U.S. Department of Treasury

Department of Treasury

The primary aim of the U.S. Department of the Treasury is the maintenance of a strong economy and the creation of job opportunities for the American people (U.S. Treasury, 2010). The Department achieves this through three key focuses. The first focus is the promotion of conditions that enable prolific economic stability and growth both within the U.S. As well as abroad. The second focus is on strengthening national security of the U.S. By effectively eliminating threats and through the protection of the integrity of the nation's financial system. The third focus of the U.S. Treasury is the effective management of the U.S. Government's resources and finances (U.S. Treasury, 2010). The most important vision of the Treasury is to set the international standards in economic and financial leadership (U.S. Treasury, 2010).

There are several core values that underlie all of the functions and activities of the U.S. Department of the Treasury (U.S. Treasury, 2010). First, there is an emphasis on service, as all of the work done by the Treasury is aimed at the benefit of the American public. A second core value is integrity. The Treasury aspires to maintain the highest ethical standards of dependability, trustworthiness, and honesty as it executes its functions and activities. Excellence is the third value, as the Treasury strives to operate at its absolute best, always working towards improvement, adaptation, and innovation. The fourth core value is objectivity, which is promoted through the active encouragement of differing and independent views. The fifth value of the Treasury is accountability. The Treasury always takes full responsibility for the work and conduct executed by its offices and bureaus. The final core value of the Treasury is community. This is evident in the Treasury's dedication to outstanding customer service, teamwork and collaboration in the promotion of diversity (U.S. Treasury, 2010).

Essentially, the U.S. Treasury Department is the most prominent agency that holds responsibility for the promotion and assurance of economic prosperity and financial security of the U.S. both at home and abroad as a highly influential component of the vast global economy (U.S. Treasury, 2010). There are a wide range of activities conducted by the Treasury that work towards these ends. These activities include encouraging economic growth, overseeing and promoting improved governance in financial institutions, and providing the president with guidance in regards to economic and financial matters (U.S. Treasury, 2010).

One of the most prominent activities of the U.S. Treasury is the maintenance and operation of systems crucial to the financial infrastructure of the country. This is achieved through the production of currency and coin, collection of revenue, disbursing various payments to the American people, and assessing and borrowing funds necessary for effective operation of the federal government (U.S. Treasury, 2010). There is an important cooperation between the U.S. Treasury and other governmental agencies, as well as foreign governments and financial institutions predict and prevent economic and financial crises, which in turn raises the standard of living for the American public (U.S. Treasury, 2010).

The enhancement of national security is an important function of the U.S. Treasury Department. This is a critical and far-reaching function that is practiced through the implementation of economic sanctions against foreign threats, as well as the identification and targeting of the financial networks that support these national security threats (U.S. Treasury, 2010). Moreover, these activities contribute to the improvement of safeguarding for the American financial system (U.S. Treasury, 2010).

There are two major components to the U.S. Department of the Treasury: the Departmental offices and the operating bureaus. The primary responsibility of the Departmental offices is the formulation of policy and management of the Treasury as a whole (U.S. Treasury, 2010). The main responsibility of the operating bureaus, which make up 98% of the Treasury workforce, is the execution of specific operations assigned to the Department of the Treasury (U.S. Treasury, 2010). Overall, the basic functions of these Department of the Treasury as a whole are: the collection of taxes, monies paid, and duties that are due to the U.S. Government; the payment of debts and bills owed by the U.S.; management of federal finances; creation and management of currency and coinage; management of Government accounts and public debt; the enforcement of federal tax and finance laws; supervision of national banks; advising on international and domestic economic, financial, monetary, tax, and trade policy; and the investigation and prosecution of counterfeiters, forgers, and tax evaders (U.S. Treasury, 2010).