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47-487: The group announced plans for development of the Tobacco Card in 2001. The stated aim is to reduce smoking by underaged people. Testing began the following year, and a second round of testing followed in 2004. Details of the card were announced in 2005. The card incorporates an integrated circuit that contains information about the age of the holder. Card issuance is restricted so that only adults aged 20 and over may acquire

94-494: A Continental ". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article , as a remnant of the country's transition from British to American English . For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to

141-537: A Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury , which assistant shall be appointed by the said Secretary. Alexander Hamilton took the oath of office as the first secretary of the treasury on September 11, 1789. Hamilton had served as George Washington 's aide-de-camp during

188-411: A box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. U.S. President Abraham Lincoln subsequently honored her with a commendation for her actions, and the federal government rewarded her with an appointment for life as a messenger with its Department of Issues. The U.S. Congress transferred several agencies that had previously been under

235-465: A country in non-cash forms such as on stored-value cards. There is concern that stored-value cards can be used for money laundering , that is, moving offshore funds derived from criminal activities such as drug trafficking . There are reports of these cards being used by Mexican drug cartels to transfer money across borders. For example, in the United States , it is legal for anyone to enter or leave

282-511: A crime for an issuer to conduct a money transmitting business without a license. Cardholders generally suffer from the same problems that closed system card holders suffer. It is unclear whether or not Chapters 7 and 11 of the Bankruptcy code are applicable to these types of cards. It is common for countries to place limits on how much currency may be taken out of or brought into a country. However, these limits generally do not apply to money leaving

329-457: A facial photo to TIOJ. No fees are required to obtain the card. Cardholders can cancel lost or stolen cards by contacting TIOJ to remotely disable the cards' use at vending machines. The final pilot program began in March 2008, and was phased in after that, becoming operational nationwide by 1 July 2008. Stored-value card A stored-value card ( SVC ) or cash card is a payment card with

376-458: A license. Closed system prepaid cards are not subject to the USA PATRIOT Act , as they generally cannot identify a customer. As debts owed to consumers who purchased the card, these purchases remain on the books of a merchant as a liability rather than an asset. Consequently, gift certificates and merchant gift cards have fallen under state escheat or abandoned property laws (APL). However,

423-403: A merchant and may only be redeemed for purchases from the merchant. They are typically of fixed amounts and are commonly known as merchant gift cards or store cards. These cards are typically purchased to be used as gifts, and are increasingly replacing the traditional paper gift certificate. Generally, few if any laws govern these types of cards. Card issuers or sellers are not required to obtain

470-479: A monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card. Like cash , payment cards can be used anonymously as the person holding the card can use the funds. They are an electronic development of token coins and are typically used in low-value payment systems or where network access

517-572: A notice of proposed rulemaking on stored-value cards in the June 28, 2010 edition of the Federal Register . The proposed rules would require sellers of prepaid cards to register with the government and keep records on transactions and customers. United States Department of the Treasury The Department of the Treasury ( USDT ) is the national treasury and finance department of

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564-403: A purchase, telecommunication facilities are not needed, which may be important in situations where the availability or reliability of these facilities are uncertain or costly, especially for low-value transactions. A benefit to the merchant is that bank transaction fees are not incurred as the transaction is processed offline and there need not be a reference to the bank for processing. A limitation

611-442: Is difficult or expensive to implement, such as parking machines, public transport systems, and closed payment systems in locations such as ships. Stored-value cards differ from debit cards , where money is on deposit with the issuer , and credit cards which are subject to credit limits set by the issuer and are connected to accounts at financial institutions. Another difference between stored-value cards and debit and credit cards

658-408: Is generally lost and is a windfall gain for the issuing merchant. The merchant also obtains a windfall gain if a card has an expiry date and the cardholder fails to use the full value by that date. Furthermore, the merchant has an interest-free use of the value until it is redeemed. Semi-closed system prepaid cards are similar to closed system prepaid cards. However, cardholders are permitted to redeem

705-443: Is that debit and credit cards are usually issued in the name of individual account holders, while stored-value cards may be anonymous, as in the case of gift cards . Stored-value cards are prepaid money cards and may be disposed when the value is used, or the card value may be topped up, as in the case of telephone calling cards or when used as a fare card . The term closed-loop means the funds and/or data are physically stored on

752-577: Is that these cards cannot be used for online, telephone, mail order and other " card not present transactions ". The German Geldkarte and the Austrian Quick card can also be used to validate a customer's age at cigarette vending machines . Typical applications of organization specific or industry specific prepaid card include payroll cards , rebate cards , gift cards , cafeteria cards and travel cards and U.S. based health schemes such as HSA cards. The EZpay, EagleCash, and Navy Cash cards are used by

799-604: The American Revolutionary War and was influential in the ratification of the Constitution. Hamilton's financial and managerial acumen made him a logical choice for addressing the problem of the new nation's heavy war debt . His first official act as secretary was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of

846-602: The Bank of the United States , which acted as the government's fiscal agent . The Department of Treasury believes their seal was created by Francis Hopkinson , the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created. In 1861, Sophia Holmes became

893-658: The Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB). Effective March 1, 2003, the Federal Law Enforcement Training Center , the United States Customs Service , and

940-517: The United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS") . In 2020, the Treasury suffered a data breach following a cyberattack likely conducted by a nation state adversary , possibly Russia. This was in fact the first detected case of the much wider 2020 United States federal government data breach , which involved at least eight federal departments. The basic functions of

987-652: The federal government of the United States , where it serves as an executive department . The department oversees the Bureau of Engraving and Printing and the U.S. Mint . These two agencies are responsible for printing all paper currency and minting coins , while the treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises

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1034-463: The legislative and executive branches on matters of fiscal policy . The department is administered by the secretary of the treasury , who is a member of the Cabinet . The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes . The department

1081-719: The Department of the Treasury include: With respect to the estimation of revenues for the executive branch , Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress. From 1830 until 1901, responsibility for overseeing weights and measures

1128-495: The District of Columbia, the states in the US that require a license include Connecticut, Florida, Illinois, Iowa, Louisiana, Maryland, Minnesota, Mississippi, North Carolina, Oregon, Texas, Vermont, Virginia, West Virginia, Washington, and Wyoming. Note, these states explicitly require licensing for card issuers. Other states may have more subtle licensing laws. Under 18 USC section 1960, it is

1175-1125: The Netherlands, Geldkarte in Germany, Quick in Austria, Moneo in France, Proton in Belgium, Carta prepagata ("Prepaid card") in Italy, FeliCa -cards such as Suica in Japan, China T-Union in mainland China, EZ-Link and NETS (CashCard and FlashPay ) in Singapore, Papara Card in Turkey, Octopus card in Hong Kong, SUBE card in Argentina, T-Cash in the Philippines and Touch 'n Go and MyRapid Card in Malaysia. The U.S. Department of

1222-494: The Treasury manages three stored-value card programs: EZpay, EagleCash , and Navy Cash. Non-government stored-value cards include Aramark GuestExpress, Compass Zipthru, and Freedompay FreetoGo. Stored-value cards are most commonly used for low-value transactions, such as transit system farecards , telephone prepaid calling cards , cafeterias , or for micropayments in shops or vending machines. They also have an advantage over most other payment cards in that when making, say,

1269-595: The Treasury began in the turmoil of the American Revolution , when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain . The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit , promising redemption in coin on faith in

1316-425: The U.S. military as electronic alternatives to cash in areas characterized by difficult access and limited banking or telecommunications infrastructure. Stored-value cards can save organizations a considerable amount of money if customers add a large sum of funds at one time to the card and then pay a lower transaction fee for each use of the card on smaller purchases. Closed system prepaid cards are cards issued by

1363-645: The aegis of the Treasury Department to other departments as a consequence of the September 11 attacks . Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002 . The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives , were transferred to

1410-405: The cards at multiple merchants within a geographic area. These types of cards are issued by a third party, rather than the retailer who accepts the card. Examples include university cards and mall gift cards. The laws governing these types of cards are unsettled. Depending on the state, the issuer may or may not be required to have a money transmitter license or other similar license. In addition to

1457-467: The cards. The cards are contactless, so that vending machines will be able to read them without contact. The cards are able to store value , giving purchasers the option to pay by card or by cash. Users are able to add more value at vending machines. Consumers can apply for the cards by filling out a form available at tobacco retailers and mailing it, along with a copy of a verifiable identification document (driver's license, health-insurance card, etc.) and

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1504-554: The colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts , and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and clerks ,

1551-407: The country with money that is stored on cards, and (unlike cash in high amounts) does not have to be reported to customs or any other authority. Some members of the U.S. Congress are considering creating laws that would require travelers crossing, entering, or leaving the country to report these cards. The Financial Crimes Enforcement Network of the U.S. Department of the Treasury has published

1598-467: The country's $ 75 million debt in order to revitalize the public credit : "[T]he debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties . His sound financial policies also inspired investment in

1645-431: The emergence of closed system prepaid cards has blurred the applicability of APL. North Carolina and Illinois have excluded these types of cards from APL provided the card has no expiration date or a service fee. Maine and Virginia require the issuer to pay the state when the cards are abandoned. In Connecticut an issuer is required to identify the residence of the gift card owner. Since most merchant gift cards are anonymous,

1692-568: The finances of the confederation of former colonies until September 1789. The First United States Congress convened in New York City on March 4, 1789, marking the beginning of government under the U.S. Constitution . On September 2, 1789, Congress created a permanent institution for the management of government finances: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be

1739-519: The first Black woman to be employed by the Treasury Department and by the Federal government of the United States when Senator Henry Wilson , James G. Blaine and others advocated for her hiring as a janitor under Secretary of the Treasury Francis Spinner . She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $ 200,000 when she came across

1786-413: The formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department. The Treasury Department has authorized a budget for Fiscal Year 2024 of $ 16.5 billion. The budget authorization is broken down as follows: In the latest Center for Effective Government analysis of the fifteen federal agencies that receive

1833-418: The nation's finances. Morris, a wealthy colonial merchant , was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller , a treasurer , a register , and auditors , who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee

1880-411: The residence of the card's owner is deemed to be the state's treasurer's office. Presently, no law requires a merchant to provide refunds for lost or stolen cards. Whether a refund is possible is specified in an issuer's cardholder agreement. In addition, most closed system cards cannot be redeemed for cash. When a cardholder redeems all but an insignificant portion of the card on merchandise, that amount

1927-683: The revolutionary cause. On June 22, 1775, only a few days after the Battle of Bunker Hill , the Continental Congress issued $ 2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas . Congress stipulated that each of

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1974-597: The token or card in the form of binary-coded data. This is unlike payment cards where data is maintained on the card issuer's computers. Like payment cards, value can be accessed using a magnetic stripe , chip or radio-frequency identification (RFID) embedded in the card; or by entering a code number, printed on the card, into a telephone or other numeric keypad . There is no common name for stored-value cards, which are country or company specific. Names for stored-value cards include APPH in US, Mondex in Canada, Chipknip in

2021-566: Was a major presence in Washington's administration . The department is customarily referred to as "Treasury", solely, without any preceding article – a transitional remnant from British to American English . Hamilton's portrait appears on the obverse of the ten-dollar bill , while the Treasury Building in Washington, D.C. is depicted on the reverse . The history of the Department of

2068-546: Was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology . The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for

2115-448: Was established by an Act of Congress in 1789 to manage government revenue . The first secretary of the treasury was Alexander Hamilton , who was sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris , Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years

2162-567: Was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas

2209-401: Was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $ 241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency . Protests against the worthless money swept the colonies, giving rise to the expression " not worth

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