Quote:
Originally Posted by tony286
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Well...I'm gonna go with this:
"The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.
The Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, and manages U.S. government debt instruments, with the major exception of the Federal Reserve System.
The U.S. Treasury is an entirely separate entity from the Federal Reserve System, the central banking system of the United States. The Federal Reserve is independent within the government, and its Board of Governors (including its chairman and vice-chairman) are chosen by the President and confirmed by the Senate. Monetary policy decisions of the Federal Reserve System, in distinction to the Treasury's decisions, "do not have to be approved by the President or anyone else in the executive or legislative branches of government."