United States Secretary of the Treasury

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.

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.

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

since February 13, 2017
United States Department of the Treasury
StyleMr. Secretary
Member ofCabinet National Security Council
Reports toPresident of the United States
SeatWashington, D.C.
AppointerPresident of the United States
with Senate advice and consent
Term lengthNo fixed term
Constituting instrument31 U.S.C. § 301
Inaugural holderAlexander Hamilton
FormationSeptember 11, 1789
SuccessionFifth[1]
DeputyDeputy Secretary of the Treasury[2]
SalaryExecutive Schedule, Level 1[3]
Websitewww.treasury.gov

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. 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
No. Portrait Name State of Residence Took Office Left Office President(s)
1
Alexander Hamilton portrait by John Trumbull 1806
Alexander Hamilton New York September 11, 1789 January 31, 1795 George Washington
2
Oliver Wolcott Jr by Gilbert Stuart circa 1820.jpeg
Oliver Wolcott, Jr. Connecticut February 3, 1795 December 31, 1800
John Adams
3
Samuel Dexter
Samuel Dexter Massachusetts January 1, 1801 May 13, 1801
Thomas Jefferson
4
AlbertGallatin.jpeg
Albert Gallatin Pennsylvania May 14, 1801 February 8, 1814
James Madison
5
CAMPBELL, George W-Treasury (BEP engraved portrait)
George W. Campbell Tennessee February 9, 1814 October 5, 1814
6
Alexander J. Dallas
Alexander J. Dallas Pennsylvania October 6, 1814 October 21, 1816
William-Jones William Jones[1]
Acting
Pennsylvania October 21, 1816 October 22, 1816
7
WilliamHCrawford
William H. Crawford Georgia October 22, 1816 March 6, 1825
James Monroe
8
Richard Rush engraving
Richard Rush Pennsylvania March 7, 1825 March 5, 1829 John Quincy Adams
9
SIng
Samuel D. Ingham Pennsylvania March 6, 1829 June 20, 1831 Andrew Jackson
10
LMcLane
Louis McLane Delaware August 8, 1831 May 28, 1833
11
DUANE, William J-Treasury (BEP engraved portrait)
William J. Duane Pennsylvania May 29, 1833 September 22, 1833
12
Roger B. Taney - Brady-Handy
Roger B. Taney Maryland September 23, 1833 June 25, 1834
13
WOODBURY, Levi-Treasury (BEP engraved portrait)
Levi Woodbury New Hampshire July 1, 1834 March 3, 1841
Martin Van Buren
14
EWING, Thomas-Treasury (BEP engraved portrait)
Thomas Ewing Ohio March 4, 1841 September 11, 1841 William Henry Harrison
John Tyler
15
FORWARD, Walter-Treasury (BEP engraved portrait)
Walter Forward Pennsylvania September 13, 1841 March 1, 1843
16
SPENCER, John C-Treasury (BEP engraved portrait)
John C. Spencer New York March 8, 1843 May 2, 1844
17
BIBB, George M-Treasury (BEP engraved portrait)
George M. Bibb Kentucky July 4, 1844 March 7, 1845
18
WALKER, Robert J-Treasury (BEP engraved portrait)
Robert J. Walker Mississippi March 8, 1845 March 5, 1849 James K. Polk
19
MEREDITH, William M-Treasury (BEP engraved portrait)
William M. Meredith Pennsylvania March 8, 1849 July 22, 1850 Zachary Taylor
20
CORWIN, Thomas-Treasury (BEP engraved portrait)
Thomas Corwin Ohio July 23, 1850 March 6, 1853 Millard Fillmore
21
GUTHRIE, James-Treasury (BEP engraved portrait)
James Guthrie Kentucky March 7, 1853 March 6, 1857 Franklin Pierce
22
COBB, Howell-Treasury (BEP engraved portrait)
Howell Cobb Georgia March 7, 1857 December 8, 1860 James Buchanan
23
THOMAS, Philip F-Treasury (BEP engraved portrait)
Philip F. Thomas Maryland December 12, 1860 January 14, 1861
24
DIX, John A-Treasury (BEP engraved portrait)
John A. Dix New York January 15, 1861 March 6, 1861
25
CHASE, Samuel P-Treasury (BEP engraved portrait)
Salmon P. Chase Ohio March 7, 1861 June 30, 1864 Abraham Lincoln
26
FESSENDEN, William P-Treasury (BEP engraved portrait)
William P. Fessenden Maine July 5, 1864 March 3, 1865
27
McCULLOCH, Hugh-Treasury (BEP engraved portrait)
Hugh McCulloch Indiana March 9, 1865 March 3, 1869
Andrew Johnson
28
BOUTWELL, George S-Treasury (BEP engraved portrait)
George S. Boutwell Massachusetts March 12, 1869 March 16, 1873 Ulysses S. Grant
29
RICHARDSON, William A-Treasury (BEP engraved portrait)
William A. Richardson Massachusetts March 17, 1873 June 3, 1874
30
BRISTOW, Benjamin H-Treasury (BEP engraved portrait)
Benjamin H. Bristow Kentucky June 4, 1874 June 20, 1876
31
MORRILL, Lot M-Treasury (BEP engraved portrait)
Lot M. Morrill Maine July 7, 1876 March 9, 1877
32
SHERMAN, John-Treasury (BEP engraved portrait)
John Sherman Ohio March 10, 1877 March 3, 1881 Rutherford B. Hayes
33
WINDOM, William-Treasury (BEP engraved portrait)
William Windom Minnesota March 8, 1881 November 13, 1881 James A. Garfield
Chester A. Arthur
34
FOLGER, Charles J-Treasury (BEP engraved portrait)
Charles J. Folger New York November 14, 1881 September 4, 1884
35
GRESHAM, Walter Q-Treasury (BEP engraved portrait)
Walter Q. Gresham Indiana September 5, 1884 October 30, 1884
36
McCULLOCH, Hugh-Treasury (BEP engraved portrait)
Hugh McCulloch Indiana October 31, 1884 March 7, 1885
37
MANNING, Daniel-Treasury (BEP engraved portrait)
Daniel Manning New York March 8, 1885 March 31, 1887 Grover Cleveland
38
FAIRCHILD, Charles S-Treasury (BEP engraved portrait)
Charles S. Fairchild New York April 1, 1887 March 6, 1889
39
WINDOM, William-Treasury (BEP engraved portrait)
William Windom Minnesota March 7, 1889 January 29, 1891 Benjamin Harrison
40
FOSTER, Charles-Treasury (BEP engraved portrait)
Charles W. Foster Ohio February 25, 1891 March 6, 1893
41
CARLISLE, John Griffin-Treasury (BEP engraved portrait)
John G. Carlisle Kentucky March 7, 1893 March 5, 1897 Grover Cleveland
42
GAGE, Lyman J-Treasury (BEP engraved portrait)
Lyman J. Gage Illinois March 6, 1897 January 31, 1902 William McKinley
Theodore Roosevelt
43 Leslie Shaw, Bain photo portrait Leslie M. Shaw Iowa February 1, 1902 March 3, 1907
44 Cortelyou-george-bruce George B. Cortelyou New York March 4, 1907 March 7, 1909
45 Franklin MacVeagh, formal bw photo portrait, 1909 Franklin MacVeagh Illinois March 8, 1909 March 5, 1913 William Howard Taft
46 William Gibbs McAdoo, formal photo portrait, 1914 William G. McAdoo California March 6, 1913 December 15, 1918 Woodrow Wilson
47 CGlass Carter Glass Virginia December 16, 1918 February 1, 1920
48 Picture of David F. Houston David F. Houston Missouri February 2, 1920 March 3, 1921
49 AWMellon Andrew W. Mellon Pennsylvania March 4, 1921 February 12, 1932 Warren G. Harding
Calvin Coolidge
Herbert Hoover
50 Ogden Livingston Mills Ogden L. Mills New York February 13, 1932 March 4, 1933
51 Woodin2 William H. Woodin New York March 5, 1933 December 31, 1933 Franklin D. Roosevelt
52 Henry Morgenthau, Jr. Henry Morgenthau, Jr. New York January 1, 1934 July 22, 1945
53 Frederick Vinson portrait Fred M. Vinson Kentucky July 23, 1945 June 23, 1946 Harry S. Truman
54 Portrait of John W. Snyder John W. Snyder Missouri June 25, 1946 January 20, 1953
55 George M Humphrey George M. Humphrey Ohio January 21, 1953 July 29, 1957 Dwight D. Eisenhower
56 Robert B Anderson.jpeg Robert B. Anderson Connecticut July 29, 1957 January 20, 1961
57 C Douglas Dillon C. Douglas Dillon New Jersey January 21, 1961 April 1, 1965 John F. Kennedy
Lyndon B. Johnson
58 HFowler2 Henry H. Fowler Virginia April 1, 1965 December 20, 1968
59 Joseph W Barr Joseph W. Barr Indiana December 21, 1968 January 20, 1969
60 David M Kennedy David M. Kennedy Utah January 22, 1969 February 10, 1971 Richard Nixon
61 Portrait of John Connally John B. Connally, Jr. Texas February 11, 1971 June 12, 1972
62 George Pratt Shultz George P. Shultz Illinois June 12, 1972 May 8, 1974
63 William E Simon William E. Simon New Jersey May 8, 1974 January 20, 1977
Gerald Ford
64 Portrait of W. Michael Blumenthal W. Michael Blumenthal Michigan January 23, 1977 August 4, 1979 Jimmy Carter
65 G. William Miller G. William Miller Rhode Island August 7, 1979 January 20, 1981
66 Donaldtregan1 Donald T. Regan New Jersey January 22, 1981 February 1, 1985 Ronald Reagan
67 James A. Baker III, U.S. Secretary of State (2380044355) James A. Baker III Texas February 4, 1985 August 17, 1988
M Peter McPherson at lectern in 1981 M. Peter McPherson[2]
Acting
Michigan August 17, 1988 September 15, 1988
68 Nicholas Frederick Brady Nicholas F. Brady New Jersey September 15, 1988 January 17, 1993
George H. W. Bush
69 LloydBentsen Lloyd Bentsen Texas January 20, 1993 December 22, 1994 Bill Clinton
Frank N. Newman[3]
Acting
Massachusetts December 22, 1994 January 11, 1995
70 Pr4262ls-treasury-rubin Robert E. Rubin New York January 11, 1995 July 2, 1999
71 Lawrence Summers Treasury portrait Lawrence H. Summers Massachusetts July 2, 1999 January 20, 2001
72 OneilllPaul Paul H. O'Neill Pennsylvania January 20, 2001 December 31, 2002 George W. Bush
Kenneth Dam Kenneth W. Dam[4]
Acting
Illinois December 31, 2002 February 3, 2003
73 John W. Snow John W. Snow Virginia February 3, 2003 June 30, 2006
Robert Kimmitt, official Treasury photo Robert M. Kimmitt[5]
Acting
Virginia June 30, 2006 July 10, 2006
74 Henry Paulson official Treasury photo, 2006 Henry M. Paulson, Jr. Illinois July 10, 2006 January 20, 2009
Stuart Levey Stuart A. Levey[6]
Acting
Ohio January 20, 2009 January 26, 2009 Barack Obama
75 Timothy Geithner official portrait Timothy F. Geithner New York January 26, 2009 January 25, 2013
Neal S. Wolin official portrait Neal S. Wolin[7]
Acting
Illinois January 25, 2013 February 28, 2013
76 Jacob Lew official portrait Jacob J. Lew New York February 28, 2013 January 20, 2017
Adam Szubin Adam J. Szubin[8]
Acting
Washington, D.C. January 20, 2017 February 13, 2017 Donald Trump
77 Steven Mnuchin official photo (cropped) 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.

Flag of the United States Secretary of the Treasury (1887-1915)
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 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.

Name Term of office Date of birth (and age)
George P. Shultz 1972–1974 December 13, 1920 (age 97)
W. Michael Blumenthal 1977–1979 January 3, 1926 (age 92)
James A. Baker 1985–1988 April 28, 1930 (age 88)
Nicholas F. Brady 1988–1993 April 11, 1930 (age 88)
Robert Rubin 1995–1999 August 29, 1938 (age 80)
Lawrence H. Summers 1999–2001 November 30, 1954 (age 63)
Paul O'Neill 2001–2002 December 4, 1935 (age 82)
John W. Snow 2003–2006 August 2, 1939 (age 79)
Henry Paulson 2006–2009 March 28, 1946 (age 72)
Timothy F. Geithner 2009–2013 August 18, 1961 (age 57)
Jack Lew 2013–2017 August 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

External links

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 line Succeeded by
Secretary of Defense
Jim Mattis

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