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 United States Department of the Treasury
Flag of the United States Secretary of the Treasury.svg
Flag of the United States Secretary of the Treasury
Steven Mnuchin official photo (cropped).jpg
Incumbent
Steven Mnuchin

since February 13, 2017
United States Department of the Treasury
Style Mr. Secretary
Member of
Reports to President of the United States
Seat Washington, D.C.
AppointerThe President of the United States
with Senate advice and consent
Term length No fixed term
Constituting instrument 31 U.S.C.   § 301
FormationSeptember 11, 1789;230 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 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.

United States Department of the Treasury United States federal executive department

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.

Federal government of the United States National government of the United States

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.

President of the United States Head of state and of government of the United States

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.

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.

United States Secretary of State U.S. cabinet member and head of the U.S. State Department

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.

United States Attorney General Head of the United States Department of Justice

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.

United States Secretary of Defense Leader of the United States armed forces following the president

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.

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.

United States dollar Currency of the United States of America

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 (United States) United States single-payer national social insurance program

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.

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.

Treasurer of the United States office in the United States Department of the Treasury

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.

Bureau of Alcohol, Tobacco, Firearms and Explosives federal law enforcement organization of the United States

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.

List of secretaries of the treasury

Parties

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

Federalist Party First political party in the United States

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.

Democratic-Republican Party Historical American political party

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.

Democratic Party (United States) Major political party in the United States

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.

Status

  Denotes 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 [1]
Acting
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 John C. Spencer cph.3a00299.jpg John C. 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 F. Thomas Maryland December 12, 1860January 14, 1861
24 John adams dix.jpg John A. 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 A. Richardson Massachusetts March 17, 1873June 3, 1874
30 Benjamin Helm Bristow Brady - Handy U.S. Secretary of Treasury.jpg Benjamin H. 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 Charles j folger cropped 2.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 MANNING, Daniel-Treasury (BEP engraved portrait).jpg 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 W. 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 Leslie 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 G. McAdoo New York March 6, 1913December 15, 1918 Woodrow Wilson
47 CGlass.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 W. 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 W. 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 B. Connally, Jr. Texas February 11, 1971June 12, 1972
62 George Pratt Shultz.jpg George P. 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 T. Regan New Jersey January 22, 1981February 1, 1985 Ronald Reagan
67 James A. Baker III, U.S. Secretary of State (2380044355).jpg James A. Baker III Texas February 4, 1985August 17, 1988
M Peter McPherson at lectern in 1981.jpg M. Peter McPherson [2]
Acting
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
Frank N. Newman [3]
Acting
Massachusetts December 22, 1994January 11, 1995
70 Pr4262ls-treasury-rubin.jpg Robert E. Rubin New York January 11, 1995July 2, 1999
71 Lawrence Summers Treasury portrait.jpg Lawrence H. 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 [4]
Acting
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 [5]
Acting
Virginia June 30, 2006July 10, 2006
74 Henry Paulson official Treasury photo, 2006.jpg Henry M. Paulson, Jr. Illinois July 10, 2006January 20, 2009
Stuart Levey.jpg Stuart A. Levey [6]
Acting
Ohio January 20, 2009January 26, 2009 Barack Obama
75 Timothy Geithner official portrait.jpg Timothy F. Geithner New York January 26, 2009January 25, 2013
Neal S. Wolin official portrait.jpg Neal S. Wolin [7]
Acting
Illinois January 25, 2013February 28, 2013
76 Jacob Lew official portrait.jpg Jacob J. Lew New York February 28, 2013January 20, 2017
Adam Szubin.jpg Adam J. Szubin [8]


Washington, D.C. January 20, 2017February 13, 2017 Donald Trump
77 Steven Mnuchin official photo (cropped).jpg Steven 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. Flag of the United States Secretary of the Treasury (1887-1915).png
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 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.

NameTerm of officeDate of birth (and age)
George P. Shultz 1972–1974December 13, 1920 (age 98)
W. Michael Blumenthal 1977–1979January 3, 1926 (age 93)
James A. Baker 1985–1988April 28, 1930 (age 89)
Nicholas F. Brady 1988–1993April 11, 1930 (age 89)
Robert Rubin 1995–1999August 29, 1938 (age 81)
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 80)
Henry Paulson 2006–2009March 28, 1946 (age 73)
Timothy F. Geithner 2009–2013August 18, 1961 (age 58)
Jack Lew 2013–2017August 29, 1955 (age 64)

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.

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References

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
Mark Esper
as Secretary of Defense
U.S. presidential line of succession
Preceded by
Secretary of State
Mike Pompeo
5th in lineSucceeded by
Secretary of Defense
Mark Esper