Assistant Secretary of the Treasury for Financial Institutions

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Assistant Secretary of the Treasury for Financial Institutions
Flag of the United States Assistant Secretary of the Treasury.svg
Flag of an Assistant Secretary of the Treasury
Incumbent
Luke Pettit
since July 28, 2025
Department of the Treasury
Style The Honorable
Reports to Under Secretary of the Treasury for Domestic Finance
Nominator President of the United States
Formation1976
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]

Contents

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]

History

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.

List of Assistant Secretaries of the Treasury for Financial Institutions

NameAssumed officeLeft office President appointed by Secretary served under
Robert A. Gerard 19761977 Gerald Ford William E. Simon
Roger C. Altman June 13, 1977 [7] 1981 Jimmy Carter
Roger William Mehle, Jr. 19811983 Ronald Reagan
Thomas J. Healey 19831985 Ronald Reagan
Charles O. Sethness 19851989 Ronald Reagan
David W. Mullins, Jr. 19891990 George H.W. Bush
Jerome H. Powell 1990April 7, 1992 George H.W. Bush
John Cunningham Dugan 19921993 George H.W. Bush
Richard S. Carnell [8] 19931999 Bill Clinton Lloyd Bentsen, Robert Rubin
Gregory Baer [9] 1999January 20, 2001 Bill Clinton Robert Rubin, Larry Summers
Sheila Bair [10] July 2001June 2002 George W. Bush Paul O'Neill
Wayne A. Abernathy [11] 20032005 George W. Bush John W. Snow
Emil Henry [12] 20052007 George W. Bush John W. Snow, Henry Paulson
David Nason [12] March 2007March 2009 George W. Bush Henry Paulson
Michael Barr [13] May 2009January 2011 Barack Obama Timothy Geithner
Cyrus Amir-Mokri November 1, 2011November 1, 2014 Barack Obama Timothy Geithner
Christopher Campbell September 25, 2017July 31, 2018 Donald Trump Steven Mnuchin
Bimal Patel June 27, 2019July 1, 2020 Donald Trump Steven Mnuchin
Graham Steele December 3, 2021January 19, 2024 [14] Joe Biden Janet Yellen
Laurie Schaffer (acting)January 19, 2024January 20, 2025 Joe Biden Janet Yellen
Steven Seitz (acting)January 20, 2025July 28, 2025 Donald Trump Scott Bessent
Luke PettitJuly 28, 2025Present Donald Trump Scott Bessent

See also

References

  1. ↑ "David Samuel Cohen". Search Federal Pay. Feds Data Center. Retrieved 29 April 2016.
  2. ↑ "Financial Institutions". U.S. Department of the Treasury. Retrieved 7 November 2021.
  3. ↑ "President Biden Announces Three Key Nominations". The White House. 19 July 2021. Retrieved 7 November 2021.
  4. ↑ Ellfeldt, Avery (2024-02-12). "E&E News: Exit interview: Ex-Treasury official dishes on climate, insurance risk". POLITICO. Retrieved 2024-02-21.
  5. ↑ Nominations of Robert A. Gerard and Jerry Thomas. U.S. Government Printing Office. 1976. Retrieved December 6, 2022.
  6. ↑ 31 U.S.C. § 301(e)
  7. ↑ Treasury, Postal Service, and General Government Appropriations for Fiscal Year 1979. U.S. Government Printing Office. 1978. p. 64. Retrieved 2022-12-06.
  8. ↑ "Profile from Fordham University". Archived from the original on 2010-12-15. Retrieved 2011-04-08.
  9. ↑ "Archived copy". Archived from the original on 2015-04-02. Retrieved 2015-03-01.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ↑ Jim Puzzanghera "FDIC Chief in Tune with Democrats", Los Angeles Times, Nov. 18, 2008
  11. ↑ Profile from the Washington Association of Money Managers
  12. 1 2 Profile from BusinessWeek [ dead link ]
  13. ↑ Profile from WhoRunsGov Archived July 3, 2011, at the Wayback Machine
  14. ↑ https://www.politico.com/newsletters/morning-money/2024/01/11/why-todays-inflation-news-matters-00134951
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