Under Secretary of the Treasury for International Affairs

Last updated

The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. The office is currently held by Brent McIntosh following the appointment of David Malpass to lead the World Bank.

Contents

Overview

The Office of International Affairs (IA), led by the Under Secretary of the Treasury for International Affairs, has oversight of the following:

The Office of International Affairs also oversees the operations of the Exchange Stabilization Fund and the U.S.–China Strategic and Economic Dialogue.

Former Under Secretaries

The office of Under Secretary for International Affairs was vacant for nearly a year, following the November 2013 departure of Lael Brainard, who had been appointed by President Barack Obama in April 2010. On Wednesday, February 12, 2014, the White House Press Office announced that U.S. President Barack Obama had nominated D. Nathan Sheets, of Maryland, to the U.S. Senate for confirmation as her replacement. [1] On September 18, 2014, Sheets was confirmed unanimously by the U.S. Senate for the position. [2] Notable former Under Secretaries include Paul Volcker, [3] David H. McCormick, [4] Timothy D. Adams, [5] John B. Taylor, [6] Timothy F. Geithner, [7] David Mulford, and Lawrence H. Summers. [8]

Duties

The Under Secretary leads the development and implementation of policies in the areas of international finance, trade in financial services, investment, economic development, international debt. It also leads the development of policies on U.S. participation in the International Monetary Fund, the World Bank, and the other multilateral development banks (including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development). The Under Secretary also coordinates financial market policy with the G7 industrial nations. [4]

Related Research Articles

United States Secretary of the Treasury Head of the United States Department of the Treasury

The secretary of the treasury is the head of the United States Department of the Treasury, which is concerned with all financial and monetary matters relating to the federal government, and, until 2003, also included several major federal law enforcement agencies. The secretary of the treasury is the principal economic advisor to the president of the United States and plays a critical role in policy-making by bringing an economic and government financial policy perspective to issues facing the federal government. The secretary of the treasury is a member of the United States Cabinet, and is nominated by the president of the United States. Nominees for Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance, prior to a vote by the United States Senate.

United States Department of the Treasury United States federal executive department

The Department of the Treasury (USDT) is the national treasury 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 coins, while the treasury executes its circulation in the domestic fiscal system. The USDT 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.

Paul Volcker American economist

Paul Adolph Volcker Jr. was an American economist. He served two terms as the 12th Chair of the Federal Reserve under U.S. presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with having ended the high levels of inflation seen in the United States during the 1970s and early 1980s. He was the chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011.

G. William Miller 11th Chairman of the Federal Reserve in the United States

George William Miller served as the 65th United States Secretary of the Treasury under President Carter from August 6, 1979 to January 20, 1981. He previously served as the 11th Chairman of the Federal Reserve, where he began service on March 8, 1978.

David Mulford

David Campbell Mulford was the United States Ambassador to India from January 23, 2004 to February 2009, and served as Vice-Chairman International of Credit Suisse from 2009 to 2016. He is currently a distinguished visiting fellow at the Hoover Institution, Stanford University focusing on research, writing, and activities related to global economic integration, including the legal and political environments of trade agreements and their management. He also concentrates his efforts on economic growth in the Indian subcontinent and the trend of receding globalization in developed economies.

Timothy D. Adams

Timothy Dees Adams, usually referred to as Tim Adams, is President and CEO of the Institute of International Finance and former Under Secretary for International Affairs at the United States Department of the Treasury.

Executive Schedule is the system of salaries given to the highest-ranked appointed officials in the executive branch of the U.S. government. The president of the United States appoints individuals to these positions, most with the advice and consent of the United States Senate. They include members of the president's Cabinet, several top-ranking officials of each executive department, the directors of some of the more prominent departmental and independent agencies, and several members of the Executive Office of the President.

Mauricio Claver-Carone President of the Inter-American Development Bank (IDB)

Mauricio Claver-Carone is an American lobbyist, lawyer, former Senior Director on the National Security Council, and international development official. He took office as president of the Inter-American Development Bank in October 2020.

David McCormick

David Harold McCormick is an American business executive. He is the CEO and a member of the Management Committee at Bridgewater Associates, a global macro investment firm with over $160 billion in assets under management. He was formerly Under Secretary of the Treasury for International Affairs.

Randal Quarles

Randal Keith Quarles is an American private equity investor and government official who has served as a member and vice chair for supervision of the Federal Reserve Board of Governors since October 2017. Previously he was founder and head of The Cynosure Group, a private investment firm, and a former partner of The Carlyle Group, one of the world's largest private equity firms. From August 2001 until October 2006, he held several financial policy posts in the George W. Bush administration, ultimately serving as Under Secretary of the Treasury for Domestic Finance.

Timothy Geithner American central banker and politician

Timothy Franz Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.

Neal S. Wolin

Neal Steven Wolin is the CEO of the corporate advisory firm Brunswick Group, an equity partner of Data Collective, a board partner of Social Capital, and a limited partner advisor of Nyca Partners. He is the longest-serving Deputy Secretary of the U.S. Department of the Treasury and also served as Acting Secretary of the Treasury in early 2013.

The U.S.–China Strategic and Economic Dialogue (S&ED) is a high-level dialogue for the United States and China to discuss a wide range of regional and global strategic and economic issues between both countries. The establishment of the S&ED was announced on April 1, 2009 by U.S. President Barack Obama and Chinese President Hu Jintao. The upgraded mechanism replaced the former Senior Dialogue and Strategic Economic Dialogue started under the George W. Bush administration. The format is such that high-level representatives of both countries and their delegations will meet annually at capitals alternating between the two countries.

Jeffrey A. Goldstein

Jeffrey A. Goldstein is a United States economist who was Under Secretary of the Treasury for Domestic Finance from March 27, 2010 to 2011.

Charles H. Dallara is an American banker and the former managing director of the Institute of International Finance.

Assistant Secretary of the Treasury for International Finance and Development

The Deputy Under Secretary / Designated Assistant Secretary of the Treasury for International Finance is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on matters of international finance and economic coordination, and overseeing U.S. participation in international financial institutions. The Assistant Secretary is appointed by the President and confirmed by the Senate. The office is currently occupied on an acting basis by Geoffrey Okamoto.

Geoffrey Okamoto

Geoffrey William Seiji Okamoto is an American economist and government official who formerly served as the Acting Assistant Secretary for International Finance and Development in the United States Department of the Treasury. He was nominated for this position on January 1, 2019, by the White House and was never confirmed by the United States Congress. He previously served as Acting Assistant Secretary for International Markets and Investment, for which he was also not confirmed.

References

  1. http://www.whitehouse.gov/the-press-office/2014/02/12/presidential-nominations-sent-senate
  2. http://www.treasury.gov/press-center/press-releases/Pages/jl2640.aspx
  3. "Paul A. Volcker | Federal Reserve History". www.federalreservehistory.org. Retrieved 2017-09-04.
  4. 1 2 "U.S. Treasury - Biography of David H. McCormick, Under Secretary for International Affairs". Archived from the original on November 7, 2007. Retrieved September 21, 2007.
  5. "U.S. Treasury - Biography of Timothy D. Adams, Under Secretary for International Affairs". Archived from the original on September 27, 2007. Retrieved September 21, 2007.
  6. "Policies in International Finance 2001-2005" . Retrieved September 21, 2007.
  7. "Timothy F. Geithner, President of the New York Fed - Organization - About the Fed - Federal Reserve Bank of New York" . Retrieved September 21, 2007.
  8. "History of the President's Office". Archived from the original on July 4, 2007. Retrieved September 21, 2007.