United States Secretary of the Treasury

Last updated

United States Secretary of the Treasury
Seal of the Department of the Treasury
Flag of the Secretary of the Treasury
Incumbent
Steven Mnuchin

since February 13, 2017
United States Department of the Treasury
Style Mr. Secretary
Member of Cabinet
National Security Council
Reports to President of the United States
Seat Washington, D.C.
AppointerThe President
with Senate advice and consent
Term length No fixed term
Constituting instrument 31 U.S.C.   § 301
FormationSeptember 11, 1789;229 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 www.treasury.gov

The Secretary of the Treasury is the head of the United States Department of the Treasury [4] which 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.

Contents

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. [5] 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.

Powers and functions

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.

U.S. Department of the Treasury Web site [6]

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.

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.

The salary of the Secretary of the Treasury is $205,700 annually.

List of Secretaries of the Treasury

Parties

   No party (1)    Federalist (4)    Democratic-Republican (4)    Democratic (29)    Whig (5)    Republican (34)

Status
  Denotes acting Secretary of the Treasury
No.PortraitNameState of ResidenceTook OfficeLeft Office President(s)
1
Alexander Hamilton portrait by John Trumbull 1806.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
AlbertGallatin.jpeg
Albert Gallatin Pennsylvania May 14, 1801February 8, 1814
James Madison
5
CAMPBELL, George W-Treasury (BEP engraved portrait).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 [1]
Acting
Pennsylvania October 21, 1816October 22, 1816
7
WilliamHCrawford.jpg
William H. Crawford Georgia October 22, 1816March 6, 1825
James Monroe
8
Richard Rush engraving.png
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
LMcLane.jpg
Louis McLane Delaware August 8, 1831May 28, 1833
11
DUANE, William J-Treasury (BEP engraved portrait).jpg
William J. Duane Pennsylvania May 29, 1833September 22, 1833
12
Roger B. Taney - Brady-Handy.jpg
Roger B. Taney Maryland September 23, 1833June 25, 1834
13
WOODBURY, Levi-Treasury (BEP engraved portrait).jpg
Levi Woodbury New Hampshire July 1, 1834March 3, 1841
Martin Van Buren
14
EWING, Thomas-Treasury (BEP engraved portrait).jpg
Thomas Ewing Ohio March 4, 1841September 11, 1841 William Henry Harrison
John Tyler
15
FORWARD, Walter-Treasury (BEP engraved portrait).jpg
Walter Forward Pennsylvania September 13, 1841March 1, 1843
16
SPENCER, John C-Treasury (BEP engraved portrait).jpg
John C. Spencer New York March 8, 1843May 2, 1844
17
BIBB, George M-Treasury (BEP engraved portrait).jpg
George M. Bibb Kentucky July 4, 1844March 7, 1845
18
WALKER, Robert J-Treasury (BEP engraved portrait).jpg
Robert J. Walker Mississippi March 8, 1845March 5, 1849 James K. Polk
19
MEREDITH, William M-Treasury (BEP engraved portrait).jpg
William M. Meredith Pennsylvania March 8, 1849July 22, 1850 Zachary Taylor
20
CORWIN, Thomas-Treasury (BEP engraved portrait).jpg
Thomas Corwin Ohio July 23, 1850March 6, 1853 Millard Fillmore
21
GUTHRIE, James-Treasury (BEP engraved portrait).jpg
James Guthrie Kentucky March 7, 1853March 6, 1857 Franklin Pierce
22
COBB, Howell-Treasury (BEP engraved portrait).jpg
Howell Cobb Georgia March 7, 1857December 8, 1860 James Buchanan
23
THOMAS, Philip F-Treasury (BEP engraved portrait).jpg
Philip F. Thomas Maryland December 12, 1860January 14, 1861
24
DIX, John A-Treasury (BEP engraved portrait).jpg
John A. Dix New York January 15, 1861March 6, 1861
25
CHASE, Samuel P-Treasury (BEP engraved portrait).jpg
Salmon P. Chase Ohio March 7, 1861June 30, 1864 Abraham Lincoln
26
FESSENDEN, William P-Treasury (BEP engraved portrait).jpg
William P. Fessenden Maine July 5, 1864March 3, 1865
27
McCULLOCH, Hugh-Treasury (BEP engraved portrait).jpg
Hugh McCulloch Indiana March 9, 1865March 3, 1869
Andrew Johnson
28
BOUTWELL, George S-Treasury (BEP engraved portrait).jpg
George S. Boutwell Massachusetts March 12, 1869March 16, 1873 Ulysses S. Grant
29
RICHARDSON, William A-Treasury (BEP engraved portrait).jpg
William A. Richardson Massachusetts March 17, 1873June 3, 1874
30
BRISTOW, Benjamin H-Treasury (BEP engraved portrait).jpg
Benjamin H. Bristow Kentucky June 4, 1874June 20, 1876
31
MORRILL, Lot M-Treasury (BEP engraved portrait).jpg
Lot M. Morrill Maine July 7, 1876March 9, 1877
32
SHERMAN, John-Treasury (BEP engraved portrait).jpg
John Sherman Ohio March 10, 1877March 3, 1881 Rutherford B. Hayes
33
WINDOM, William-Treasury (BEP engraved portrait).jpg
William Windom Minnesota March 8, 1881November 13, 1881 James A. Garfield
Chester A. Arthur
34
FOLGER, Charles J-Treasury (BEP engraved portrait).jpg
Charles J. Folger New York November 14, 1881September 4, 1884
35
GRESHAM, Walter Q-Treasury (BEP engraved portrait).jpg
Walter Q. Gresham Indiana September 5, 1884October 30, 1884
36
McCULLOCH, Hugh-Treasury (BEP engraved portrait).jpg
Hugh McCulloch Indiana October 31, 1884March 7, 1885
37
MANNING, Daniel-Treasury (BEP engraved portrait).jpg
Daniel Manning New York March 8, 1885March 31, 1887 Grover Cleveland
38
FAIRCHILD, Charles S-Treasury (BEP engraved portrait).jpg
Charles S. Fairchild New York April 1, 1887March 6, 1889
39
WINDOM, William-Treasury (BEP engraved portrait).jpg
William Windom Minnesota March 7, 1889January 29, 1891 Benjamin Harrison
40
FOSTER, Charles-Treasury (BEP engraved portrait).jpg
Charles W. Foster Ohio February 25, 1891March 6, 1893
41
CARLISLE, John Griffin-Treasury (BEP engraved portrait).jpg
John G. Carlisle Kentucky March 7, 1893March 5, 1897 Grover Cleveland
42
GAGE, Lyman J-Treasury (BEP engraved portrait).jpg
Lyman J. Gage Illinois March 6, 1897January 31, 1902 William McKinley
Theodore Roosevelt
43 Leslie M. Shaw Iowa February 1, 1902March 3, 1907
44 George B. Cortelyou New York March 4, 1907March 7, 1909
45 Franklin MacVeagh Illinois March 8, 1909March 5, 1913 William Howard Taft
46 William G. McAdoo California March 6, 1913December 15, 1918 Woodrow Wilson
47 Carter Glass Virginia December 16, 1918February 1, 1920
48 David F. Houston Missouri February 2, 1920March 3, 1921
49 Andrew W. Mellon Pennsylvania March 4, 1921February 12, 1932 Warren G. Harding
Calvin Coolidge
Herbert Hoover
50 Ogden L. Mills New York February 13, 1932March 4, 1933
51 William H. Woodin New York March 5, 1933December 31, 1933 Franklin D. Roosevelt
52 Henry Morgenthau, Jr. New York January 1, 1934July 22, 1945
53 Fred M. Vinson Kentucky July 23, 1945June 23, 1946 Harry S. Truman
54 John W. Snyder Missouri June 25, 1946January 20, 1953
55 George M. Humphrey Ohio January 21, 1953July 29, 1957 Dwight D. Eisenhower
56 Robert B. Anderson Connecticut July 29, 1957January 20, 1961
57 C. Douglas Dillon New Jersey January 21, 1961April 1, 1965 John F. Kennedy
Lyndon B. Johnson
58 Henry H. Fowler Virginia April 1, 1965December 20, 1968
59 Joseph W. Barr Indiana December 21, 1968January 20, 1969
60 David M. Kennedy Utah January 22, 1969February 10, 1971 Richard Nixon
61 John B. Connally, Jr. Texas February 11, 1971June 12, 1972
62 George P. Shultz Illinois June 12, 1972May 8, 1974
63 William E. Simon New Jersey May 8, 1974January 20, 1977
Gerald Ford
64 W. Michael Blumenthal Michigan January 23, 1977August 4, 1979 Jimmy Carter
65 G. William Miller Rhode Island August 7, 1979January 20, 1981
66 Donald T. Regan New Jersey January 22, 1981February 1, 1985 Ronald Reagan
67 James A. Baker III Texas February 4, 1985August 17, 1988
M. Peter McPherson [2]
Acting
Michigan August 17, 1988September 15, 1988
68 Nicholas F. Brady New Jersey September 15, 1988January 17, 1993
George H. W. Bush
69 Lloyd Bentsen Texas January 20, 1993December 22, 1994 Bill Clinton
Frank N. Newman [3]
Acting
Massachusetts December 22, 1994January 11, 1995
70 Robert E. Rubin New York January 11, 1995July 2, 1999
71 Lawrence H. Summers Massachusetts July 2, 1999January 20, 2001
72 Paul H. O'Neill Pennsylvania January 20, 2001December 31, 2002 George W. Bush
Kenneth W. Dam [4]
Acting
Illinois December 31, 2002February 3, 2003
73 John W. Snow Virginia February 3, 2003June 30, 2006
Robert M. Kimmitt [5]
Acting
Virginia June 30, 2006July 10, 2006
74 Henry M. Paulson, Jr. Illinois July 10, 2006January 20, 2009
Stuart A. Levey [6]
Acting
Ohio January 20, 2009January 26, 2009 Barack Obama
75 Timothy F. Geithner New York January 26, 2009January 25, 2013
Neal S. Wolin [7]
Acting
Illinois January 25, 2013February 28, 2013
76 Jacob J. Lew New York February 28, 2013January 20, 2017
Adam J. Szubin [8]
Acting
Washington, D.C. January 20, 2017February 13, 2017 Donald Trump
77 Steven T. Mnuchin California February 13, 2017Incumbent

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.

The former flag of the U.S. Secretary of the Treasury, originating from the 19th century.

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.

Living former Secretaries of the Treasury

As of December 2018, 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.

NameTerm of officeDate of birth (and age)
George P. Shultz 1972–1974December 13, 1920 (age 97)
W. Michael Blumenthal 1977–1979January 3, 1926 (age 92)
James A. Baker 1985–1988April 28, 1930 (age 88)
Nicholas F. Brady 1988–1993April 11, 1930 (age 88)
Robert Rubin 1995–1999August 29, 1938 (age 80)
Lawrence H. Summers 1999–2001November 30, 1954 (age 64)
Paul O'Neill 2001–2002December 4, 1935 (age 83)
John W. Snow 2003–2006August 2, 1939 (age 79)
Henry Paulson 2006–2009March 28, 1946 (age 72)
Timothy F. Geithner 2009–2013August 18, 1961 (age 57)
Jack Lew 2013–2017August 29, 1955 (age 63)

Notes

  1. https://www.law.cornell.edu/uscode/text/3/19
  2. 31 U.S.C.   § 301
  3. 5 U.S.C.   § 5312
  4. 31 U.S.C.   § 301
  5. Cabinets and Counselors: The President and the Executive Branch (1997). Congressional Quarterly. p. 87.
  6. "Duties & Functions: Secretaries of the Treasury". United States Department of the Treasury. Archived from the original on November 19, 2010. Retrieved November 30, 2012.

References

Current U.S. order of precedence (ceremonial)
Preceded by
David Souter
as Senior Associate Justice
Order of Precedence of the United States
as Secretary of the Treasury
Succeeded by
James Mattis
as Secretary of Defense
Current U.S. presidential line of succession
Preceded by
Secretary of State
Mike Pompeo
5th in lineSucceeded by
Secretary of Defense
Jim Mattis