The United States Department of the Treasury is the king of taxation in America and includes the Office of the Secretary as well as Departmental Offices. Without the Department of Treasury, the taxation process, as well as most of the financial workings of the American economy as it is known today, would not exist.

Departments

The Bureau of Engraving and Printing (BEP) makes the nation’s paper currency while the National Mint produces coin money. The Internal Revenue Service (IRS) is responsible for handling income taxes and looking after other forms of Federal Government profits. The Financial Management Service (FMS) oversees all of the Federal Government’s accounts while the Bureau of Public Debt handles the sale and redemption of Treasury bonds, notes, and bills. The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) watch over and regulate savings institutions and National banks.

Employment and Budget

During the fiscal year 2003, the Department of Treasury employed 116,675 full-time civilian employees. The budget for the Department of Treasury was a base $11.1 billion dollars but came to a total of $357.7 billion once debt financing and credits were factored in.

Treasury Seal

The Department of Treasury’s seal has seen changes throughout the years. The current seal was approved on January 29, 1968 by Treasury secretary Henry H. Fowler. It is the same seal that was used under the Articles of Confederation by the Board of Treasury. Thus, the seal pre-dates the Federal Government. The seal’s inscription was changed from the original (Thesaur. Amer. Septent. Sigil) which translates to “The Seal of the Treasury of North America.” The present inscription reads, “The Department of the Treasury.” The year 1789 was added to the seal in reference to the year that the Department was created. The seal itself depicts two balancing arms which symbolize justice, a key that represents authority, and a chevron with thirteen stars that stand for the thirteen original states. The seal is thought to be designed by a man named Francis Hopkinson based on the fact that the seal resembles other seals he is known to have made, as well as the fact that he submitted several bills to Congress in 1780 that dealt with departmental seal design.