Economy & Finance
Economy & Finance News
23 April 2015 Secretary Kerry's Remarks at the Atlantic Council's Conference on Trade and National Security: Renewing U.S. Leadership Through Economic Strength
27 March 2015 US Senate Passes Budget, Setting Up Fight With Obama The U.S. Senate has passed a bill that proposes deep cuts to the federal budget, setting up a fight between congressional Republicans and Democratic President Barack Obama.
29 December 2014 U.S. Reviews Progress with G20 on Global Economic Priorities Looking back on 2014, a U.S. Treasury Department review says the G20, a forum of the world’s largest economies, has made important progress on key issues that affect both the U.S. and global economies.
11 December 2014 Obama at Export Council Meeting "Obviously we've seen some significant economic progress here in the United States over the last year. Our businesses have added almost 11 million jobs over the past 57 months. This year our economy has already created more jobs [than] in any year since the 1990s, with still a month to go. All told, since 2010, we've created more jobs here in the United States than Japan, Europe, and all advanced nations combined."
21 November 2014 U.S. Champions Innovators at 5th Global Entrepreneurship Summit The United States continued to foster a culture of innovation around the world during the fifth Global Entrepreneurship Summit November 19–21 in Marrakech, Morocco. As President Obama’s point person on entrepreneurship, Secretary of Commerce Penny Pritzker helped lead the U.S. delegation to the summit, along with Vice President Biden.
08 November 2014 State Dept. Facts on Spurring Strategic Business Growth for Women
30 October 2014 U.S. Innovators to Share Skills at Global Entrepreneurship Summit A contingent of U.S. innovators, led by Commerce Secretary Penny Pritzker, will share their business know-how at the Global Entrepreneurship Summit (GES) in Marrakech, Morocco, November 19–21.
12 June 2014 Treasury Department Explains Value, Effect of Sanctions
President Obama has imposed sanctions in the last few months related to instability in Ukraine, human rights abuses in the Central African Republic and violence in South Sudan. With public interest in sanctions increasing, Office of Foreign Assets Control (OFAC) Director Adam Szubin answered questions about them.
03 June 2014 New Report Shows U.S. Most Attractive Destination In the World for Investment (via Treasury.gov) A recently published and closely followed survey of global business leaders conducted by A. T. Kearney, a management-consulting firm, shows that the global economy may be at a critical turning point. The report presents evidence that business leaders from around the world are increasingly bullish on the global economic outlook.
16 May 2014 U.S. Investments Help Boost Global Economic Growth As Americans celebrated National Small Business Week, the U.S. government pointed to its support for small businesses beyond U.S. borders through its investments in the multilateral development banks (MDBs). President Obama, in a statement on Small Business Week, said “small businesses represent what is best about America — that with hard work and ingenuity, anyone — no matter their background — can build a better future for themselves and their families.”
12 April 2014 The Economic Impact of Digital Trade Ambassador Sepulveda, Deputy Assistant Secretary and U.S. Coordinator for International Communications and Information Policy, Bureau of Economic and Business Affairs
12 April 2014 Treasury Secretary Lew at World Bank Development Committee "A strong and reliable World Bank is in our collective interest. The headway that the world has made coming out of the financial crisis is cause for much optimism. However, the path to sustainable, inclusive growth should not be taken for granted. The World Bank plays a crucial role in shaping policies, partnering with the private sector and providing financing to spur growth, protect the most vulnerable and build resilience. We are particularly cognizant that the World Bank’s transformational impact is not confined to its lending; its ability to act as a thought leader and global convener is just as critical."
10 April 2014 Treasury Secretary Previews IMF, World Bank Meetings Ahead of the April 11–13 Spring Meetings of the International Monetary Fund and the World Bank, U.S. Treasury Secretary Jacob Lew previewed the discussions in a television interview. The Spring Meetings will focus on promoting global economic growth and development.
07 April 2014 Facts on U.S. Efforts to Strengthen Entrepreneurship Entrepreneurs play a critical role in expanding the economy and creating jobs. President Obama is committed to increasing the prevalence and success of entrepreneurs across the country, including through the White House Startup America initiative, an “all-hands-on-deck” effort to expand access to capital, accelerate innovation, and promote private sector efforts to strengthen the Nation’s startup communities.
28 March 2014 Regulators, Business Must Work Together for Clean-Energy Economy The administrator of the U.S. Environmental Protection Agency is working to bridge a gulf that some see separating environmental regulations and strong economic growth. “A healthy environment in no way should be jeopardizing a healthy economy because we can have both,” McCarthy said, “and that is the lens that President Obama has had us look through in the development of our energy and environmental policies.”
21 March 2014 No More Benchmarks, Fed's Yellen Tells Markets At her first press conference since assuming leadership of the U.S. central bank, Federal Reserve Board Chair Janet Yellen said U.S. monetary policy will stay on course — for now. Yellen, the first woman to head the central bank, said the Fed will continue its phased reduction in buying long-term securities but will leave the short-term interest rate it sets for banks to borrow money at the current historically low level of zero to 0.25 percent, set in 2008.
18 March 2014 Treasury’s Cohen on Illicit Finance Risks of Virtual Currency (IIPDigital)
15 January 2014 Global Economy to Grow Modestly in 2014, World Bank Says The world economy is projected to grow 3.2 percent in 2014, up from 2.4 percent in 2013, with growth supported by recovery from the global economic crisis in high-income countries and picking up in developing countries, the World Bank reports. The bank projects that growth in high-income countries will be a modest 2.2 percent in 2014 and will increase to 2.4 percent in both 2015 and 2016.
07 January 2014 New Federal Reserve Chief Outlines Her Policy Priorities (IIPDigital) Economist Janet Yellen, confirmed by the U.S. Senate on January 6 as the first woman to lead the Federal Reserve, says the nation’s prosperity depends on the productiveness and enterprise of the American people. At her Senate Banking Committee confirmation hearing in November, Yellen told senators that she also believes the Federal Reserve’s crucial role is to promote conditions that foster maximum employment, low and stable inflation, and a safe and sound financial system.
12 December 2013 Treasury's Lew Urges Support of IMF Reform U.S. Treasury Secretary Jack Lew again has urged Congress to approve reforms for the International Monetary Fund (IMF) that will enhance the fund's ability to represent all of its 188 members and make its governing structure reflect today’s global economy.
04 November 2013 SelectUSA Summit Seeks Stronger Global Business Alliances U.S. Secretary of Commerce Penny Pritzker wrapped up the inaugural SelectUSA 2013 Investment Summit November 1, following two high-impact days of meetings and discussions in Washington in which representatives from around the world explored investment opportunities and learned about the advantages of doing business in the United States.
31 October 2013 Obama Seeks to Attract More Foreign Investors to United States The United States has the most appealing investment environment in the world, and it’s going to get even better, says President Obama. Addressing some 1,200 business people from nearly 60 countries and 47 U.S. states who attended the SelectUSA 2013 Investment Summit, Obama said: “When we do business together, and when we trade and forge new partnerships, it’s good for all of us.”
24 October 2013 SelectUSA Investment Summit Will Bring More Than 1,000 to U.S. More than 1,000 participants have registered to attend the SelectUSA 2013 Investment Summit October 31–November 1 in Washington, U.S. Commerce Secretary Penny Pritzker announced October 23. The event will be at capacity attendance, she said. President Obama launched SelectUSA in 2011 as the first U.S. governmentwide initiative to promote investment in the United States. This first summit will connect foreign companies and investors with local, state and regional economic development organizations.
15 October 2013 Export Control Reform: First Final Rules Go Into Effect (via State.gov) The most significant changes to the U.S. export control system in decades become effective today: the first sets of regulatory changes that redefine how the U.S. Government protects sensitive technologies by regulating and enforcing exports of U.S.-origin defense products and services, a major milestone in the President’s Export Control Reform Initiative.
12 October 2013 Treasury Secretary Lew on Global Economic, Financial Trends "To build the resilience of the global financial system, we must continue to move forward on the international financial regulatory reform agenda. Over the past five years, significant and successful efforts have been made to strengthen the resilience of the global financial system, with the help of the G-20 and the Financial Stability Board (FSB). The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the U.S. was a watershed event in this process. The United States is committed to implementing fully enhanced liquidity, leverage, and capital requirements, as agreed under Basel III."
09 October 2013 Obama, Janet Yellen on Federal Reserve Nomination Remarks by President Obama in Nomniating Dr. Janet Yellen as Chair of the Board of Governors of the Federal Reserve System.
08 October 2013 U.S. Federal Reserve Board Issues Redesigned $100 Note The Federal Reserve began supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters and help businesses and consumers tell whether a note is genuine. The redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell.
• U.S. Government Unveils New Design for the $100 Note (April 2010)
06 September 2013 Obama Praises Global Economic Progress over Last 5 Years President Obama praised the world’s recovery from the financial crisis that began in September five years ago and the U.S. recovery that is helping to drive renewed global growth. Citing the strength of the U.S. recovery, the president said the U.S. manufacturing sector is rebounding, and new regulations have strengthened the banking system while reducing the chance of another crisis. The United States is also reducing its dependence on imported oil and is producing more clean energy.
13 July 2013 President Obama on Economic Impact of Immigration Reform In his weekly address, President Obama says tthe immigration reform bill passed by the Senate in late June with a large bipartisan majority would be a big boost to the U.S. economy, strengthen Social Security and modernize the legal immigration system to make it more consistent with U.S. values. The president urges Congress to quickly take action to fix the broken immigration system and keep America strong for years to come.
12 July 2013 China, U.S. to Negotiate Investment Treaty Following two days of talks between senior U.S. and Chinese officials, China announced its intention to negotiate a bilateral investment treaty with the United States that would encourage openness, nondiscrimination and transparency in all sectors of investment between the two countries.
21 May 2013 Increased Domestic Demand Will Help Spur Global Growth A senior U.S. Treasury official says the global economic recovery has largely been held back by a lack of domestic demand in many major economies, as well as the need for some emerging economies to allow more currency flexibility.
17 April 2013 IMF Projects Modest Global Growth in 2013 The global economy is expected to grow a modest 3.3 percent in 2013 and a slightly improved 4 percent in 2014, the International Monetary Fund reports. In its World Economic Outlook releasedthe IMF warns that old dangers to advanced economies remain as new risks emerge. That means policymakers should not relax, according to the report, which came out in advance of the IMF’s joint meetings with the World Bank April 20–21 in Washington.
22 March 2013 Immigration Reform Is Economic Imperative for U.S. President Obama is calling for an immigration system that is smart, efficient and fair because it is central to his goal of promoting economic innovation and business development, says chief White House economic adviser Alan Krueger.
08 March 2013 Dip in U.S. Unemployment Shows Recovery "Gaining Traction" The U.S. Department of Labor’s jobs report for the month of February showed that 246,000 Americans were hired for new jobs, and the U.S. unemployment rate dropped two-tenths of a percentage point to 7.7 percent, the lowest recorded level since December 2008. Alan Krueger, chairman of the White House Council of Economic Advisers, said in a statement that the employment report “provides evidence that the recovery that began in mid-2009 is gaining traction.”
27 February 2013 U.S. Central Bank Will Keep Interest Rates Low Federal Reserve Chairman Ben Bernanke told U.S. lawmakers that the U.S. central bank plans to continue its current quantitative easing program of purchasing $85 billion worth of U.S. mortgage and Treasury bonds per month to help spur U.S. economic recovery by keeping interest rates low to encourage businesses to expand and hire more workers.
26 February 2013 Economic Statecraft: Investment Climate Statements for 2013 In support of the Department of State’s
Economic Statecraft Agenda, the Department today issued 75 Investment
Climate Statements for 2013. These statements, updated annually by U.S.
embassies and consulates abroad, provide U.S. firms with
country-specific information and assessments on investment laws,
measures and other important business-related factors in foreign
• Jump to: 2013 Investment Climate Statement - United Kingdom (State.gov)
08 February 2013 U.S. Exports Reached Record High in 2012 The Department of Commerce has announced that the export of U.S. goods and services reached an all-time record during 2012. Acting Secretary of Commerce Rebecca Blank said record levels of exports were recorded in a variety of areas, including capital goods; automotive vehicles, parts and engines; consumer goods; and travel and tourism.
04 February 2013 Biden: U.S. Will Handle Economic Challenges "Just Fine" Vice President Biden said economic conditions in the United States are improving, and he urged European countries to resolve their economic crisis, saying a “strong and capable Europe” is in the interests of the United States and the rest of the global community.
30 January 2013 U.S. Economy Stalls, but Maintains Its Growth Potential The U.S. Department of Commerce reported that the U.S. gross domestic product (GDP) shrank at an annualized rate of 0.1 percent during the last quarter of 2012, according to its initial estimate, citing a reduction in U.S. government spending, private inventory investments, exports and state and local government spending.
29 November 2012 U.S. Economy Continues Recovery with 13 Quarters of GDP Growth The U.S. economy expanded at an annual rate of 2.7 percent from July to September, according to a new report from the Commerce Department. The report, which calculates both monthly and quarterly the output of goods and services produced by the United States, attributed third-quarter gains to several sectors.
02 November 2012 U.S. Economy Adds Jobs, Grows in October The U.S. economy added 171,000 jobs in October while the unemployment rate rose slightly to 7.9 percent from 7.8 percent the month before, according to the Labor Department. “October’s report marks 32 straight months of private-sector job growth totaling more than 5.4 million jobs,” said Labor Secretary Hilda Solis following the report’s release from her department’s Bureau of Labor Statistics.
01 November 2012 Presidential Proclamation on National Entrepreneurship Month "America is known around the world as a country that empowers the inventor and the innovator. Ours is a Nation where men and women can take a chance on a dream -- where they can take an idea that starts around a kitchen table or in a garage and turn it into a new business or a new industry. During National Entrepreneurship Month, we celebrate the hard work, ingenuity, and courage of our thinkers, doers, and makers."
26 October 2012 U.S. Economy Continues to Grow, Recover The U.S. economy posted its 13th straight quarter of growth as it expanded by 2 percent from July to September, according to a new Commerce Department report. “Together with other economic indicators, this report provides further evidence that the economy is moving in the right direction,” Chairman of the White House Council of Economic Advisers Alan Krueger said in a statement on the report’s October 26 release.
15 October 2012 Federal Reserve Supports U.S., Global Recovery The U.S. central bank is taking extra steps to support the country’s “frustratingly slow” economic recovery, says Federal Reserve Board Chairman Ben Bernanke. Speaking to the International Monetary Fund–World Bank Annual Meetings in Tokyo, the chairman said his board is working to respond to economic headwinds such as a weak housing market, tight credit conditions, fiscal contraction at all levels of government and concerns about the medium-term economic outlook.
14 October 2012 Federal Reserve's Bernanke on U.S., Global Economic Outlook
09 October 2012 World Economic Growth Slowing, IMF Says Recovery of the global economy continues, but at a slower rate than projected earlier in 2012, the International Monetary Fund reports in its latest World Economic Outlook.
05 October 2012 U.S. Unemployment Rate Drops as Economy Adds Jobs The U.S. unemployment rate hit 7.8 percent in September, dropping from 8.1 percent the month before and reaching its lowest level since January 2009. “Overall, the monthly drop in the unemployment rate is part of a larger trend that has seen the jobless rate fall by 1.2 percent over the last year,” Labor Secretary Hilda Solis said following the report’s release.
07 September 2012 U.S. Job Gains Support Continued Recovery The U.S. economy added 103,000 private sector jobs in August, making 30 straight months of employment gains that have resulted in 4.6 million new jobs.
29 August 2012 U.S. Economy Grew $6.5 Billion More than Reported in Quarter Two The U.S. economy grew more than initially estimated from April to June as gross domestic product (GDP) increased by 1.7 percent, according to a new Commerce Department report. The new figure uses more complete source data to calculate the GDP, or total output of goods and services produced by the country.
27 July 2012 Regulatory Reforms After U.S. Economic Crisis Show Results The U.S. Treasury Department and financial regulators have been hard at work creating a more resilient financial system in response to the economic downturn, and the results are beginning to show.
27 July 2012 U.S. Economy Grows for 12th Straight Quarter The U.S. economy posted its 12th straight quarter of positive growth as gross domestic product (GDP) expanded by an annualized rate of 1.5 percent from April to June, according to a new Commerce Department report.
06 July 2012 U.S. Economy Adds Jobs in June; Employment Rate Unchanged The U.S. private sector added 84,000 jobs in June, making it 28 straight months of employment growth, according to a report released by the Labor Department. The June unemployment rate was unchanged from May at 8.2 percent, which is 0.9 percentage points below its June 2011 level.
26 June 2012 Financial Diplomacy Key to Building Global Economy Cultivating common ground among financial leaders around the world will be critical to effectively facing 21st-century economic challenges, says Treasury Under Secretary for International Affairs Lael Brainard.
13 June 2012 Nonproliferation and Economic Statecraft Fact Sheet
09 June 2012 Treasury's Geithner on Spain's Action on Banking System Secretary Geithner said "We welcome Spain's action to recapitalize its banking system and the commitment by its European partners to provide support."
08 June 2012 Remarks by President Obama on the U.S. Economy and European Economic Challenges The President said "The bottom line is the solutions to these problems are hard, but there are solutions. The decisions required are tough, but Europe has the capacity to make them."
14 May 2012 U.S. Government Expands Program for International Students The Department of Homeland Security announced an expanded list of science, technology, engineering and math designated-degree programs that qualify eligible graduates on student visas for an optional practical training extension.
11 May 2012 U.S. Works to Attract More International Visitors Commerce Secretary John Bryson and Interior Secretary Ken Salazar have announced the U.S. government’s National Tourism and Travel Strategy to promote international travel opportunities throughout the United States.
04 May 2012 U.S. Employment Continues Steady Increase U.S. employment increased in April thanks to job gains in professional and business services, retail trade, health care and manufacturing, according to the Labor Department’s monthly employment report.
27 April 2012 U.S. Economy Grows: Private Spending Up, Government Spending Down The U.S. economy posted its 11th straight quarter of positive growth with a 2.2 percent increase in gross domestic product from January to March, according to the Commerce Department.
26 April 2012 Remarks by Secretary Clinton at the Global Impact Economy Forum
"We believe expanding economic opportunity is fundamental to achieving our own national interest. We want more prosperous societies. ...We want to see that creativity and entrepreneurial spirit fostering growth
26 April 2012 Bernanke: Moderate U.S. Growth Supports New Jobs Federal Reserve Chairman Ben Bernanke says the U.S. economy is continuing to expand moderately, providing critical support for ongoing improvements in the labor markets. Bernanke said labor market conditions have improved in recent months, with the unemployment rate having fallen nearly a percentage point since August.
19 April 2012 Global Financial Leaders Gather for IMF, World Bank Meetings The global economy has entered a "timid recovery" and still faces high risks, says International Monetary Fund (IMF) Managing Director Christine Lagarde. Lagarde called on policymakers around the world to work together in addressing challenges, such as high unemployment, protracted slow growth and potential oil price hikes, that pose a threat to global economic recovery.
18 April 2012 Treasury Official on Financial Regulatory Reform Department of the Treasury Assistant Secretary for Financial Institutions Cyrus Amir Mokri on Financial Regulatory Reform and International Coordination.
17 April 2012 White House Briefing by Jay Carney, Economic Council's Brian Deese "...the President today called on Congress to pass a set of measures designed to strengthen oversight of our energy markets and help crack down on illegal market manipulation in oil markets. I just want to go through quickly the details of the proposals that the President outlined today, and then can take your questions."
16 April 2012 Clinton on Dr. Jim Yong Kim as World Bank President
12 April 2012 Statement by World Bank Nominee Dr. Jim Yong Kim Dr. Jim Yong Kim talks to the World Bank Board of Directors on his vision for the World Bank if he is elected president of the bank.
03 April 2012 IMF Chief: U.S. Economy Strongly Linked to Global Recovery The global economic recovery requires the support of a strong U.S. economy, says International Monetary Fund (IMF) Managing Director Christine Lagarde. In her address to the Associated Press annual meeting in Washington, Lagarde said the U.S. economy is particularly linked with Europe’s.
23 March 2012 U.S. Promotes Market-Based Exchange Rates at WTO Forum Two U.S. officials will advocate for market-determined exchange rates as the foundation of an open global trading system at a World Trade Organization seminar in Geneva. Deputy U.S. Trade Representative Michael Punke and Treasury Department Deputy Assistant Secretary for International Monetary and Financial Policy Mark Sobel began the two-day series of meetings. The WTO seminar is dedicated to the relationship between exchange rates and trade.
23 March 2012 Obama Nominates Physician as World Bank President President Obama announced March 23 that the United States will nominate Dr. Jim Yong Kim to be president of the World Bank. Currently serving as president of Dartmouth College in New Hampshire, Kim is a physician with a background in global health issues and critical health problems in the developing world. The World Bank works to reduce poverty and support development, providing financial and technical assistance to developing countries.
19 March 2012 Treasury's Geithner Says U.S. Economy Faces Tough Challenges The U.S. economy is growing again after suffering its worst downturn since the Great Depression of the 1930s but faces tough challenges to maintain its upward momentum, according to Treasury Secretary Timothy Geithner. For the short term, Geithner urged Congress to fund President Obama’s plans to rebuild infrastructure, help small businesses and prevent more layoffs of teachers, police and firefighters.
09 March 2012 U.S. Economy Adds Jobs, Continues to Recover The U.S. economy added 227,000 new jobs in February while the unemployment rate remained unchanged from January at 8.3 percent, according to a Labor Department report that the White House says signals an improved job market and stronger economy. The federal government lost 7,000 jobs during February, and construction lost 13,000. Sectors with net job increases during the month included health care and social assistance, with a gain of 61,100 jobs; temporary help services, adding 45,200; leisure and hospitality services, increasing by 44,000; and an additional 31,000 manufacturing jobs.
29 February 2012 U.S. Economy Grew More than Expected in 2011 The U.S. economy expanded more from October to December 2011 than originally reported, according to a revised estimate from the Commerce Department.
27 February 2012 Treasury’s Geithner at G20 Meeting on Global Economy The risks to the global economy have diminished since the G20 last met in Cannes, but we still face significant economic challenges. The U.S. economy is gradually getting stronger. Europe has acted to significantly reduce the risk of a catastrophic financial crisis. And even with weakness in European growth, we are seeing encouraging signs of resilience in many emerging economies.
27 February 2012 Group of 20 Advanced Economies Plans Economic Recovery
13 February 2012 Obama Budget to Cut Deficit, Support Economic Recovery President Obama has sent to Congress his federal budget for fiscal
year 2013, a White House road map for how the United States can “grow
the economy, create jobs and give Americans everywhere the security they
deserve.” The president’s budget needs the approval of Congress to pass before fiscal year 2013 begins October 1.
• Fact Sheet: Overview of Obama’s FY2013 Budget for State and USAID
07 February 2012 Bernanke Urges U.S. Leaders to Cut National Debt Federal Reserve Chairman Ben Bernanke is calling on U.S. leaders to achieve economic and financial stability by putting the United States’ fiscal policy on a sustainable path that ensures steady reduction of public debt. The chairman said a more robust recovery will lead to lower deficits and debt, and a plan for fiscal sustainability will keep longer-term interest rates low and improve household and business confidence, thereby supporting improved economic performance in the short term
31 January 2012 Why Global Economy Needs Investment in Women This was an important theme at the World Economic Forum in Davos last week, which hosted a plenary session entitled “Women as the Way Forward” on the potential impact of women on the global economy.
27 January 2012 U.S. Economy Posts Growth for 10th Straight Quarter The U.S. economy grew by 2.8 percent from October to December, marking the 10th straight quarter of positive growth and bringing expansion of the country’s gross domestic product up to 1.7 percent for 2011, according to the Commerce Department.
25 January 2012 National Strategy for Global Supply Chain Security Announced "As much of the global supply chain is owned and operated by entities outside of the U.S. Government, the success of this strategy will depend upon our ability to work with other stakeholders."
25 January 2012 Bernanke: U.S. Economy Expanding Despite Global Slowdown The U.S. economy is continuing to expand moderately despite some slowing in global growth, according to Federal Reserve Chairman Ben Bernanke. Despite these positive signs, Bernanke said, the U.S. economy has seen mixed results in other areas, such as retail sales, as it continues to face headwinds coming from Europe due in part to the sluggish global economy.
13 January 2012 U.S. to Hit $2 Trillion in 2011 Exports, Set to Meet Obama’s Goal A new trade report shows the United States on course to meet President Obama’s National Export Initiative target, with American goods and services exports during the first 11 months of 2011 up 15 percent, or $251.5 billion, from the same period in 2010.
06 January 2012 U.S. Economy Gains Jobs, Continues Recovery The U.S. economy is continuing to improve slowly, with a new report showing the unemployment rate at 8.5 percent for December 2011 — a 0.2 percentage points drop from November 2011 and the lowest level since February 2009. The employment report showed private sector growth of at least 200,000 jobs in December, well ahead of what many analysts had predicted. This marked 22 consecutive months of private sector job growth for a total addition of 3.2 million jobs during that period.
30 November 2011 Federal Reserve, Five Central Banks Act to Lessen Debt Crisis The U.S. Federal Reserve and five other central banks took coordinated action to fortify the global financial system and ease strains caused by the European debt crisis. The coordinated action was announced simultaneously by the Federal Reserve in Washington, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank.
17 November 2011 Free People Create Economic Growth, Obama Says A country’s greatest economic resource is the talent and entrepreneurial spirit of its people, President Obama says, and open and accountable governments that treat all of their citizens equally and with dignity are in a better position to enjoy economic growth that will benefit everyone in their society.
04 November 2011 Obama: Advanced Economies Lay Plans for Economic Growth President Obama says the Group of 20 nations have worked together and
made progress toward strengthening the global economy, averting another
recession and putting the world on the path to recovery. At a press conference Obama said the G20 nations agreed
to stay focused on jobs and economic growth through an extensive plan
that calls for greater coordination on individual national actions and
• Fact Sheet: G20 Cannes Action Plan for Growth and Jobs
• Fact Sheet: G20 on U.S. Financial Reform, G20 Leaders’ Agenda
• Fact Sheet: G20 on Common Global Challenges
28 October 2011 Obama: A Firewall to Stop Europe’s Crisis Spreading An op-ed by President Obama was published in the Financial Times on October 28.
27 October 2011 U.S. Economy Continues Expansion The U.S. economy grew at an annual rate of 2.5 percent in the July-to-September quarter, driven by consumer spending and continued export growth, though job growth continues to lag, according to the U.S. Commerce Department. The Commerce Department’s Bureau of Economic Analysis released the advance estimate of gross domestic product (GDP) for the third quarter of 2011 on October 27. “Real GDP rose 2.5 percent at an annual rate, consistent with private-sector expectations and up from the 1.3 percent increase in the second quarter and a significant step up from the 0.4 percent gain in the first quarter,” the department said.
25 October 2011 Treasury Official on Eurozone Debt Crisis, Implications for U.S. U.S. Department of the Treasury Assistant Secretary for International Finance Charles Collyns, written Testimony before the House Committee on Financial Services Subcommittee on International Monetary Policy and Trade.
16 October 2011 Treasury Secretary Geithner at G20 Meeting of Finance Ministers "The available evidence suggests the U.S. economy is still expanding, with the pace of growth somewhat stronger than during the first half of the year. But the overall pace of economic growth is not strong enough."
06 October 2011 Obama Says European Debt Crisis Could Have “Real Effect” on U.S. President Obama says the European sovereign debt crisis could hurt the U.S. economy, and he urged European leaders to “act fast” in support of Greece and other countries in the European Monetary Union that are having difficulty paying their debts.
01 October 2011 Statement of Anti-Counterfeiting Trade Pact Negotiating Parties Today representatives from Australia, Canada, the European Union, Japan, Republic of Korea, Mexico, Morocco, New Zealand, Singapore, Switzerland, and the United States reaffirmed their commitment to the Anti-Counterfeiting Trade Agreement at a Tokyo signing ceremony hosted by the Government of Japan. Representatives of eight governments – Australia, Canada, Japan, Republic of Korea, Morocco, New Zealand, Singapore, and the United States – signed the Agreement, and took a major step toward its entry into force.
26 September 2011 Treasury Official’s Speech to Institute of International Bankers Assistant Secretary Lago said ".... we need a financial reform agenda that safeguards financial stability and the global economy."
21 September 2011 Treasury Official on Multilateral Banks and National Security Written Testimony of the Treasury Assistant Secretary Marisa Lago before the House Financial Services Subcommittee on International Monetary Policy and Trade.
21 September 2011 Federal Reserve Acts to Boost U.S. Economy The U.S. Federal Reserve will buy up about $400 billion of longer-term Treasury securities by the end of June 2012 as part of an effort to boost the sagging U.S. economy and help the housing market. The Federal Open Market Committee, the policymaking arm of the Federal Reserve System, said the action it agreed to take should put “downward pressure on longer-term interest rates” and help to improve broader financial conditions.
12 September 2011 G7 Pledges to Support Global Economic Recovery Finance officials from the Group of Seven (G7) industrialized nations pledged to work together to support the global economy as it faces “significant challenges” to recovery. The financial leaders from the United States, Britain, Canada, France, Germany, Italy and Japan said concerns over the pace and future of the recovery underscore the need for a concerted global effort in support of “strong, sustainable and balanced growth.”
08 September 2011 President Obama On The American Jobs Act President Obama: “The purpose of the American Jobs Act is simple: to
put more people back to work and more money in the pockets of those who
• The White House blog : The American Jobs Act
• Fact Sheet: The American Jobs Act
08 September 2011 Geithner Op-Ed: What the World Must Do To Boost Growth
11 August 2011 Obama, Bernanke Discuss Economic Recovery as Growth Lags President Obama and Federal Reserve Chairman Ben Bernanke talked at the White House on the state of the U.S. economy as financial indicators continue to show slower-than-expected economic growth.
08 August 2011 President Obama's Remarks on U.S. Credit Rating
05 August 2011 U.S. Jobs Figures Show Upturn in Economic Recovery The U.S. economy added 117,000 new jobs in July as the unemployment rate ticked down to 9.1 percent, indicating a slight economic upturn as the country continues to recover from the worst recession on record. “While the better than expected report is welcome news, the unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn,” Council of Economic Advisers Chairman Austan Goolsbee said in a statement.
02 August 2011 Congress Passes Debt Limit Extension The U.S. Congress voted to raise the nation’s legal borrowing limit by at least $2.1 trillion and to begin reducing the nation’s total debt by at least $1 trillion in phases over a 10-year period. President Obama said that the actions taken by Congress over the past two days are a first step toward the United States addressing its long-term debt issues.
25 July 2011 A Balanced Approach President Obama says that both parties have a responsibility to solve the debt problem.
23 July 2011 Weekly Address: A Bipartisan Approach to Strengthening the Economy President Obama discussed the urgency of Democrats and Republicans coming together to take a balanced approach to cutting the deficit to strengthen the economy.
13 July 2011 U.S. Trade Deficit Hits Highest Level Since 2008 The U.S. trade deficit has surged to its highest level in almost three years, driven largely by an increase in the cost of imported crude oil. The deficit for May increased $6.8 billion from April and jumped about $8.1 billion from May 2010.
13 July 2011 U.S. Economy Sees Boost in GDP, Continues Modest Recovery Although the GDP has increased, Federal Reserve Chairman Ben Bernanke said, the unemployment rate, which appeared to be moving steadily downward earlier in 2011, has climbed back up above 9 percent.
11 July 2011 Press Conference by the President President Obama held a press conference to give an update on the ongoing efforts to tackle the U.S. national debt and deficit.
28 June 2011 Geithner Says U.S. Supports France's Lagarde to Head IMF Treasury Secretary Timothy Geithner says French Finance Minister Christine Lagarde’s selection as the new managing director of the International Monetary Fund comes at a critical time for the global economy. Lagarde was selected by the 24-member IMF Executive Board at a special meeting at the fund’s headquarters in Washington. She becomes the first woman to lead the global monetary agency since its inception in 1944.
27 June 2011 EU, U.S. Partner to Secure Global Supply Chain The United States remains committed to working with the international community to ensure the safety and resilience of world trade, the U.S. secretary of homeland security Janet Napolitano told an international commerce panel in Brussels.
20 June 2011 Obama: U.S. Committed to Remain Top Choice for Foreign Investors President Obama says the United States is committed to remaining “the most attractive place for businesses to locate, invest, grow and create jobs” as a new study finds that foreign direct investment in the United States jumped 49 percent from 2009 to 2010.
08 June 2011 U.S. Economy Recovering at Moderate Pace, Likely to Pick Up Federal Reserve Chairman Ben Bernanke says the U.S. economy is recovering at a moderate pace "from both the worst financial crisis and the most severe housing bust since the Great Depression." Bernanke said U.S. economic growth in 2011 has been slower than expected, partially due to supply chain disruptions associated with the earthquake and tsunami in Japan. He said also that prices for many commodities have risen sharply during the past year, resulting in significantly higher consumer prices for food, gasoline and other energy products.
26 May 2011 Clinton Sees Another 50 Years of Success for OECD Secretary of State Hillary Rodham Clinton has praised the
Organisation for Economic Co-operation and Development’s new vision
statement, endorsed during the group’s 50th anniversary meeting, and
says it will “help ensure the organization’s next 50 years are as
successful as the first 50 years.”
• Fact Sheet: List of Key Items at OECD Ministerial Meeting
25 May 2011 Secretary Clinton and Secretary Geithner Joint Letter to G8 Ministers As President Obama said on May 19, the courage of the people of the Middle East and North Africa has created a historic opportunity. This is a time for the region and the world to work together to support successful transitions toward democratic societies and more inclusive economies.
17 May 2011 U.S. Firmly Committed to Global Economic Development Group Secretary of State Hillary Clinton will chair the upcoming Organisation for Economic Co-operation and Development ministerial meetings, which mark the group’s 50th anniversary. Clinton hopes “to underscore the U.S. commitment to the OECD,” according to a senior State Department official.
27 April 2011 U.S. Economic Recovery Continues, Job Rates Improve The U.S. economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually, Federal Reserve Chairman Ben Bernanke says. The chairman said he believes the rate of financial recovery will also continue to improve. He said that while household spending and investment has expanded, supporting the recovery, nonresidential spending is still weak and the housing sector remains depressed.
18 April 2011 U.S. Says IMF, World Bank "Vital" to Address Global Challenges The International Monetary Fund and World Bank are “vital for addressing the challenges of today and those that lie beyond the horizon,” says U.S. Treasury Secretary Timothy Geithner, as the two world lenders convened in Washington for their annual spring meetings.
02 April 2011 Energy Security Can Only Come If We Invest in Cleaner Fuels and Greater Efficiency In his weekly address, President Obama discussed his strategy to reduce our dependence on foreign oil and secure our nation’s energy future. When the President was elected, America imported eleven million barrels of oil a day. This week he announced a bold, but achievable goal of cutting this number by one-third by 2025.
30 March 2011 Obama Announces New Energy Security Measures The United States will begin an effort to reduce its dependence on
imported oil by a third over 10 years by increasing domestic energy
production, increasing the use of biofuels and natural gas, and
improving the fuel efficiency of U.S.-built cars and trucks, President
• Fact Sheet on U.S. Energy Security
29 March 2011 Japan's Disasters Do Not Inflict Long-Term Economic Damage The earthquake, tsunami and nuclear accident in Japan, while causing significant devastation, have not done lasting damage to the Japanese economy, according to economic analysts.
09 February 2011 Federal Reserve Chairman Discusses Economic Recovery, Debt, Jobs The U.S. economy continues to strengthen as consumer and business spending increase, but unemployment remains stubbornly high, says Federal Reserve Chairman Ben Bernanke.
17 December 2010 Transatlantic Economic Council Joint Statement The United States and the European Union met today as part of their annual Transatlantic Economic Council (TEC) to advance the U.S.-EU economic relationship and mutual growth and job creation.
06 September 2010 Remarks by President Obama at Laborfest in Milwaukee, Wisconsin Obama: The Fight for America's Workers Continues.
15 July 2010 Remarks by the President on the Passage of Financial Regulatory Reform President Obama says that the bill will bring greater economic security to families and businesses across the country.
27 June 2010 From the G20 Summit in Toronto, Canada:
- Acting on Our Global Energy and Climate Change Challenges
- U.S. Financial Reform and the G-20 Leaders' Agenda
- The G20 Toronto Summit Declaration
20 May 2010 Remarks by the President on Wall Street Reform
27 April 2010 Secretary Clinton's Closing Remarks at Presidential Summit on Entrepreneurship "This summit reflects the new approach to foreign policy that President Obama described last year at Cairo University, one that we have been putting into practice through partnerships."
21 April 2010 U.S. Government Unveils New Design for
the $100 Note Officials from the U.S. Department of the Treasury, the
Federal Reserve Board and the United States Secret Service today unveiled the
new design for the $100 note. Complete with advanced technology to combat
counterfeiting, the new design for the $100 note retains the traditional look of
• $100 Note Security Features (PDF, 4.1MB)
• $100 Note Fact Sheet (PDF, 436KB)
• Currency Milestones Fact sheet (PDF, 428KB)
01 February 2010 Federal Budget 2011 (see below)
21 January 2010 Remarks by the President on Financial Reform (WhiteHouse.gov)
25 September 2009 Remarks by President Obama at G20 Closing Press Conference
25 September 2009 G20 Leaders' Statement
25 September 2009 Post-G20 Meeting Fact Sheets
24 September 2009 Fact Sheet: Creating A 21st Century International Economic Architecture
24 September 2009 Press Briefing By Treasury Secretary Tim Geithner on the G20 Meetings
23 September 2009 Treasury Secretary Timothy F. Geithner on Financial Regulatory Reform
21 July 2009 Obama Letter on U.S.-India Civil Nuclear Cooperation Report Report to Congress covers activities from October 4, 2008, to June 30, 2009.
07 May 2009 U.S., Western European Economic Systems Differ Philosophically Both the U.S. and Western Europe operate under a capitalist system where most of the means of production remain in private ownership. It is the attitude toward the role of government in shaping the economy and providing social services to citizens that sets the U.S. apart from its friends across the Atlantic.
21 March 2009 President Obama to Focus on Budget Priorities Next Week In his weekly address, President Barack Obama announced that in the coming week, he will highlight the core principles of his budget: cutting the deficit in half by the end of his first term and making investments in long-delayed priorities like energy independence, education and health care reform.
The President's Budget of the United States Government is available from the United States Government Printing Office (GPO). The public can search or browse the budget, which is accessible from GPO's Federal Digital System at http://www.gpo.gov/fdsys/
Budget documents are available in PDF, with many of the tables also
available for separate viewing and downloading as spreadsheets in xls and comma
The online PDF versions of the Budget documents on GPO's Federal Digital System (FDsys) are digitally signed. GPO has signed and certified the PDF files to assure users of the authenticity of the documents. These signatures not only establish GPO as the trusted information disseminator, but also provide the assurance that the electronic PDF documents have not been altered since GPO disseminated them. For more information on authentication see: http://www.gpo.gov/authentication/
The President's budget documents for FY 2011 will be distributed to Federal depository libraries in paper and CD-ROM formats as soon as stock is received by GPO. Additionally, copies of the FY 2011 Budget are available for purchase from the U.S. Government Online Bookstore at http://bookstore.gpo.gov/collections/budget.jsp and consist of 4 books and 1 CD-ROM.
The Treasury Bulletin is issued quarterly by the US Department of the Treasury. It provides information on Treasury issues and Federal financial operations through special reports, tables and charts. Each issue contains a useful Profile of the Economy and a summary of economic indicators including GDP and consumer prices.
The Economic Report of the President, published annually and transmitted to Congress, usually in early February, comprises a brief report by the President on the state of the economy, plus the Annual Report of the Council of the Economic Advisors. This latter document contains an analysis and review of economic events and trends during the past year, projections for the current year and tables with current and historic economic data. A paper copy may be purchased from the U.S. Government Printing Office.
Full 2012 Economic Report of the President
download as pdf [3.4MB]
The 2011 Economic Report of the President is available on WhiteHouse.gov.
The 2010 Economic Report of the President is available on WhiteHouse.gov.