Journal Article
Recent innovations in Treasury cash management
Partlan, John C.; Garbade, Kenneth D.; Santoro, Paul J. (2004-11)
The Treasury Tax and Loan program, a joint undertaking of the Treasury and the Federal Reserve, is designed to manage federal tax receipts and stabilize the supply of reserves in the banking system. Three recent innovations-electronic collection of business taxes, real-time investment of excess Treasury balances, and competitive bidding for Treasury deposits-have materially enhanced the ability of the two agencies to achieve these objectives.
Current Issues in Economics and Finance , Volume 10 , Issue Nov

Journal Article
The evolution of Treasury cash management during the financial crisis
Santoro, Paul J. (2012-04)
The U.S. Treasury and the Federal Reserve System have long enjoyed a close relationship, each helping the other to carry out certain statutory responsibilities. This relationship proved beneficial during the 2008-09 financial crisis, when the Treasury altered its cash management practices to facilitate the Fed?s dramatic expansion of credit to banks, primary dealers, and foreign central banks.
Current Issues in Economics and Finance , Volume 18 , Issue Apr