Legal Definitions - Treasury Department

The Treasury Department, also known as the Department of the Treasury, is a part of the federal government that is responsible for managing the country's finances.

The department was created by Congress in 1789 and is headed by the Secretary of the Treasury. Its main responsibilities include:

• Recommending tax and fiscal policies
• Collecting taxes
• Disbursing U.S. government funds
• Enforcing tax laws
• Manufacturing coins and currency

For example, if you pay taxes to the government, the Treasury Department is responsible for collecting that money and using it to fund various government programs. They also manufacture the coins and bills that you use to buy things every day.