US Treasury Department is an executive organization that belongs to the American federal government. Main duties of the department are to produce currency, collect taxes, pay federal bills, monitor banks, manage American government debt as well as offer suggestions on American fiscal regulations. Here you can click on the org chart below to check the details of the US Treasury Department.
US Treasury Department: Other Key Missions
The Department aims to strengthen a competitive national economy system by offering more job opportunities. A better economic cycle may further benefit stable economic growth and good national security. U.S. government behaviors are important in terms of policy-making process, which are analyzed for the integrity of the financial system. Other basic functions of the US Treasury Department include improving federal finance and tax regulations; overseeing taxpayers and carrying out statistical research.
Important Sub-divisions in the US Treasury Department
Generally, the US Treasury Department covers some main categories for its organizational structure: the Inspectors General and a series of Offices. Besides, some Bureaus are included in terms of the workforce of the Treasury Department.
The General has three branches: the Office of Inspector General (OIG); the Treasury Inspector General for Tax Admin. (TIGTA), and the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). OIG normally manages independent audits, monitors financial fraud to support the overall US Treasury Department, and develops projects to incentive national economy. The function of TIGTA is to ensure the effectiveness of the internal revenue regulations. SIGTARP coordinate audits and checks the sales of national assets.
All the Offices in the US Treasury Department are primarily responsible for the formulation of fiscal policy and the general management of the whole Treasury Department. The Offices cover a wide range of fields and subjects in finance and economy. Feel free to check some of the Offices below.
- Domestic Finance – The team supports and builds the policy-making process of economic issues, such as financial regulations, the management of financial institutions, domestic finance, and banking.
- Economic Policy – This part reports regarding national economic development by checking and analyzing both the domestic and worldwide capital markets.
- International Affairs – The goal of this sub-division is to improve the external environment for U.S. economic growth, manage considerable global challenges and ensure global financial stability.
- Management – The Management sub-departments are responsible for all the internal management activities within the US Treasury Department. Such activities include human resource management, information and technology management, procurement and some other administrative issues.
- Office of Financial Research (OFR) – OFR mainly targets on the national financial stability by studying financial data, carrying out suitable practices in risk management and so on. Sometimes OFR may cooperate with some other American federal agencies.
- Terrorism and Financial Intelligence (TFI) – TFI enforces federal strategies to against financial crimes, like terrorist financing, both in the domestic and international markets.
This part in the US Treasury Department accounts the majority of the Treasury work force. Main duties of all these Bureaus are to undertake specific financial operations for the economy. So far, the total number of Bureaus are 10 in the Treasury Department. Each of them has specific missions and functions. For example, the Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for managing regulations of the uses of alcohol and tobacco products. The Financial Crimes Enforcement Network (FinCEN) assists any investigations of domestic and global financial crimes.