The U.S. Department of the Treasury is in charge of monitoring and administrating finances for the nation. The Treasury is also responsible for interacting with other world bodies in response to global financial trends and crises. Treasury officials regularly meet with the President and Congress to advise on matters of business and finance in regards to legislation and budgetary needs.Official Site: Mission, Duties and Functions

The Obama Administration announced plans to end apprehension from banks to lend money by buying up to a half-trillion dollars in bad bank assets on March 23, 2009. Wall Street responded positively on the day of the announcement with, NASDAQ, S&P and the Dow Jones opening with gains.The Houston Chronicle: Administration seeks to free frozen... (March 23, 2009)

• Prints and oversees postage, Treasury notes, and currency agenciesAnswers.com: United States Department of the Treasury
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In the face of increasing Wall Street instability and credit restriction, Treasury Secretary Henry Paulson presented Congress with a one-page proposal called the Troubled Asset Relief Program to save the failing economy.Politico: Paulson's rescue plan is called 'TARP' (September 19, 2008) Paulson's request for $700 billion to assist financial companies crippled by worthless mortgage investments failed to pass Congressional voting. A revised plan made it through the chamber in October 2008.The New York Times: Text of Draft Proposal for Bailout Plan (September 20, 2008)

However, critics of the bailout plan cite a lack of government oversight and abuse of funds. Congressman Barney Frank has voiced concern about CEO "golden parachutes", claiming that the funds are being abused.Bloomberg: Frank Says Bonuses, Acquisitions Violate Bailout Plan (October 31, 2008) Another concern is that the money is being used by institutions to acquire other institutions, rather than shoring up existing debts. President George W. Bush and Paulson disagree with this, saying that too many restrictions could seem punitive.Washington Post: Better Banking (November 10, 2008)

In an effort to repair the troubled financial markets, President-Elect Barack Obama moved quickly in the weeks following his election to designate important financial posts in his upcoming administration. His two top contenders were Lawrence Summers, a past Treasury Secretary under the Clinton administration, and Timothy Geithner, the head of the New York Federal Reserve Bank.CEP: Geithner and Summers Front-runners to Become Next U.S. Treasury Secretary (November 9, 2008) On November 21, Obama named Geithner as his nominee, a move which appeared to trigger a last minute rally on the stock market with the Dow surging a substantial 494 points.Los Angeles Times: Dow jumps on report of Geithner nomination (November 22, 2008) Three days later, Obama nominated Summers for Director of his National Economic Council, a group that advises the president on the economy, but is separate from the Treasury Department.CNN: Obama names his economic team (November 24, 2008)

As U.S. Treasury debt continued to soar in February 2009, the Treasury Department suggested the possible return of the 7-year note, which had previously been retired. The reintroduction of the 7-year note would coincide with the retirement of 5-year inflation-indexed notes, making way for better-selling maturities.Reuters: US Treasury debt soars, 7-year note may return (February 2, 2009)

On January 16, 2009 the United States Treasury Department zeroed-in on four alleged Al-Qaeda operatives with ties to the organization's operations in Iran. The department issued executive order 13224, freezing the men's assets and prohibiting transactions between them and U.S. citizens. The purpose of such an order is to target the operatives as well as those that support them, and forces Iran to publicly accept responsibility for how it is meeting its international obligations regarding Al Qaeda. The four men, Mustafa Hamid, Muhammad Rab'a al-Sayid al-Bahtiyti, Ali Saleh Husain, and Osama Bin Laden's son Saad bin Laden, were allegedly detained by Iranian authorities in 2003, though it is believed Sa'ad bin Laden has been away from the country since at least September of 2008.Google News (AFP): US Treasury Targets Bin Laden Son, Al Qaeda with Iran Ties (January 16, 2009)