|United States Secretary of the Treasury|
Seal of the Department of the Treasury
Flag of the Secretary of the Treasury
|United States Department of the Treasury|
|Reports to||President of the United States|
|Appointer||The President |
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 financial and monetary matters, and, until 2003, also included several 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 equivalent of a Minister for Foreign Affairs.
The United States Attorney General (A.G.) is the chief lawyer of the federal government of the United States, head of the United States Department of Justice per 28 U.S.C. § 503, and oversees all governmental legal affairs.
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 and Congress, respectively. 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 United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.
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 provides health insurance for Americans aged 65 and older, younger people with some disability status as determined by the Social Security Administration, as well as people with end stage renal disease and amyotrophic lateral sclerosis. Medicare is funded by a combination of a payroll tax, beneficiary premiums and surtaxes from beneficiaries, and general U.S. Treasury revenue.
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 a 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 Thomas E. Brandon, Acting Director, and Ronald B. Turk, Acting Deputy Director. The ATF has 4,770 employees, and an annual budget of $1.15 billion (2012).
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 formed by Thomas Jefferson and James Madison around 1792 to oppose the centralizing policies of the new Federalist Party run by Alexander Hamilton, who was Secretary of the Treasury and chief architect of George Washington's administration. From 1801 to 1825, the new party controlled the presidency and Congress as well as most states during the First Party System. It began in 1791 as one faction in Congress and included many politicians who had been opposed to the new constitution. They called themselves Republicans after their political philosophy, republicanism. They distrusted the Federalist tendency to centralize and loosely interpret the Constitution, believing these policies were signs of monarchism and anti-republican values. The party splintered in 1824, with the faction loyal to Andrew Jackson coalescing into the Jacksonian movement, the faction led by John Quincy Adams and Henry Clay forming the National Republican Party and some other groups going on to form the Anti-Masonic Party. The National Republicans, Anti-Masons, and other opponents of Andrew Jackson later formed themselves into the Whig Party.
The Democratic Party is one of the two major contemporary political parties in the United States, along with 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||California||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 T. 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 April 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 David Malpass.
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.
James F. Sloan is a past Assistant Commandant for Intelligence and Criminal Investigations (CG-2) for the United States Coast Guard and head of Coast Guard Intelligence, having served in this capacity from 17 November 2003 to 27 February 2009. He was responsible for directing, coordinating, and overseeing intelligence and investigative operations and activities that support all U.S. Coast Guard mission objectives, the National Strategy for Homeland Security, and National Security objectives.
Executive Schedule is the system of salaries given to the incumbents of the highest-ranked appointed positions in the executive branch of the U.S. government. The President of the United States appoints incumbents to these positions, most with the advice and consent of the United States Senate. They include members of the President's Cabinet as well as other subcabinet policy makers. There are five pay rates within the Executive Schedule, usually denoted with a Roman numeral with I being the highest level and V the lowest. Federal law lists the positions eligible for the Executive Schedule and the corresponding level. The law also gives the president the ability to grant Executive Schedule IV and V status to no more than 34 employees not listed.
Salvatore Antonio "Tony" Fratto was deputy assistant and deputy press secretary to former United States President George W. Bush.
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Stuart A. Levey was the first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury. He was sworn in on July 21, 2004 as a political appointee of President George W. Bush. President Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees to be held over. Levey served until March 2011. Levey played a central role in the efforts to combat North Korea's and Iran's allegedly illicit conduct in the international financial system. Prior to his nomination, Levey served as the Principal Associate Deputy Attorney General at the U.S. Department of Justice. He had previously served as an Associate Deputy Attorney General and as the Chief of Staff of the Deputy Attorney General. He was succeeded by David S. Cohen. In January 2012, Levey joined HSBC as the bank's Chief Legal Officer.
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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.
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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.
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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
Patrick M. Shanahan
as Acting Secretary of Defense
|U.S. presidential line of succession|
Secretary of State
|5th in line||Succeeded by|
Acting Secretary of Defense
Patrick M. Shanahan