SIC 9311 Public Finance, Taxation, and Monetary Policy

Encyclopedia of American Industries | 2005 | Copyright

SIC 9311
PUBLIC FINANCE, TAXATION, AND MONETARY POLICY

This industry classification includes government establishments primarily engaged in financial administration and taxation, including monetary policy; tax administration; collection, custody, and disbursement of funds; debt and investment administration; government employee retirement and other trust funds; and the like. Income maintenance program administrations are classified in SIC 9441: Administration of Educational Programs. Government establishments primarily engaged in regulation of insurance and banking institutions are classified in SIC 9651: Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors.

NAICS Code(s)

921130 (Public Finance)

Industry Snapshot

The economic policy in the United States is determined by a complex web of organizations representing both the legislative and executive branches of government. The economic policies covered in this classification can be broadly divided into fiscal policies and monetary policies.

In general, fiscal policy is the policy of a government with respect to taxation, the public debt, public expenditures, and fiscal management. These policies serve to stabilize the national income of a country. In the United States, a policy of stability and growth has traditionally been pursued. The Employment Act of 1946 explicitly required the government to create and maintain "useful employment opportunities, including self-employment" and to promote production and a high standard of living in a manner that is consistent with free enterprise. The fiscal policy of the United States is determined and implemented by the Congress and the president by changing deficit expenditures and/or changing federal tax rates. Fiscal policies can be expansionary or contractionary. Expansionary policies can take the form of either a decrease in tax rates that increases private sector expenditures or an increase in government spending. Contractionary policies are decreases in deficit spending caused by either an increase in tax rates that decreases private expenditures or a decrease in public expenditures.

In general, monetary policies are government policies that relate to the supply or the use of money. This policy is implemented through the control of credit exercised through the central banking authority. Typically the objective of a monetary policy is to achieve price stability in the economy. In the United States, monetary policy is controlled by the board of governors of the Federal Reserve. The instruments used in the implementation of monetary policy include open market operations and variations in rates for rediscounts, loans, and advances in the legal reserve requirements. All of these have an impact on both the availability and cost of bank credit.

In setting its policies, the Federal Reserve Board looks at three measures of money. The first is called...

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