department of treasury

Cultural Dictionary

Department of the Treasury definition


A department of the federal executive branch; it includes the Internal Revenue Service (IRS). The Department of the Treasury has general responsibility for setting federal fiscal policy by collecting taxes and customs duties, administering the public debt, keeping all government accounts, minting currency, and licensing ships engaged in international and interstate commerce. The Department of the Treasury administers the Secret Service.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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