Assistant Secretary of the Treasury for Financial Institutions | |
---|---|
Incumbent since January 2024Vacant | |
Department of the Treasury | |
Style | The Honorable |
Reports to | Under Secretary of the Treasury for Domestic Finance |
Nominator | President of the United States |
Formation | 1976 |
First holder | Robert A. Gerard |
Salary | $155,500 (2010) [1] |
Website | Official website |
The Assistant Secretary of the Treasury for Financial Institutions is an official in the United States Department of the Treasury who is the head of the Office of Financial Institutions (OFI). The office "helps formulate policy on financial institutions and government-sponsored enterprises, cybersecurity and critical infrastructure protection." [2]
The post was most recently held by Graham Steele, who was nominated to the position by President Joe Biden on July 19, 2021. [3] Steele resigned from the position in January 2024. [4]
The office was formed in 1976 by Secretary of the Treasury William E. Simon as the Assistant Secretary for Capital Markets and Debt Management. [5]
According to U.S. statute, there are ten Assistant Secretaries of the Treasury appointed by the President of the United States with the advice and consent of the United States Senate. [6] The Assistant Secretary of the Treasury for Financial Institutions reports to the Under Secretary of the Treasury for Domestic Finance, who in turn reports to the United States Secretary of the Treasury and the United States Deputy Secretary of the Treasury.
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council, and fifth in the U.S. presidential line of succession.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and minting coins, while the treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities, and other related economic and fiscal matters.
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The Office of Financial Institutions (OFI) is an agency of the United States federal government in the United States Department of the Treasury. OFI coordinates the department's efforts regarding financial institutions legislation and regulation, legislation affecting Federal agencies that regulate or insure financial institutions, and securities markets legislation and regulation. The office coordinates the department's efforts on financial education policy and ensuring the resiliency of the financial services sector in the wake of a terrorist attack.
The Office of Terrorism and Financial Intelligence (TFI), formed in 2004, is an agency of the United States Department of the Treasury. TFI works to protect the U.S. financial system from misuse by terrorists, money launderers, drug cartels, and other national security threats.
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Bimal V. Patel is an American attorney who served as the Assistant Secretary of the Treasury for Financial Institutions and Deputy Assistant Secretary of the Treasury for the Financial Stability Oversight Council. He was one of the “architects” of the emergency $660 billion Paycheck Protection Program in 2020. He joined PayPal as the company's General Counsel following his departure from the Treasury Department.
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