Department of Treasury
What is the DOT and What Does it Do?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is the Department of Treasury?
The Department of Treasury is an executive department under the federal government of the United States, responsible for collecting taxes and paying bills, and enforcing finance and tax laws.
It also manages currencies, government accounts, and public debts.
What are the Agencies in the Department of Treasury?
The department was created in1789.
A few of the most important agencies of the federal government are operated under this department including:
- the Internal Revenue Service,
- the U.S. Mint,
- the Bureau of the Public Debt, and
- the Alcohol and Tobacco Tax Bureau.
The Secretary of the department monitors the international monetary and financial policy that includes foreign exchange intervention.
The secretary is appointed by the U.S president upon the approval of the Senate.
The department works for fostering economic prosperity and security in the country.
It is responsible for the production of currency and disbursing them.
It also collects money and obtains loans for running the federal government.
What is the Internal Revenue Service (IRS)?
The IRS is a bureau of the Department of Treasury and is responsible for collecting federal taxes.
It also administers and enforces the U.S. federal tax laws.
The IRS provides tax assistance to the taxpayers and pursues and resolves the cases of fraudulent and erroneous tax filings.
What are Treasury Bills and Bonds?
The U.S. Treasury issues bills and bonds for borrowing money for operating the federal government.
Bills are for short-term while bonds are for a longer period.
These bonds are a popular investment by governments, companies, and individuals across the world as these are guaranteed by the full faith and credit of the U.S. government.