What does the Department of the Treasury do?
The Department of the Treasury is a cabinet-level executive branch agency responsible for overseeing economic conditions and ensuring the financial security of the United States. The department's functions include advising the president on economic matters, managing federal finances, collecting taxes through the Internal Revenue Service, producing currency, and supervising national banks. It was established in 1789 and is the second-oldest department in the federal government.
Other names and abbreviations for the Department of the Treasury:
- Department of Treasury
- TREAS
$1.3T
19.5%
The Department of the Treasury accounted for 19.5% of all federal spending in FY 2024.
10 government agencies accounted for 97.0% of federal spending in FY 2024
The Department of the Treasury’s share of federal spending in FY 2024 was higher than FY 1980.
Percentage of federal budget dedicated to TREAS, FYs 1980–2024
How did the Department of the Treasury spend its budget in 2024?
Federal government spending isolated to TREAS, FY 2024
The Department of the Treasury’s highest-spending division is the Internal Revenue Service.
TREAS spending by division, FY 2024
Who leads the Department of the Treasury?
The Treasury is led by the secretary of the Treasury, who is nominated by the president, confirmed by the Senate, and then sworn into office. They are one of the 15 cabinet members who serve at the president's discretion. This appointed position typically ends when the appointee resigns, is replaced, or when a new president takes office and appoints their own cabinet. Some cabinet members serve temporarily during transitions between administrations.
Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
Office of Management and Budget and US Department of the Treasury
Budget of the US Government and Monthly Treasury Statement