The Department of the Treasury is an executive department and the treasury of the United States of Federal government. It Mints all the paper and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. Jack Lew, current secretary of the treasury who was appointed by the President and has to execute all plans starting from collecting taxes to paying bills of the US government. It has to look after debt and manage the tax laws accordingly and lastly publish reports.
The department was established in 1789 by Washington and since the major steps in scheming currency are ended by the secretary of the department following are some helping hands and sub-departments to ease the decision making.
The president chooses the secretary; the president-elect Donald Trump has nominated Steven Mnuchin to be the next secretary.
After the minting of coins and paper currency is completed those are circulated in the market via different institutions injecting more money in the market according to the budget, this may result in superfluous inflation,
Inflation is not a bad thing. It’s been happening since the dawn of currency and the world economy has grown apace the whole while because it helps grease the wheels of commerce. Of course, you can create too much money. That’s hyperinflation.
But you can also create too little, thereby throttling trade.
Thus, to control and maintain the following, Federal Reserve comes into the sight which controls the foreign and domestic approach of the currency and its position.
The 77th treasury secretary Steven Mnuchin, the former Goldman Sachs partner and senior manager and hedge fund investor, is nominated for being the secretary of treasury once Donald Trump joins the office Mr Steven Terner Mnuchin, also known as Steve, is a Co-Founder, Co-Chief Executive Officer and Chairman of Dune Capital Management LP. Mr Mnuchin is the Finance Chairman of the Trump campaign. Mr Mnuchin co-founded OneWest Bank Group LLC and served as its Chairman and Chief Executive Officer. He is a Founder of Dune Real Estate Partners LP. He was an Investment Professional of Soros Fund Management LLC. Prior to joining CIT, he was Chairman and Chief Executive. Steven will be the secretary of the treasury department and president Trump will allow him to control the entire financial system of the US government.
Mnuchin’s record sounds good to the upcoming US situations
He is from a core financial background with hedge funds and owner of OneWest bank, as well he made the profit by his innovative thinking. Financial institutions and investors who were not very confident about trump’s government now have something to cheer for, with a promise of stability.
“As I have said, what I am focused on is that we need housing reform and a solution,” Mnuchin told the Senate Finance Committee.
“I start with the standpoint the status quo is not acceptable, of just leaving them there. I believe we need housing reform, and we need to make sure that, whatever the outcome is, one, we don’t put the taxpayers at risk and two, we don’t eliminate capital from the housing market…”
We can expect Mnuchin to reduce government deficit which is very high; with control over treasury department, reposts are made to ensure smooth working of the economy and volume of money to be circulated.
By Madhav Ashar