January 10th, 2018
Analysis of the United States Treasury Department
The Treasury department forms a core component of the US government through its role as a steward of the country’s economic and financial systems. It seeks to enhance economic outcomes such as facilitating the creation of job opportunities by establishing conditions that ensure a stable and vibrant economy (U.S. Department of the Treasury, 2011a). It also manages the government’s finances and resources and contributes to national security by protecting the financial system’s integrity (U.S. Department of the Treasury, 2011a). In subsequent sections, this paper expounds on the structure, organization and functions of the treasury department.
Structure of the Treasury Department and Related Legislation
The Treasury is comprised of two core components – the operating bureaus and the departmental offices. The primary role of the departmental offices is to formulate policies and ensure the prudent management of the operations of the department as a whole (U.S. Department of the Treasury, 2011a). A predominant majority of the department’s workforce (approximately 98 %) are engaged in the operational bureaus, whose roles differ according to the specific operations of the department (U.S. Department of the Treasury, 2011a). Currently there are eleven bureaus after one of the existing bureaus – the Office of Thrift Supervision (OTS) was integrated to the Office of the Comptroller of the Currency (OCC) in 2011 (U.S. Department of the Treasury, 2012). Other Bureaus such as the United States Secret Service (USSS) and the Federal Law Enforcement Training Center (FLETC), which were part of the Treasury department, have become independent bureaus (U.S. Department of the Treasury, 2012). The composition of the department in terms of bureaus has thus varied with formation of new bureaus (e.g. the Alcohol and Tobacco Tax and Trade Bureau – TTB), integration of bureaus (e.g. OCC and OTS) and transfer of some bureaus out of the department.
The treasury has a hierarchical organizational structure headed by the secretary of the Treasury (see figure on the appendix). Below the secretary is the deputy secretary, three inspectors general and the chief of staff (U.S. Department of the Treasury, 2011b). Reporting to the deputy secretary are the assistant secretaries and undersecretaries heading offices such as the office of domestic finance, the office of international affairs, the general counsel and the office of terrorism and financial intelligence (U.S. Department of the Treasury, 2011b). Offices such as the office of terrorism and financial intelligence comprise other offices and have hierarchical structures that extend below their respective undersecretaries (U.S. Department of the Treasury, 2010).
Go to part two here.