Department of the Treasury

Office address: 1500 Pennsylvania Ave., NW, Washington, DC
Website: treasury.gov
Year established: 1789
Company type: government agency
Employees: 100,000+
Expertise: fiscal policy, tax administration, currency and coinage, public debt management, financial sanctions enforcement, national banking supervision, financial crimes investigation, international monetary policy, government payments disbursement, economic policy advisory
Parent company: US federal government (executive branch)
Key people: Scott Bessent (treasury secretary), Derek Theurer (deputy treasury secretary), Samantha Schwab (deputy CoS), Hunter McMaster (policy planning director), Rachel Miller (executive secretary), Brandon Beach (US treasurer), Brian Morrissey (general counsel)
Financing status: government-funded

The US Department of the Treasury serves as the federal government's main finance and economic policy agency. Based in Washington, the agency employs over 100,000 workers through seven operating bureaus. It also implements economic sanctions and runs the US Mint, which produces all circulating coins.

History of Department of the Treasury

The Treasury Department was born from a financial disaster that nearly ended the Revolution. The Continental Congress had printed paper money to fund the war, but it collapsed by 1781.

Congress established the department in 1789 to restore trust in American finances. Alexander Hamilton took office as the first treasury secretary and pushed to repay all $75 million in war debt.

A headquarters forged by fire

The Department of the Treasury's current home in Washington almost didn't survive to see the 20th century. The British burned the original Treasury Building in 1814, and arsonists destroyed its replacement in 1833.

Construction on the current Greek Revival structure began in 1836 and took 33 years to finish. The building served as barracks during the Civil War and a temporary White House in 1865.

The birthplace of federal agencies

Few people realize how many federal agencies got their start inside Treasury. The Postal Service operated under Treasury until 1829, and the Coast Guard remained there until 1967.

The Civil War pushed Treasury to create the Bureau of Internal Revenue and the nation's first paper currency. These wartime innovations still shape how the federal government collects revenue and manages money today.

Department of the Treasury's newer challenges

The modern era has tested Treasury's ability to respond to economic shocks on a massive scale. The 2008 financial crisis led Secretary Henry Paulson to launch a $700 billion bailout program.

The COVID-19 pandemic turned Treasury into a relief machine that sent stimulus checks to millions of families. Secretary Scott Bessent took office in January 2025 with a $37.6 trillion national debt to manage.

One of the department's newest projects is Trump Accounts, a tax-preferred savings vehicle for American children. The program seeks to help families build long-term wealth, and industry groups have urged the US Treasury to expand access.

Department of the Treasury services

The US Treasury offers public services that range from tax collection to currency production:

Bonds and securities

• savings bonds: buy, manage, and redeem government-backed securities
• Treasury Hunt: search for matured or forgotten bonds

Tax services

• IRS forms and publications: access federal tax documents and guidelines
• refund status tool: track federal tax refund progress online

Currency and coins

• coin products: collectible and circulating coins from the US Mint
• currency products: uncut sheets and special edition bills
• damaged currency redemption: exchange mutilated bills for value

Payments and benefits

• Direct Express Card: prepaid debit card for federal benefits
• GoDirect: electronic deposit for federal payments

Grants and community programs

• CDFI Fund: financing for underserved communities
• RESTORE Act: Gulf Coast restoration grants

The Department of the Treasury also runs IRS auctions for seized assets and government-owned properties. It enforces economic sanctions through OFAC and fights financial crimes through FinCEN.

Culture and corporate values

The Department of the Treasury states that a diverse workforce boosts productivity and helps it stay competitive. The department offers flexible policies that let employees balance work with personal life. It lists several reasons to consider a career with Treasury:

• mission and public service: shape US economic policy and serve Americans
• policy influence: research and inform national economic decisions
• professional environment: open communication and respect for contributions
• learning and development: hands-on growth from day one
• career stages: roles from entry-level to pre-retirement
• location: near the White House with nationwide offices

The Treasury's benefits cover health, professional growth, and family needs:

• compensation: salaries, bonuses, and performance-based awards
• time off: 10 paid holidays, 13 sick days, 13 to 26 vacation days
• health coverage: medical, vision, dental, life insurance with 75 percent premiums covered
• retirement: lifetime annuity, 401(k) with employer match, Social Security
• work-life support: flexible schedules, spending accounts, wellness programs
• professional development: on-the-job training, tuition assistance, TEI leadership programs

The Department of the Treasury also gives hiring preference to veterans and disabled veterans. Its Non-Paid Work Experience and Operation Warfighter programs provide unpaid internships for wounded warriors.

About Secretary Scott Bessent and key people

Scott Bessent became the 79th Secretary of the Treasury in 2025 after four decades in investment management. He founded Key Square Capital Management and served as its CEO and chief investment officer. Bessent holds a bachelor's degree from Yale University.

Several officials support Bessent in managing the Department of the Treasury's core functions:

• Derek Theurer serves as deputy secretary, assisting with daily operations and policy oversight
• Samantha Schwab is deputy chief of staff, supporting leadership with strategy and coordination
• Hunter McMaster is director of policy planning, shaping the department's long-term policy goals
• Rachel Miller serves as executive secretary, handling communications and administrative matters department-wide
• Brandon Beach is treasurer of the United States, overseeing currency with his signature on US bills
• Brian Morrissey works as general counsel, advising on legal matters affecting department decisions

These leaders guide efforts to strengthen the US economy and protect the financial system. They manage government finances while promoting stability at home and abroad.

The future at the Department of the Treasury

The Treasury Department delayed an anti-money-laundering rule for investment advisors from January 2026 to January 2028. The department said the extra time will help tailor the Financial Crimes Enforcement Network rule to different business models. Senator Elizabeth Warren and other lawmakers have since questioned whether Treasury will uphold the rule or scale it back.

On another front, the Department of the Treasury canceled all 31 contracts with Booz Allen Hamilton, a major government consulting firm, in January 2026. The decision followed a data breach in which a former contractor leaked tax records of President Trump and about 406,000 other taxpayers. Secretary Bessent said the move aims to rebuild public trust and hold contractors accountable for protecting sensitive data.

The latest Department of the Treasury news