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Director, Press Relations
WILLIAM E. FULWIDER
The Department of the Treasury performs four basic functions: formulating and recommending economic, financial, tax, and fiscal policies; serving as financial agent for the U.S. Government; enforcing the law; and manufacturing coins and currency.
The Treasury Department was created by assigned programs, and acts for the act of September 2, 1789 (31 U.S.C. 301 Secretary in his absence. and 301 note). Many subsequent acts have figured in the development of the Under Secretary for International Department, delegating new duties to its Affairs charge and establishing the numerous
The Under Secretary for International bureaus and divisions that now comprise Affairs advises and assists the Secretary the Treasury.
and Deputy Secretary of the Treasury in
the formulation and execution of U.S. Secretary
international policy. These As a major policy adviser to the
responsibilities include the development President, the Secretary has primary of policies and guidance of Department responsibility for formulating and
activities in the areas of international recommending domestic and
monetary affairs, trade and investment international financial, economic, and policy, international debt strategy, and tax policy, participating in the
U.S. participation in international formulation of broad fiscal policies that financial institutions. The Under have general significance for the
Secretary acts as the U.S. G-7 Deputy economy; and managing the public debt. with responsibility for coordinating The Secretary also oversees the activities economic policies with finance ministers of the Department in carrying out its
from seven industrial nations and major law enforcement responsibility; in preparing the President for the annual serving as the financial agent for the U.S. economic summits. Government; and in manufacturing coins, currency, and other products for Under Secretary for Domestic customer agencies.
Finance In addition, the Secretary has many The Under Secretary for Domestic responsibilities as chief financial officer Finance advises and assists the Secretary of the Government. The Secretary serves and Deputy Secretary of the Treasury in as Chairman pro tempore of the
the areas of domestic finance, banking, Economic Policy Council and as U.S. and other related economic matters. Governor of the International Monetary These responsibilities include the Fund, the International Bank for
development of policies and guidance Reconstruction and Development, the for Treasury Department activities in the Inter-American Development Bank, and areas of financial institutions, Federal the African Development Bank. The debt finance, financial regulation, and Office of the Secretary includes the
capital markets. offices of Deputy Secretary, General Counsel, Inspector General, the Under Under Secretary for Enforcement Secretaries, the Assistant Secretaries, and
The Office of the Under Secretary for Treasurer.
Enforcement was established in fiscal
year 1994 to promote and protect the Deputy Secretary
Treasury Department's enforcement The Deputy Secretary assists the
interest, to effect an equalization across Secretary in the supervision and
other departmental secretariats as they direction of the Department and its deal on enforcement issues.
ASSISTANT SECRETARY (International
(Legislative Affairs & Publid
'Assistant Secretary (Management) is the Chief Financial Officer (CFO).
Assistant Secretaries Financial Institutions The Assistant Secretary (Domestic Finance) advises and assists the Secretary, Deputy Secretary, and Under Secretary for Finance on matters of Federal, State, and local finance, financial institutions policy, and synthetic fuels projects.
In the area of Federal finance, the Office is responsible for Government financing and debt management; determining interest rates for various Federal borrowing, lending, and investment purposes under pertinent statutes; and developing legislative and administrative principles and standards for Federal credit programs, loan asset sales, and the Federal Financing Bank.
The Office is also responsible for:
-issues involving the financing of State and local governments;
-oversight of the Office of Revenue Sharing, which returns specified amounts of federally collected funds to eligible units of general-purpose governments;
-coordinating the Treasury Department's legislative efforts with regard to financial institutions legislation and legislation affecting the Federal agencies that regulate financial institutions; and
-providing support to carry out the Department's responsibilities regarding the Securities Investor Protection Corporation, the Pension Benefit Guaranty Corporation, and synthetic fuels projects taken over from the Synthetic Fuels Corporation. Economic Policy The Assistant Secretary (Economic Policy) informs the Secretary and other senior Treasury officials of current and prospective economic developments and assists in the determination of appropriate economic policies. The Assistant Secretary:
-reviews and analyzes both domestic and international economic issues, as well as developments in the financial markets;
- participates with the Secretary in the Economic Policy Council and the Troika Forecasting Group, which develops official economic projections and advises the President on choices among
alternative courses of economic policy; and
-works closely with officials of the Office of Management and Budget, the Council of Economic Advisers, and other Government agencies on the economic forecasts underlying the yearly budget process, and advises the Secretary on the economic effects of tax and budget policy.
Within the Office of Economic Policy, staff support is provided by the Office of Financial Analysis, the Office of Special Studies, the Office of Monetary Policy Analysis, and the Applied Econometric Staff. Enforcement The Assistant Secretary (Enforcement) supervises the following operating bureaus: U.S. Secret Service; U.S. Customs Service; Federal Law Enforcement Training Center; and Alcohol, Tobacco and Firearms. In addition, the Assistant Secretary is responsible for the Office of Financial Enforcement, and the Office of Foreign Assets Control.
The Assistant Secretary coordinates Treasury law enforcement matters, including the formulation of policies for Treasury enforcement activities, and cooperates on law enforcement matters with other Federal agencies.
The important missions of protecting the President and other high Government officials and preventing counterfeiting of U.S. currency and theft and forgery of Government securities and checks are entrusted to the U.S. Secret Service.
The U.S. Customs Service collects revenue from imports and enforces the customs laws. In addition, it interdicts contraband, including narcotics, along the land and sea borders of the United States.
The Bureau of Alcohol, Tobacco and Firearms is charged with collecting excise taxes on alcoholic beverages and tobacco products; suppressing traffic in illicit distilled spirits and illegal use of explosives, and controlling the sale and registration of firearms.
The Federal Law Enforcement Training Center provides law enforcement training for personnel of Federal agencies.
The Office of Financial Enforcement Secretary, and Under Secretary for assists in implementing the Bank Secrecy International Affairs in the formulation Act and administering related Treasury and execution of policies dealing with regulations.
international monetary, financial, The Office of Foreign Assets Control commercial, energy, and trade policies assists U.S. foreign policy aims by and programs. The work of the Office is controlling assets in the United States of
organized into groups responsible for "blocked" countries and the flow of monetary affairs, developing nations, funds and trade to them.
trade and investment policy, and Fiscal Affairs The Office of the Fiscal
Arabian Peninsula affairs. Assistant Secretary was established
These functions are performed by pursuant to Reorganization Plan No. III supporting staff offices, which: of 1940 (5 U.S.C. app.). The Office -conduct financial diplomacy with supervises the administration of the industrial and developing nations and Government's fiscal affairs. This includes regions; the administration of Treasury financing -work toward improving the structure operations; management of Treasury's and operations of the international cash balances in tax and loan investment monetary system; accounts in commercial financial
-monitor developments in foreign institutions and operating balances with
exchange and other markets and official Federal Reserve Banks; and the
operations affecting those markets; Department's participation in the Joint
- facilitate structural monetary Financial Management Improvement
cooperation through the International Program for improvement of accounting
Monetary Fund and other channels; in the Federal Government. Supervision
-oversee U.S. participation in the and oversight over the functions and
multilateral development banks and activities of the Financial Management
coordinate U.S. Policies and operations Service and the Bureau of the Public
relating to bilateral and multilateral Debt are also provided.
development lending programs and The Fiscal Assistant Secretary is
institutions; responsible for improved cash
-formulate policy concerning management, debi collection, and credit
financing of trade; administration on a Governmentwide
- coordinate policies toward foreign
investments in the United States and basis under the umbrella of the Administration's Reform '88 initiative.
U.S. investments abroad; and The Office:
-analyze balance of payments and -acts as liaison between the Secretary
other basic financial and economic data, and other Government agencies with
including data on petroleum, affecting respect to their financial operations;
world payment patterns and the world -manages the cash position of the economic outlook. Treasury and projects and monitors
As part of those functions, the Office "debt subject-to-limit;"
supports the Secretary in his role as co-directs the performance of the fiscal Chairman of the U.S.-Saudi Arabian Joint agency functions of the Federal Reserve Commission on Economic Cooperation, Banks;
Co-Chairman of the U.S.-Israel Joint - conducts governmentwide
Committee for Investment and Trade, coaccounting and cash management
Chairman of the U.S.-China Joint activities;
Economic Committee, and Chairman of -exercises supervision over
the National Advisory Council on depositories of the United States; and International Monetary and Financial
-provides management overview of Policies. investment practices for Government Treasurer of the United States The trust and other accounts.
Office of the Treasurer of the United International Affairs The Office of the States was established on September 6, Assistant Secretary (International Affairs) 1777. The Treasurer was originally advises and assists the Secretary, Deputy charged with the receipt and custody of