Department of the Treasury

3.4043300175392 (1709)
Posted by pompos 03/16/2009 @ 16:09

Tags : department of the treasury, white house, government, politics

News headlines
Obama: AIG Bonuses an 'Outrage' to Taxpayers - Washington Post
By the end of the month, the Treasury Department "will begin making direct purchases of securities backed by [Small Business Administration] loans to get the credit market moving again, and it will stand ready to purchase new securities to ensure that...
US Department Of The Treasury: Treasury International Capital (TIC ... - Exchange News Direct
The US Department of the Treasury today released Treasury International Capital (TIC) data for January 2009. The next release, which will report on data for February 2009, is scheduled for April 15, 2009. Net foreign purchases of long-term securities...
Obama seeks to reassure Main Street - Boston Globe
Obama and Geithner are also announcing that the Treasury Department will begin directly buying as much as $15 billion in securities backed by SBA loans "to get the credit market moving again, and it will stand ready to purchase new securities to ensure...
Investors watching for Fed's decision on low lending rate, economy ... - Dallas Morning News
One option is buying long-term Treasury securities to help further drive down mortgage rates and help the crippled housing market, economists said. Another option is to boost the Fed's purchases of debt issued or guaranteed by mortgage giants Fannie...
Treasury Department to buy $15B in SBA securities - Atlanta Business Chronicle
The Treasury Department will purchase up to $15 billion in securities backed by Small Business Administration loans in an effort to unfreeze the secondary market for SBA loans. This should increase SBA lending to small businesses by enabling lenders to...
US GOVTS: Treasury To Purchase $15 Bln In SBA-backed securities - Forbes
Washington, Mar 16 2009 (IFR) - The Treasury Department announced today that by the end of the month, it will begin purchasing up to $15 bln in securities backed by Small Business Administration (SBA) loans as part of an effort to jumpstart credit...
Will foreclosures be stopped? - Workers World
By Kris Hamel The US Department of the Treasury on March 4 announced aspects of the “Making Home Affordable Program,” the much-heralded plan of the Obama administration to stem home mortgage foreclosures. The plan’s guidelines were pursuant to the...
Southwest Bank opts to take $13.5 million from Treasury Department - Fort Worth Business Press
BY LESLIE WIMMER The US Department of the Treasury has invested $13.5 million in taxpayer dollars into First Texas BHC Inc., the holding company for Southwest Bank, as part of the Treasury’s Capital Purchase Program. As per the terms of the program,...
Citigroup Nominates 4 Independent Directors - New York Times
Under the latest bailout announced in late February, the Treasury Department agreed to convert up to $25 billion of its preferred stock investment in Citigroup into common stock, giving taxpayers more risk, but more potential for profit if the company...
Treasury Auctions Set for This Week - New York Times
Hawaii Department of Hawaiian Homelands, $50 million of homeland revenue bonds. Merrill Lynch. Henry County, Ga., $66.1 million of general obligation bonds. Morgan Keegan. Illinois Finance Authority OSF Healthcare System, $150 million of fixed rate...

United States Department of the Treasury

United States Department of the Treasury Seal

The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.

The first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on 11 September 1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris (who declined, recommending Hamilton instead). Hamilton almost single-handedly worked out the nation's early financial system, and for several years was a major presence in Washington's administration as well. His portrait is on the obverse of the U.S. ten-dollar bill and the Treasury Department building is shown on the reverse.

Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States, who receives and keeps the money of the United States. Facsimile signatures of the Secretary and the Treasurer appear on all modern United States currency.

The Department prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, and manages U.S. government debt instruments.

With respect to the estimation of revenues for the executive branch, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.

The term Treasury reform usually refers narrowly to reform of monetary policy and related economic policy and accounting reform. The broader term monetary reform usually refers to reform of policy of institutions such as the International Monetary Fund.

The Office of the General Counsel is charged with supervising all legal proceedings involving the collection of debts due the United States, establishing regulations to guide customs collectors, issuing distress warrants against delinquent revenue collectors or receivers of public money, examining Treasury officers' official bonds and related legal documents, serving as legal adviser to the department and administered lands acquired by the United States in payment for debts. This office was preceded by the offices of the Comptroller of the Treasury (1789–1817), First Comptroller of the Treasury (1817–20), Agent of the Treasury (1820–30), and Solicitor of the Treasury 1830–1934.

Effective 24 January 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the Department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002. The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives, were transferred to the Department of Justice as the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the Treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB).

Effective 1 March 2003, the Federal Law Enforcement Training Center, the United States Customs Service, and the United States Secret Service were transferred to the newly-created Department of Homeland Security.

To the top



Seal of the United States Department of the Treasury

Seal of the Department of the Treasury

The United States Treasury Seal is the official symbol of the United States Department of the Treasury. It actually predates the department, having originated with the Board of Treasury during the period of the Articles of Confederation. It is used on all U.S. paper currency, and (like other departmental seals) on official Treasury documents.

The seal includes a chevron with thirteen stars, representing the original thirteen states. Above the chevron is a balance, representing justice. The key below the chevron represents authority and trust.

The phrase THE DEPARTMENT OF THE TREASURY is around the rim, and 1789 (the year the department was established) is at the bottom. This inscription is in a Cheltanham Bold font.

In 1778, the Second Continental Congress named John Witherspoon, Gouverneur Morris and Richard Henry Lee to design seals for the Treasury and the Navy. The committee reported on a design for the Navy the following year, but there is no record of a report about a seal for the Treasury.

The actual creator of the seal was probably Francis Hopkinson, who was one of the signers of the Declaration of Independence and also contributed to the design of the Great Seal of the United States. He is known to have later submitted bills to the Congress in 1780 seeking payment for his design of flags, currency, and several seals, including one for the Board of Treasury. Although it is not certain that Hopkinson was the designer, the Seal is similar to others he designed. The earliest known usage of the seal was in 1782. When the United States Government was established in 1789, the new Department of the Treasury continued to use the existing seal.

In addition to the elements still found on the current seal, the original featured more ornamentation and the Latin inscription THESAUR. AMER. SEPTENT. SIGIL. around the rim. The inscription is an abbreviation for the phrase Thesauri Americae Septentrionalis Sigillum, which translates to "The Seal of the Treasury of North America". The reason for the original wording that embraced all of North America is unknown, although interestingly the first national bank—chartered in 1781 to help solidify the nation's finances—was named the Bank of North America.

After nearly 200 years, Treasury Secretary Henry H. Fowler approved a new, simplified version of the seal on January 29, 1968. The Latin inscription was replaced by the English THE DEPARTMENT OF THE TREASURY, and 1789 was added at the bottom.

The Treasury seal has been printed on virtually all U.S. federally-issued paper currency, starting with the Legal Tender Notes (United States Notes) in 1862 and continuing today. The only exceptions were the Demand Notes of 1861 (the original "greenbacks") and the first three issues of fractional (less than a dollar) notes in the 1860s; in both cases the authorizing laws did not require the seal.

Initially the U.S. Government had no means to produce bills on its own, so the first paper bills were printed by private firms and then sent to the Treasury Department for final processing. Along with trimming and separating the bills, this processing included the overprinting of the seal onto the notes (even today, the serial number and seal are overprinted on the notes after the face has been printed). This was the beginning of what was later known as the Bureau of Engraving and Printing. In July 1869, the Bureau began to print notes on its own.

For several decades, the color and style of the printed seal varied greatly from issue to issue (and even within the same issue). The basic seal was the same, but the circumferences were embellished with lathework decoration such as scallops, beading, or spikes. Among the colors used for the seal during this period were red, blue, and brown.

The usage of the seal was standardized starting on the smaller-sized notes of Series 1928. The seal was printed with a toothed outer edge, and other than the color were the same across all styles of currency. Federal Reserve Notes were issued with a green seal, Silver Certificates with a blue seal, Gold Certificates with an orange seal, United States Notes with a red seal, and National Bank Notes and Federal Reserve Bank Notes with brown seals.

During World War II, special versions of Federal Reserve Notes and Silver Certificates were printed with the word HAWAII on each end, and circulated only in Hawaii between 1942 and 1944. The seal and serial numbers were brown to further distinguish them from regular notes. In the event that Hawaii was captured by enemy forces, the special notes could be declared worthless. Similarly, special Silver Certificates were issued for use by American troops during the invasion of North Africa in November 1942. These notes had a distinctive yellow treasury seal, which would again allow them to be declared worthless if large amounts fell into enemy hands.

In Series 1950, the general design of all Federal Reserve Notes was changed slightly, and a smaller seal was used. The 1968 version of the Treasury Seal had first been used on the $100 United States Note in Series 1966, and was later introduced on all Federal Reserve Notes starting with Series 1969.

The watchdog seal dates from around 1800. Its origin is a matter of speculation, as is the extent of its use at the time. It has long disappeared from Treasury documents, but the original plate of the seal is on deposit at the United States Government Printing Office.

The seal contains a symbolic strongbox, with the Scales of Justice on top. Lying beside the strongbox is a capable looking watchdog, with his left front paw securely clasping a large key. The seal bears the lettering "U.S. Treasury", and is bordered by a wreath. The scales and the key are also incorporated on the official seal.

The United States Mint did in fact own a real watchdog named Nero, who was originally purchased in 1793 for $3 and accompanied the night watchman on his rounds. Treasury documents record further expenditures for Nero and successor watchdogs over the following twenty-five years. According to department legend, Nero is the canine depicted on the seal, and may have been the origin (or at least the inspiration) of the term "Watchdog of the Treasury".

To the top



New Jersey Department of the Treasury

The mission of the New Jersey Department of the Treasury is to formulate and manage the State's budget, generate and collect revenues, disburse the appropriations used to operate New Jersey State government, manage the State's physical and financial assets, and provide statewide support services to State and local government agencies as well as the citizens of New Jersey. The Department’s overriding goal is to ensure the most beneficial use of fiscal resources and revenues to meet critical needs, all within a policy framework set by the Governor.

New Jersey's current State Treasurer is R. David Rousseau, who was appointed Acting State Treasurer on January 16, 2008 by Governor Jon Corzine and confirmed by the State Senate and sworn in as State Treasurer on April 7, 2008.

The Office of the State Treasurer is one of the oldest units of New Jersey State government, with its first Treasurer named in 1776, following adoption of the first New Jersey State Constitution. Over the years, the responsibilities of the Office have grown tremendously in order to meet the demands of a growing public.

To the top



United States Secret Service

Secret Service Uniformed Division cruiser in Washington D.C. at the White House

The United States Secret Service is a United States federal government law enforcement agency that falls under the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States Department of Treasury.

The Secret Service began as an agency for the investigation of crimes related to the Treasury, and then evolved into the United States' first domestic intelligence and counterintelligence agency. Many of the previous missions of the Secret Service were later taken over by more recently created agencies such as the FBI, ATF, and IRS.

The Secret Service has primary jurisdiction over the prevention and investigation of counterfeiting of U.S. currency and U.S. treasury bonds notes. However, this agency is best known for their work protecting the President. In addition, they protect the Vice President, President-elect, Vice President-elect, past presidents and their spouses (except when the spouse re-marries), certain candidates for the offices of President and Vice President, children and grandchildren of current and former presidents until age 16, all people in the United States presidential line of succession, visiting foreign heads of state and government along with their spouses (all called "protectees"), other individuals as designated per Executive Order of the President, and National Special Security Events, when designated as such by the Secretary of the Department of Homeland Security. It also tracks suspicious people and investigates a wide variety of financial fraud crimes and identity theft and provides forensics assistance for some local crimes. The United States Secret Service Uniformed Division (UD) assists in the protection of foreign embassies, the United States Naval Observatory and the White House within Washington, D.C.. Due to the discretion of this organization, many details about the Secret Service are currently secret.

Special Agents of the Secret Service wear attire that is appropriate for the surroundings. In many circumstances, the attire is a conservative business suit, but attire can range from a dinner jacket to blue jeans. Photographs often show them wearing sunglasses and a communication earpiece. They also wear lapel pins of a color and shape that, for security purposes, varies regularly, but each design prominently features the service's star emblem in the center. These lapel pins are usually changed hourly when agents travel with the President. The attire for Uniformed Division Officers includes standard police uniforms, or utility uniforms and ballistic/identification vests for members of the countersniper team, Emergency Response Team (ERT), and canine officers.

The shoulder patch of the USSS Uniformed Division consists of the presidential seal on white or black depending on the garment to which it is attached. While there is no official patch indicating "Secret Service," Special Agents have occasionally designed and purchased unofficial patches to trade in their extensive collaborations with uniformed law enforcement officers.

With a reported one third of the currency in circulation being counterfeit, the Secret Service was commissioned on July 5, 1865 in Washington, D.C. as the "Secret Service Division" of the Department of the Treasury and was originally tasked with the suppression of counterfeiting. The legislation creating the agency was on Abraham Lincoln's desk the night he was assassinated. At the time, the only other federal law enforcement agencies were the United States Park Police, U.S. Post Office Department - Office of Instructions and Mail Depredations, now known as the United States Postal Inspection Service, and the United States Marshals Service. The Marshals did not have the manpower to investigate all crime under federal jurisdiction, so the Secret Service was used to investigate everything from murder to bank robbery to illegal gambling. After the assassination of President William McKinley in 1901, Congress informally requested Secret Service presidential protection. A year later, the Secret Service assumed full-time responsibility for protection of the President. In 1902, William Craig became the first Secret Service agent to be killed while riding in the presidential carriage, in a road accident.

Secret Service was the first U.S. domestic intelligence and counterintelligence agency, hence its name, "Secret Service." Domestic intelligence collection and counterintelligence responsibilities were vested in the FBI after the FBI's creation in 1908. The U.S. Secret Service is not part of the U.S. Intelligence Community.

In 1950, President Harry S. Truman was residing in the Blair House, across the street from the White House, while the executive mansion was undergoing renovations. Two Puerto Rican nationalists, Oscar Collazo and Griselio Torresola, approached the Blair House with the intent to assassinate President Truman. Collazo and Torresola opened fire on Private Leslie Coffelt and other White House Police officers. Though mortally wounded by three shots from a 9 mm Luger to his chest and abdomen, Private Coffelt returned fire, killing Torresola with a single shot to his head. To this day, Coffelt is the only member of the Secret Service to be killed while protecting a U.S. President against an assassination attempt. Collazo was also shot, but survived his injuries and served 29 years in prison before returning to Puerto Rico in 1979. Special Agent Tim McCarthy stepped in front of President Ronald Reagan during the assassination attempt of March 30, 1981 and took a bullet to the abdomen, but made a full recovery.

The Secret Service Presidential Protective Detail safeguards the President of the United States and his immediate family. They are heavily armed and work with other federal, state and local law enforcement agencies and the military to safeguard the President when he travels, in Air Force One, Marine One, and by limousine in motorcades.

Although the most visible role of the Secret Service today, personal protection is an anomaly in the responsibilities of an agency focused on fraud and counterfeiting. The reason for this combination of duties is that when the need for presidential protection became apparent in the early 20th century, there were a limited quantity of federal services with the necessary abilities and resources. The FBI, IRS, ATF, and DEA did not yet exist. The United States Marshals Service was the only other logical choice, and in fact the U.S. Marshals did provide protection for the President on a number of occasions. In the end, however, the job went to the Secret Service.

The Secret Service has over 6,500 employees: 3,200 Special Agents, 1,300 Uniformed Division Officers, and 2,000 technical and administrative employees. Special agents serve on protective details, special teams or sometimes investigate certain financial and homeland security-related crimes.

The United States Secret Service Uniformed Division is similar to the United States Capitol Police and is in charge of protecting the physical White House grounds and foreign diplomatic missions in the Washington, D.C. area. The Uniformed Division was originally a separate organization known as the White House Police Force, but was placed under the command of the Chief of the Secret Service in 1930. In 1970, the role of the force, then called the Executive Protective Service (EPS), was expanded. The name United States Secret Service Uniformed Division was adopted in 1977.

In 1968, as a result of presidential candidate Robert F. Kennedy's assassination, Congress authorized protection of major presidential and vice presidential candidates and nominees (Pub.L. 90-331). Congress also authorized protection of the spouses of deceased presidents unless they remarry and of the children of former presidents until age 16.

Congress passed legislation in 1994 stating that presidents that enter office after January 1, 1997 will receive Secret Service protection for 10 years after leaving office. Individuals that entered office prior to January 1, 1997 will continue to receive lifetime protection (Treasury Department Appropriations Act, 1995: Pub.L. 103-329).

While primarily responsible for presidential protection, the Secret Service may also investigate forgery of government checks, forgery of currency equivalents (such as travelers' or cashiers' checks), and certain instances of wire fraud (such as the so called Nigerian scam) and credit card fraud.

The Secret Service also has concurrent jurisdiction with the FBI over certain violations of federal computer crime laws. They have created a network of 24 Electronic Crimes Task Forces (ECTFs) across the United States. These task forces create partnerships between the Service, federal/state and local law enforcement, the private sector and academia aimed at combating technology based crimes.

In 1998, President Bill Clinton signed Presidential Decision Directive 62, which established National Special Security Events (NSSE). In that directive, it made the Secret Service the federal agency responsible for security at events given such a designation.

Effective March 1, 2003, the Secret Service was transferred from the Department of the Treasury to the newly established Department of Homeland Security.

Since the 1960s, Presidents John F. Kennedy, Gerald Ford, Ronald Reagan, and George W. Bush have been attacked while appearing in public. President Ford was not injured, despite being attacked twice. President Reagan was seriously injured but survived, and President Kennedy died from the attack. President Bush was also not injured, when a hand grenade thrown towards the podium where he was speaking failed to detonate. Others who have been on scene though not injured during attacks on Presidents include Clint Hill, James Rowley, William Greer, and Roy Kellerman. One of the more distinguished Secret Service agents was Robert DeProspero, the Special Agent In Charge (SAIC) of Reagan's Presidential Protective Division (PPD) from January 1982 to April 1985. DeProspero was the deputy to Jerry S. Parr, the SAIC of PPD during the Reagan assassination attempt on March 30, 1981.

The Kennedy assassination spotlighted the bravery of two Secret Service agents. First, an agent protecting Mrs. Kennedy, Clint Hill, was riding in the car directly behind the Presidential Limousine when the attack began. While the shooting was taking place, Hill leapt from the running board of the car he was riding on and sprinted up to the car carrying the President and the First Lady. He jumped on to the back of the moving car and guided Mrs. Kennedy off the trunk she had climbed on and back into the rear seat of the car. He then shielded the President and the First Lady with his body until the car arrived at the hospital.

The other agent whose bravery was spotlighted during the assassination was Rufus Youngblood, who was riding in the vice presidential car. When the shots were fired, he vaulted over the back of the front seat, threw his body over Vice President Lyndon B. Johnson, who would become president, and sprawled over him to minimize chances he might be injured. Youngblood would later recall some of this in his memoir, Twenty Years in the Secret Service. That evening, Johnson called Secret Service Chief James J. Rowley and cited Youngblood's bravery.

The period following the Kennedy assassination was probably the most difficult in the modern history of the agency. Press reports indicated that morale among the agents was "low" for months following the assassination. Nevertheless, the agency overhauled its procedures in the wake of the Kennedy killing. Training, which until that time had been confined largely to "on-the-job" efforts, was systematized and regularized.

The Reagan assassination attempt also highlighted the bravery of several Secret Service agents, particularly agent Tim McCarthy, who spread his stance to protect Reagan as six bullets were being fired by the would-be assassin, John Hinckley, Jr. McCarthy took one .22-caliber round in the abdomen, which was successfully removed by surgeons at George Washington University Hospital (also where Reagan was taken and recovered). For his bravery, McCarthy received the NCAA Award of Valor in 1982. After the near-successful assassination of Ronald Reagan, it was very clear that the Secret Service needed to increase its efficiency to protect the President.

In 1962, Congress authorized the Secret Service (Public Law 89-186) to protect a former president and his spouse during their lifetime, unless they decline protection. In 1997, Congress enacted legislation that limits Secret Service protection for former presidents to ten years after leaving office. Under this new law, individuals who were in office before January 1, 1997 will continue to receive Secret Service protection for their lifetime. Individuals entering office after that time will receive protection for ten years after leaving office. Therefore, former President Bill Clinton will be the last president to receive lifetime protection, and former President George W. Bush will be the first to receive protection for only ten years (until 2019).

Barbara Bush, Rosalynn Carter, Betty Ford, Hillary Clinton, and Nancy Reagan will continue to receive full-time protection for life, as former First Ladies. Laura Bush will be the first to receive protection for only ten years (until 2019). The Secret Service uses code names for U.S. Presidents, First Ladies, Vice Presidents, their spouses, children, and other prominent persons and locations.

Due to the importance of the Secret Service's protective function, the personnel of the agency receive the latest weapons and training. The agents of the Protective Operations Division receive the latest military technology (See: the Presidential Protection Assistance Act of 1976, codified in the notes of Title 18, Section 3056 of the U.S. Code Annotated). Due to specific legislation and directives, the United States military must fully comply with requests for assistance with providing protection for the president and all other people under protection, providing equipment, and even military personnel at no cost to the Secret Service.

The Uniformed Division has three branches: the White House Branch, Foreign Missions, and the Naval Observatory Branch. Together they provide protection for the following: The President and Vice President of the United States and their immediate families, presidential candidates, the White House Complex, the Vice President’s Residence, the Main Treasury Department building and its annex facility, and foreign diplomatic missions in the Washington DC metropolitan area.

Special Agents and Uniformed Division Officers carry the SIG Sauer P229 pistol chambered for the .357 SIG cartridge. In addition to their primary weapon, they are also trained on several close-combat weapons such as the Remington Model 870 shotgun, the M4 Carbine, the IMI Uzi, FN P90, and the HK MP5 (including the MP5KA4) submachine guns among others. They are also issued radios and surveillance kits in order to maintain communication with a central command post and other personnel.

The Secret Service New York City Field office was located at 7 World Trade Center. Immediately after the attacks, Special Agents and other Secret Service employees stationed at the New York Field office were among the first to respond with first aid trauma kits. Sixty-seven Special Agents in New York City, at and near the New York Field Office, assisted local fire and Police rescue teams by helping to set up triage areas and evacuate people from the towers. One Secret Service employee, Master Special Officer Craig Miller, died during the rescue efforts.

On August 20, 2002, Director Brian L. Stafford recognized the bravery and heroism of 67 Secret Service employees in the New York Field Office, by awarding the Director's Valor Award to employees who assisted in the rescue attempts in the World Trade Center during the September 11, 2001, attacks.

The Secret Service has agents assigned to approximately 125 offices located in cities throughout the United States and in select foreign cities.

To the top



Source : Wikipedia