Department of the Treasury

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The basic functions of the Treasury Department include managing federal finances, collecting taxes duties, and monies paid to the US, paying the bills of the U.S., supervising national banks and thrift institutions, and enforcing federal finance and tax laws. With respect to executive compensation, the most important the Treasury Department oversees the Internal Revenue Service, which functions as the U.S.’s tax administrator, and Treasury and the IRS together are responsible for determining the interpretation of our tax laws. The tax laws most directly applicable to executive compensation deal with deductibility of executive compensation and the ability to defer taxation of executive compensationThe Treasury is headed by Secretary of the Treasury, a member the Presidential Cabinet, who is appointed by the President with consent of the Senate.