Some choose info in regards to the Treasury Division Capabilities. This contains the dimensions of it, foreign money, nationwide banks, prices of tax assortment, finances, and so forth. The latter of which make the Treasury the third largest division fund sensible. Some attention-grabbing graphs depicting capabilities.
What does the Division of the Treasury do?
Final month, a federal choose dominated that one member of the Division of Authorities Effectivity (generally known as DOGE) might legally entry delicate Treasury Division cost and knowledge programs. Supplied they full acceptable coaching and disclosures.
This motion stems from a lawsuit filed in February by 19 state attorneys normal looking for to dam DOGE staff from accessing the programs. The system accommodates Individuals’ financial institution accounts and Social Safety knowledge.
Individually, following the departures of the Treasury Division’s chief info officer and his appointed alternative — in addition to a number of different high tech officers — a unique DOGE staffer has been named the division’s new CIO.
Right here’s the background on the second-oldest division within the authorities.
The Treasury Division was established in 1789. Its obligations embrace advising the president on financial coverage. The Treasury manages federal funds, producing foreign money, supervising nationwide banks, and amassing taxes by its largest sub-agency, the IRS. You may keep in mind from an earlier subject of Decoding DOGE that it prices the IRS 34 cents to gather $100 in taxes.
The division’s finances was $1.32 trillion in federal fiscal 12 months (FY) 2024, comprising 19.5% of the federal finances. The division’s spending grew from an inflation-adjusted $297.5 billion in 1980 to $1.32 trillion in 2024, up 343.8%.
Over the identical interval, general federal spending rose 193.7%. Meaning the Treasury’s share of federal spending went from 12.9% in 1980 to 19.5% in 2024.
The Treasury transferred 1.6% of its finances to state and native governments. This cash helps fund Medicaid, training, infrastructure, and social service initiatives.
The IRS is by far the highest-spending company within the Treasury Division, spending $230 billion in FY 2024. The Bureau of the Fiscal Service, which manages federal accounting, public debt, and the nation’s central cost programs, was the one different company to spend over a billion {dollars} ($16.1 billion, to be actual).
As of September 2024, roughly 114,000 staff labored on the Treasury, up from a latest low of 87,758 in 2017, however not too far off from the 104,992 it employed in 2010. Treasury staff had been 4.9% of all civilian federal staff in 2024.
That’s all for this week. We now have many extra charts on the Treasury Division at USAFacts. As all the time, you’ll be able to observe all governmental spending in our one-of-a-kind chart.
