About the IRS

The U.S. Department of the Treasury oversees the management of the U.S. government’s finances and helps to set fiscal policy. The department also collects revenue in the form of taxes via the Internal Revenue Service and raises funds with the sale of government securities. Spending at the national level from these sources can influence the direction and strength of the economy.

The Treasury Department’s importance is similar to that of the Federal Reserve, which oversees monetary policy and aims to keep inflation under control and maximize employment. One of the Treasury Department’s stated missions is “to maintain a strong economy and create economic and job opportunities.” The department—which operates as part of the executive branch of government—often works hand-in-hand with the Fed to ensure that the U.S. economy is on sound footing.

What Are the Treasury Department's Responsibilities?

The Treasury Department’s primary responsibilities range from managing the federal government’s finances to overseeing currency and coinage to collecting taxes and enforcing the nation’s finance and tax laws. The Treasury Department lists its basic functions as follows:

• Economic, international economic, and fiscal policy
• Government accounting, cash, and debt management
• Promulgation and enforcement of tax and tariff laws
• Assessment and collection of internal revenue
• Production of coin and currency
• Supervision of national banks and thrifts