Only the legislative branch of the United States government has the power to coin money. This branch is known as Congress, and is made up of two parts: the Senate and the House of Representatives.Continue Reading
In Article 1, Section 8, Clause 5 of the U.S. Constitution, it specifically confers on Congress the express powers to coin money and regulate the value of it. Section 10 further states that the states do not have the power to coin money.
As the preservers of the American currency, the members of Congress are also the final arbiters of which denominations are in production. This means that not even the president gets to decide, for example, if a certain denomination of coin should be done away with because hardly anyone uses it anymore. Only Congress can decide to take a denomination out of circulation.
Article 1, Section 8, Clause 6 of the Constitution allows for Congress to punish who tries to counterfeit "the securities and current coin of the United States." It is a federal crime to mint coins or monetary systems, as some have attempted to do over the years; if found guilty, a criminal may face up to several years in prison.Learn more about US Government
Anyone who may have unclaimed money owed by the government should visit the unclaimed money portion of the USA.gov site to obtain a list of all institutions to check. As of 2015, the U.S. government does not have a centralized list to check this information.Full Answer >
The government sometimes gives away money that does not have to be paid back in the form of grants. Grants are awarded for many different circumstances, such as to help low-income students further their education by paying a portion of their tuition costs.Full Answer >
Some U.S. government grant scams include people and fake organizations offering free money, offering assistance for educational payments, offsetting home and business costs and providing financial assistance for household repairs. Grant scams work in several ways, say experts at the U.S. Department of Health and Human Services, or HHS. Scammers pose as individuals or entities, and lure potential victims with magazine and newspaper advertisements or through direct phone calls.Full Answer >
According to the U.S. Treasury Department, the U.S. government borrows money primarily through the issuance of U.S. Treasury bonds. Part of the bonds are open to the public; individuals, state governments, foreign governments and corporations can buy them. U.S. trust funds with surpluses, such as Social Security, purchase non-marketable bonds, so the U.S. Treasury receives funds to pay its bills but cannot sell the bond on the marketplace.Full Answer >