Department+of+Treasury

Mission statement: "Serve the American people and strengthen national security by managing the U.S. Government's finances effectively, promoting economic growth and stability, and insuring the safety, soundness, and security of the U.S. and International Financial Systems."

Current Leaders: Treasury Secretary: Timothy F. Geithner

Issues: Taxes, the Economy Articles: Economy: -Statement by Secretary Geithner at the G7 Finance Ministers and Central Bank Governors Meeting [] Press release: April 24, 2009. Secretary Geithner discusses the financial crisis and the journey of our economy on the way out of the huge financial downturn. Fortunately, things seem to be looking up, although we cannot have too much hope since we have a long way to go. The good news is that the pace of deterioration of economic activity and trade has seemed to ease. Some measures of spending have begun to stabilize. The origins of the crisis were periods of increased borrowing and breakdowns of financial markets. Unfortunately, we do not have much experience with these types of crises on a global scale. G-20 leaders came together and agreed on some important policy actions: the promotion of economic recovery, the repair of financial systems, support for the World Bank, and reforms to prevent these types of crises. We now have a strong agenda for economic recovery and reform. Since the G-20 meeting, progress has been made.

-Financial Stability Oversight Board Issues Report on the Emergency Economic Stabilization Act [] Press Release: April 24, 2009. The Financial Stability Oversight Board reports and highlights the oversight activities of the oversight board during the quarterly period. In the report, the Oversight Board indicates its belief that the actions taken by the Treasury have provided critical support to the financial system during this period of difficult and struggling economic conditions. It has also been noted that the Treasury's actions may have helped prevent our current financial crisis from triggering a severe global economic problem. It has been decided that the Treasury should continue to use its authority to stabilize financial markets, help strengthen financial institutions, improve the functioning of credit markets, and address systemic risks.  -Treasury Hires Asset Managers Under the Emergency Economic Stabilization Act [] Press release: April 24, 2009. The Department of Treasury has selected three firms to manage its portfolio of assets issued by banks and others under the Emergency Economic Stabilization Act. The Treasury received over 200 submissions from interested firms. Through the selection of the best firms, the Treasury will ensure that the taxpayers' assets are managed in a prudent and transparent manner. The three firms will provide asset management services to the Treasury. Some of the jobs these firms will accomplish include valuing the assets issued to the Treasury, analyzing the ongoing financial condition, and executing transactions. The Treasury hopes to use these firms to help perform high quality research and to offer investment services. Overall, through this process, the Treasury hopes to focus on the financial services sector and its opportunities.

History of the Treasury: The Department of the Treasury came about during the period of the revolutionary war. It was decided that a way was needed to handle the finances when an imminent war with Great Britain was approaching. Paper money was issued with the promise of coin redemption and later many people were employed to number and sign the new currency. George Clymer and Michael Hillegas were Joint Continental Treasurers who received the responsibility of administrating the government's finances. The Treasury experienced many ups and downs through economic hardships. Robert Morris was an important figure in helping to regain stability. Alexander Hamilton was the first Secretary of Treasury and was the best choice of the time to help get the nation out of its difficult war debts.

Recommendation to President Obama - I think that Obama should continue to handle the economic crisis the way that he is. Although our recovery has been slow, we seem to be making positive progress. Through the acts of Economic Stabilization, as well as the work of the Department of the Treasury, we are slowly climbing out of the giant hole we have created in our nation's debt. I advise the President to continue with his policies to slowly regain economic stability.

Articles: Tax Credits for Hybrid Cars

Hybrid Car Tax Credit Courtesy: Auto Knight Copyright 2007-2009 by Times of the Internet. http://www.timesoftheinternet.com/65551.html This article discusses the tax break that is given to the buyers of hybrid cars. This deduction is officially called the Alternative Motor Vehicle Credit. The deduction is offered to the original purchaser and usually is worth anywhere from 1.950 to $3,000, depending on the vehicle selected. However this tax credit will not last forever. As hyrbrids become more and more popular to consumers the government is easing back on its incentive. Due to the original incentive the governement offered more people bought hybrid cars to begin with and thus helping us reduce our consumption of fossil fuels. We can thank the government for initiating a change in what kind of cars people drive.

Unwrapping the PackageBy Jeanne LeeMay 1, 2009 http://www.financial-planning.com/fp_issues/2009_5/unwrapping-the-package-understanding-stimulus-bill-2661665-1.html In order to promote the sale of hybrid and electrically powered cars the government has purposed a tax credit to those who buy one. After the manufactuer has sold 200,000 cars the credit is phased out. However the original incentive is good enough to get people to look into buying one of these cars. Also as more and more people buy them it promotes their popularity that at some point the tax credit will no longer be needed as an incentive for these cars will be the norm.

Hybrid CarsSarah Thomas Issue date: 4/29/09 Section: Lifestyle http://media.www.royalpurplenews.com/media/storage/paper1225/news/2009/04/29/Lifestyle/Hybrid.Cars-3729480.shtml In this article the benefits of hybrid and electric cars are discussed. For one the cars make our environment cleaner for they emmit less toxins into the air. Also they better as far as gas mileage and therefore will save people money in the long run. Of course the most important benefit discussed is the tax credit given to the buyers of these cars. The tax credit was created to helop our environment, preserve our fossil fuels, and put some money back into the consumer's pocket. All of the previous are extreme benefits that makes this governmental program so successful.

Advice to the President regarding Tax Credit for Hybrid Cars: In my opinion this was a great idea and in my research have not come across anyone that disagrees with me. The fact that it promotes the sale of cars that are better for our environment makes this idea even better. The money given back to the consumer is a huge incentive for them to buy a hybrid or electric car. I believe that this was a successful program and more should be created like it. For example maybe an incentive should be put in place for those whose homes run on solar power or maybe a tax credit should be given to those who choose to use wind as a power source. A tax credit has proven to get people to drive better cars for our environment why not see what else a tax credit can get people to do? Giving tax credits for things that will benefit us in the long run is a wise a idea and should be considered by the government. However you should act fast before it is too late.

Bureaus: Alcohol and Tobacco Tax and Trade Bureau - This bureau is in charge of raising or lowering the taxes on items such as tobacco or alcohol. For example the Children's Health Insurance Reauthorization Act was recently signed. This act increases the Federal excise taxes on tobacco products and sets forth new permit and enforcement provisions regarding tobacco products and processed tobacco.

The Bureau of Engraving and Printing - They are in charge of producing secure documents and also for printing Federal Reserve notes. In addition the design and manufacture U.S currency. They use a highly advanced system that prevents the ability for any documents produced to be counterfeited.

The Bureau of Public Debt - These people are in charge of keeping track of all the money borrowed for the Federal Government to function. They utilize Treasury bills, notes, and bonds to do so.