1789 – Treasury Department

Congress formally establishes the Department of the Treasury in 1789, and President George Washington names Alexander Hamilton the first U.S. secretary of the Treasury. Over the decades, the functions of the department will expand and grow more sophisticated to meet the needs of a developing nation.

Managing U.S. resources will remain the department’s primary function. In the 21st century, that role will include regulating national banks, determining international economic policy, collecting income and excise taxes, issuing bonds, reporting governmental financial transactions and manufacturing coins and bills. (© AP Images)