It did not hold any real political power until 1665, when First Minister Jean-Baptiste Colbert, who had acted upon financial matters since Fouquet's embezzlement charge, was appointed to the office.
King Louis XIV suppressed the two already existing positions holding the title of Controller-General as he wanted to replace these with a sole homonym office with cabinet rank in charge of all the finances and taxes of France.
The function of Controller-General would continue until 1791, with an interruption at the era of the Polysynody (1715–1718) under the regency of Philippe d'Orléans during the childhood of King Louis XV, when all ministerial offices were replaced by councils composed of members of the high aristocracy.
The Controller-General's responsibilities were manifold: The position was very well paid: in addition to 200 000 livres tournois (French pounds) by year (the average income of a worker was about 250 to 300 livres per year), the Controller-General could also gain 20 000 livres as Minister of State, not to forget the bribes he would receive during the renewal phase of contracts to the Ferme Générale ("General Lease", meaning the selling to private companies or individuals of the time-limited right to collect all the indirect taxes plus bonus fees in a defined portion of the country, an extremely lucrative business for the leaseholders).
The Controller-General was generally chosen from among the regionally based Intendants of Finances or from the Maîtres des requêtes (literally "Master of Requests", an earlier form of public prosecutor).
Unlike other government departments of the French monarchy, the Contrôle Général des Finances was organised in a highly systematic manner.
The central services were either in Paris (notably at the Palais Mazarin, Rue Neuve-des-Petits-Champs), close to the bankers and financiers that the ministry dealt with, or at the Royal Palace in Versailles.
Initially the King had been represented in the provinces by the Governors (Gouverneurs) and since 1620 by the Intendants who at first were only in charge of the collection of direct taxes and of regional public finances.