The secretary of the Treasury is another important member of the president’s cabinet. The Treasury oversees the federal government’s economic policies and implements the programs chosen by the president. The department’s secretary is responsible for advising the president on economic matters.
One of the secretary’s duties is overseeing the country’s financial sector, which is also known as “Wall Street.” This involves enforcing tax and finance laws. The department also consults with the nation’s largest companies to ensure that there are not major issues that could damage the overall economy.
The Treasury secretary also takes care of the nation’s currency. Janet Yellen, who is the current secretary, is responsible for deciding how much money to print. The department also works with the Federal Reserve on financial policy.
The Treasury also controls the Office of Tax Policy and the Internal Revenue Service (IRS). These agencies create and implement tax policies and collect taxes from the citizenry. The Office of Tax Policy is tasked with estimating tax revenues so that the president can create a budget and also collect outstanding debts from those who owe money.
History of the Treasury
The Treasury was established in 1789 by Congress, and Alexander Hamilton was the first secretary.
Hamilton was given this position because he had a history of managing finances. At this point in history, the country was in debt from having to fight the war against the British. But under Hamilton’s leadership, and the efforts of other Americans, the nation was able to pay off its debts and rebuild its financial reputation among other nations.
The president often talks with the secretary of the Treasury for advice on economic issues. In the event of an economic catastrophe, a big part of this job becomes trying to create solutions. Without this department, the United States would never have achieved the level of dominance that it has on the world stage.