Department of commerce paper

Department of Commerce
.
Name:
Course:
Professor Name:
(December, 2012)
Table of contents
 TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc343860050"
Introduction  PAGEREF _Toc343860050 \h
2
 HYPERLINK \l "_Toc343860051"
History of the department  PAGEREF _Toc343860051 \h
2
 HYPERLINK \l "_Toc343860052"
Mission Statement and its justification  PAGEREF _Toc343860052 \h
3
 HYPERLINK \l "_Toc343860053"
The departments options in perceived times of challenge  PAGEREF _Toc343860053 \h
4
 HYPERLINK \l "_Toc343860054"
The principle regulation  PAGEREF _Toc343860054 \h
6
 HYPERLINK \l "_Toc343860055"
How the agency is managed  PAGEREF _Toc343860055 \h
6
 HYPERLINK \l "_Toc343860056"
Critical regulation issues  PAGEREF _Toc343860056 \h
7
 HYPERLINK \l "_Toc343860057"
Conclusion  PAGEREF _Toc343860057 \h
9
 HYPERLINK \l "_Toc343860058"
References  PAGEREF _Toc343860058 \h
9


Introduction
The US economy has been the global leader for several years now. From the start of this century there have been several concerns regarding whether the country can continue to be the global leader. According to Taylor the country remains the superpower of the world, having the world number one companies, the most skilled workforce, and most probably the best educational system as we speak now. However, the citizens have been hit by a lot of challenges which includes loss of jobs, falling incomes, competitiveness in the global market, and stagnant growth in the economy. The truth of the matter is that if the trend continues then the generation to come will not enjoy the quality of living standards as we are experiencing now. Regardless of the challenges the United States can still remain competitive and offer its citizens with better lives if better policies and commitment is adhered to effectively (Taylor, 2008).
These gains of the United States have been mostly achieved through the department of commerce. It is one of the main federal executive departments that ensure that the US economic development and technological enrichment is achieved in the country (Taylor, 2008).
This paper therefore seeks to understand the departments mission(why it exists ), the agency’s regulatory justification, its role in perceived economic, social and other problems facing the country, the agency’s statutes and regulation, how the agency is managed and finally some of the critical challenges that the agency is currently facing.
History of the department
This department was created in the year 1903 when the congress established the department of commerce and labor. Its main purpose was to investigate and report the operations of the corporations that were engaged in interstate commerce. Its first secretary was G. B. Cortelyou. According to Bowers in 1913 the lobar division in the department was raised to a department by its own, however the functi...