Misplaced Pages

#49950

51-627: The United States secretary of the treasury is the head of the United States Department of the Treasury , and is the chief financial officer of the federal government of the United States . The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law,

102-443: A Continental ". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article , as a remnant of the country's transition from British to American English . For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to

153-542: A Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury , which assistant shall be appointed by the said Secretary. Alexander Hamilton took the oath of office as the first secretary of the treasury on September 11, 1789. Hamilton had served as George Washington 's aide-de-camp during

204-579: A bill to review the ability of the National Laboratories to meet Department of Energy standards. While field hearings involve some matters different from Washington hearings, most of the procedural requirements are the same. However, funding for committee travel must meet regulations established by the Senate Committee on Rules and Administration . Most individuals respond favorably to an invitation to testify, believing it to be

255-411: A box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. U.S. President Abraham Lincoln subsequently honored her with a commendation for her actions, and the federal government rewarded her with an appointment for life as a messenger with its Department of Issues. The U.S. Congress transferred several agencies that had previously been under

306-552: A committee's hearings workload is dedicated to oversight. For example, on a single day, May 8, 1996, the Senate Committee on Energy and Natural Resources held an oversight hearing to look into a recent increase in gasoline prices; the Committee on Governmental Affairs held an oversight hearing on the Internal Revenue Service ; the Committee on Health, Education, Labor and Pensions held an oversight hearing on

357-595: A database of digitized hearings (published and unpublished) covering 1824 to the present. Committees hold legislative hearings on measures or policy issues that may become public law. Sometimes a committee holds hearings on multiple measures before ultimately choosing one vehicle for further committee and chamber action. Hearings provide a forum where facts and opinions can be presented from witnesses with varied backgrounds, including Members of Congress and other government officials, interest groups, and academics, as well as citizens likely to be directly or indirectly affected by

408-664: A member of the National Security Council , and fifth in the U.S. presidential line of succession . Under the Appointments Clause of the United States Constitution , the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance , will take the office if confirmed by the majority of the full United States Senate . The secretary of state ,

459-402: A valuable opportunity to communicate and publicize their views on a question of public policy. However, if a person will not come by invitation alone, a committee or subcommittee may require an appearance through the issuance of a subpoena (Rule XXVI, paragraph 1). Committees also may subpoena correspondence, books, papers, and other documents. Subpoenas are issued infrequently, and most often in

510-483: Is administered by the secretary of the treasury , who is a member of the Cabinet . The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes . The department was established by an Act of Congress in 1789 to manage government revenue . The first secretary of

561-655: Is customarily referred to as "Treasury", solely, without any preceding article – a transitional remnant from British to American English . Hamilton's portrait appears on the obverse of the ten-dollar bill , while the Treasury Building in Washington, D.C. is depicted on the reverse . The history of the Department of the Treasury began in the turmoil of the American Revolution , when

SECTION 10

#1732780566050

612-439: Is the head of the United States Department of the Treasury , and is the chief financial officer of the federal government of the United States . The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council . Under

663-486: Is undertaking the digitization of the Library's entire collection of printed hearings (constituting approximately 75,000 volumes). As of 2010 three collections (on the decennial Census, FOIA and Immigration) have been selectively compiled as a test. It is hoped the project will eventually provide full-text access of the entire collection which will be posted online by Google and the Library. ProQuest offers subscriptions to

714-621: The American Revolutionary War and was influential in the ratification of the Constitution. Hamilton's financial and managerial acumen made him a logical choice for addressing the problem of the new nation's heavy war debt . His first official act as secretary was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of

765-566: The Appointments Clause of the United States Constitution , the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance , is confirmed by the United States Senate .     Federalist (4)     Democratic-Republican (4)     Democratic (30)     Whig (5)     Republican (34)     Independent (1) Status The secretary of

816-554: The Bank of the United States , which acted as the government's fiscal agent . The Department of Treasury believes their seal was created by Francis Hopkinson , the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created. In 1861, Sophia Holmes became

867-615: The Comprehensive Nuclear Test Ban Treaty . Also that year the Committee on Foreign Relations held hearings on ratifying tax treaties with Estonia , Venezuela , Denmark , and other nations. Field hearings are Congressional hearings held outside Washington. The formal authority for field hearings is found implicitly in the chamber rules. Senate Rule XXVI, paragraph 1 states that a committee "is authorized to hold hearings … at such times and places during

918-474: The Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain . The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit , promising redemption in coin on faith in

969-695: 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 March 1, 2003, the Federal Law Enforcement Training Center , the United States Customs Service , and

1020-690: The Serial Set . Published hearings did not become available for purchase from the United States Government Printing Office until 1924 and were not distributed to depository libraries until 1938. Unlike the documents and reports that are compiled in the Serial Set "hearings do not constitute a real series" although in the modern era a trend toward uniformity of numbering has resulted in all Senate hearings and prints for each Congressional Session (commencing with

1071-466: The U.S. Mint . These two agencies are responsible for printing all paper currency and minting coins , while the treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises the legislative and executive branches on matters of fiscal policy . The department

SECTION 20

#1732780566050

1122-529: The United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS") . In 2020, the Treasury suffered a data breach following a cyberattack likely conducted by a nation state adversary , possibly Russia. This was in fact the first detected case of the much wider 2020 United States federal government data breach , which involved at least eight federal departments. The basic functions of

1173-586: The treasurer of the United States must sign Federal Reserve notes before they can become legal tender . The secretary also manages the United States Emergency Economic Stabilization fund . The secretary of the treasury is a Level I position in the Executive Schedule , thus earning the salary prescribed for that level ( US$ 246,400, as of January 2024). The United States secretary of the treasury

1224-428: The 98th Congress in 1983) being assigned a unique numerical designation (in the style of what one scholar dubbed a "combination code") published on the cover and title page (e.g. S. HRG. 110-113; S. PRT. 110-13). A growing number of House Committees are assigning numerical or alphabetical designations for their publications (e.g. 110-35, 110-AA). The Law Library of Congress in a collaborative pilot project with Google

1275-688: The Department of the Treasury include: 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. From 1830 until 1901, responsibility for overseeing weights and measures

1326-956: The President's Economic Policy Council, Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, and as U.S. Governor of the International Monetary Fund , the International Bank for Reconstruction and Development , the Inter-American Development Bank , the Asian Development Bank , and the European Bank for Reconstruction and Development . The secretary along with

1377-499: The activities of the nominee's department or agency. While the vast majority of confirmation hearings are routine, some are controversial. The Senate, as required by the Treaty Clause of the Constitution, must consent to the ratification of treaties negotiated by the executive branch with foreign governments. In October 1999, for example, the Committee on Foreign Relations and the Committee on Armed Services held hearings on

1428-720: The aegis of the Treasury Department to other departments as a consequence of the September 11 attacks . Effective January 24, 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

1479-467: The characteristics of legislative and oversight hearings. The difference lies in Congress's stated determination to investigate, usually when there is a suspicion of wrongdoing on the part of public officials acting in their official capacity, or private citizens whose activities suggest the need for a legislative remedy. Congress's authority to investigate is broad and it has exercised this authority since

1530-509: The colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts , and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and clerks ,

1581-467: The country's $ 75 million debt in order to revitalize the public credit : "[T]he debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties . His sound financial policies also inspired investment in

United States Secretary of the Treasury - Misplaced Pages Continue

1632-474: The course of investigative hearings. The vast majority of committee hearings are open to the public, as required under Senate rules. But a hearing, like other committee meetings, may be closed for specific reasons stated in Senate rules (Rule XXVI, paragraph 5(b)). A committee may close a hearing if it The Senate rules also contain a specific procedure for closing a hearing. By motion of any senator, if seconded,

1683-635: The earliest days of the republic. The first such hearings were held by the House of Representatives in 1792 following St. Clair's Defeat in the Battle of the Wabash. Its most famous inquiries are benchmarks in American history: Credit Mobilier , Teapot Dome , Army-McCarthy , Watergate , and Iran-Contra . Investigative hearings often lead to legislation to address the problems uncovered. Judicial activities in

1734-526: The finances of the confederation of former colonies until September 1789. The First United States Congress convened in New York City on March 4, 1789, marking the beginning of government under the U.S. Constitution . On September 2, 1789, Congress created a permanent institution for the management of government finances: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be

1785-534: The first Black woman to be employed by the Treasury Department and by the Federal government of the United States when Senator Henry Wilson , James G. Blaine and others advocated for her hiring as a janitor under Secretary of the Treasury Francis Spinner . She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $ 200,000 when she came across

1836-520: The formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Department in carrying out its major law enforcement responsibilities; in serving as the financial agent for the United States Government ; and in manufacturing coins and currency . The Chief Financial Officer of the government, the Secretary serves as Chairman Pro Tempore of

1887-413: The formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department. The Treasury Department has authorized a budget for Fiscal Year 2024 of $ 16.5 billion. The budget authorization is broken down as follows: In the latest Center for Effective Government analysis of the fifteen federal agencies that receive

1938-513: The implementation of the Family and Medical Leave Act ; and the Committee on Indian Affairs held an oversight hearing on the impact of a recent Supreme Court case involving Indian gaming. Many committees oversee existing programs in the context of hearings on related legislation, or routinely perform oversight when it is time to reauthorize a program, so oversight hearings may be combined with legislative hearings. Investigative hearings share some of

1989-424: The most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the treasury failed to earn a satisfactory overall grade. Confirmation hearing Hearings were not published generally until the latter part of the 19th century, except some early hearings (generally of special investigative committees) were published in the series that are part of

2040-418: The nation's finances. Morris, a wealthy colonial merchant , was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller , a treasurer , a register , and auditors , who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee

2091-508: The order designates which Treasury officers are next in line to serve as acting secretary. The order of succession is: United States Department of the Treasury The Department of the Treasury ( USDT ) is the national treasury and finance department of the federal government of the United States , where it serves as an executive department . The department oversees the Bureau of Engraving and Printing and

United States Secretary of the Treasury - Misplaced Pages Continue

2142-457: The proposal. Oversight hearings review or study a law, issue, or an activity, often focusing on the quality of federal programs and the performance of government officials. Hearings also ensure that the executive branch's execution goes with legislative intent, while administrative policies reflect the public interest. Oversight hearings often seek to improve the efficiency, economy, and effectiveness of government operations. A significant part of

2193-707: The revolutionary cause. On June 22, 1775, only a few days after the Battle of Bunker Hill , the Continental Congress issued $ 2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas . Congress stipulated that each of

2244-485: The same area of Congress's investigation may precede, run simultaneously with, or follow such inquiries. Confirmation hearings on presidential nominations are held in fulfillment of the Senate's constitutional " advice and consent " responsibilities under the Appointments Clause . Each Senate committee holds confirmation hearings on presidential nominations to executive and judicial positions within its jurisdiction. These hearings often offer an opportunity for oversight into

2295-465: The secretary of the treasury, the secretary of defense , and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments. The current secretary of the treasury is Janet Yellen , who is the first woman to hold the office. The Secretary is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in

2346-548: The sessions, recesses, and adjourned periods of the Senate" as it sees fit. Otherwise, there is no distinction between field hearings and those held in Washington. In the 106th Congress , for example, the Committee on Commerce held a field hearing in Bellingham, Washington , on a liquid pipeline explosion in that city, and the Committee on Energy and Natural Resources held a field hearing in Albuquerque, New Mexico , on

2397-530: The treasury is fifth in the presidential line of succession , following the secretary of state and preceding the secretary of defense . On August 16, 2016, President Barack Obama signed Executive Order 13735, which changed the order of succession for filling the Treasury Secretary's role when necessary. At any time when the secretary and the deputy secretary of the treasury have both died, resigned, or cannot serve as secretary for other reasons,

2448-473: The treasury was Alexander Hamilton , who was sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris , Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration . The department

2499-558: Was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology . The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for

2550-580: Was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas

2601-401: Was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $ 241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency . Protests against the worthless money swept the colonies, giving rise to the expression " not worth

SECTION 50

#1732780566050
#49950