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The department was established by an Act of Congress in 1789 to manage government revenue. [6] The first secretary of the treasury was Alexander Hamilton, who was sworn into office on September 11, 1789. [7]
Under the guidance of US Representative James Madison, who led the House, [23] a tariff act was passed on July 4, 1789. [21] [22] Congress created the executive departments in September 1789, and Alexander Hamilton was confirmed by the Senate to regulate the powerful Treasury Department.
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy.
Alexander Hamilton (January 11, 1755 or 1757 [a] – July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 during George Washington's presidency.
September 2 – The United States Department of the Treasury is established. September 15 – The Department of Foreign Affairs is officially renamed the Department of State. September 24 – The Judiciary Act of 1789 establishes the federal judiciary and the United States Marshals Service. [3]
July 31, 1789: Regulation of the Collection of Duties on Tonnage and Merchandise, ch.5, 1 Stat. 29, which established the United States Customs Service and its ports of entry. August 7, 1789: Department of War was established, ch. 7, 1 Stat. 49. September 2, 1789: United States Department of the Treasury was established, ch. 12, 1 Stat. 65
George Washington was elected the first president in 1789. On his own initiative, Washington created three departments, State (led by Thomas Jefferson ), Treasury (led by Alexander Hamilton ), and War (led at first by Henry Knox ).
The Funding Act of 1790, the full title of which is An Act making provision for the [payment of the] Debt of the United States, was passed on August 4, 1790, by the United States Congress as part of the Compromise of 1790, to address the issue of funding (debt service, repayment, and retirement) of the domestic debt incurred by the state governments, first as Thirteen Colonies, then as states ...