In this bonus episode, we explore the intricate relationship between the U.S. Treasury and the broader financial system, the complexities of government finance, and its impact on our daily lives. We also discuss the separation of powers within the government, particularly how the Treasury's functions are influenced by the executive branch.

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Special guest for this episode:

• Sean Vanatta, a Senior Lecturer in Financial History and Policy at the University of Glasgow, with an interest in US history and the political economy of finance. His books include Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control and Private Finance, Public Power: A History of Bank Supervision in America

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Highlights from this episode:

• The U.S. Treasury plays a crucial role in the daily workings of the American economy, influencing everything from taxes to spending decisions.
• Understanding the relationship between the Treasury, the White House, and Congress is essential for grasping U.S. financial governance.
• The ongoing debate about the independence of the Treasury from political influence highlights the complexities of U.S. governance and financial policy.
• The historical significance of figures like Alexander Hamilton is debated, yet his impact on the financial system is undeniable and multifaceted.

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Additional Resources:

Plastic Capitalism by Sean Vanatta

Private Finance, Public Power by Sean Vanatta

Consumer borrowing was heavily restricted in 1940s to curb inflation – it’s time we did it again by Sean Vanatta

The First Bank of the United States | Federal Reserve History

The Independent Treasury:  Origins, Rationale, and Record, 1846-1861

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And if you like this episode, you might also love:

What Was the Constitutional Convention?

Why Does the President Only Serve Two Terms?

Is the President Above the Law?

How Are Presidents Elected?

What is the US Constitution?

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This episode is sponsored by What's Your Map

What's Your Map is the British Podcast Award-winning show from map expert Professor Jerry Brotton. In each episode, he invites a special guest to share a map that means something to them. It's a fascinating show, and you can listen to the new season right now: https://podcasts.apple.com/gb/podcast/whats-your-map/id1766500219