U.S. presses poised to print foreign money

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The government's giant printing presses soon could be cranking out something in addition to the old greenback.

The Treasury Department's Bureau of Engraving and Printing has received the go-ahead from Congress to print other countries' currencies.

A provision giving the bureau this authority is part of a bill awaiting President Bush's signature that overhauls the country's intelligence operations.

Although the government wouldn't profit from such ventures, bureau director Thomas Ferguson said, the experience could help it sharpen its anti-counterfeiting skills.

"It would give us an opportunity to do some interesting things that we might be able to learn from and possibly use to help us do U.S. currency better," Mr. Ferguson said.

So far, the bureau hasn't lined up the business of any countries, he said. It plans a low-key marketing approach.

"We'll certainly let countries know, but we're not a marketing firm. We're not a private company. We'll be available if they need us," Mr. Ferguson said.

He sees a potential target in small, developing countries that lack the technical wherewithal to produce their own currencies.

Under the bill, the bureau would have the authority to produce paper money, postage stamps and other so-called "security" documents, such as driver's licenses and passports, for foreign governments.

The bureau, however, would need to have the approval of the Treasury Department to ensure the projects do not interfere with U.S. production of greenbacks, and the State Department, which would determine whether a given project was consistent with U.S. foreign policy.