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HISTORY OF THE OFFICE OF ECONOMIC POLICY The primary mission of ...

Source: www.treas.gov
Topic: Economic Policy

Sort Desciption: In both the late 1970s and mid-1990s the Office of Economic Policy was an ... Today the Office of the Assistant Secretary for Economic Policy carries out ...

Content Inside: HISTORY OF THE OFFICE OF ECONOMIC POLICY The primary mission of the Office of the Assistant Secretary for Economic Policy is to support the Secretary of the Treasury as the principal economic official in the government. The Office utilizes economic analysis and evaluates current economic data to assist in the determination of appropriate economic policies. The Office of Financial Analysis the precursor to the Office of Economic Policy was established in late 1961 to advise the Secretary on a broad range of economic problems. Its first director was Paul Volcker (1962-1963). Under his leadership the Office undertook research projects and analyzed current developments in the economy. This Office formed the basis of the new Office of the Assistant Secretary for Economic Policy which was established on April 1 1969. Dr. Murray Weidenbaum the first Assistant Secretary was sworn in on June 23 1969. Since the early 1970s the Assistant Secretary for Economic Policy has served on the Troika the unofficial name of the interagency group comprised of Treasury the Council of Economic Advisors and the Office of Management and Budget that develops official economic assumptions for the Presidents budget. In addition the Assistant Secretary advises the Secretary on the economic effects of tax and budget policy. Since the late 1970s the Office of Economic Policy has provided the principal support to the Secretary of the Treasury in his roles as Chairman and Managing Trustee of the Social Security and Medicare Boards of Trustees. The Secretary along with the other Trustees sets the short-range and long-range economic and demographic assumptions used in determining the financial status of the Social Security and Medicare programs as reported annually to Congress. In both the late 1970s and mid-1990s the Office of Economic Policy was an important participant in the interagency groups working on health care reforms initiated by the White House. It continues involvement in t ...

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