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Updated on Feb. 10.
Trump orders end to penny minting
On Sunday, President Trump announced that he had ordered the Treasury Department to stop minting new pennies.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”
Each penny made in the fiscal year 2024 cost 3.69 cents to produce and distribute, according to an annual report by the U.S. Mint, which falls under the umbrella of the Treasury Department. The report also said that the cost-per-penny increased more than 20% compared to the prior fiscal year.
There’s another coin that costs more than its face value to make: the nickel. Trump hasn’t mentioned nickels yet, but the cost of producing and circulating a single 5-cent coin costs 13.78 cents.
Judge temporarily blocks DOGE from Treasury payment system
On Saturday, a federal district court judge in New York. issued a temporary restraining order blocking Trump’s so-called Department of Government Efficiency (DOGE) from accessing the Treasury Department’s federal payment records and system.
The decision, handed down by Southern District of New York Judge Paul Engelmayer, comes nearly a week after DOGE, led by billionaire Elon Musk, was given access to the system, which is run by the Treasury Department’s Bureau of the Fiscal Service.
The system makes $6 trillion in federal payments to Americans, including Social Security and Medicare benefits, tax refunds, as well as payments to federal employees and contractors and many other functions. The payments are approved by Congress.
DOGE had forced out David Lebryk, a career Treasury official who oversaw the system after he refused their requests to access it. Trump had recently appointed Lebryk as acting Treasury Secretary before Secretary Scott Bessent was approved for the post. Lebryk has since announced his retirement.
Judge Engelmayer also ordered that anyone who previously accessed Treasury Department payment data since Trump took office to “destroy any and all copies of material downloaded.”
The legality of DOGE’s actions are unclear since Musk, the richest man on Earth, is not an elected official and DOGE is not an official government agency. And if Musk and his team can access the system, can they block or change payments?
In response to Musk’s move, Sen. Ron Wyden, the ranking Democrat on the Senate Finance Committee, wrote in a letter to Treasury Secretary Scott Bessent, “I am deeply concerned by the possibility that Elon Musk and a cadre of other unknown DOGE personnel are seeking to gain access to and potentially control the Fiscal Service’s payment systems in order to carry out a political agenda that clearly involves violating the law.”
The U.S. Department of the Treasury manages the finances of the federal government. It is charged with managing currency, public debt and government spending accounts. It collects federal taxes, pays federal bills and supervises national banks and thrift institutions. It must also enforce federal finance and tax laws, which includes investigating and prosecuting those who evade taxes or counterfeit money.
It was founded in 1789 and is currently led by Secretary Scott Bessent. The Treasury and its secretary play an important role in advising the federal government with domestic and international fiscal policies related to economics, finances, trade and taxes.
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The Treasury also plays a critical role in keeping all Congressionally approved federal obligations met if the U.S. hits its debt ceiling. The Treasury takes “extraordinary measures” to generate funds and avoid a potential default, which would be catastrophic for the U.S. and world economies. Some extraordinary measures include suspending savings plan benefits for federal workers and reinvestment of federal, state and local government securities.
» MORE: What is the debt ceiling?
What does the U.S. Treasury do?
The mission of the Treasury Department is to be the steward of U.S. economic and financial systems. It also plays a crucial role in the world economy.
There are several offices within the Treasury department including:
- Domestic Finance.
- Economic Policy.
- General Counsel.
- Inflation Reduction Act Program.
- International Affairs.
- Legislative Affairs.
- Management.
- Financial Research.
- Financial Stability.
- Public Affairs.
- Recovery Programs.
- Tax Policy.
- Terrorism and Financial Intelligence.
- Treasurer of the United States.
- Tribal and Native Affairs.
The Office of Diversity, Equity, Inclusion and Accessibility fell under the Treasury Department, but was ended by executive order of President Donald Trump soon after he took office.
Multiple bureaus also fall under the umbrella of the U.S. Treasury including:
- Alcohol and Tobacco Tax and Trade (TTB).
- Bureau of Engraving and Printing (BEP).
- Bureau of the Fiscal Service (BFS).
- Financial Crimes Enforcement Network (FinCEN).
- The Inspector General.
- Treasury Inspector General for Tax Administration (TIGTA).
- Office of the Comptroller of the Currency (OCC).
- U.S. Mint.
Trump has proposed an “External Revenue Service’ that would collect tariffs on imports. Any new agency requires approval by Congress. Currently, the U.S. Customs and Border Protection collects tariff revenue.
What the Treasury Department does for you
Here are some direct links and contact information for the Treasury’s consumer services:
File or pay taxes
The Internal Revenue Service manages all tax laws.
- Website: irs.gov.
- Customer service phone number: 1-800-829-1040.
- Taxpayer Assistance Centers: Find your local office.
- Additional information on self-service options.
- Reporting tax fraud.
Purchase bonds and securities
TreasuryDirect is the only place to purchase U.S. savings, securities and bonds.
- Website: treasurydirect.gov.
- Customer service phone number: 844-284-2676.
» MORE: What are Treasurys?
Report scams, fraud, waste and abuse
The Treasury Office of Inspector General investigates matters related to the Treasury, including scams and fraud.
Replace damaged currency
It’s possible to redeem currency that has been seriously damaged. You can submit a request for examination of mutilated currency here. The Bureau of Engraving and Printing handles all requests.
Pay past-due debts
The Treasury Offset Program collects all delinquent debts that people may owe to state and federal agencies.
- Automated voice response system: 1-800-304-3107
- FAQ page.
How to contact the U.S. Department of the Treasury
In addition to the links above, here’s how to reach the Department of the Treasury:
Treasury Department website: treasury.gov
General information: 202-622-2000
Mailing address:
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
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