Department of Commerce

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DEFINITION of 'Department of Commerce'

The cabinet department in the U.S. Government that deals with business, trade and commerce. Its objective is to foment higher standards of living for Americans through the creation of jobs. It aims to achieve this by promoting an infrastructure of monetary and economic growth, competitive technology and favorable international trade.

BREAKING DOWN 'Department of Commerce'

The department of commerce was originally created in 1903 under another name. It is currently administrated by the Secretary of Commerce, a member of the President's cabinet. The department houses several bureaus that perform various functions, such as the Bureau of the Census and the Bureau of Economic Analysis.

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