U.S. Treasury Department Founded
In the wake of the American Revolution, Congress established the Treasury Department on September 2, 1789.
During the Revolutionary War, the new American government needed a way to pay for the mounting costs of battle. Congress first appointed a pair of Joint Continental Treasurers to manage finances. After declaring its independence in 1776, America became a sovereign nation that could secure loans from other countries. To oversee the influx of foreign and American money, Michael Hillegas was appointed Treasurer of the United States on May 14, 1777. He was followed by Robert Morris as Superintendent of Finance.