Executive Branch of the U. S. Government
Executive power in the U.S. is represented by the President, his Government and executive Departments (ministries), which are units of the Federal system of executive power. The main task of the executive power is to guarantee and monitor the enforcement of laws in the country, as well as administrative activities that are necessary for performing tasks, issue of regulations and normative acts. On the basis of authority delegated by the Parliament, and having an independent regulatory authority, the President, Government and Ministries issue sets of regulations governing the most important spheres of life in the country.
Federal executive Departments, or Ministries, are the executive agencies which have special competence in certain areas of public administration. As the executive authorities, Departments have independent rule-making powers. The role of the Cabinet (departments) is defined by the Constitution as “advisory body to the President”.
At the federal level, there are 14 departments, which form the so-called Cabinet. Each of the departments is headed by Secretary (Minister, the Attorney General in the Ministry of Justice), who is appointed by the President of the United States and approved by the Senate. All department heads form the president’s Cabinet, and all are his advisors. Thus, the Cabinet of Ministers of the United States is an advisory body to the President, but the specifics of the U.S. government is that the Cabinet is practically not functioning as a collective body, and each ministry is working on his own. This is due to the fact that each Department has a totally different sphere of responsibilities, so they rarely gather for a joint solution of public affairs.
From the history of the formation of the executive branch in the United States it is necessary to point out the fact that until 1913 the U.S. government included five ministries, until 1965 – 8, and other ministries were created in 1965 to expand the powers and spheres of government control, as well as to make it possible to carry out the main functions of the government. Now there are 14 federal executive departments: Department of Agriculture (USDA), Department of Commerce (DOC), Department of Defense (DOD), Department of Education (ED), Department of Energy (DOE), Department of Health and Human Services (HHS), Department of Homeland Security, DHS, Department of Housing and Urban Development (HUD), Department of Justice (DOJ), Department of Labor (DOL), Department of State, (DOS), Department of the Interior (DOI), Department of Transportation (DOT), Department of Veterans Affairs (VA).
The structure of the ministries is not identical because of differences in their targets and functional activities, but there is a number of common elements and management entities. For example, each ministry has the Legal department and Department of inspections, offices responsible for legislation, relations with Congress, public relations and media, human resources and labor relations. Powers and functions of the ministries are strictly defined by law, and controlled by the Congress and the President’s office.
United States Department of the Treasury
The Department of the Treasury is the executive agency, which is responsible for promoting economic prosperity and ensuring the financial security of the United States. (www.treasury.gov)
The department of the Treasury main function is to manage cash resources USA, that includes a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. (www.treasury.gov)
The Treasury was established on the basis of the decision of the first session of Congress in 1789, when Congress created a permanent body to manage public finances. For decades, the functions of the Treasury expanded and has become more complex, and in addition to its traditional responsibilities, it performs many other important functions. Currently, the department of the Treasury remains a major U.S. financial institutions in the field of accounting, revenue collection, the creation of currency and economic policy. (www.treasury.gov)
According to an official mission of the Department of Treasury, it is aimed to “Maintain a strong economy and create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad, strengthen national security by combating threats and protecting the integrity of the financial system, and manage the U.S. Government’s finances and resources effectively”. (www.treasury.gov)
The department of the Treasury performs such major functions:
1. As the principal economic adviser of the President, Secretary of the Treasury is responsible for formulating domestic and foreign financial policy, formulation of recommendations on tax policy and public debt management.
2. As the financial agent of the U.S. government, the Treasury has a number of functions on the Financial Services of the State:
– Control over the state funds
– Production and processing of checks on behalf of the state,
– Production and sale of savings bonds and other securities
– Collection of tax revenues and customs duties,
– Control over the activities of national banks,
– The issue of paper money and stamps, etc.
In addition to supervising the above-mentioned activities , the Secretary of the Treasury is also the chief representative of the U.S. government in international organizations; he is managing the U.S. in the IMF, the International Bank for Reconstruction and Development, the Inter-American Development Bank, Asian Development Bank, African Development Fund. He is also a member of numerous committees and boards, particularly on the management of federal trust funds such as the Trust Fund for the elderly.
The U.S. Treasury plays a leading role in determining the nature of actions and time of currency interventions, which are put into practice by the Federal Reserve for foreign exchange intervention in foreign exchange markets, in order to influence dollar exchange rate, or provide any other state with the necessary number of foreign currency to cover the external deficit. Thus, the U.S. Treasury is an organization that carries out foreign exchange regulation and conduct flexible monetary and credit policy, may provide through its operations with treasury bills an impact on the bank interest rates, and has an impact on bank reserves.