Duties and Functions FAQs (2024)

FAQs

How does the Department of Treasury affect me? ›

Treasury operates and maintains systems that are critical to the Nation's financial infrastructure, such as disbursing payments to the American public, collecting taxes, producing coins and currency, and issuing debt necessary to run the Federal government.

The Secretary of the Treasury is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.

The secretary of the treasury is a Level I position in the Executive Schedule, thus earning the salary prescribed for that level (US$246,400, as of January 2024).

Economic, international economic, and fiscal policy.

The purpose of the treasury department is to manage the financial resources of an organization so it reaches its goals (strategic and operational). Treasurers manage both the money and the risk associated with their financial assets.

A Treasurer is responsible for managing an organization's financial aspects, including risk management, cash management, investment decisions, and financial planning. They should have a strong understanding of financial legislation, market trends, and financial management software.

The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production.

For example, the President is typically responsible for entering into contracts on behalf of the corporation, the Treasurer is responsible for maintaining and accounting for corporate funds, and the Secretary is responsible for observing corporate formalities and maintaining corporate records.

Is the Secretary of the Treasury the Same As the U.S. Treasurer? No, the secretary of the Treasury and the U.S. Treasurer are not the same. The secretary is considered to be the CFO of the United States government.

The Treasurer provides financing for our schools, roads, housing, levees, public health facilities, and other crucial infrastructure projects that better the lives of all Californians.

Who protects the Secretary of the Treasury? ›

The fiscal year (FY) 1976 appropriation is available for such protection since Congress acquiesced in the intended use of the Secret Service appropriation for protection of the Secretary of the Treasury.

The IRS is a bureau of the Department of the Treasury and one of the world's most efficient tax administrators.

The Treasury Inspector General for Tax Administration (TIGTA) investigates allegations of extortion, bribery, theft, taxpayer abuses, false statements, financial fraud, and contract fraud by IRS employees.

Treasury Offset Program

Collects delinquent debts, including unpaid loans, overpayments, fines, penalties, and child support obligations, by offsetting eligible federal and state payments, including federal benefit, tax refunds, salary, civil service and military retirement, and vendor payments.

Before your debt is referred to these programs, the agency to whom you owe the debt will send you a letter notifying you of the debt, alerting you to the consequences of non-payment, and providing you with an opportunity to ask questions about the debt or enter into a repayment agreement based on your ability to pay.

Within Corporate Treasury, the two most prominent areas of Risk Management are FX (foreign exchange) risk, which concerns foreign currency, and interest rate risk, which concerns the cost of borrowing.