This is a common theme in Republican administrations dating back to presidents Richard Nixon and Ronald Reagan. What you do is you break the government, make it very hard for the government to function, and then you loudly announce that the government can’t do anything.
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Department of the Treasury
[2015] Domestic Finance works to preserve confidence in the U.S. Treasury securities market, effectively manage federal fiscal operations, strengthen financial institutions and markets, promote access to credit, and improve financial access and education in service of America’s long-term economic strength and stability.*
[2023] Domestic Finance works to support equitable and sustainable economic growth and financial stability through policies to increase the resilience of financial institutions and markets and financial wellbeing of consumers, and to increase access to credit for small businesses and low-tomoderate income communities.°
TREASURY DEPARTMENT ORGANIZATION The Treasury Department is one of the few executive agencies recognized in the U.S. Constitution. It states:
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; anda regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.®
The Treasury Department was established by statute in 1789. Today, it is responsible for financing the federal government, promoting economic prosperity, and ensuring the financial security of the United States. In fiscal year 2022, Treasury received discretionary appropriations of approximately $16.4 billion.’ It also has highly variable “mandatory” expenses (COVID-related CARES Act spending, for example).
In fiscal year (FY) 2022, Treasury employed approximately 96,000 full-time employees, including approximately 81,000 at the Internal Revenue Service (IRS).8 Approximately four-fifths of Treasury’s discretionary funds are used for IRS operations. The remaining amounts are for its offices, bureaus, and international assistance programs.
Treasury is organized into various departmental offices,’ seven bureaus,'° and four inspectors general."
Departmental Offices. Departmental offices are composed of divisions headed by under-secretaries and assistant secretaries who are primarily responsible for policy formulation and overall management of the Treasury Department.
Domestic Finance is run by the Under Secretary for Domestic Finance, to whom the assistant secretaries for financial markets, financial stability, financial institutions and the fiscal assistant secretary report. Additionally, the Financial Stability Oversight Council (FSOC) Secretariat and the Office of Financial Research report to the Under Secretary for Domestic Finance.