1746_1980-1984

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C O N T E N T S

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Introduction XIX

REVIEW OF TREASURY OPERATIONS

Financial Operations 3 Domestic Finance 9 Economic Policy ; 25 General Counsel, Office of the 30 Enforcement and Operations 36 Tax Policy 42 Intemational Affairs 49

ADMINISTRATIVE REPORTS

Adniinistrative Management 103 Alcohol, Tobacco and Firearms, Bureau of 114 Comptroller of the Currency, Office of the 127 Computer Science, Office of 130 Director of Practice, Office of 131 Engraving and Printing, Bureau of 133 Equal Opportunity Program, Office of 141 Federal Law Enforcement Training Center 142 Fiscal Service:

Govemment Financial Operations, Bureau of 148 Public Debt, Bureau of the 160

Foreign Assets Control, Office of 164 Intemal Revenue Service 166 Mint, Bureau of the 188 Revenue Sharing, Office of 195 United States Customs Service 200 United States Savings Bonds Division 212 United States Secret Service 217

EXfflBITS

Public Debt Operations, Regulations, and Legislation

1. Treasury notes , 227 2. Treasury bonds 233 3. Treasury bills.. . 238 4. Department Circular No. 1-80, offering of United States savings bonds.

Series EE 243 5. Department Circular No. 2-80, offering of United States savings bonds.

Series HH 249 6. Department Circular No. 4-67, First Revision, regulations goveming

agencies for issue of United States savings bonds 257 7. Department Circular No. 3-80, regulations goveming United States savings

bonds. Series EE and HH 260 8. Department Circular No. 26-76, regulations goveming book-entry

Treasury bills, First Amendment 286 9. Department Circular No. 905, Seventh Revision, offering of United States

savings bonds, Series H 288 V

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fiscal Year Ended September 30, 1980

VI CONTENTS

10. Department Circular No. 653, Tenth Revision, offering of United States ^̂ ^ savings bonds. Series E 292

11. Department Circular No. 3-67, Revised, Third Amendment, offering of United States savings notes 303

12. Notice of requirement that social security numbers be fumished by owners at time of redemption of United States savings bonds and savings notes . 304

13. Department Circular No. 750, Third Revision, regulations goveming payments by banks and other financial institutions of United States savings bonds and United States savings notes 305

14. Department Circular No. 888, Fourth Revision, regulations goveming payment under special endorsement of United States savings bonds and United States savings notes ; 314

15. Department Circular No. 1-63, regulations governing U.S. retirement plan bonds. Fifth Amendment 318

16. Department Circular No. 1-75, regulations goveming U.S. individual retirement bonds, Second Amendment 320

17. Department Circular No. 530, regulations governing U.S. savings bonds. Series A, B, C, D, E, F, G, H, J, and K, and U.S. savings notes, l l th Revision 321

Domestic Finance

18. Statement of Assistant Secretan^ Altman, October 22, 1979, before the Subcommittee on Economic Stabilization of the House Committee on Banking, Finance and Urban Affairs, on Federal credit programs 348

19. Statement of Secretary Miller, November 14, 1979, before the Senate Committee on Banking, Housing and Urban Aifairs, on Federal loan guarantees for the benefit of Chrysler Corp 351

20. Statement of Assistant Secretary Altman, January 28, 1980, before the Senate Committee on Banking, Housing and Urban Aifairs, on Treasury activities under the New York City Loan Guarantee Act of 1978 358

21. Statement of Secretary Miller, April 16, 1980, before the Subcommittee on Taxation and Debt Management of the Senate Committee on Finance, on financing requirements, bond authority, and interest rate on savings bonds 367

22. Statement of Secretary Miller, April 17, 1980, before the Subcommittee on Intergovemmental Relations and Human Resources of the House Committee on Govemment Operations, on the President's proposal for a new revenue sharing program 373

23. Testimony of Deputy Secretary Carswell, May 1, 1980, before the Subcommittee on Agricultural Research and General Legislation of the Senate Agriculture Comniittee, on commodity futures markets 378

Economic Policy

24. Remarks by Secretary Miller, October 8, 1979, before the American Bankers Association, New Orleans, La., on challenges facing the economy and fmancial institutions 380

25. Testimony of Secretary Miller, October 16, 1979, before the Subcommittee on Fiscal and Intergovemmental Pohcy of the Joint Economic Committee, on the economic outlook, the regional impact of a recession, and counter-cycUcal fiscal assistance 385

26. Remarks by Secretary Miller, November 29, 1979, before the New England Council at the New Englander of the Year Awards Dinner, Boston, Mass., on a national energy program 391

27. Testimony of Secretary Miller, February 1, 1980, before the Joint Economic Conimittee, on the administration's 1981 budget and economic program 396

28. Statement of Secretary Miller, May 28, 1980, before the Joint Economic Committee, on the state of the economy 397



CONTENTS V I I

29. Statement of Secretary Miller, September 9, 1980, before the House Budget ^̂ ^ Comniittee, on the President's proposed economic revitalization program 401

Banking and Related Matters

30. Remarks by Under Secretary Anderson, Noveniber 1, 1979, before the 10th annual Intermountain Banking Seminar, Utah State University, Logan, Utah, on the challenges of competition and deregulation facing bankers and regulators 410

31. Remarks by Under Secretary Anderson, February 26, 1980, at the BGFO 1980 Direct Deposit Conference, regarding the direct deposit/EFT program ; 412

32. Remarks by Under Secretary Anderson, September 23, 1980, at the 10th Intemational Fellows Conference, Johns Hopkins University, Baltimore, Md., on cooperation and communication between Govemment and business 414

Mint Operations

33. An act authorizing the President of the United States to present a gold medal to the American Red Cross 416

34. An act to authorize the President of the United States to present on behalf of the Congress a specially struck gold medal to Ambassador Kenneth Taylor 416

35. Titles II, V, and VI of an act to provide for the transfer of the Foreign Claims Settlement Conimission of the United States to the United States Department of JUstice as a separate agency; *** and for other purposes (abolition of the Annual Assay Commission) 417

36. An act to authorize the President of the United States to present on behalf of the Congress a specially struck gold medal to Simon Wiesenthal 418

Enforcement and Operations

37. Address of Assistant Secretary Davis, October 9, 1979, before the Federal Interagency Polygraph Seminar, FBI Academy, Quantico, Va., on the use of polygraph examinations in criminal investigations and in employment screening 418

38. Press release, October 29, 1979, guidelines for determining which Presidential candidate should be recommended for Secret Service protection 420

39. Statement of Assistant Secretary Davis, February 13, 1980, before the Subcommittee on MonopoUes and Commercial Law of the House Committee on the Judiciary, in support of the Customs Act of 1980 422

40. Statement of Assistant Secretary Davis, May 8, 1980, before the House Subcommittees on International Ecomonic Policy and Trade, and Europe and the Middle East, of the House Committee on Foreign Affairs, on actions taken by the administration to deal with events in Iran 425

41. Remark by Secretary Miller, May 12, 1980, at dedication of plaque for Treasury officers killed in line of duty, in the Treasury Exhibit Hall, Washington, D.C 428

42. Press release. May 20, 1980, U.S. Customs announces increased duty on unfinished trucks 428

43. Excerpt from statement of Assistant Secretary Davis, June 5, 1980, before the Senate Coinmittee on Banking, Housing and Urban Affairs, on the Bank Secrecy Act 429

44. Press release, June 3, 1980, Treasury Department tightens regulations on reporting of unusual currency transactions 433



V I I I , CONTENTS

45. Statement of Assistant Secretary Davis, September 15, 1980, before the ^̂ ^ Subcommittee on Constitution of the Senate Conimittee on the Judiciary, on enforcement operations ofthe Bureau of Alcohol, Tobacco and Firearms 433

Tax Policy

46 Statement of Secretary Miller, October 22, 1979, before the Subcommittee on Taxation and Debt Management of the Senate Finance Conimittee, on restructuring the system of depreciation allowances 435

47. Statement of Secretary Miller, November 8, 1979, before the House Ways and Means Conimittee, on a Federal value added tax 452

48. Statement of Assistant Secretary Lubick January 29, 1980, before the House Ways and Means Committee, on tax incentives for saving 462

49. Statement of Intemational Tax Counsel Rosenbloom, April 29, 1980, before the Subcommittee on Oversight of the House Ways and Means Committee, on the tax treaty policy of the United States 470

50. Statement of Secretary Miller, April 30, 1980, before the House Ways and Means Committee, on President's proposal for withholding on interest and dividends 490

51. Statement of Deputy Assistant Secretary Sunley, August 5, 1980, before the Subcommittee on Taxation and Debt Management of the Senate Finance Comniittee, on the tax treatment of married and single taxpayers 494

Trade and Investment

52. Statement of Under Secretary Solomon, November 1, 1979, before the Subcommittee on Trade of the House Ways and Means Committee, in support of the trade agreement between the United States and the People's Repubhc of China 506

53. Press release, December 20, 1979, entitled "Treasury Announces Contract for Solar Electric System" 508

54. Excerpts from remarks by Assistant Secretary Bergsten, February 28, 1980, before the American Law Institute/American Bar Association, New York, NY., entitled "Toward Greater Cooperation in Intemational Investment PoUcies" 508

55. Excerpts from remarks by Assistant Secretary Bergsten, March 18, 1980, before the American-Arab Association for Commerce and Industry, New York, N.Y., entitled "United States-Saudi Economic Interests" 512

56. Excerpts from Joint Communique of the Fifth Session of the United States-Saudi Arabian Joint Commission on Economic Cooperation, April 1-2, 1980, Washington, D.C. , 514

57. Excerpts from statement by Assistant Secretary Bergsten, May 22, 1980, before the Subcommittee on Intemational Finance of the Senate Committee on Banking, Housing, and Urban Aifairs, on the Competitive Export Financing Act of 1980 (S. 2339) and the Export Expansion FaciUties Amendment ofl980(S. 2340) 515

58. Excerpt from remarks by Assistant Secretary Bergsten, July 9, 1980, before the National Foreign Trade Council, New York, N.Y., entitled "The Growing Intemational Competitiveness of the U.S. Economy" 520

59. Excerpts from statement by Assistant Secretary Bergsten, September 9, 1980, before the Subcommittee on Consumer Protecetion and Finance of the House Committee on Interstate and Foreign Commerce, regarding the administration's views on H.R. 7791, the Reciprocity in Foreign Investment Act 524

60. Opening remarks by Secretary Miller, September 16, 1980, at the first meeeting of the U.S.-China Joint Economic Committee, Washington, D.C. 527



CONTENTS I X

Commodities and Natural Resources Page

61. Statement of Assistant Secretary Bergsten, March 4, 1980, before the Subcommittee on Treasury, Post Office and General Govemment of the House Committee on Appropriations, entitled "Appropriation of the U.S. Contribution to the Intemational Natural Rubber Agreement" . . . . . 528

Intemational Monetary Affairs

62. Communique of the Interim Committee of the Board of Govemors of the International Monetary Fund on the Intemational Monetary System, October 1, 1979, issued after its 13th meeting in Belgrade, Yugoslavia . . . . 533

63. Press release, October 16, 1979, conceming the requirement that future sales of Treasury gold be subject to variations in amounts and dates of offering 535

64. Remarks by Assistant Secretary Bergsten, November 13, 1979, before the World Affairs Council, Boston, Mass., entitled "The Intemational Monetary System: Current Situation and Future Prospects" 535

65. Statement of Secretary MiUer, March 10, 1980, before the Senate Committee on Foreign Relations, in support of S.2271, legislation to strengthen the IMF and to provide for maintenance of the U.S. role in the IMF 540

66. Communique of the Interim Committee of the Board of Govemors of the International Monetary Fund on the Intemational Monetary System, April 25, 1980, issued after its Hth meeting in Hamburg, Germany 547

67. Remarks by Secretary MiUer, June 4, 1980, before the Intemational Monetary Conference, New Orleans, La., regarding challenges in the world ecomonic and monetary system in the 1980's 549

68. Text of declaration issued following the meeting of heads of state and government of Canada, the Federal RepubUc of Germany, France, Italy, Japan, the United Kingdom of Great Britain and Northem Ireland, and the United States of America, June 23, 1980, in Venice Italy 555

69. Press Communique of the Ministerial Meeting of the Group of Ten, September 27, 1980,in Washington, D.C 559

70. Communique of the Interim Committee of the Board of Govemors of the International Monetary Fund on the Intemational Monetary System, September 29, 1980, issued after its 15th meeting in Washington, D.C. ... 560

71. Statement by Secretary MUler as Govemor for the United States, October 1, 1980, at the joint annual meetings of the Boards fo Govemors of the International Monetary Fund and the Intemational Bank for Reconstruction and Development and its affUiates, Washington, D.C. ... 563

Developing Nations

72. Text of announcement made by the Department of the Treasury, November 14, 1979, concerning the blocking of official Iranian assets ... 569

73. Remarks by Assistant Secretary Bergsten, January 29, 1980, before the Center for Inter-American Relations, New York, N.Y., entitled "North/South Relations: A Candid Appraisal" 569

74. Remarks by Assistant Secretary Beresten, February 25, 1980, before the Brazil-U.S. Business Council, Washington, D.C, entitled "The United States and Brazil: A Framework for future Economic Relations" 575

75. Excerpts from statement by Secretary MiUer, Febmary 26, 1980, before the Subcommittee on Foreign Operations of the Senate Committee on Appropriations, on the administration's requests for the intemational financial institutions 579

76. Excerpts from remarks by Deputy Secretary CarsweU, AprU 15, 1980, before the 21st annual meeting of the Inter-American Development Bank, Rio de Janeiro, BrazU, regarding U.S. support for the Inter-American Development Bank 585



X CONTENTS

77. Excerpts from remarks by Secretary MiUer, May 14, 1980, before the ^̂ ^ Chicago CouncU on Foreign Relations, Chicago, III, entitled "The International Financial Institutions: A Critical Role for the 1980's" 588

78. Excerpts from remarks by Secretary Miller, September 4, 1980, before the Economic Club of New York, New York, N.Y., entitled "The Intemational Financial Institutions: A Time to Recognize U.S. Self-interest" 592

Intemational Economic Analysis

79. Excerpt from remarks by Deputy Assistant Secretary Karlik, December 6, 1979, before the Conference Board, New York, N.Y., entitled "Trends in U.S. Intemational Economic Policy" 593

Testimony on Intemational Matters

80. Other Treasury testimony in hearings before congressional committees 597

Organization and Procedure

81. Department of the Treasury orders relating to organization and procedure 598

INDEX 61 li

NOTE.—Details of figures may not add to totals due to rounding.

The tables to this Annual Report will be published in the separate Statistical Appendix.



Secretaries, Deputy Secretaries, Under Secretaries, General Counsel, Assistant Secretaries, and Treasurer of the United States serving in the Department of the Treasury from January 21,1977, through September 30,1979^

Term of service ^ ^ . , Officials

From To

Secretaries of the Treasury: Jan. 23, 1977 Aug. 4, 1979 W. Michael Blumenthal, Michigan. Aug. 7, 1979 G. WiUiam MiUer, CaUfornia.

Deputy Secretaries: Mar. 3, 1976 Jan. 23, 1977 George H. Dixon, Minnesota. May 3, 1977 Robert Carswell, New York.

Under Secretary for Monetary Affairs: Mar. 30, 1977 Feb. 23, 1980 Anthony M. Solomon, Virginia.

Under Secretary (Counselor): Mar. 30, 1977 Bette B. Anderson, Georgia.

General Counsel: Aug. 4, 1977 Aug. 29, 1980 Robert H. Mundheim, Pennsylvania.

Assistant Secretaries: 1972 Apr. 28, 1977 Warren F. Brecht, Connecticut. 1977 Dec. 7, 1977 Laurence N. Woodworth, Maryland. 1977 Gene E. Godley, District of Columbia.^ 1977 C. Fred Bergsten, New York.2 1977 Roger C. Altman, New York. 1977 Nov. 15, 1978 WilUam J. Beckham, Jr., Michigan. 1977 Joseph Laitin, Maryland. 1977 Sept. 30, 1979 Daniel H. BriU, Maryland. 1978 Richard J. Davis, New York. 1978 Donald C. Lubick, Maryland. 1979 W . J . McDonald, District of Columbia. 1980 Curtis A. Hessler, District of Columbia.

Fiscal Assistant Secretaries: 1975 Dec. 31, 1977 David Mosso, Virginia. 1978 Paul H. Taylor, Maryland.

Treasurer of the United States: Aug. 3, 1977 Azie T. Morton, Virginia.

1 For officials from Sept. 11, 1789, to Jan. 20, 1977, see exhibit 62, 1977 Annual Report. 2 Act of May 18, 1972, provided for two Deputy Under Secretaries, to be designated Assistant Secretaries by

the President as desired.

Apr. Feb. Mar. Mar. Apr. Apr. Apr. May Jan. June July Apr.

July July

11, 28, 30, 31, 29, 29, 29, 16, 30, 26,

3, 4,

29, 5,

XI



PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE DEPARTMENT OF THE TREASURY AS OF SEPTEMBER 30, 1980

Secretary of the Treasury G. William Miller Deputy Secretary of the Treasury Robert CarsweU Under Secretary for Monetary Affairs (Vacancy) Under Secretary Bette B. Anderson General Counsel David R. Brennan (acting)

Office, Secretary of the Treasury: Executive Assistant to the Secretary Randall K. C. Kau Special Assistant to the Secretary Jeffiey J. Rosen Confidential Assistant to the Secretary Lisa Astudillo

Office, Deputy Secretary of the Treasury: Inspector General Leon Wigrizer Director, Office of Audit Eugene H. Essner Executive Assistant to the Deputy Secretary ... WiUiam A. Anawaty Executive Secretary Steven L. Skancke (acting)

Deputy Executive Secretary Steven L. Skancke Special Assistant to the Secretary (National

Security) J. Foster CoUins Special Assistant to the Secretary (Consum

er Affairs) Sally Vogel Director of Small and Disadvantaged Busi

ness Utilization Linda L. Coffin

Office, Under Secretary for Monetaiy Affairs: Assistant Secretary (Intemational Aifairs) C. Fred Bergsten

Deputy Assistant Secretary (Trade and Investment Policy) Robert Cornell

Deputy Assistant Secretary (Commodities and Natural Resources) Charles Schotta

Deputy Assistant Secretary (Intemational Monetary Affairs) Thomas B. Leddy

Deputy Assistant Secretary (Developing Nations) Amold Nachmanoff

Deputy Assistant Secretary (Intemational Economic Analysis) John R. KarUk

Deputy to the Assistant Secretary (Saudi Arabian Affairs) (Vacancy)

Deputy to the Assistant Secretary and Secretary of IMG (International Monetary Group) (Vacancy)

Inspector General (Vacancy) Fiscal Assistant Secretary Paul H. Taylor

Deputy Fiscal Assistant Secretary Gerald Murphy Assistant Fiscal Assistant Secretary (Bank

ing) John A. Kilcoyne Assistant Fiscal Assistant Secretary (Fi

nancing) Philip J. Fitzpatrick

Office, Under Secretary: Special Assistant to the Under Secretary .. Faye P. Hewlett Special Projects Officer Felix S. Williams

XII



PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS X I I I

Assistant Secretary (Administration) W. J. McDonald Deputy Assistant Secretary (Administration) Martha A. Thompson Director, Office of Administrative Programs Edward W. BrooKs Director, Office of Budget and Program

Analysis Arthur D. Kallen Director, Office of Computer Science James F. Kerrigan (acting) Director, Office of Equal Opportunity Pro

gram (Vacancy) Director, Office of Management and Orga

nization WilUam J. Rhodes Director, Office of Personnel Henry C. DeSeeuirant Director, Office of Procurement Thomas P. O'Malley

Assistant Secretary (Enforcement and Operations) Richard J. Davis

Deputy Assistant Secretary (Operations) ... John P. Simpson Deputy (Regulatory and Trade Affairs) (Vacancy) Director, Office of̂ Operations John W. Mangels

Deputy Assistant Secretary (Enforcement) . WilUam W. Nickerson Director, Foreign Assets Control . . . . . . . Dennis O'ConneU Special Assistant to the Assistant Secretary (Enforcement and Operations) . Catherine H. MUton

Treasurer of the United States Azie T. Morton Assistant to the Treasurer of the United

States Darryl H. Fagin

Office, General Counsel: Deputy General Counsel David R. Brennan

Assistant General Counsel and Chief Counsel, Intemal Revenue Service N. Jer old Cohen

Assistant General Counsel Amold Intrater Assistant General Counsel Russell L. Munk Assistant General Counsel Jordan A. Luke Assistant General Counsel Luke D. Lynch Counselor to the General Counsel Wolf Haber Director of Practice LesUe S. Shapiro

Assistant Secretary (Tax PoUcy) Donald C. Lubick . Deputy Assistant Secretary (Tax Legislation) ... Daniel I. Halperin Deputy Assistant Secretary (Tax Analysis) EmU M. Sunley

Director, Office of Tax Analysis Harvey Galper Tax Legislative Counsel John M. Samuels Intemational Tax Counsel H. David Rosenbloom Director, Office of Industrial Economics (Vacancy)

Assistant Secretary (Legislative Affairs) Gene E. Godley Deputy Assistant Secretary (Legislative Affairs). (Vacancy) Deputy Assistant Secretary (Legislative Affairs). Robert E. Moss Special Assistant to Assistant Secretary Geoffiey G. Peterson Special Assistant to Assistant Secretary E. Douglas Frost Special Assistant to Assistant Secretary Donald F. Terry

Assistant Secretary (Economic Policy) Curtis A. Hessler Special Assistant to Assistant Secretary (Eco

nomic Policy) Roeer H. Bezdek Deputy Assistant Secretary (Economic PoUcy) . Richard F. Syron

Director, Office of Financial Analysis John H. Auten Director, Office of Special Studies Maynard S. Comiez

Assistant Secretary (Domestic Finance) Roger C. Altman Deputy Assistant Secretary (Financial Institu

tions and Capital Markets Policy) John J. Mingo



X I V PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS

Director, Office of Securities Markets Policy Philip C. Loomis

Director, Office of Capital Markets Legislation Gordon Eastbum

Deputy Assistant Secretary (Corporate Finance) Brian M. Freeman Deputy Assistant Secretary (State and Local Fi

nance) Robert W. Rafuse, Jr. Director, Office of New York Finance .... John J. McLaughlin

Deputy Assistant Secretary (Federal Finance) .. John Schmidt Director, Office of Govemment Financing Francis X. Cavanaugh Director, Office of Market Analysis and Agen

cy Finance Roland H. Cook Director, Office of Revenue Sharing Jose P. Lucero

Assistant Secretary (Public Affairs) Joseph Laitin Deputy Assistant Secretary Everard Munsey

BUREAU OF ALCOHOL, TOBACCO AND FIREARMS

Director G. R. Dickerson Deputy Director Stephen E. Higgins Assistant Director (Administration) Barbara Pomeroy Assistant Director (Planning and Evaluation) Michael H. Lane Assistant Director (Criminal Enforcement) John Krogman (acting) Assistant Director (Internal Aifairs) Donald Zimmerman Assistant Director (Regulatory Enforcement) WilUam T. Drake Assistant Director (Technical and Scientific Services) Michael Hoffman Chief Counsel Marvin J. Dessler

OFFICE OF THE COMPTROLLER OF THE CURRENCY

Comptroller of the Currency John G. Heimann Executive Assistant to the Comptroller James W. Montanari Senior Advisor to the ComptroUer Charles E. Lord Senior Deputy Comptroller Lewis G. Odom Senior Deputy Comptroller for Operations H. Joe Selby Senior Deputy Comptroller for Policy Planning Cantwell F. Muckenfuss Senior Deputy Comptroller for Bank Supervision ... Paul M. Homan Deputy Comptroller (Special Surveillance) William E. Martin Deputy Comptroller (Administration) James T. Keefe Deputy Comptroller (Specialized Examinations) .. . . . Dean E. Miller Deputy Comptroller (Research and Economic Pro

grams) WilUam A. Longbrake Deputy ComptroUer (Intelagency Coordination) David C. Motter Deputy Comptroller (Multinational Banking) BUly C. Wood Deputy Director ComptroUer (Customer and Com

munity Programs) Jo-Ann Barefoot Chief National Bank Examiner ." Edmund Zito Special Assistant to the Comptroller George A. Cincotta Special Assistant to the Comptroller Susan Wagner Special Assistant to the Comptroller Richard M. KovarUc Special Assistant to the Comptroller Stuart J. Gordon Special Assistant to the Comptroller (Congressional

Affairs) Donald A. Melbye Director, Communications Leonora S. Cross Director, Bank Organization and Structure James V. Elliott

UNITED STATES CUSTOMS SERVICE

Commissioner of Customs Robert Chasen Deputy Commissioner WilUam T. Archey Assistant Commissioner (Border Operations) Charles C. Hackett, Jr.



PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS X V

Assistant Commissioner (Office of Commercial Operations) Alfred R. DeAngelus

Director (Office of Regulations and RuUngs) Donald W. Lewis ComptroUer Jack Lacy Director (Office of Investigations) Martin White (acting) Assistant Commissioner (Office of Management In

tegrity) George C. Corcoran, Jr. Chief Counsel Richard H. Abbey

BUREAU OF ENGRAVING AND PRINTING

Director Harry R. Clements Deputy Director Larry E. Rolufs (acting) Assistant Director (Administration) Robert J. Leuver Assistant Director (Operations) Larry E. Rolufs Assistant Director (Research and Engineering) MUton J. Seidel

FEDERAL LAW ENFORCEMENT TRAINING CENTER I

Director Arthur F. Brandstatter Deputy Director David W. McKinley Assistant Director for Resource Management WilUam M. Kelso Assistant Director for Faculty Management David G. Epstein Assistant Director for Program Management Ray M. Price Assistant Director Special Training Division John J. O'Sullivan Assistant Director (Washington Liaison Office) John C. Dooher Chief, Training Support Division John Osbome

BUREAU OF GOVERNMENT FINANCIAL OPERATIONS

Commissioner WilUam E. Douglas Deputy Commissioner (Vacancy) Assistant Commissioner, Administration (Vacancy) Assistant Commissioner, ComptroUer (Vacancy) Assistant Commissioner, Banking and Cash Man

agement , RusseU D. Morris Assistant Commissioner, Disbursements and Claims Michael D. Serlin Assistant Commissioner, Govemment-wide Account

ing John O. Turner Associate Conimissioner Lester Plumley

INTERNAL REVENUE SERVICE

Commissioner Jerome Kurtz Deputy Commissioner William E. Williams Assistant Commissioner (Taxpayer Service and Re

tums Processing) M. Eddie Heironimus Assistant Commissioner (Resources Management) .. Joseph T. Davis Assistant Commissioner (Compliance) P. E. Coates Assistant Commissioner (Employee Plans and Ex

empt Organizations) S. Allen Winbome Assistant Commissioner (Inspection) Robert L. Rebein Assistant Commissioner (Planning and Research) ... Russell E. Dyke Assistant Commissioner (Technical) Gerald G. Portney Assistant Commissioner (Data Services) Donald J. Porter Chief Counsel N. Jerold Cohen

BUREAU OF THE MINT

Director : Stella Hackel Sims Deputy Director Allen J. Goldman Assistant Director for Budget and Finance Joseph M. Wagner Assistant Director for Marketing Francis B. Frere



X V I PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS

Assistant Director for Production Galen D. Dawson Assistant Director for Personnel James J. Mulcahy Assistant Director for Technology Alan J. Goldman Assistant Director for Management Services Judith L. Wagner

BUREAU OF THE PUBLIC DEBT

Commissioner H. J. Hintgen Deputy Conimissioner WilUam M. Gregg Assistant Commissioner (Washington) Kenneth W. Rath Assistant Commissioner (Field) Martin French Chief Counsel , Calvin Ninomiya

UNITED STATES SAVINGS BONDS DIVISION

National Director Azie T. Morton Deputy National Director Jesse L. Adams, Jr. Director of Sales Walter R. NUes Director of Advertising and Promotion Louis F. Perrinello

UNITED STATES SECRET SERVICE

Director H. Stuart Knight Deputy Director Myron I. Weinstein Assistant Director (Protective Research) Robert E. Burke Assistant Director (Investigations) Robert E. Powis Assistant Director (Protective Operations) John R. Simpson Assistant Director (Inspection) Horace Gibbs Assistant Director (Administration) Fred N. White, Jr.



ORGANIZATION OF THE DEPARTMENT OF THE TREASURY

DEPUTY SECRETARY

Office ol SmaU an

Deputy O ^ ^

Deouty ASSI. Sec

Legolalive Counsel

I I Shaded areas indicate bureaus

Assistant S«r«tary

Domsstic Finance)

Oepuly Assi Sec (Feaeol Finance)

Deputy Asst Sec FmancBl InsMutons

" and Capital Markets Pobcy)

Deputy to the Assi Sec

Oltce ol

Chryslei Finance

Deouty Asst Sec (Slate ana Local

" Revenue Sharing

UNDER SECRETARY FOR MONETARY

AFFAIRS

< =rr=

Deputy Asst Sec.

" [Developing Nations

Deouty ASSI. Sec

Monetary Alfaifs)

Deputy Asst. Sec. (Trade and

investmenl Pobcyl

Deputy Asst. Sec.

Natural Resources)

Deouty Asst. Sec . (Internatonal

Econ Ana^SlSI

Deputy 10 Ihe Asst. Sec

(Saudi Araban Allairs)

Deputy lo the Asst. Sec and Sec o» the Intemational

Monetary Group

Otfice ol the Inspectoi Genetal

UNDER SECRETARY

8ur«aupf

Pnnttng

Oftice ol

Office ol Eoual Opportunity

OS Equal

Opportunity

Assistant Secretary (Entorcement and

Operations)

General Counsel

Deputy Asst Sec

Bureau o l Alcohol. Tobacco and

Fe<fefa) Law Entorcemert Traininfl Cemer

September 30.1980 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


CONTENTS Page

Bases of Tables VII

Suminary of Fiscal Operations

1. Summary of fiscal operations, fiscal year 1965 to date 3

Receipts and Outlays

2. Receipts and outlays, beginning fiscal year 1789 4 3. Refunds of receipts, fiscal year 1962 to date 14 4. Budget receipts and outlays, fiscal years 1979 and 1980 15 5. Means of financing, fiscal years 1979 and 1980 31 6. Investments of Government accounts in Federal securities (net), fiscal years

1979 and 1980 33 7. Receipts by department and agency, fiscal year 1980 35 8. Budget receipts and outlays monthly and totals for fiscal years 1979 and

1980 36 9. Budget receipts by source and outlays by function, fiscal year 1971 to date 39

10. Internal revenue collections by tax source, fiscal year 1955 to date 45 11. Internal revenue collections and refunds by State, fiscal year 1980 52 12. Deposits of earnings by Federal Reserve banks, fiscal year 1947 to date . . . . 54 13. Customs collections and payments by region and district, fiscal year 1980 . 55 14. Summary of customs collections and payments, fiscal years 1979 and 1980 . 57 15. Postal receipts and expenditures, fiscal year 1936 to date 58 16. Seigniorage on coin and silver bullion, Jan. 1, 1935-Sept. 30, 1980 59

Federal Debt

I—OUTSTANDING

17. Federal securities outstanding, fiscal year 1965 to date 60 18. Federal securities held by the public, fiscal year 1965 to date 60 19. Principal of the public debt, beginning fiscal year 1790 61 20. Investment holdings of Government accounts in Federal securities, Sept.

30, 1979 and 1980 64 21. Debt subject to statutory limitation, outstanding June 30, 1940-76, and

Sept.30, 1976-80 67 22. Public debt outstanding by classification, June 30, 1971-76, and Sept. 30,

1976-80 68 23. Securities issued by Government agencies subject to statutory debt

limitation, June 30, 1971—76, and Sept. 30, 1976-80 77 24. Interest-bearing securities issued by Federal agencies, fiscal year 1965 to

date 78 25. Maturity distribution and average length of marketable interest-bearing

public debt, June 30, 1946-76, and Sept. 30, 1976-80 80 26. Summary of the public debt on an accounting basis, Sept. 30, 1980 82 27. Public debt securities outstanding on an accounting basis, June 30, 1962-76,

and Sept. 30, 1976-80 85 28. Description of public debt issues outstanding, Sept. 30, 1980 86 29. Securities issued in advance refunding operations 141 30. Description of agency securities and D.C. Arm.ory Board Stadium bonds

subject to statutory limitation, Sept. 30, 1980 145 31. Debt subject to statutory limitation, Sept. 30, 1980 147 32. Debt limitation under the Second Liberty Bond Act, as amended, beginning

1917 149

II—OPERATIONS

33. Public debt receipts and expenditures by class, monthly for fiscal 1980 and totals for 1979 and 1980 154

III



IV CONTENTS

34. Changes in public debt issues, fiscal year 1980 35. Issues, maturities, and redemptions of interest-bearing public debt securities,

excluding Government account series, October 1979-September 1980 ... 36. Allotments by investor class on subscriptions for marketable securities,

fiscal year 1980 37. Allotments of Treasury notes issued during fiscal year 1980, by Federal

Reserve district 38. Allotments of Treasury bonds issued during fiscal year 1980, by Federal

Reserve district 39. Summary of information pertaining to Treasury bills issued during fiscal

year 1980 331 40. Statutory debt retirements, beginning fiscal year 1918 336 41. Cumulative sinking fund, beginning fiscal year 1921 337

III—U.S. S A V I N G S BONDS AND NOTES

42. Sales and redemptions of U.S. savings bonds by series, fiscal year 1941 to date 339

43. Sales and redemptions of series E, EE, H, and HH savings bonds by denomination, fiscal 1941 to date 341

44. Sales and redemptions of U.S. savings notes, fiscal year 1967 to date 344 45. Sales of series E, EE, H, and HH savings bonds by State, fiscal years 1979,

1980, and cumulative 345

IV—INTEREST

46. Computed annual interest rate and interest charge on the public debt by class, June 30, 1965-Sept. 30, 1980 346

47. Amount of interest-bearing public debt outstanding and the computed annual interest charge and rate of interest, June 30, 1955-Sept. 30, 1980 .. 348

48. Interest on the public debt by class, fiscal year 1976 todate 349

v.—PRICES A N D Y I E L D S OF SECURITIES

49. Average yields of taxable long-term Treasury bonds by month, January 1956-September 1980 350

50. Prices and yields of marketable public debt issues Sept. 30, 1979 and 1980, and price range since first traded : 351

VI—OWNERSHIP OF FEDERAL SECURITIES

51. Summary of Treasury survey of ownership of Federal securities, Sept. 30, 1980 and 1979 356

52. Estimated ownership of Federal securities outstanding June 30, 1970-76, and Sept. 30, 1976-80 358

Account of the United States Treasury

53. Assets and liabilities in the account ofthe United States Treasury, Sept. 30, 1979 and 1980 ; 359

54. Location of gold, coin, and coinage metals held by the Treasury, Sept. 30, 1979 and 1980 360

55. Elements of changes in Federal Reserve and tax and loan note account balances, fiscal year 1966 to date .. . . 361

Stock and Circulation of Currency and Coin in the United States

56. Currency and coin in the Treasury, in the Federal Reserve banks, and in circulation, by kind, Sept. 30, 1979 and 1980 363

57. Stock of bullion, coin, and currency, selected dates, June 30, 1945-75, and Sept. 30, 1978-80 365

58. Currency and coin in circulation by kind, selected dates, June 30, 1945-75, and Sept. 30, 1978-80 367

59. Paper currency issued and redeemed during fiscal 1980 and outstanding Sept. 30, 1980 368



CONTENTS V

Page Trust and Other Funds

60. Airport and airway trust fund, Sept. 30, 1980 369 61. Black lung disability trust fund, Sept. 30, 1980 371 62. Civil service retirement and disability fund, Sept. 30, 1980 372 63. Employees health benefits fund. Office of Personnel Management, Sept. 30,

1980 375 64. Retired employees health benefits fund. Office of Personnel Management.

Sept.30, 1980 377 65. Employees life insurance fund, Office of Personnel Management, Sept. 30,

1980 378 66. Federal disability insurance trust fund, Sept. 30, 1980 380 67. Federal hospital insurance trust fund, Sept. 30, 1980 382 68. Federal supplementary medical insurance trust fund, Sept. 30, 1980 384 69. Federal old-age and survivors insurance trust fund, Sept. 30, 1980 386 70. Foreign service retirement and disability fund, Sept. 30, 1980 389 71. Highway trust fund, Sept. 30, 1980 391 72. Judicial survivors annuity fund, Sept. 30, 1980 393 73. Library of Congress trust funds, Sept. 30, 1980 394 74. National service life insurance fund, Sept. 30, 1980 396 75. Pershing Hall Memorial fund, Sept. 30, 1980 398 76. Railroad retirement account, Sept. 30, 1980 399 77. Railroad retirement supplemental account, Sept. 30, 1980 401 78. Unemployment trust fund, Sept. 30, 1980 402 79. U.S. Government life insurance fund, Sept. 30, 1980 408

Custonis Operations

80. Seizures of narcotics and dangerous drugs by the U.S. Customs Service, fiscal years 1979 and 1980 410

81. Seizures ofmerchandise by the U.S. Customs Service, fiscal years 1979 and 1980 411

82. Imported merchandise entries, fiscal years 1979 and 1980 411 83. Carriers and persons entering the United States by mode of travel, fiscal

years 1979 and 1980 412 84. Total carriers and persons entering the United States, by Customs region,

fiscal years 1979 and 1980 413 85. Investigative activities, fiscal years 1979 and 1980 414

Engraving and Printing Operations

86. Postage stamp issues delivered, fiscal year 1980 415 87. Deliveries of finished work by the Bureau of Engraving and Printing, fiscal

years 1979 and 1980 416 88. Statement of financial condition, Sept. 30, 1979 and 1980 417 89. Statement of income and expense, fiscal years 1979 and 1980 420 90. Statement of changes in financial position, fiscal years 1979 and 1980 421

International Claims

91. Status of Class III awards ofthe Mixed Claims Commission, United States and Germany, and Private Law 509, Sept. 30, 1980 422

92. Status of claims of American nationals against certain foreign governments, Sept.30, 1980 423

International Financial Transactions

93. U.S. reserve assets, fiscal year 1968 to date 424 94. Selected U.S. liabilities to foreigners, 1970 to date 425 95. International investment position of the United States at yearend 427 96. Assets and liabilities ofthe Exchange Stabilization Fund, Sept. 30, 1979 and

1980 429 97. Summary of receipts, withdrawals, and balances of nonpurchased foreign

currencies held by the U.S. Government, fiscal 1980 431



VI CONTENTS

98. Balances of nonpurchased foreign currencies held by the U.S. Government,

Sept.30, 1980 : . . . . . 432

Indebtedness of Foreign Governments

99. Indebtedness of foreign governments to the United States arising from

WoridWarl , Sept. 30, 1980. . . . . . " 434 100. Status ofGerman World War i indebtedness, Sept.30, 1980 435 101. Outstanding long-term principal indebtedness of foreign countries on U.S.

Government credits (exclusive of indebtedness arising from World War I), as of Sept. 30, 1980, by area, country, and major program ... — . . . . . . . 436

102. Status of accounts under lend-lease and surplus property agreements (WorldWarII),Sept.30, 1980 . . ; . . . . . . . . . . . . . . \ . . . . . . . . . : . . . . , . . . . 441

Federal Financing Bank

103. Comparativestatementof financial condition, fiscal years 1974-80 . . . . . . . . . 443 104. Comparative statement of income, fiscal years 1974-79 444 105. Comparativestatementof changes in retained earnings, fiscal years 1974-80 444 106. Loans receivable, fiscal years 1974-80 —.-.'. 445

Corporations and Other Business-Type Activities of the Federal Gbvernment

107. Comparative statement of securities of Government corporations and other * business-type activities held by the Treasury, June 30, 1971-76, and Sept. 30,1976-80 . . . ; . . . . . . . . . . : . . . . . : . 447

108. Capital stock of Government corporations held by the Treasury or other Government agencies, Sept. 30, 1979and 1980 449

109. Status of congressional authorizations to borrow from the Treasury, with borrowings handled as public debt transactions, fiscal year 1932 to date .. 450

110. Status of borrowings from the Treasury handled as public debt transactions, cumulative through Sept. 30, 1980 452

111. Borrowing authority and outstanding issues of Government corporations and other business-type activities whose securities are issued to the Secretary of the Treasury, Sept. 30, 1980 456

112. Description of securities of Government corporations and other business-type activities held by theTreasury, Sept. 30, 1980 . . . . . . . . . . . . . . . . . 458

113. Summary statements of financial condition of Government corporations, other business-type activities, and regular governmental activities, Sept. 30, 1980 . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . 465

114. Statement of loans outstanding of Government corporations, other business-type activities, and regular governmental activities, Sept. 30, 1980 .. 467

115. Dividends, interest, and similar earnings received by the Treasury from Government corporations and other business-type activities, fiscal years 1979and 1980 472

116. Direct sales and repurchases of loans, fiscal year 1967 to date 474

Government Losses in Shipment

117. Government losses in shipment revolving fund, Sept. 30, 1980 475

Personnel

118. Number of employees in the departmental and field services of the

Department of the Treasury quarterly from Sept. 30, 1979, to Sept. 30, 1980 . . . : . . . . . . . . 476



Documents

1746_1980-1984