Department of the Treasury

Definition

The Department of the Treasury is responsible for managing the monetary resources of the United States by producing currency and coinage, collecting taxes, and managing government revenue.

Analogy

Imagine if your family had a chief financial officer (CFO) who managed all your money - that's what the Department of Treasury does for America. It makes sure we have enough money to pay our bills and invests wisely to grow our wealth.

Related terms

Federal Reserve System (Fed): The central banking system in the U.S., which regulates monetary policy.

Internal Revenue Service (IRS): The nation’s tax collection agency which administers internal revenue laws including income tax.

Fiscal Policy: Government strategy regarding taxation, spending, and borrowing to influence economic conditions.