On this day in 1789, George Washington signed into law the act that created the Treasury Department. The move became crucial to America’s survival, but it also created a constitutional debate about federal powers that remains with us today.
The Founders knew that government under the new Constitution had to stabilize the shaky financial foundations of a new nation that struggled with debts incurred during and after the break from Great Britain. In July 1789, Congress approved a bill establishing a Treasury Department and sent it to President George Washington for consideration.
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