What does the Department of the Treasury do?

Updates published annually

The Department of the Treasury (Department of Treasury, TREAS) 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.

In FY 2024,

$1.3T

was spent by the Department of the Treasury

In FY 2024,

19.5%

of federal spending was by the Department of the Treasury

How much does the Department of the Treasury spend?

The Department of the Treasury spent $1.32 trillion in fiscal year (FY) 2024. This was 19.5% of the $6.78 trillion in overall federal spending. The department ranked third among federal agencies in total spending.

The Department of the Treasury accounted for 19.5% of all federal spending in FY 2024.

Share of TREAS net spending compared to the top ten highest spending agencies in FY 2024

Federal spending may shift over time due to population growth, changes in policy and programs, and emerging problems to address. Adjusting for inflation, the Department of the Treasury’s federal spending has increased from $297.5 billion in 1980 to $1.32 trillion in 2024.

The Department of the Treasury’s federal spending in FY 2024 was higher than in FY 1980.

Yearly federal net spending by TREAS, adjusted for inflation (2024 dollars), FYs 1980–2024

Since 1980, the Department of the Treasury's spending has increased 343.8%, while overall spending has increased 193.7%.

The department’s spending grew more than overall spending, which means that the department’s share of the federal budget increased. In 2024, TREAS accounted for 19.5% of all federal spending. That’s 6.7 percentage points higher than 2014 and 6.6 points higher than in 1980.

Major legislation, internal or global economic conditions, and acute events like the COVID-19 pandemic can affect spending year to year. For example, the federal budget fluctuated during the pandemic, rising from $5.3 trillion (in 2023 dollars) in 2019 to $7.7 trillion in 2020 and $7.8 trillion in 2021.

The Department of the Treasury’s share of federal spending in FY 2024 was higher than in FY 1980.

Percentage of federal budget dedicated to TREAS, FYs 1980–2024

Most federal spending can be categorized as direct or indirect. Direct spending refers to money the federal government spends on budget items such as federal programs, employee salaries, and debt interest. Indirect spending refers to federal transfers to state and local governments.

In FY 2024, the Department of the Treasury transferred 1.6% of its total spending to states and local governments.

The chart below outlines all TREAS spending.

How did the Department of the Treasury spend its budget in 2024?

Federal government net spending isolated to TREAS, FY 2024

Federal agencies often contain divisions including bureaus, offices, and subagencies. In FY 2024, the Department of the Treasury divisions with the highest expenditures were the Internal Revenue Service, the Bureau of the Fiscal Service, and the Alcohol and Tobacco Tax and Trade Bureau.

The Department of the Treasury's highest-spending division is the Internal Revenue Service.

TREAS net spending by division, FY 2024

Read related content about the Department of the Treasury:

How much money the government collects: About $4.9 trillion in 2024. This is about $14,600 per person in the US, however individual contributions vary based on income, spending, and other factors. Government revenue is the total amount of money received from individual and corporate taxes, and other sources that are used to pay for government spending.
How much debt the US has: About $35.8 trillion as of January 2025. The federal government borrows money when its spending and investments cannot be funded by federal revenue alone; this debt enables the government to pay for programs and services when funds aren’t immediately available.

How many people work for the Department of the Treasury?

Some 114,000 of the 2.31 million total civilian federal employees work for the Department of the Treasury as of September 2024. This is 8.6% more people than the department staffed in 2010.

The number of federal employees working for the Department of the Treasury has increased 8.6% since 2010.

Number of federal employees working for TREAS, September 2010–2024

TREAS accounts for 4.9% of the overall federal workforce. As the number of federal employees has changed, so too has the way the workforce is organized, with resources allocated to agencies depending on government priorities. TREAS constituted a smaller share of the overall federal workforce in September 2024 than in 2010 (5.1%).

While the number of employees on an agency’s payroll contributes to that agency’s expenditures, some agencies have relatively few employees compared to their budget or vice versa, giving them an outsized share of either the budget or the workforce. According to the most recent data, the Department of the Treasury's share of the workforce (4.9%) is smaller than its share of the budget (19.5%).

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.

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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 Personnel Management
FedScope
Office of Management and Budget and US Department of the Treasury
Budget of the US Government and Monthly Treasury Statement