United States Secretary of the Treasury

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United States Secretary of the Treasury
Seal of the United States Department of the Treasury.svg
Seal of the Department of the Treasury
Flag of the United States Secretary of the Treasury.svg
Flag of the Secretary of the Treasury
Secretary Janet Yellen portrait (cropped).jpg
Incumbent
Janet Yellen
since January 26, 2021
United States Department of the Treasury
Style Madam Secretary (informal)
The Honorable (formal)
Member of Cabinet
National Security Council
Reports to President of the United States
Seat Treasury Building
Washington, D.C.
Appointer President
with Senate advice and consent
Term length No fixed term
Constituting instrument 31 U.S.C.   § 301
Precursor Superintendent of Finance
FormationSeptember 11, 1789;233 years ago (1789-09-11)
First holder Alexander Hamilton
Succession Fifth [1]
Deputy Deputy Secretary of the Treasury [2]
Salary Executive Schedule, Level I [3]
Website treasury.gov

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 Cabinet of the United States and, by law, a member of the National Security Council. [4]

Contents

Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, is confirmed by the United States Senate.

The secretary of state, the secretary of the treasury, the secretary of defense, and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments. [5]

The current secretary of the treasury is Janet Yellen, who is the first woman to hold the office. [6] [7]

Powers and functions

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.

U.S. Department of the Treasury Web site [8]

The secretary along with the treasurer of the United States must sign Federal Reserve notes before they can become legal tender. [9] The secretary also manages the United States Emergency Economic Stabilization fund. [10]

Salary

The secretary of the treasury is a Level I position in the Executive Schedule, [3] thus earning the salary prescribed for that level (US$221,400, as of January 2021). [11]

List of secretaries of the treasury

Parties

   Federalist (4)    Democratic-Republican (4)    Democratic (30)    Whig (5)    Republican (34)    Independent (1)

Status

  Denotes an acting secretary of the treasury
No.PortraitNameState of residenceTook officeLeft office President(s)
1 Alexander Hamilton, by Trumbull.jpg Alexander Hamilton New York September 11, 1789January 31, 1795 George Washington
2 Oliver Wolcott Jr by Gilbert Stuart circa 1820.jpeg Oliver Wolcott Jr. Connecticut February 3, 1795December 31, 1800
John Adams
3 Samuel Dexter.jpg Samuel Dexter Massachusetts January 1, 1801May 13, 1801
Thomas Jefferson
4 Albert Gallatin 3.JPG Albert Gallatin Pennsylvania May 14, 1801February 8, 1814
James Madison
5 George W Campbell cph.3a00320.jpg George W. Campbell Tennessee February 9, 1814October 5, 1814
6 Alexander J. Dallas.jpg Alexander J. Dallas Pennsylvania October 6, 1814October 21, 1816
William-Jones.jpg William Jones
Acting [lower-alpha 1]
Pennsylvania October 21, 1816October 22, 1816
7 Portrait of William Harris Crawford.jpg William H. Crawford Georgia October 22, 1816March 6, 1825
James Monroe
8 RUSH, Richard-BEP069-Treasury (BEP engraved portrait).jpg Richard Rush Pennsylvania March 7, 1825March 5, 1829 John Quincy Adams
9 SIng.jpg Samuel D. Ingham Pennsylvania March 6, 1829June 20, 1831 Andrew Jackson
10 Louis McLane (Treasury Secretary, BEP engraved portrait, cropped).jpg Louis McLane Delaware August 8, 1831May 28, 1833
11 William J Duane.jpg William J. Duane Pennsylvania May 29, 1833September 22, 1833
12 Roger Taney.jpg Roger B. Taney Maryland September 23, 1833June 25, 1834
13 Levi Woodbury SecNavy.jpg Levi Woodbury New Hampshire July 1, 1834March 3, 1841
Martin Van Buren
14 ThomasEwingSr.jpg Thomas Ewing Ohio March 4, 1841September 11, 1841 William Henry Harrison
John Tyler
15 WForward-SecofTreas.jpg Walter Forward Pennsylvania September 13, 1841March 1, 1843
16 SPENCER, John C-Treasury (BEP engraved portrait) (cropped).jpg John Canfield Spencer New York March 8, 1843May 2, 1844
17 George M. Bibb - Brady-Handy.jpg George M. Bibb Kentucky July 4, 1844March 7, 1845
18 Hon. Robert J. Walker, Miss - NARA - 528738.jpg Robert J. Walker Mississippi March 8, 1845March 5, 1849 James K. Polk
19 WMMeredith.jpg William M. Meredith Pennsylvania March 8, 1849July 22, 1850 Zachary Taylor
20 TCorwin.jpg Thomas Corwin Ohio July 23, 1850March 6, 1853 Millard Fillmore
21 James-Guthrie-(wreaths).jpg James Guthrie Kentucky March 7, 1853March 6, 1857 Franklin Pierce
22 Cobb, Howell2.jpg Howell Cobb Georgia March 7, 1857December 8, 1860 James Buchanan
23 Philip Francis Thomas, sitting.jpg Philip Francis Thomas Maryland December 12, 1860January 14, 1861
24 John adams dix.jpg John Adams Dix New York January 15, 1861March 6, 1861
25 Mathew Brady, Portrait of Secretary of the Treasury Salmon P. Chase, officer of the United States government (1860-1865, full version).jpg Salmon P. Chase Ohio March 7, 1861June 30, 1864 Abraham Lincoln
26 Hon. William P. Fessenden, Maine - NARA - 529980.jpg William P. Fessenden Maine July 5, 1864March 3, 1865
27 Hugh McCulloch.png Hugh McCulloch Indiana March 9, 1865March 3, 1869
Andrew Johnson
28 George Boutwell, Brady-Handy photo portrait, ca1870-1880.jpg George S. Boutwell Massachusetts March 12, 1869March 16, 1873 Ulysses S. Grant
29 William Adams Richardson Brady-Handy.tif William Adams Richardson Massachusetts March 17, 1873June 3, 1874
30 Benjamin Helm Bristow Brady - Handy U.S. Secretary of Treasury.jpg Benjamin Bristow Kentucky June 4, 1874June 20, 1876
31 Lot M. Morrill Brady-Handy Portrait Photo.jpg Lot M. Morrill Maine July 7, 1876March 9, 1877
32 John-Sherman-2.jpg John Sherman Ohio March 10, 1877March 3, 1881 Rutherford B. Hayes
33 William Windom, Brady-Handy photo portrait, ca1870-1880.jpg William Windom Minnesota March 8, 1881November 13, 1881 James A. Garfield
Chester A. Arthur
34 Secretary Charles J. Folger.jpg Charles J. Folger New York November 14, 1881September 4, 1884
35 Walter Q. Gresham - Brady-Handy.jpg Walter Q. Gresham Indiana September 5, 1884October 30, 1884
36 Hugh McCulloch.png Hugh McCulloch Indiana October 31, 1884March 7, 1885
37 Secretary Daniel Manning.webp Daniel Manning New York March 8, 1885March 31, 1887 Grover Cleveland
38 Charles S Fairchild - SecofTreasury.jpg Charles S. Fairchild New York April 1, 1887March 6, 1889
39 William Windom, Brady-Handy photo portrait, ca1870-1880.jpg William Windom Minnesota March 7, 1889January 29, 1891 Benjamin Harrison
40 Charles Foster, Brady-Handy photo portrait, ca1865-1880.jpg Charles Foster Ohio February 25, 1891March 6, 1893
41 John Griffin Carlisle, Brady-Handy photo portrait, ca1870-1880.jpg John G. Carlisle Kentucky March 7, 1893March 5, 1897 Grover Cleveland
42 Lyman Gage, Bain photo portrait.jpg Lyman J. Gage Illinois March 6, 1897January 31, 1902 William McKinley
Theodore Roosevelt
43 Leslie Shaw, Bain photo portrait.jpg L. M. Shaw Iowa February 1, 1902March 3, 1907
44 Cortelyou-george-bruce.jpg George B. Cortelyou New York March 4, 1907March 7, 1909
45 Franklin MacVeagh, formal bw photo portrait, 1909.jpg Franklin MacVeagh Illinois March 8, 1909March 5, 1913 William Howard Taft
46 William Gibbs McAdoo, formal photo portrait, 1914.jpg William Gibbs McAdoo New York March 6, 1913December 15, 1918 Woodrow Wilson
47 Senator Carter Glass of Virginia.jpg Carter Glass Virginia December 16, 1918February 1, 1920
48 Picture of David F. Houston.jpg David F. Houston Missouri February 2, 1920March 3, 1921
49 AWMellon.jpg Andrew Mellon Pennsylvania March 4, 1921February 12, 1932 Warren G. Harding
Calvin Coolidge
Herbert Hoover
50 Ogden Livingston Mills.jpg Ogden L. Mills New York February 13, 1932March 4, 1933
51 Woodin2.jpg William H. Woodin New York March 5, 1933December 31, 1933 Franklin D. Roosevelt
52 Henry Morgenthau, Jr..jpg Henry Morgenthau Jr. New York January 1, 1934July 22, 1945
53 Frederick Vinson portrait.png Fred M. Vinson Kentucky July 23, 1945June 23, 1946 Harry S. Truman
54 Portrait of John W. Snyder.jpg John Wesley Snyder Missouri June 25, 1946January 20, 1953
55 George M Humphrey.jpg George M. Humphrey Ohio January 21, 1953July 29, 1957 Dwight D. Eisenhower
56 Robert B Anderson.jpeg Robert B. Anderson Connecticut July 29, 1957January 20, 1961
57 C Douglas Dillon.jpg C. Douglas Dillon New Jersey January 21, 1961April 1, 1965 John F. Kennedy
Lyndon B. Johnson
58 HFowler2.jpg Henry H. Fowler Virginia April 1, 1965December 20, 1968
59 Joseph W Barr.jpg Joseph W. Barr Indiana December 21, 1968January 20, 1969
60 David M Kennedy.jpg David M. Kennedy Utah January 22, 1969February 10, 1971 Richard Nixon
61 Portrait of John Connally.jpg John Connally Texas February 11, 1971June 12, 1972
62 George Pratt Shultz.jpg George Shultz Illinois June 12, 1972May 8, 1974
63 William E Simon.jpg William E. Simon New Jersey May 8, 1974January 20, 1977
Gerald Ford
64 Portrait of W. Michael Blumenthal.jpg W. Michael Blumenthal Michigan January 23, 1977August 4, 1979 Jimmy Carter
65 G. William Miller.jpg G. William Miller Rhode Island August 7, 1979January 20, 1981
66 Donaldtregan1.jpg Donald Regan New Jersey January 22, 1981February 1, 1985 Ronald Reagan
67 James A. Baker III, U.S. Secretary of State (2380044355).jpg James Baker Texas February 4, 1985August 17, 1988
M Peter McPherson at lectern in 1981 (cropped).jpg M. Peter McPherson
Acting [lower-alpha 2]
Michigan August 17, 1988September 15, 1988
68 Nicholas Frederick Brady.jpg Nicholas F. Brady New Jersey September 15, 1988January 17, 1993
George H. W. Bush
69 LloydBentsen.jpg Lloyd Bentsen Texas January 20, 1993December 22, 1994 Bill Clinton
Seal of the United States Department of the Treasury.svg Frank N. Newman
Acting [lower-alpha 2]
Massachusetts December 22, 1994January 11, 1995
70 Pr4262ls-treasury-rubin.jpg Robert Rubin New York January 11, 1995July 2, 1999
71 Lawrence Summers Treasury portrait.jpg Lawrence Summers Massachusetts July 2, 1999January 20, 2001
72 OneilllPaul.jpg Paul H. O'Neill Pennsylvania January 20, 2001December 31, 2002 George W. Bush
Kenneth Dam.jpg Kenneth W. Dam
Acting [lower-alpha 2]
Illinois December 31, 2002February 3, 2003
73 John W. Snow.jpg John W. Snow Virginia February 3, 2003June 30, 2006
Robert Kimmitt, official Treasury photo.jpg Robert M. Kimmitt
Acting [lower-alpha 2]
Virginia June 30, 2006July 10, 2006
74 Henry Paulson official Treasury photo, 2006.jpg Henry Paulson Illinois July 10, 2006January 20, 2009
Stuart Levey.jpg Stuart A. Levey
Acting [lower-alpha 3]
Ohio January 20, 2009January 26, 2009 Barack Obama
75 Timothy Geithner official portrait.jpg Timothy Geithner New York January 26, 2009January 25, 2013
Neal S. Wolin official portrait.jpg Neal S. Wolin
Acting [lower-alpha 2]
Illinois January 25, 2013February 28, 2013
76 Jacob Lew official portrait.jpg Jack Lew New York February 28, 2013January 20, 2017
Adam Szubin.jpg Adam Szubin
Acting [lower-alpha 3]
Washington, D.C. January 20, 2017February 13, 2017 Donald Trump
77 Steven Mnuchin official photo (cropped).jpg Steven Mnuchin California February 13, 2017January 20, 2021
Andy Baukol.jpg Andy Baukol
Acting [lower-alpha 4]
Virginia January 20, 2021January 26, 2021 Joe Biden
78 Secretary Janet Yellen portrait (cropped).jpg Janet Yellen California January 26, 2021Incumbent
Former flag of the Secretary of the Treasury, originating from the 19th century. Flag of the United States Secretary of the Treasury (1887-1915).png
Former flag of the Secretary of the Treasury, originating from the 19th century.

Succession

Presidential succession

The secretary of the treasury is fifth in the presidential line of succession, following the secretary of state and preceding the secretary of defense. [1]

Succession within the Department

On August 16, 2016, President Barack Obama signed Executive Order 13735, which modified the order of succession for officers who shall act as and perform the functions and duties of the office of Secretary of the Treasury during any period when both the secretary and the deputy secretary of the treasury have died, resigned, or are otherwise unable to perform the functions and duties of the office of Secretary. The order of succession is: [12]

#Office
1*Under Secretaries of the Treasury
2 General Counsel of the Department of the Treasury
3*Deputy Under Secretaries of the Treasury and those Assistant Secretaries of the Treasury appointed by the President by and with the consent of the Senate
4 Chief of Staff
5 Assistant Secretary for Management
6 Fiscal Assistant Secretary
7 Commissioner of Internal Revenue, Internal Revenue Service
8Commissioner, Bureau of the Fiscal Service
9Deputy Commissioner, Fiscal Accounting and Shared Services, Bureau of the Fiscal Service
10Commissioner, Wage and Investment Division, Internal Revenue Service
*In the order in which they shall have taken the oath of office as such officers.

Notes

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References

  1. 1 2 "3 U.S. Code § 19 – Vacancy in offices of both President and Vice President; officers eligible to act". LII / Legal Information Institute.
  2. 31 U.S.C.   § 301
  3. 1 2 5 U.S.C.   § 5312
  4. 50 U.S.C.   §§ 3021 Security Council National Security Council
  5. Cabinets and Counselors: The President and the Executive Branch (1997). Congressional Quarterly. p. 87.
  6. "Janet L. Yellen Sworn In As 78th Secretary of the United States Department of the Treasury" (Press release). Washington, D.C.: U.S. Department of the Treasury. January 26, 2021. Retrieved January 27, 2021.{{cite press release}}: CS1 maint: url-status (link)
  7. Tappe, Anneken; Egan, Matt (January 25, 2021). "Janet Yellen is confirmed as the first female Treasury secretary in US history". cnn.com. Retrieved January 26, 2021.{{cite web}}: CS1 maint: url-status (link)
  8. "Duties & Functions: Secretaries of the Treasury". United States Department of the Treasury. Archived from the original on November 19, 2010. Retrieved November 30, 2012.
  9. Rappeport, Alan (December 8, 2022). "Yellen Is First Female Treasury Secretary With Signature on U.S. Dollar". The New York Times. Archived from the original on December 9, 2022. Retrieved December 9, 2022. By tradition, the treasurer must sign the money along with the Treasury secretary. Both signatures are engraved onto plates at the Bureau of Engraving and Printing, where they are printed and submitted to the Federal Reserve, which determines what currency will be added to circulation.
  10. 12 U.S.C.   § 5211 : Purchases of troubled assets
  11. "Salary Table No. 2021-EX Rates of Basic Pay for the Executive Schedule (EX)" (PDF). Archived (PDF) from the original on October 10, 2022.
  12. "Executive Order on Providing an Order of Succession within the Department of the Treasury". August 16, 2016. Retrieved January 9, 2022.PD-icon.svg This article incorporates text from this source, which is in the public domain .
U.S. order of precedence (ceremonial)
Preceded byas retired Associate Justice of the United States Supreme Court Order of precedence of the United States
as Secretary of the Treasury
Succeeded byas Secretary of Defense
U.S. presidential line of succession
Preceded by 5th in line Succeeded by