestic administration and international economic policy. It helps collect federal taxes through the Internal Revenue Service, pays the government’s bills, manages federal borrowing and the public debt, administers the government’s cash position, and advises the executive and legislative branches on taxation, spending, financial markets, trade, and macroeconomic issues. Through the Office of Foreign Assets Control, it administers and enforces many U.S. economic sanctions. Its Financial Crimes Enforcement Network works against money laundering, terrorist financing, and other illicit financial activity, while the Office of Terrorism and Financial Intelligence coordinates financial tools used for national-security purposes. The department oversees or works with several important bureaus and offices. The Bureau of Engraving and Printing produces Federal Reserve notes, and the United States Mint produces circulating coins, numismatic products, and other official coinage. Treasury’s fiscal-service functions support government payments, collections, accounting, and debt issuance. The department also has responsibilities related to financial institutions, community development, international finance, tax policy, and implementation of legislation enacted by Congress. Treasury is not a commercial company and does not sell ordinary consumer products. Its public-facing outputs are governmental services, legal and regulatory programs, financial instruments issued on behalf of the United States, official currency and coinage, economic reports, sanctions designations, and policy guidance. Its influence extends beyond the United States because the dollar, U.S. government debt, sanctions programs, and Treasury’s participation in international financial institutions affect global markets and governments. The department has played a central role in successive national emergencies and structural changes in the U.S. financial system. It helped finance wars, supported the creation and administration of the national banking system, participated in responses to financial crises, implemented major post-2008 financial reforms, and administered significant pandemic-era economic-relief programs. In the 2020s, its agenda has included sanctions, debt and fiscal management, financial stability, climate-related economic policy, digital-asset and illicit-finance policy, and controls on certain outbound investments. Because Treasury’s powers are exercised through legislation, regulation, enforcement, and interagency coordination, its priorities often change with presidential administrations and congressional mandates.

The Treasury Department’s institutional roots reach back to the Continental Congress, which created a treasury office during the Revolutionary War to manage the finances of the United Colonies. After the Constitution established the federal government, Congress created a permanent Treasury Department through legislation signed on September 2, 1789. Alexander Hamilton became its first secretary. Hamilton’s early program included federal assumption of state war debts, establishment of a national credit system, and proposals for customs administration and public finance. These measures helped define the fiscal architecture of the new republic. During the nineteenth century, Treasury managed federal revenue, borrowing, customs, and payments while the country developed an evolving banking and currency system. It financed military conflicts including the War of 1812 and the Civil War. During the Civil War, the federal government introduced national bank legislation and a national currency framework, with Treasury involved in the administration of the Union’s financial system. The department also supervised the production and circulation of government currency before the later development of the modern Federal Reserve structure. Treasury’s responsibilities changed as the federal government expanded. The Bureau of Engraving and Printing and the Mint became central to the production of official currency and coinage. The department’s tax functions eventually became associated with the Internal Revenue Service, while customs and other functions were reorganized as new departments and agencies were created. The Federal Reserve System, established in 1913, assumed important monetary responsibilities, but Treasury remained responsible for fiscal policy, federal borrowing, revenue, and financial administration. The department played major roles in financing both World Wars and in administering the government’s postwar fiscal system. In the twentieth century it also became increasingly involved in international monetary affairs, including the Bretton Woods institutions and the management of U.S. participation in global economic governance. Treasury’s international functions include advising on exchange-rate and financial policy, coordinating economic sanctions, and representing the United States in relevant international forums. In the twenty-first century, Treasury has been at the center of responses to financial and economic disruption. During the 2008 financial crisis, it helped implement the Troubled Asset Relief Program and other emergency measures authorized by Congress. The department subsequently participated in the implementation of the Dodd–Frank Act and related reforms intended to strengthen financial stability and consumer protection. During the COVID-19 pandemic, Treasury administered or supported major relief programs, including programs designed to aid businesses, households, state and local governments, and employers. Treasury also expanded its use of financial tools for national security. OFAC sanctions became a prominent instrument of U.S. foreign policy, while FinCEN and the Office of Terrorism and Financial Intelligence addressed illicit finance and national-security risks. In the 2020s, the department has worked on digital-asset policy, climate-related financial issues, beneficial-ownership and anti-money-laundering rules, and investment-screening programs. Its continuing core functions remain collection and management of federal revenue, borrowing and debt administration, government payments and accounting, production of currency and coinage through its bureaus, and economic advice to the president and Congress.

• 2025

  New senior leadership begins

  [2]United States Secretary of the Treasuryen.wikipedia.org

  Scott Bessent became secretary and Brandon Beach became treasurer during 2025.

• 2020

  Pandemic economic-relief administration

  [10]Pandemic economic-relief administrationhome.treasury.gov

  Treasury administered and supported major federal economic-relief programs enacted in response to the COVID-19 pandemic.

• 2010

  Dodd–Frank implementation

  [9]Dodd–Frank implementationen.wikipedia.org

  Treasury participated in implementing post-crisis financial reforms enacted through the Dodd–Frank Act.

• 2008

  Financial-crisis interventions

  [8]Financial-crisis interventionsen.wikipedia.org

  Treasury implemented emergency financial-stabilization measures authorized by Congress during the global financial crisis.

• 1913

  Federal Reserve created

  [7]Federal Reserve createden.wikipedia.org

  The Federal Reserve Act created the Federal Reserve System, separating central-banking functions from Treasury’s core fiscal responsibilities.

• 1863

  National banking framework enacted

  Civil War-era legislation created a national banking framework and supported a more uniform national currency system.

• 1789

  Treasury Department established

  [1]United States Department of the Treasuryen.wikipedia.org

  Congress created the permanent Department of the Treasury on September 2, 1789, to administer federal revenue and public finance.

• 1789

  Alexander Hamilton becomes first secretary

  [2]United States Secretary of the Treasuryen.wikipedia.org

  Alexander Hamilton became the first secretary and shaped the department’s early national-credit and fiscal institutions.

Cabinet-level federal government department and national treasury

• Government debt

  U.S. Treasury securities

  Treasury bills, notes, bonds, inflation-protected securities, and related government obligations issued to finance federal operations and manage public debt. They are financial instruments rather than commercial products and are distributed through the federal government’s debt-management and auction system.

• Official currency

  U.S. currency and coinage

  The department oversees the Bureau of Engraving and Printing and the United States Mint, which produce Federal Reserve notes and official U.S. coins. Treasury also participates in policy and administrative decisions concerning currency and coin production.

• Financial regulation and national security

  Economic sanctions programs

  Through OFAC and related offices, Treasury administers sanctions that restrict specified transactions, assets, entities, or jurisdictions in support of foreign-policy and national-security objectives.

• Financial crime prevention

  Financial intelligence and anti-money-laundering programs

  FinCEN and other Treasury offices collect, analyze, and disseminate financial information and administer regulatory frameworks intended to deter money laundering, terrorist financing, and other illicit finance.

• 2019

  Controversies surrounding financial-crisis interventions

  Treasury’s crisis-era interventions, including TARP, attracted criticism concerning the use of public funds, assistance to financial institutions, accountability, and whether benefits were distributed fairly.

  Source

Read more

• 2024Outbound Investment Security Program

  United States · Certain foreign markets

  Treasury issued rules and explanatory guidance for U.S. persons concerning certain outbound investments and covered transactions under the outbound-investment regulatory framework.

  Outcome. The program established notification and restriction-related compliance obligations for transactions within its defined scope.

  Source
• 2021IPO Task Force and capital-markets access work

  United States

  Treasury participated in work examining access to public and private capital markets, including the IPO Task Force that followed a 2011 capital-access conference.

  Outcome. The work informed policy discussions about public offerings, capital formation, and the regulatory environment for emerging companies.

  Source
• 2020COVID-19 economic relief

  United States

  Treasury administered or supported emergency relief measures enacted during the COVID-19 pandemic, including assistance for businesses, households, employers, and subnational governments.

  Outcome. The programs delivered large-scale emergency support while generating continuing debate about implementation, eligibility, oversight, and fiscal cost.

  Source
• 2008Troubled Asset Relief Program

  United States

  Treasury implemented the congressionally authorized Troubled Asset Relief Program during the financial crisis. The program used federal resources to stabilize parts of the financial system and support market functioning.

  Outcome. It became one of the defining federal responses to the 2008 crisis and was subject to extensive congressional, inspector-general, and public oversight.

  Source

• 2024

  Implement outbound-investment rulesOther

  Background

  The United States adopted a framework addressing certain outbound investments viewed as relevant to national security.

  Action taken

  Treasury issued regulations and compliance FAQs defining covered transactions, exceptions, notifications, and knowledge standards.

  Aftermath

  U.S. persons and affected organizations received new compliance obligations for transactions within the program’s scope.

  Source

• 2020

  Deploy pandemic-relief programsStrategy

  Background

  The COVID-19 shock disrupted economic activity and created urgent liquidity and employment risks.

  Action taken

  Treasury implemented relief programs authorized through federal legislation for businesses, households, employers, and governments.

  Aftermath

  The programs provided emergency support but prompted scrutiny of administration, fraud controls, targeting, and fiscal exposure.

  Source

• 2008

  Implement emergency financial-stabilization authorityOther

  Background

  The global financial crisis created severe stress in credit markets and major financial institutions.

  Action taken

  Treasury implemented TARP and related measures under authority granted by Congress.

  Aftermath

  The interventions became a central part of the U.S. crisis response and remained politically and institutionally contentious.

  Source

• 2025

  Treasury announces appointment of Scott Bessent as secretary[2]United States Secretary of the Treasuryen.wikipedia.org

  Leadership change

  Scott Bessent became secretary of the treasury on January 28, 2025, according to the referenced leadership material.

• 2025

  Brandon Beach appointed treasurer of the United States[3]Treasurer of the United Statesen.wikipedia.org

  Leadership change

  Brandon Beach was formally appointed treasurer on May 28, 2025, ending a long period in which the office was held by women.

• 2024

  Treasury issues outbound-investment rules and guidance[4]Outbound Investment Program Frequently Asked Questionshome.treasury.gov

  Regulation

  Treasury published guidance concerning compliance with rules governing certain U.S. outbound investments and covered transactions.

• 2021

  Treasury announces key staff appointments[5]Treasury Announces Key Staff Appointmentshome.treasury.gov

  Leadership change

  The department announced senior staff appointments focused on the public-health and economic crises, inequality, climate change, and related policy priorities.

1. 1United States Department of the Treasuryen.wikipedia.org
2. 2United States Secretary of the Treasuryen.wikipedia.org
3. 3Treasurer of the United Statesen.wikipedia.org
4. 4Outbound Investment Program Frequently Asked Questionshome.treasury.gov
5. 5Treasury Announces Key Staff Appointmentshome.treasury.gov
6. 6Capital Markets: Public and Private Securities Offeringscongress.gov
7. 7Federal Reserve createden.wikipedia.org
8. 8Financial-crisis interventionsen.wikipedia.org
9. 9Dodd–Frank implementationen.wikipedia.org
10. 10Pandemic economic-relief administrationhome.treasury.gov