Duties and Functions FAQs

Duties and Functions

What are the duties and functions of the Treasury Department?

The Treasury Department includes the Office of the Secretary and the Departmental Offices. This is where all of the policy-making offices are found. Each office has an Assistant Secretary directly responsible for its activities. In addition, there are many bureaus with different responsibilities.

Secretary and Senior Officials

Who is the current Secretary of the Treasury and what does she do?

Janet Yellen is the Secretary of the Treasury.

The Secretary of the Treasury is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Treasury Department in carrying out her major law enforcement responsibilities; in serving as the financial agent for the U.S. Government; and in manufacturing coins and currency.

The chief financial officer of the Government, the Secretary of the Treasury serves on the President's National Economic Council. She is also Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, Chairman of the Thrift Depositor Protection Oversight Board, and serves as U.S. Governor of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development.

What does the Deputy Secretary of the Treasury do?

The Deputy Secretary of the Treasury advises and assists the Secretary of the Treasury in the supervision and direction of the Department and its activities, and succeeds the Secretary in her absence, sickness, or unavailability. The Deputy Secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the Department's activities.

What does the Treasurer of the United States do?

The office of Treasurer of the United States is the only Treasury office older than the Department itself. The Treasurer was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different Treasury Bureaus. Responsibility for oversight of the Bureau of Engraving and Printing (BEP) and the United States Mint was assigned to the Treasurer in 1981. In 1994, the Treasurer was named National Honorary Director of the U.S. Savings Bonds Campaign.