Director, Press Relations

Director, Congressional Affairs

WILLIAM E. FULWIDER JOHN L. VON SEGGERN

The Treasury Department was created by act of September 2, 1789 (31 U.S.C. 301 and 301 note). Many subsequent acts have figured in the development of the Department, delegating new duties to its charge and establishing the numerous bureaus and divisions that now comprise the Treasury.

Secretary

As a major policy adviser to the President, the Secretary has primary responsibility 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 also oversees the activities of the Department in carrying out its major law enforcement responsibility; in serving as the financial agent for the U.S. Government; and in manufacturing coins, currency, and other products for customer agencies.

In addition, the Secretary has many responsibilities as chief financial officer of the Government. The Secretary serves as Chairman pro tempore of the Economic Policy Council and as U.S. Governor of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the African Development Bank. The Office of the Secretary includes the offices of Deputy Secretary, General Counsel, Inspector General, the Under Secretaries, the Assistant Secretaries, and Treasurer.

Deputy Secretary

The Deputy Secretary assists the Secretary in the supervision and direction of the Department and its

assigned programs, and acts for the Secretary in his absence.

Under Secretary for International
Affairs

The Under Secretary for International Affairs advises and assists the Secretary and Deputy Secretary of the Treasury in the formulation and execution of U.S. international policy. These responsibilities include the development of policies and guidance of Department activities in the areas of international monetary affairs, trade and investment policy, international debt strategy, and U.S. participation in international financial institutions. The Under Secretary acts as the U.S. G-7 Deputy with responsibility for coordinating economic policies with finance ministers from seven industrial nations and preparing the President for the annual economic summits.

Under Secretary for Domestic
Finance

The Under Secretary for Domestic Finance advises and assists the Secretary and Deputy Secretary of the Treasury in the areas of domestic finance, banking, and other related economic matters. These responsibilities include the development of policies and guidance for Treasury Department activities in the areas of financial institutions, Federal debt finance, financial regulation, and capital markets.

Under Secretary for Enforcement The Office of the Under Secretary for Enforcement was established in fiscal year 1994 to promote and protect the Treasury Department's enforcement interest, to effect an equalization across other departmental secretariats as they deal on enforcement issues.

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 assists in implementing the Bank Secrecy Act and administering related Treasury regulations.

The Office of Foreign Assets Control assists U.S. foreign policy aims by controlling assets in the United States of "blocked" countries and the flow of funds and trade to them.

Fiscal Affairs The Office of the Fiscal Assistant Secretary was established pursuant to Reorganization Plan No. III of 1940 (5 U.S.C. app.). The Office supervises the administration of the Government's fiscal affairs. This includes the administration of Treasury financing operations; management of Treasury's cash balances in tax and loan investment accounts in commercial financial institutions and operating balances with Federal Reserve Banks; and the Department's participation in the Joint Financial Management Improvement Program for improvement of accounting in the Federal Government. Supervision and oversight over the functions and activities of the Financial Management Service and the Bureau of the Public Debt are also provided.

The Fiscal Assistant Secretary is responsible for improved cash management, debt collection, and credit administration on a Governmentwide basis under the umbrella of the Administration's Reform '88 initiative. The Office:

-acts as liaison between the Secretary and other Government agencies with respect to their financial operations;

-manages the cash position of the Treasury and projects and monitors "debt subject-to-limit;"

-directs the performance of the fiscal agency functions of the Federal Reserve Banks;

-conducts governmentwide accounting and cash management activities;

-exercises supervision over depositories of the United States; and -provides management overview of investment practices for Government trust and other accounts.

International Affairs The Office of the Assistant Secretary (International Affairs) advises and assists the Secretary, Deputy

Secretary, and Under Secretary for International Affairs in the formulation and execution of policies dealing with international monetary, financial, commercial, energy, and trade policies and programs. The work of the Office is organized into groups responsible for monetary affairs, developing nations, trade and investment policy, and Arabian Peninsula affairs.

These functions are performed by supporting staff offices, which:

conduct financial diplomacy with industrial and developing nations and regions;

work toward improving the structure and operations of the international monetary system;

-monitor developments in foreign exchange and other markets and official operations affecting those markets;

-facilitate structural monetary cooperation through the International Monetary Fund and other channels;

-oversee U.S. participation in the multilateral development banks and coordinate U.S. policies and operations relating to bilateral and multilateral development lending programs and institutions;

-formulate policy concerning financing of trade;

-coordinate policies toward foreign investments in the United States and U.S. investments abroad; and

-analyze balance of payments and other basic financial and economic data, including data on petroleum, affecting world payment patterns and the world economic outlook.

As part of those functions, the Office supports the Secretary in his role as coChairman of the U.S.-Saudi Arabian Joint Commission on Economic Cooperation, co-Chairman of the U.S.-Israel Joint Committee for Investment and Trade, coChairman of the U.S.-China Joint Economic Committee, and Chairman of the National Advisory Council on International Monetary and Financial Policies.

Treasurer of the United States The Office of the Treasurer of the United States was established on September 6, 1777. The Treasurer was originally charged with the receipt and custody of