Henry Morgenthau Jr.
Henry Morgenthau Jr. was the United States Secretary of the Treasury during the administration of Franklin D. Roosevelt, he played a major role in financing the New Deal. After 1937, while still in charge of the Treasury, he played the central role in financing United States participation in World War II, he played an major role in shaping foreign policy with respect to Lend-Lease, support for China, helping Jewish refugees, proposing to prevent Germany from again being a military threat by wrecking its industry and mines. Morgenthau was the father of Robert M. Morgenthau, District Attorney of Manhattan for 35 years and Henry Morgenthau III, an American author and television producer, he continued as treasury secretary through the first few months of Harry Truman's presidency, from June 27, 1945 to July 3, 1945, following the resignation of Secretary of State Edward Stettinius Jr. was next in line to the presidency. Morgenthau was the only Jew to be first in the presidential line of succession.
Morgenthau was born into a prominent Jewish family in New York City, the son of Henry Morgenthau, Sr. a real estate mogul and diplomat, Josephine Sykes. He had three sisters, he attended Phillips Exeter Academy transferring to the Dwight School. He studied architecture and agriculture at Cornell University. In 1913, he became friends with Franklin and Eleanor Roosevelt, he operated a farm named Fishkill Farms near the Roosevelt estate in upstate New York, like FDR, in growing Christmas trees. He was concerned about distress among farmers. In 1922, he took over the American Agriculturalist magazine, making it a voice for reclamation and scientific farming. In 1929, Roosevelt, as Governor of New York, appointed him chair of the New York State Agricultural Advisory Committee and to the state Conservation Commission. In 1933, Roosevelt became appointed Morgenthau governor of the Federal Farm Board. Morgenthau was nonetheless involved in monetary decisions. Roosevelt adopted the idea of raising the price of gold to inflate the currency and reverse the debilitating deflation of prices.
The idea came from Professor George Warren of Cornell University. Morgenthau met Jones there. I said to the President, he said, "That is right. Harrison called up and spoke to Jesse." I could not make out whether he spoke to the President. Harrison urged that inasmuch as Saturday was only half a day that they should not buy any gold. Both the President and Jones said. I believe it was on Friday that we raised the price 21¢, the President said, "It is a lucky number because it is three times seven." If anybody knew how we set the gold price through a combination of lucky numbers, etc. I think that they would be frightened. Saturday we increased the price 10¢. I stayed after Jones left and had a good half hour talk in which most of the time Louis Howe was present. In 1934, when William H. Woodin resigned because of poor health, Roosevelt appointed Morgenthau Secretary of the Treasury. Morgenthau was a strict monetarist. President Roosevelt and Federal Reserve Chairman Marriner Stoddard Eccles jointly kept interest rates low during the depression to finance massive public spending, later to support rearmament, support for Britain, U.
S. participation in WW II. In 1934, President Franklin D. Roosevelt asked Morgenthau to examine the taxes of William Randolph Hearst because FDR was "advised that Hearst was planning to use his newspapers to launch a major attack on the New Deal and its economic policies." Treasury Secretary Morgenthau explained that he examined the taxes of William Randolph Hearst and actress Marion Davies and "advised FDR to mount a preemptive attack on both her and Hearst." Morgenthau used his position as Treasury chief to investigate organized crime and government corruption. Treasury Intelligence and other agencies were uncoordinated in their efforts. Morgenthau created a coordinator for the Treasury agencies. Former head of IRS' criminal investigators Elmer Lincoln Irey, who had directed major investigations including the successful prosecution of Al Capone, assumed the position in 1937. Investigations of official corruption caused the fall of political boss Thomas "Big Tom" Pendergast of Kansas City. A Mafia-related shootout and massive official corruption led to successful investigations against Pendergast and the local Mafia head Charles Carrollo.
Other officials — as well as gangsters, in a few rare cases — were convicted because of Morgenthau's investigations. Morgenthau believed in balanced budgets, stable currency, reduction of the national debt, the need for more private investment; the Wagner Act regarding labor unions met Morgenthau's requirement, because it strengthened the party's political base and involved no new spending. Morgenthau accepted Roosevelt's double budget as legitimate — that is, a balanced regular budget, an "emergency" budget for agencies, like the Works Progress Administration, Public Works Administration and Civilian Conservation Corps, that would be temporary until full recovery was at hand, he fought against the veterans' bonus until Co
John F. Kennedy
John Fitzgerald "Jack" Kennedy referred to by his initials JFK, was an American politician and journalist who served as the 35th president of the United States from January 1961 until his assassination in November 1963. He served at the height of the Cold War, the majority of his presidency dealt with managing relations with the Soviet Union. A member of the Democratic Party, Kennedy represented Massachusetts in the U. S. House of Representatives and Senate prior to becoming president. Kennedy was born in Brookline, the second child of Joseph P. Kennedy Sr. and Rose Kennedy. He graduated from Harvard University in 1940 and joined the U. S. Naval Reserve the following year. During World War II, he commanded a series of PT boats in the Pacific theater and earned the Navy and Marine Corps Medal for his service. After the war, Kennedy represented the 11th congressional district of Massachusetts in the U. S. House of Representatives from 1947 to 1953, he was subsequently elected to the U. S. Senate and served as the junior Senator from Massachusetts from 1953 to 1960.
While in the Senate, he published his book Profiles in Courage, which won a Pulitzer Prize for Biography. In the 1960 presidential election, Kennedy narrowly defeated Republican opponent Richard Nixon, the incumbent vice president. At age 43, he became the second-youngest man to serve as president, the youngest man to be elected as U. S. president, as well as the only Roman Catholic to occupy that office. He was the first president to have served in the U. S. Navy. Kennedy's time in office was marked by high tensions with communist states in the Cold War, he increased the number of American military advisers in South Vietnam by a factor of 18 over President Dwight D. Eisenhower. In April 1961, he authorized a failed joint-CIA attempt to overthrow the Cuban government of Fidel Castro in the Bay of Pigs Invasion, he subsequently rejected Operation Northwoods plans by the Joint Chiefs of Staff to orchestrate false flag attacks on American soil in order to gain public approval for a war against Cuba.
However his administration continued to plan for an invasion of Cuba in the summer of 1962. In October 1962, U. S. spy planes discovered. Domestically, Kennedy presided over the establishment of the Peace Corps and supported the civil rights movement, but was only somewhat successful in passing his New Frontier domestic policies. On November 22, 1963, Kennedy was assassinated in Texas. Pursuant to the Constitution, Vice President Lyndon Johnson automatically became president upon Kennedy's death. Marxist Lee Harvey Oswald was arrested for the state crime, but he was killed by Jack Ruby two days and so was never prosecuted. Ruby was sentenced to death and died while the conviction was on appeal in 1967. Both the FBI and the Warren Commission concluded that Oswald had acted alone in the assassination, but various groups challenged the findings of the Warren Report and believed that Kennedy was the victim of a conspiracy. After Kennedy's death, Congress enacted many of his proposals, including the Civil Rights Act and the Revenue Act of 1964.
Kennedy continues to rank in polls of U. S. presidents with historians and the general public. His personal life has been the focus of considerable public fascination following revelations regarding his lifelong health ailments and alleged extra-marital affairs, his average approval rating of 70% is the highest of any president in Gallup's history of systematically measuring job approval. John Fitzgerald Kennedy was born on May 29, 1917, at 83 Beals Street in suburban Brookline, Massachusetts, to businessman/politician Joseph Patrick "Joe" Kennedy and philanthropist/socialite Rose Elizabeth Fitzgerald Kennedy, his paternal grandfather P. J. Kennedy was a member of the Massachusetts state legislature, his maternal grandfather and namesake John F. Fitzgerald served as a U. S. Congressman and was elected to two terms as Mayor of Boston. All four of his grandparents were children of Irish immigrants. Kennedy had an elder brother, Joseph Jr. and seven younger siblings: Rosemary, Eunice, Robert and Edward.
As of 2019, he has been the only Catholic U. S. President. Kennedy lived in Brookline for the first ten years of his life and attended the local St. Aidan's Church, where he was baptized on June 19, 1917, he was educated at the Edward Devotion School in Brookline, the Noble and Greenough Lower School in nearby Dedham and the Dexter School through the 4th grade. His father's business had kept him away from the family for long stretches of time, his ventures were concentrated on Wall Street and Hollywood. In September 1927, the family moved from Brookline to the Riverdale neighborhood of New York City. Young John attended the lower campus of Riverdale Country School, a private school for boys, from 5th to 7th grade. Two years the family moved to suburban Bronxville, New York, where Kennedy was a member of Boy Scout Troop 2 and attended St. Joseph's Church; the Kennedy family spent summers and early autumns at their home in Hyannis Port and Christmas and Easter holidays at their winter retreat in Palm Beach, Florida purchased in 1933.
In September 1930, Kennedy—then 13 years old—attended the Canterbury School in New Milford, for 8th grade. In April 1931, he had an appendectomy, after which he withdrew from Canterbury and recuperated at home. In September 1931, Kennedy started attending Choate, a prestigious board
United States Consumer Price Index
The United States Consumer Price Index is a set of consumer price indices calculated by the U. S. Bureau of Labor Statistics. To be precise, the BLS computes many different CPIs that are used for different purposes; each is a time series measure of the price of consumer services. The BLS publishes the CPI monthly; the BLS started the statistic in 1919. It computes thousands of consumer price indices, beginning with monthly average prices for each of 8,018 category-area combinations, they track how much of each of these category area combinations is in the "market basket" consumed by different groups of people. Different published consumer price indices differ in the weights, including the target consumer group and how the weights are updated; the weights for many indices are modified only in January of even-numbered years and are held constant for the next two years. However, weights for the chained CPI are updated each month, so they more track short term shifts in consumption patterns; the urban wage earner and clerical worker population consists of consumer units consisting of clerical workers, sales workers, craft workers, service workers, or laborers.
More than one half of the consumer unit's income has to be earned from the above occupations, at least one of the members must be employed for 37 weeks or more in an eligible occupation. The consumer price index for urban wage earners and clerical workers is a continuation of the historical index, introduced after World War I for use in wage negotiation; as new uses were developed for the CPI, the need for a broader and more representative index became apparent. The Social Security Administration uses the CPI-W as the basis for its periodic COLA; the all-urban consumer population consists of all urban households in metropolitan statistical areas and in urban places of 2,500 inhabitants or more. Non-farm consumers living in rural areas within MSAs are included, but the index excludes rural consumers and the military and institutional population; the consumer price index for all urban consumers introduced in 1978 is representative of the buying habits of 80 percent of the non-institutional population of the United States, compared with 32 percent represented in the CPI-W.
The methodology for producing the index is the same for both populations. The core CPI index excludes goods such as food and energy; this measure of core inflation systematically excludes food and energy prices because they have been volatile and non-systemic. More food and energy prices are thought to be subject to large changes that fail to persist and do not represent relative price changes. In many instances, large movements in food and energy prices arise because of supply disruptions such as drought or OPEC-led cutbacks in production; this was introduced in the early 1970s when food and oil prices were quite volatile, the Fed wanted an index, less subject to short term shocks. However, on January 25, 2012, the Fed announced they would stop using the core CPI and rely instead on the personal consumption expenditures price index; this index applies to the same target population as the CPI-U, but the weights are updated each month. This allows the weights to evolve more gracefully with people's consumption patterns.
Since at least 1982, the BLS has computed a consumer price index for the elderly to account for the fact that the consumption patterns of seniors are different from those of younger people. For the BLS, "elderly" means that a spouse is at least 62 years of age. Individuals in this group consume double the amount of medical care as all consumers in CPI-U or employees in CPI-W. In January of each year, Social Security recipients receive a cost of living adjustment "to ensure that the purchasing power of Social Security and Supplemental Security Income benefits is not eroded by inflation, it is based on the percentage increase in the consumer price index for urban wage earners and clerical workers". However, from December 1982 through December 2011, the all-items CPI-E rose at an annual average rate of 3.1 percent, compared with increases of 2.9 percent for both the CPI-U and CPI-W. This suggests that the elderly have been losing purchasing power at the rate of 0.2 percentage points per year. In 2003 Hobijn and Lagakos estimated that the social security trust fund would run out of money in 40 years using CPI-W and in 35 years using CPI-E.
As an economic indicator. As the most used measure of inflation, the CPI is an indicator of the effectiveness of government fiscal and monetary policy. For inflation targeting monetary policy by the Federal Reserve. Business executives, labor leaders, other private citizens use the CPI as a guide in making economic decisions; as a deflator of other economic series. The CPI and its components are used to adjust other economic series for price change and to translate these series into inflation-free dollars; as a means for indexation. Ove
United States Treasury security
A United States Treasury security is a government debt instrument issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Treasury securities are referred to as Treasuries. Since 2012 the management of government debt has been arranged by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt. There are four types of marketable treasury securities: Treasury bills, Treasury notes, Treasury bonds, Treasury Inflation Protected Securities. There are several types of non-marketable treasury securities including State and Local Government Series, Government Account Series debt issued to government-managed trust funds, savings bonds. All of the marketable Treasury securities are liquid and are traded on the secondary market; the non-marketable securities are issued to subscribers and cannot be transferred through market sales. Federal Reserve Banks are required to hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts into circulation.
This collateral is chiefly held in the form of U. S. Treasury debt and government-sponsored enterprise securities. To finance the costs of World War I, the U. S. Government increased government debt, called war bonds. Traditionally, the government borrowed from other countries, but there were no other countries from which to borrow in 1917; the Treasury raised funding throughout the war by selling $21.5 billion in'Liberty bonds.' These bonds were sold at subscription where officials created coupon price and sold it at par value. At this price, subscriptions could be filled in as little as one day, but remained open for several weeks, depending on demand for the bond. After the war, the Liberty bonds were reaching maturity, but the Treasury was unable to pay each down with only limited budget surpluses; the resolution to this problem was to refinance the debt with variable short and medium-term maturities. Again the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the Treasury.
The problems with debt issuance became apparent in the late 1920s. The system suffered from chronic over-subscription, where interest rates were so attractive that there were more purchasers of debt than supplied by the government; this indicated. As government debt was undervalued, debt purchasers could buy from the government and sell to another market participant at a higher price. In 1929, the US Treasury shifted from the fixed-price subscription system to a system of auctioning where'Treasury Bills' would be sold to the highest bidder. Securities were issued on a pro rata system where securities would be allocated to the highest bidder until their demand was full. If more treasuries were supplied by the government, they would be allocated to the next highest bidder; this system allowed the market, rather than the government. On December 10, 1929, the Treasury issued its first auction; the result was the issuing of $224 million three-month bills. The highest bid was at 99.310 with the lowest bid accepted at 99.152.
"Treasury bill" redirects here. Note that the Bank of England issues these in the United Kingdom. Treasury bills mature in less. Like zero-coupon bonds, they do not pay interest prior to maturity. Regular weekly T-Bills are issued with maturity dates of 28 days, 91 days, 182 days, 364 days. Treasury bills are sold by single-price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction at 11:30 a.m. on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week bills are announced on Monday for auction the next day, Tuesday at 11:30 a.m. and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday at 11:30 am, issuance on Thursday. Purchase orders at TreasuryDirect must be entered before 11:00 on the Monday of the auction; the minimum purchase, effective April 7, 2008, is $100. Mature T-bills are redeemed on each Thursday. Banks and financial institutions primary dealers, are the largest purchasers of T-bills.
Like other securities, individual issues of T-bills are identified with a unique CUSIP number. The 13-week bill issued three months after a 26-week bill is considered a re-opening of the 26-week bill and is given the same CUSIP number; the 4-week bill issued two months after that and maturing on the same day is considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, maturing on September 20, 2007, has the same CUSIP number as the 13-week bill issued on June 21, 2007, maturing on September 20, 2007, as the 4-week bill issued on August 23, 2007 that matures on September 20, 2007. During periods when Treasury cash balances are low, the Treasury may sell cash management bills; these are sold by auction just like weekly Treasury bills. They differ in that they are irregular in amount and day of the week for auction and maturity; when CMBs mature on the same day as a regular weekly bill Thursday, they are said to be on-cycle.
The CMB is considered another reopening of the bill and has the
Series E bond
Series E U. S. Savings Bonds were marketed by the United States government as war bonds from 1941 to 1980; those issued from 1941 to November 1965 accrued interest for 40 years. They were issued at 75 cents per dollar face value, maturing at par in a specified number of years that fluctuated with the rate of interest. Denominations available were $25, $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000. Series E bonds are not transferable; the guaranteed minimum investment yield for the bonds was 4 percent, compounded semiannually. Interest from the Series E bonds is exempt from state and local taxes, but is subject to federal taxes; the first modern U. S. Savings Bonds were issued in 1935, they were marketed as a safe investment, accessible to everyone. The first bonds, series A, were followed by series B, C, D, E, EE, F, G, H, HH, I. In December 1941, the US declared war on Japan; this was the starting point for a large scale – and thus expensive — defense program. The problem of the financing of World War II was greater than that of World War I, as the struggle lasted longer and the amounts involved were larger.
The budgetary expenses for the years 1941–1945 amounted to some $317 billion, of which $281 billion was directly related to the war effort. Of these outlays some 45 percent was covered by other non-borrowing sources; the deficit had to be covered by selling bonds. The Treasury sold $185.7 billion of securities to finance the war. The public debt rose from $50 billion in 1940 to $260 billion in 1945; the first Series E bond was sold to President Franklin D. Roosevelt by Secretary of the Treasury Henry Morgenthau on May 1, 1941; these were marketed first as "defense bonds" later as "war bonds". During World War II the "drive" technique used during World War I was replaced in part by a continual campaign using a payroll deduction plan. However, eight different drives were conducted during the campaign. In total, the overall campaign raised $185.7 billion from 85 million Americans, more than in any other country during the war. Li'l Abner creator Al Capp created Small Fry, a weekly newspaper comic strip whose purpose was to sell Series E bonds in support of the Treasury.
Of the $185.7 billion raised during the continual campaign, a total of $156.4 billion was raised during the eight specific drives, despite an average duration of only one month each, as follows: First War Loan Drive – 24 days, from November 30 through December 23, 1942. The initial goal was $9 billion. However, only $1.6 billion was raised from individuals. Second War Loan Drive – 20 days, from April 12 through May 1, 1943; the initial goal was $13 billion. Individual purchases doubled over the previous drive, due in large part to the $4.5 million and $170,000 of advertising contributed by newspapers and magazines. Third War Loan Drive – 23 days, from September 9 through October 1, 1943; the initial goal was $15 billion, which would require a doubling of the bond sales from the prior drive, with at least 40 million of the 130 million American citizens needing to purchase a $100 war bond. President Franklin D. Roosevelt addressed the nation via one of his fireside chats on September 8. Singer Kate Smith raised $39 million during a September 21 CBS broadcast, part of the $600 million she raised on a series of one day broadcasts throughout the war.
Final sales were $19 billion. Fourth War Loan Drive – 32 days, from January 18 through February 15, 1944; the initial goal was $14 billion, the drive was targeted towards farmers and women. A Quiz Kids radio broadcast from Syria Mosque in Pittsburgh raised $5 million. Kate Smith again proved a popular draw. Final sales were $16.7 billion, with nearly 70 million separate bonds sold. Fifth War Loan Drive – 27 days, from June 12 through July 8, 1944. On May 15, 1944, Orson Welles was placed on the U. S. Treasury payroll as an expert consultant for the duration of the war. On FDR's recommendation, Morgenthau asked Welles to lead the Fifth War Loan Drive, which opened June 12 with a one-hour radio show on all four networks, broadcast from Texarkana, Texas. Including a statement by the President, the program defined the causes of the war and encouraged Americans to buy $16 billion in bonds. Additional war loan drive broadcasts took place June 14 from the Hollywood Bowl, June 16 from Soldier Field, Chicago.
Americans purchased $20.6 billion in War Bonds during the Fifth War Loan Drive. Sixth War Loan Drive – 45 days, from November 2 through December 16, 1944; the drive raised $21.6 billion. Seventh War Loan Drive – 48 days, from May 14 through June 30, 1945. Officials were concerned; the amount raised during the six-week drive was over $26 billion. Eighth War Loan Drive – 41 days, from October 29 through December 8, 1945; the goal was $11 billion. More than $21 billion was raised — 192% of the goal. Although Series E bonds are associated with the war bond drives of World War II, they continued to be sold until June 1980, thereafter being replaced by Series EE bonds. A version of Series EE bond
Franklin D. Roosevelt
Franklin Delano Roosevelt referred to by his initials FDR, was an American statesman and political leader who served as the 32nd president of the United States from 1933 until his death in 1945. A Democrat, he won a record four presidential elections and became a central figure in world events during the first half of the 20th century. Roosevelt directed the federal government during most of the Great Depression, implementing his New Deal domestic agenda in response to the worst economic crisis in U. S. history. As a dominant leader of his party, he built the New Deal Coalition, which realigned American politics into the Fifth Party System and defined American liberalism throughout the middle third of the 20th century, his third and fourth terms were dominated by World War II. Roosevelt is considered to be one of the most important figures in American history, as well as among the most influential figures of the 20th century. Though he has been subject to much criticism, he is rated by scholars as one of the three greatest U.
S. presidents, along with George Washington and Abraham Lincoln. Roosevelt was born in Hyde Park, New York, to a Dutch American family made well known by Theodore Roosevelt, the 26th president of the United States and William Henry Aspinwall. FDR attended Groton School, Harvard College, Columbia Law School, went on to practice law in New York City. In 1905, he married his fifth cousin once removed, Eleanor Roosevelt, they had six children. He won election to the New York State Senate in 1910, served as Assistant Secretary of the Navy under President Woodrow Wilson during World War I. Roosevelt was James M. Cox's running mate on the Democratic Party's 1920 national ticket, but Cox was defeated by Warren G. Harding. In 1921, Roosevelt contracted a paralytic illness, believed at the time to be polio, his legs became permanently paralyzed. While attempting to recover from his condition, Roosevelt founded the treatment center in Warm Springs, for people with poliomyelitis. In spite of being unable to walk unaided, Roosevelt returned to public office by winning election as Governor of New York in 1928.
He was in office from 1929 to 1933 and served as a reform Governor, promoting programs to combat the economic crisis besetting the United States at the time. In the 1932 presidential election, Roosevelt defeated Republican President Herbert Hoover in a landslide. Roosevelt took office while the United States was in the midst of the Great Depression, the worst economic crisis in the country's history. During the first 100 days of the 73rd United States Congress, Roosevelt spearheaded unprecedented federal legislation and issued a profusion of executive orders that instituted the New Deal—a variety of programs designed to produce relief and reform, he created numerous programs to provide relief to the unemployed and farmers while seeking economic recovery with the National Recovery Administration and other programs. He instituted major regulatory reforms related to finance and labor, presided over the end of Prohibition, he harnessed radio to speak directly to the American people, giving 30 "fireside chat" radio addresses during his presidency and becoming the first American president to be televised.
The economy having improved from 1933 to 1936, Roosevelt won a landslide reelection in 1936. However, the economy relapsed into a deep recession in 1937 and 1938. After the 1936 election, Roosevelt sought passage of the Judiciary Reorganization Bill of 1937, which would have expanded the size of the Supreme Court of the United States; the bipartisan Conservative Coalition that formed in 1937 prevented passage of the bill and blocked the implementation of further New Deal programs and reforms. Major surviving programs and legislation implemented under Roosevelt include the Securities and Exchange Commission, the National Labor Relations Act, the Federal Deposit Insurance Corporation, Social Security. Roosevelt ran for reelection in 1940, his victory made him the only U. S. President to serve for more than two terms. With World War II looming after 1938, Roosevelt gave strong diplomatic and financial support to China as well as the United Kingdom and the Soviet Union while the U. S. remained neutral.
Following the Japanese attack on Pearl Harbor on December 7, 1941, an event he famously called "a date which will live in infamy", Roosevelt obtained a declaration of war on Japan the next day, a few days on Germany and Italy. Assisted by his top aide Harry Hopkins and with strong national support, he worked with British Prime Minister Winston Churchill, Soviet leader Joseph Stalin and Chinese Generalissimo Chiang Kai-shek in leading the Allied Powers against the Axis Powers. Roosevelt supervised the mobilization of the U. S. economy to support the war effort and implemented a Europe first strategy, making the defeat of Germany a priority over that of Japan. He initiated the development of the world's first atomic bomb and worked with the other Allied leaders to lay the groundwork for the United Nations and other post-war institutions. Roosevelt won reelection in 1944 but with his physical health declining during the war years, he died in April 1945, just 11 weeks into his fourth term; the Axis Powers surrendered to the Allies in the months following Roosevelt's death, during the presidency of Roosevelt's successor, Harry S. Truman.
Franklin Delano Roosevelt was born on January 30, 1882, in the Hudson Valley town of Hyde Park, New York, to businessman James Roosevelt I and his second wife, Sara Ann Delano. Roosevelt's parents, who were sixth cousins, both came from wealthy old New York families, the Roosevelts, the Aspinwalls and the Delanos, respectively. Roo
Bureau of the Public Debt
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner directed the Bureau be combined with the Financial Management Service into the single Bureau of the Fiscal Service in 2012. Under authority derived from Article I, section 8 of the Constitution, the Bureau of Public Debt was responsible for borrowing the money needed to operate the federal government, is where donations to reduce the debt were made, it accounted for the resulting debt and more provides administrative and IT services to federal agencies. Principal operations were conducted in Washington, D. C. and Parkersburg, West Virginia. Additionally, Federal Reserve Banks, acting as Treasury’s fiscal agents, operate critical systems in support of Public Debt Programs and perform a variety of processing and customer service functions in marketable and savings securities. Public Debt’s mission is to borrow the money needed to operate the federal government, account for the resulting debt, provide reimbursable support services to federal agencies.
Financing the federal government is accomplished by selling Treasury bills, bonds, Treasury inflation-protected securities, U. S. Savings Bonds; the Bureau provides reimbursable administrative and information technology services to other government agencies through the Administrative Resource Center. Public Debt fulfills its mission through five different programs: Wholesale Securities Services, Government Agency Investment Services, Retail Securities Services, Summary Debt Accounting, Franchise Services. Public Debt’s vision is "Leading the way for responsible, effective government through commitment to service, efficient operations, openness to change, values-based behavior". Public Debt has identified five core values which serve as reminders of the bureau's expectations of its employees: Information Sharing, Integrity and Individual Respect. Public Debt's goal in building a values-based culture is to increase accountability, improve productivity and results, contribute to employee morale.
In 2009, Public Debt was ranked 4th best place to work in the federal government based on a survey of civil servants conducted by the Office of Personnel Management across 216 federal agency subcomponents. While the public debt of the United States can be traced to the beginning of the nation itself in 1776, Public Debt, as it’s known today, was created in 1940; the United States' government creates financial budgets through three methods: by printing money, collecting taxes, by borrowing. The printing of money is costly and the introduction of money in the nation can create issues of inflation. Taxing the people requires the ability to incur the additional costs of their personal incomes to give to the urgent need of the debt. Borrowing is necessary to be able to finance deficits at times from those who can afford to supplement the debt in the belief that upon a time of surplus the debts would be paid back to those indebted to by the borrowers. Today, the Bureau of Public make insurances and issues securities through the market.
The creation was part of a Treasury reorganization plan where the Public Debt Service was designated the Bureau of the Public Debt. Public Debt has had a presence in Parkersburg, WV since 1954, when the city was designated a relocation site for Public Debt in the event of a national emergency. In 1957, Parkersburg became the electronic processing center for savings bonds, from 1993 to 1996, Public Debt consolidated and transferred the majority of its operations to Parkersburg. Today, over 95% of Public Debt employees work in Parkersburg. In October 2012, the Bureau of the Public Debt consolidated with the Financial Management Service to form the Bureau of the Fiscal Service; the Wholesale Securities Services program ensures the government’s critical financing needs are met and administers Treasury's auction rules and government securities market regulations. Wholesale Securities Services is responsible for the sale and issuance of trillions of dollars in securities each year, the operation of Treasury and Federal Reserve systems that support the issuance and redemption of Treasury securities.
Another responsibility of the program is identifying which securities can be pledged to the government for collateral and determining how these securities are valued. This process ensures that both government funds on deposit at commercial banks and private-sector contracts with the government are secured; the Wholesale Securities Services program contributes to Treasury's priority of financing the debt at the lowest cost over time by guaranteeing operational readiness to meet the government’s financing needs and protecting and strengthening Treasury’s borrowing capabilities. It educates and builds relationships with large investors and preserves confidence in Treasury auctions through the auction rule compliance program; the Government Agency Investment Services program is made up of three components: Federal Investments, Special Purpose Securities, Federal Borrowings. The program offers specialized investments for government entities at the federal and local levels; the Federal Investments area issues and redeems Government Account Series securities for federal agencies.
The Federal Investments component handles the accounting and reporting on all receipts and disbursements for the 18 trust funds managed by the Treasury Department. The Special Purpose Securities area issues and redeems special purpose securities, as well as serves as a fiscal agent for securities issued by other federal agencies; the State and Local Government S