A study by Treasury economists estimated that a country with a tax rate one percentage point lower than another country's attracts 3 percent more capital. It's not surprising then, that average OECD corporate tax rates have trended steadily downward.
If the financial system collapses, it's really, really hard to put it back together again.
I'd have liked to have been another Faulkner, of course.
As a steward of the U.S.economy and financial systems, the Treasury has helped lay the groundwork for the American economy to become a model of strength, flexibility, dynamism, resiliency. This is a system that generates growth, creates jobs and wealth, rewards initiative, and fosters innovation.
I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.
China saves too much, produces too much, sells too much to Americans and consumes too little.
I happen to think that global slowdown, the slowdown in investment, strengthening dollar probably provide more of a headwind than we get from the decline in oil prices.
China and the U.S. are the two largest importers of oil. They are the two largest emitters of carbon.
The Chinese have done some extraordinary things in terms of the investments they've made in alternative sources of energy.
I think all governments engage in intelligence gathering vis-a-vis other governments.
I always told people in the private sector, 'You can be the smartest person in the world, you can have the very best ideas, but if you can't sell them and you can't get other people to work with you, you're not going to succeed.'
I see nothing easy in Washington. I see either analytically simple things that are politically complex or those that are politically complex and analytically complex. I mean, look at immigration reform, you know? It is, I think, analytically easy, but politically very, very complex and very difficult.
Illiquid asset purchases are all about capital and encouraging private capital to come in.
India is one of the world's largest and most peaceful states with advanced nuclear technologies and has been isolated from the rest of the world on nuclear issues.
For decades, Indians have immigrated to the United States, joined our communities, and raised their families while maintaining their cultural heritage.
As the Indian government has embraced greater economic openness, the creativity and expertise of the Indian workforce has been unleashed onto the world economic stage.
Non-bank financial institutions provide credit that is essential to U.S. businesses and consumers.
The U.S. and China need to take steps - mostly individually, sometimes together - that will have the mutually beneficial effect of supporting and sustaining economic growth.
Every global concern - economic, environmental or security-related - can be addressed more effectively when the U.S. and China work together.
In China, export lobbies have fought for policies that favor their interests and limit foreign competition.
