Q:

What are the responsibilities of the U.S. Treasury Department?

A:

Quick Answer

The broad responsibility with which the U.S. Department of the Treasury is entrusted is to help ensure that the nation has a strong economy with plenty of job opportunities. To do this, the Treasury Department has several basic functions, including managing federal finances, managing public debt, and enforcing federal finance and tax laws.

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Full Answer

The other basic functions of the Treasury Department include paying all of the nation's bills; advising on domestic and international financial, monetary, economic, trade and tax policy; and investigating and prosecuting tax evaders, counterfeiters and forgers. The Office of the Comptroller of the Currency, a bureau within the Treasury Department, is tasked with chartering, regulating and supervising national banks and thrift institutions. The U.S. Mint, another bureau within the department, designs and manufactures domestic coinage, as well as commemorative medals, and physically maintains and protects federal gold and silver assets.

The largest bureau within the Treasury Department is the Internal Revenue Service, responsible for administering and enforcing internal revenue laws by collecting taxes, duties and monies paid to and due to the U.S. government. The department is also responsible for implementing economic sanctions against foreign threats and identifying and targeting financial networks connected to and supporting entities and nations deemed to be national security threats.

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