On September 2, 1789, Congress created the United States Department of the Treasury as one of the first executive departments under the new Constitution. The department was tasked with managing federal finances, collecting revenue, and handling government debt. Alexander Hamilton became the first Secretary of the Treasury later that month and used the office to implement a national financial system. His policies included federal assumption of state debts and the establishment of a national bank, which helped stabilize the young nation’s economy. The department has remained central to U.S. fiscal and economic policy ever since.
