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United States Treasury

  • Date Submitted: 04/06/2010 07:18 PM
  • Flesch-Kincaid Score: 39.9 
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The basic functions of the Department of the Treasury include:
  Managing federal finances;
      Collecting taxes, duties   and monies paid to and due to the U.S. and paying all bills of   the U.S.;
      Producing all postage stamps,   currency,   and coinage;
      Managing government accounts and the United States public   debt;
      Supervising national banks   and thrift institutions;
      Advising on domestic and international financial, monetary,   economic,   trade and tax policy   – fiscal policy   being the sum of these, and the ultimate responsibility of   Congress.
      Enforcing Federal finance and tax laws;
      Investigating and prosecuting tax evaders,   counterfeiters,   forgers, smugglers,   illicit spirits distillers,   and gun law   violators.
    With respect to the estimation of revenues for the executive branch, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.
The term Treasury reform usually refers narrowly to reform of monetary policy and related economic policy and accounting reform. The broader term monetary reform usually refers to reform of policy of institutions such as the International Monetary Fund.
Reorganization in 2003:
Congress transferred several agencies that had previously been under the aegis of the Treasury department to other departments as a consequence of the September 11, 2001 terrorist attacks. Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the Department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002. The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives, were transferred to the...

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