What does the Department of the Treasury do?

Data updated January 23, 2025

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
In FY 2024,

$1.3T

was spent by the Dept. of the Treasury
In FY 2024,

19.5%

of federal spending was by the Dept. of the Treasury
The Department of the Treasury spent $1.3 trillion in fiscal year (FY) 2024. This was 19.5% of the $6.8 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.

10 government agencies accounted for 97.0% of federal spending in FY 2024

Federal spending may shift over time due to population growth, changes in policy and programs, and emerging problems to address. Since 1980, overall federal spending has risen 193.7%, while Department of the Treasury spending has increased 348.1%.
The department’s spending grew more than overall spending, which means that the department’s share of the federal budget increased. In 2024, the Department of the Treasury (TREAS) accounted for 19.5% of all federal spending, 6.6 percentage points higher than in 1980. In the last 10 years, that share has increased 6.8 points.
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 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 1.5% 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 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 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

    Office of Management and Budget and US Department of the Treasury logo