Ibican Department of Treasury
| Agency overview | |
|---|---|
| Formed | September 2, 1701 |
| Preceding agency |
|
| Type | Executive department |
| Jurisdiction | Ibican federal government |
| Headquarters | Treasury Building 1500 Carpathian Avenue, Willmington, West Monroe, Ibica |
| Employees | 87,336 (2019) |
| Annual budget | $20 billion (2019) |
| Agency executives |
|
| Child agency | |
The Department of the Treasury (IDT) is an executive department and the treasury of the Ibican Federal Government. Established by an Act of Congress in 1701 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the Ibican Mint, respectively; collects all federal taxes through the Internal Revenue Service; manages Ibican government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy.
The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. The Treasurer of Ibica has no fixed duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
The current Secretary of the Treasury is Myles McHenry, who was confirmed by the Ibican Senate on February 13, 2017. Elliott Gabriels, appointed on April 28, 2017, is the incumbent treasurer.
Responsibilities
Basic functions
The basic functions of the Department of the Treasury mainly include:
- Producing all currency and coinage of Ibica;
- Collecting taxes, duties and money paid to and due to Ibica;
- Paying all bills of Ibica;
- Managing the federal finances;
- Managing government accounts and Ibican public debt;
- Supervising national banks and thrift institutions;
- Advising on domestic and international financial, monetary, economic, trade and tax policy (fiscal policy being the sum of these);
- Enforcing federal finance and tax laws;
- Investigating and prosecuting tax evaders;
- Publishing statistical reports.
With respect to the estimation of revenues for the executive branch, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.
Organization
The Department of the Treasury is organized into two major components: the Departmental offices and the operating bureaus. The Departmental Offices are primarily responsible for the formulation of policy and management of the Department as a whole, while the operating bureaus carry out the specific operations assigned to the Department.
Structure
- Secretary of the Treasury
- Deputy Secretary of the Treasury
- Treasurer of Ibica
- Bureau of Engraving and Printing
- Ibican Mint
- Under Secretary for Domestic Finance
- Assistant Secretary for Financial Institutions
- Office of Financial Institutions
- Assistant Secretary for Financial Markets
- Office of Financial Markets
- Fiscal Assistant Secretary
- Office of Fiscal Service
- Bureau of the Fiscal Service
- Assistant Secretary for Financial Stability
- Office of Financial Stability
- Assistant Secretary for Financial Institutions
- Under Secretary for International Affairs
- Assistant Secretary for International Markets and Development
- Assistant Secretary for International Affairs
- Office of Environment and Energy
- Under Secretary for Terrorism and Financial Intelligence (Office of Terrorism and Financial Intelligence)
- Assistant Secretary for Terrorist Financing
- Office of Terrorist Financing and Financial Crimes
- Assistant Secretary for Intelligence and Analysis
- Office of Intelligence and Analysis
- Financial Crimes Enforcement Network
- Office of Foreign Assets Control
- Treasury Executive Office for Asset Forfeiture
- Assistant Secretary for Terrorist Financing
- Assistant Secretary for Management / Chief Financial Officer / Performance Improvement Officer
- Assistant Secretary for Economic Policy
- Assistant Secretary for Legislative Affairs
- Assistant Secretary for Public Affairs/Director of policy planning
- Assistant Secretary for Tax Policy
- Alcohol and Tobacco Tax and Trade Bureau
- Commissioner of Internal Revenue
- Office of the Comptroller of the Currency
- Office of the General Counsel
- Office of the Inspector General
- Treasury Inspector General for Tax Administration (TIGTA)
- Treasurer of Ibica
- Deputy Secretary of the Treasury
Bureaus
| Bureau | Description |
| The Alcohol and Tobacco Tax and Trade Bureau (TTB) | The Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for enforcing and administering laws covering the production, use, and distribution of alcohol and tobacco products. TTB also collects excise taxes for firearms and ammunition. |
| The Bureau of Engraving & Printing (BEP) | The Bureau of Engraving & Printing (BEP) designs and manufactures Ibican currency, securities, and other official certificates and awards. |
| The Bureau of the Fiscal Service | The Bureau of the Fiscal Service was formed from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Its mission is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services. |
| The Community Development Financial Institution (CDFI) Fund | The Community Development Financial Institution (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. |
| The Financial Crimes Enforcement Network (FinCEN) | The Financial Crimes Enforcement Network (FinCEN) supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes. It also provides Ibican policy makers with strategic analyses of domestic and worldwide trends and patterns. |
| The Inspector General | The Inspector General conducts independent audits, investigations and reviews to help the Treasury Department accomplish its mission; improve its programs and operations; promote economy, efficiency and effectiveness; and prevent and detect fraud and abuse. |
| The Treasury Inspector General for Tax Administration (TIGTA) | The Treasury Inspector General for Tax Administration (TIGTA) provides leadership and coordination and recommends policy for activities designed to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws. TIGTA also recommends policies to prevent and detect fraud and abuse in the programs and operations of the IRS and related entities. |
| The Internal Revenue Service | The Internal Revenue Service (IRS) is the largest of Treasury's bureaus. It is responsible for determining, assessing, and collecting internal revenue in Ibica. |
| The Office of the Comptroller of the Currency (OCC) | The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system that supports the citizens, communities, and economy of Ibica. |
| The Ibican Mint | The Ibican Mint designs and manufactures domestic, bullion and foreign coins as well as commemorative medals and other numismatic items. The Mint also distributes Ibican coins to the Federal Reserve banks as well as maintains physical custody and protection of the nation's silver and gold assets. |
Freedom of Information Act processing performance
In the latest Center for Effective Government analysis of the fifteen federal agencies that receive the most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the Treasury failed to earn a satisfactory overall grade.