Treasury Department Overview: The Treasury Department performs these essential functions for the federal government:
- Managing federal finances, including the public debt
- Collecting taxes, duties and monies due to the federal government
- Paying all bills of the federal government
- Currency and coinage
- Supervising national banks and thrift institutions
- Advising on domestic and international financial, monetary, economic, tax and trade policy
Treasury Offices: Treasury Offices formulate policy and provide overall management direction for the Treasury Department, and include:
- Domestic Finance
- Economic Policy
- General Counsel
- International Affairs
- Management/CFO
- Public Affairs
- Tax Policy
- Terrorism and Financial Intelligence (TFI)
- Treasurer of the United States
Treasury Bureaus: Treasury Bureaus carry out the specific tasks of the Treasury Department, employ 98% of its workforce, and include:
- Alcohol, Tobacco, Tax and Trade Bureau (TTB)
- Bureau of Engraving and Printing (BEP)
- Bureau of Public Debt
- Community Development Financial Institution (CDFI) Fund
- Financial Crimes Enforcement Network (FinCEN)
- Financial Management Service (FMS)
- Inspector General
- Treasury Inspector General for Tax Administration (TIGTA)
- Internal Revenue Service (IRS)
- Office of the Comptroller of the Currency (OCC)
- Office of Thrift Supervision (OTS)
- U.S. Mint
Size: The Treasury Department employs roughly 114,000 people, at headquarters in the Washington, DC and in field offices across the country.
Positives: The Treasury Department will have an immediate need for talented staff to administer the $700 billion financial rescue package enacted on October 3, 2008 and officially known as The Emergency Economic Stabilization Act. The Troubled Asset Relief Program (TARP), which involves the Treasury Department's purchase and resale of defaulted loans and devalued debt from financial institutions, is one activity funded by the Act.
A tour of duty in the Treasury Department can enhance a resume. Note that the Treasury Department also offers a variety of interesting internship programs.
Federal benefits plans are an attractive feature of federal employment.
Negatives: The highly bureaucratic nature of federal civil service employment, especially with seniority often playing an important role in pay and promotion decisions, can be frustrating for high achievers eager to advance.
