November 15, 2005
HP-539

Fiscal Year 2005 Performance & Accountability Report

Mission: The mission of the Department of the Treasury is to promote the conditions for prosperity and stability in the United States and encourage prosperity and stability in the rest of the world.

History: On September 2, 1789, the First Congress of the United States created a permanent institution for the management of government finances. The Congress assembled a Department of the Treasury and named the following officers: a Secretary of the Treasury, a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary.

Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton foresaw the development of industry and trade in the United States, and suggested that government revenues be based upon customs duties. His vision also inspired investment in the Bank of the United States, which acted as the government's fiscal agent. Throughout history, the Department of the Treasury has been a dynamic institution of the government's service to the people, expanding to accommodate a growing and ever-changing nation.

Leadership Changes: Treasury experienced leadership changes in Fiscal Year (FY) 2005 with the departure of Deputy Secretary Samuel Bodman (now Secretary of Energy), and a handful of other top officials. During the third quarter of 2005, the Administration nominated and the Senate confirmed a new Treasury deputy secretary, two under secretaries, and five assistant secretaries including a newly created position, the assistant secretary for the Office of Intelligence and Analysis, as well as new leadership at the Office of Thrift Supervision, the Office of the Comptroller of the Currency, and the Alcohol and Tobacco Tax and Trade Bureau.

REPORTS

• Fiscal Year 2005 Performance & Accountability Report