|United States Secretary of the Treasury|
Seal of the United States Department of the Treasury
Flag of the United States Secretary of the Treasury
|United States Department of the Treasury|
|Reports to||President of the United States|
|Appointer||The President of the United States |
with Senate advice and consent
|Term length||No fixed term|
|Constituting instrument||31 U.S.C. § 301|
|Formation||September 11, 1789|
|First holder||Alexander Hamilton|
|Deputy||Deputy Secretary of the Treasury|
|Salary||Executive Schedule, Level I|
The secretary of the treasury is the head of the United States Department of the Treasurywhich is concerned with all financial and monetary matters relating to the federal government, and, until 2003, also included several major federal law enforcement agencies. This position in the federal government of the United States is analogous to the minister of finance in many other countries. The secretary of the treasury is a member of the president's 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 before being voted on by the United States Senate.
The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively; 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 federal government of the United States is the national government of the United States, a federal republic in North America, composed of 50 states, a federal district, five major self-governing territories and several island possessions. The federal government is composed of three distinct branches: legislative, executive and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court.
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.
The secretary of the treasury, the secretary of state, the attorney general, and the secretary of defense are generally regarded as the four most important cabinet officials because of the importance of their departments.The secretary of the treasury is a non-statutory member of the U.S. National Security Council and fifth in the United States presidential line of succession.
The secretary of state is a senior official of the federal government of the United States of America, and as head of the United States Department of State, is principally concerned with foreign policy and is considered to be the U.S. government's minister of foreign affairs.
The United States Attorney General (A.G.) is the head of the United States Department of Justice, a member of the Cabinet of the United States; as directed by the President of the United States, and the chief lawyer of the federal government of the United States.
The secretary of defense (SecDef) is the leader and chief executive officer of the United States Department of Defense, the executive department of the Armed Forces of the U.S. The secretary of defense's position of command and authority over the U.S. military is second only to that of the president. This position corresponds to what is generally known as a defense minister in many other countries. The secretary of defense is appointed by the president with the advice and consent of the Senate, and is by custom a member of the Cabinet and by law a member of the National Security Council.
The Secretary of the Treasury is the principal economic advisor to the President and plays a critical role in policy-making by bringing an economic and government financial policy perspective to issues facing the government. The Secretary is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Department in carrying out its major law enforcement responsibilities; in serving as the financial agent for the United States Government; and in manufacturing coins and currency. The Chief Financial Officer of the government, the Secretary serves as Chairman Pro Tempore of the President's Economic Policy Council, Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, and as U.S. Governor of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development.
The United States dollar is the official currency of the United States and its territories per the Coinage Act of 1792. The act created a decimal currency by creating the following coins: tenth dollar, one-twentieth dollar, one-hundredth dollar. In addition the act created the dollar, half dollar, and quarter dollar coins. All of these coins are still minted in 2019.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration. The original Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
Medicare is a national health insurance program in the United States, begun in 1966 under the Social Security Administration (SSA) and now administered by the Centers for Medicare and Medicaid Services (CMS). It primarily provides health insurance for Americans aged 65 and older, but also for some younger people with disability status as determined by the Social Security Administration, as well as people with end stage renal disease and amyotrophic lateral sclerosis.
The secretary along with the treasurer of the United States must sign Federal Reserve notes before they can become legal tender.[ further explanation needed ] The secretary also manages the United States Emergency Economic Stabilization fund.
The Treasurer of the United States is an official in the United States Department of the Treasury who was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department. Responsibility for oversight of the Bureau of Engraving and Printing, the United States Mint, and the United States Savings Bonds Division was assigned to the Treasurer in 1981. As of 2002 the Office of the Treasurer underwent a major reorganization. The Treasurer now advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States.
Most of the department's law enforcement agencies such as the U.S. Customs Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the U.S. Secret Service were reassigned to other departments in 2003 in conjunction with the creation of the Department of Homeland Security.
A law enforcement agency (LEA), in North American English, is any government agency responsible for the enforcement of the laws.
The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) is a federal law enforcement organization within the United States Department of Justice. Its responsibilities include the investigation and prevention of federal offenses involving the unlawful use, manufacture, and possession of firearms and explosives; acts of arson and bombings; and illegal trafficking and tax evasion of alcohol and tobacco products. The ATF also regulates via licensing the sale, possession, and transportation of firearms, ammunition, and explosives in interstate commerce. Many of the ATF's activities are carried out in conjunction with task forces made up of state and local law enforcement officers, such as Project Safe Neighborhoods. The ATF operates a unique fire research laboratory in Beltsville, Maryland, where full-scale mock-ups of criminal arson can be reconstructed. The agency is led by Regina Lombardo, Acting Director, and Ronald B. Turk, Acting Deputy Director. The ATF has 5,101 employees and an annual budget of $1.274 billion (2019).
The salary of the secretary of the treasury is $205,700 annually.
No party (1) Federalist (4) Democratic-Republican (4) Democratic (29) Whig (5) Republican (34)
The Federalist Party, referred to as the Pro-Administration party until the 3rd United States Congress as opposed to their opponents in the Anti-Administration party, was the first American political party. It existed from the early 1790s to the 1820s, with their last presidential candidate being fielded in 1816. They appealed to business and to conservatives who favored banks, national over state government, manufacturing, and preferred Britain and opposed the French Revolution.
The Democratic-Republican Party was an American political party founded by Thomas Jefferson and James Madison in the early 1790s that championed republicanism, political equality, and expansionism. The Democratic-Republicans became increasingly dominant after the 1800 elections as the opposing Federalist Party collapsed, and the party splintered during the 1824 presidential election. One faction of the Democratic-Republicans eventually coalesced into the modern Democratic Party, while the other faction ultimately formed the core of the Whig Party.
The Democratic Party is one of the two major contemporary political parties in the United States, along with its main rival, the Republican Party. Tracing its heritage back to Thomas Jefferson and James Madison's Democratic-Republican Party, the modern-day Democratic Party was founded around 1828 by supporters of Andrew Jackson, making it the world's oldest active political party.
|No.||Portrait||Name||State of Residence||Took Office||Left Office||President(s)|
|1||Alexander Hamilton||New York||September 11, 1789||January 31, 1795||George Washington|
|2||Oliver Wolcott, Jr.||Connecticut||February 3, 1795||December 31, 1800|
|3||Samuel Dexter||Massachusetts||January 1, 1801||May 13, 1801|
|4||Albert Gallatin||Pennsylvania||May 14, 1801||February 8, 1814|
|5||George W. Campbell||Tennessee||February 9, 1814||October 5, 1814|
|6||Alexander J. Dallas||Pennsylvania||October 6, 1814||October 21, 1816|
|–|| William Jones  |
|Pennsylvania||October 21, 1816||October 22, 1816|
|7||William H. Crawford||Georgia||October 22, 1816||March 6, 1825|
|8||Richard Rush||Pennsylvania||March 7, 1825||March 5, 1829||John Quincy Adams|
|9||Samuel D. Ingham||Pennsylvania||March 6, 1829||June 20, 1831||Andrew Jackson|
|10||Louis McLane||Delaware||August 8, 1831||May 28, 1833|
|11||William J. Duane||Pennsylvania||May 29, 1833||September 22, 1833|
|12||Roger B. Taney||Maryland||September 23, 1833||June 25, 1834|
|13||Levi Woodbury||New Hampshire||July 1, 1834||March 3, 1841|
|Martin Van Buren|
|14||Thomas Ewing||Ohio||March 4, 1841||September 11, 1841||William Henry Harrison|
|15||Walter Forward||Pennsylvania||September 13, 1841||March 1, 1843|
|16||John C. Spencer||New York||March 8, 1843||May 2, 1844|
|17||George M. Bibb||Kentucky||July 4, 1844||March 7, 1845|
|18||Robert J. Walker||Mississippi||March 8, 1845||March 5, 1849||James K. Polk|
|19||William M. Meredith||Pennsylvania||March 8, 1849||July 22, 1850||Zachary Taylor|
|20||Thomas Corwin||Ohio||July 23, 1850||March 6, 1853||Millard Fillmore|
|21||James Guthrie||Kentucky||March 7, 1853||March 6, 1857||Franklin Pierce|
|22||Howell Cobb||Georgia||March 7, 1857||December 8, 1860||James Buchanan|
|23||Philip F. Thomas||Maryland||December 12, 1860||January 14, 1861|
|24||John A. Dix||New York||January 15, 1861||March 6, 1861|
|25||Salmon P. Chase||Ohio||March 7, 1861||June 30, 1864||Abraham Lincoln|
|26||William P. Fessenden||Maine||July 5, 1864||March 3, 1865|
|27||Hugh McCulloch||Indiana||March 9, 1865||March 3, 1869|
|28||George S. Boutwell||Massachusetts||March 12, 1869||March 16, 1873||Ulysses S. Grant|
|29||William A. Richardson||Massachusetts||March 17, 1873||June 3, 1874|
|30||Benjamin H. Bristow||Kentucky||June 4, 1874||June 20, 1876|
|31||Lot M. Morrill||Maine||July 7, 1876||March 9, 1877|
|32||John Sherman||Ohio||March 10, 1877||March 3, 1881||Rutherford B. Hayes|
|33||William Windom||Minnesota||March 8, 1881||November 13, 1881||James A. Garfield|
|Chester A. Arthur|
|34||Charles J. Folger||New York||November 14, 1881||September 4, 1884|
|35||Walter Q. Gresham||Indiana||September 5, 1884||October 30, 1884|
|36||Hugh McCulloch||Indiana||October 31, 1884||March 7, 1885|
|37||Daniel Manning||New York||March 8, 1885||March 31, 1887||Grover Cleveland|
|38||Charles S. Fairchild||New York||April 1, 1887||March 6, 1889|
|39||William Windom||Minnesota||March 7, 1889||January 29, 1891||Benjamin Harrison|
|40||Charles W. Foster||Ohio||February 25, 1891||March 6, 1893|
|41||John G. Carlisle||Kentucky||March 7, 1893||March 5, 1897||Grover Cleveland|
|42||Lyman J. Gage||Illinois||March 6, 1897||January 31, 1902||William McKinley|
|43||Leslie M. Shaw||Iowa||February 1, 1902||March 3, 1907|
|44||George B. Cortelyou||New York||March 4, 1907||March 7, 1909|
|45||Franklin MacVeagh||Illinois||March 8, 1909||March 5, 1913||William Howard Taft|
|46||William G. McAdoo||New York||March 6, 1913||December 15, 1918||Woodrow Wilson|
|47||Carter Glass||Virginia||December 16, 1918||February 1, 1920|
|48||David F. Houston||Missouri||February 2, 1920||March 3, 1921|
|49||Andrew W. Mellon||Pennsylvania||March 4, 1921||February 12, 1932||Warren G. Harding|
|50||Ogden L. Mills||New York||February 13, 1932||March 4, 1933|
|51||William H. Woodin||New York||March 5, 1933||December 31, 1933||Franklin D. Roosevelt|
|52||Henry Morgenthau, Jr.||New York||January 1, 1934||July 22, 1945|
|53||Fred M. Vinson||Kentucky||July 23, 1945||June 23, 1946||Harry S. Truman|
|54||John W. Snyder||Missouri||June 25, 1946||January 20, 1953|
|55||George M. Humphrey||Ohio||January 21, 1953||July 29, 1957||Dwight D. Eisenhower|
|56||Robert B. Anderson||Connecticut||July 29, 1957||January 20, 1961|
|57||C. Douglas Dillon||New Jersey||January 21, 1961||April 1, 1965||John F. Kennedy|
|Lyndon B. Johnson|
|58||Henry H. Fowler||Virginia||April 1, 1965||December 20, 1968|
|59||Joseph W. Barr||Indiana||December 21, 1968||January 20, 1969|
|60||David M. Kennedy||Utah||January 22, 1969||February 10, 1971||Richard Nixon|
|61||John B. Connally, Jr.||Texas||February 11, 1971||June 12, 1972|
|62||George P. Shultz||Illinois||June 12, 1972||May 8, 1974|
|63||William E. Simon||New Jersey||May 8, 1974||January 20, 1977|
|64||W. Michael Blumenthal||Michigan||January 23, 1977||August 4, 1979||Jimmy Carter|
|65||G. William Miller||Rhode Island||August 7, 1979||January 20, 1981|
|66||Donald T. Regan||New Jersey||January 22, 1981||February 1, 1985||Ronald Reagan|
|67||James A. Baker III||Texas||February 4, 1985||August 17, 1988|
|–|| M. Peter McPherson  |
|Michigan||August 17, 1988||September 15, 1988|
|68||Nicholas F. Brady||New Jersey||September 15, 1988||January 17, 1993|
|George H. W. Bush|
|69||Lloyd Bentsen||Texas||January 20, 1993||December 22, 1994||Bill Clinton|
|–|| Frank N. Newman  |
|Massachusetts||December 22, 1994||January 11, 1995|
|70||Robert E. Rubin||New York||January 11, 1995||July 2, 1999|
|71||Lawrence H. Summers||Massachusetts||July 2, 1999||January 20, 2001|
|72||Paul H. O'Neill||Pennsylvania||January 20, 2001||December 31, 2002||George W. Bush|
|–|| Kenneth W. Dam  |
|Illinois||December 31, 2002||February 3, 2003|
|73||John W. Snow||Virginia||February 3, 2003||June 30, 2006|
|–|| Robert M. Kimmitt  |
|Virginia||June 30, 2006||July 10, 2006|
|74||Henry M. Paulson, Jr.||Illinois||July 10, 2006||January 20, 2009|
|–|| Stuart A. Levey  |
|Ohio||January 20, 2009||January 26, 2009||Barack Obama|
|75||Timothy F. Geithner||New York||January 26, 2009||January 25, 2013|
|–|| Neal S. Wolin  |
|Illinois||January 25, 2013||February 28, 2013|
|76||Jacob J. Lew||New York||February 28, 2013||January 20, 2017|
|–|| Adam J. Szubin  ||Washington, D.C.||January 20, 2017||February 13, 2017||Donald Trump|
|77||Steven Mnuchin||California||February 13, 2017||Incumbent|
1 William Jones served as acting secretary between the resignation of Alexander J. Dallas and appointment of William H. Crawford.
2 Deputy Secretary of the Treasury M. Peter McPherson served as acting secretary of the treasury from August 17, 1988, to September 15, 1988.
3 Because of the resignation of Deputy Secretary of the Treasury Roger Altman in August 1994, Under Secretary of Treasury for Domestic Finance Frank N. Newman served from December 22, 1994, to January 11, 1995 as acting secretary of the treasury.
4 Deputy Secretary of the Treasury Kenneth W. Dam served as acting secretary of the treasury from December 31, 2002, to February 3, 2003.
5 Deputy Secretary of the Treasury Robert M. Kimmitt served as acting secretary of the treasury from June 30, 2006, to July 9, 2006.
6 Under Secretary for Terrorism and Financial Intelligence Stuart A. Levey served as acting secretary of the treasury from January 20, 2009, until the confirmation of Timothy Geithner, which occurred January 26, 2009.
7 Deputy Secretary of the Treasury Neal Wolin served as acting secretary of the treasury from January 25, 2013, until the confirmation of Jack Lew which occurred February 28, 2013.
8 Acting Under Secretary for Terrorism and Financial Intelligence Adam J. Szubin served as acting secretary of the treasury from January 20, 2017, until the confirmation of Steven Mnuchin which occurred February 13, 2017.
If both the secretary and the deputy secretary of the treasury are unable to carry out the duties of the office of secretary of the treasury, then whichever treasury official of under secretary rank sworn in earliest assumes the role of acting secretary. Positions listed on the Department of the Treasury website include the under secretary for domestic finance, the under secretary for international affairs, and the under secretary for terrorism and financial intelligence.
As of November 2019, there are eleven living former secretaries of the treasury (with all secretaries that have served since 1995 still living), the oldest being George P. Shultz (served 1972–1974, born 1920). The most recent secretary of the treasury to die, as well as the most recently serving secretary to die, was Lloyd M. Bentsen, Jr. (served 1993–1994, born 1921), on May 23, 2006.
|Name||Term of office||Date of birth (and age)|
|George P. Shultz||1972–1974||December 13, 1920|
|W. Michael Blumenthal||1977–1979||January 3, 1926|
|James A. Baker||1985–1988||April 28, 1930|
|Nicholas F. Brady||1988–1993||April 11, 1930|
|Robert Rubin||1995–1999||August 29, 1938|
|Lawrence H. Summers||1999–2001||November 30, 1954|
|Paul O'Neill||2001–2002||December 4, 1935|
|John W. Snow||2003–2006||August 2, 1939|
|Henry Paulson||2006–2009||March 28, 1946|
|Timothy F. Geithner||2009–2013||August 18, 1961|
|Jack Lew||2013–2017||August 29, 1955|
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.
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.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11 attacks in 2001. It has ten titles, with the third title written to prevent, detect, and prosecute international money laundering and the financing of terrorism.
The Under Secretary for Terrorism and Financial Intelligence is a position within the United States Department of the Treasury responsible for directing the Treasury's efforts to cut the lines of financial support for terrorists, fight financial crime, enforce economic sanctions against rogue nations, and combat the financial support of the proliferation of weapons of mass destruction. The Under Secretary is appointed by the President and confirmed by the Senate.
The Department of the Prime Minister and Cabinet (PM&C) is an Australian Government public service central department of state with broad ranging responsibilities, primary of which is for intergovernmental and whole of government policy coordination and assisting the Prime Minister of Australia in managing the Cabinet of Australia. The PM&C was established in 1971 and traces its origins back to the Prime Minister's Department established in 1911.
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.
Salvatore Antonio "Tony" Fratto was deputy assistant and deputy press secretary to former United States President George W. Bush.
A United States Assistant Secretary of the Treasury is one of several positions in the United States Department of the Treasury, serving under the United States Secretary of the Treasury.
The counter-terrorism page primarily deals with special police or military organizations that carry out arrest or direct combat with terrorists. This page deals with the other aspects of counter-terrorism:
The Office of Financial Markets is an office of the United States federal government in the United States Department of the Treasury. OFM serves as the department's advisor on broad matters of domestic finance, financial markets, Federal, State and local finance, Federal Government credit policies, lending and privatization.
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.
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.
Jimmy Gurulé is an American attorney, academic and government official, who is a Professor at Notre Dame Law School, teaching criminal law courses. He was the first Hispanic Assistant Attorney General in the United States.
David S. Cohen is an American attorney who served as Deputy Director of the Central Intelligence Agency (CIA) from 2015 to 2017. Originally from Boston, Cohen previously worked at the U.S. Treasury Department and as an attorney in private practice. At Treasury, among other posts, he served as the Under Secretary for Terrorism and Financial Intelligence.
Adam Jacob Szubin served as the Acting Under Secretary for Terrorism and Financial Intelligence and the Acting Secretary of the Treasury of the United States. He served as the acting secretary from January to February 2017 after the resignation of Treasury Secretary Jack Lew and Deputy Treasury Secretary Sarah Bloom Raskin during the 2017 presidential transition. He previously served as the Director of Treasury’s Office of Foreign Assets Control (OFAC). He is currently a Distinguished Practitioner-in-Residence at the Paul H. Nitze School of Advanced International Studies (SAIS) of the Johns Hopkins University.
Sigal P. Mandelker is an American lawyer and government official who currently serves as Under Secretary of the Treasury for Terrorism and Financial Intelligence. In October 2019, she announced plans to step down from the position to pursue opportunities in the private sector. Mandelker also served as the Acting United States Deputy Secretary of the Treasury from 2017 to 2018.
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|U.S. order of precedence (ceremonial)|
as Senior Associate Justice
| Order of Precedence of the United States |
as Secretary of the Treasury
as Secretary of Defense
|U.S. presidential line of succession|
Secretary of State
|5th in line||Succeeded by|
Secretary of Defense