United States Secretary of the Treasury

Not to be confused with Treasurer of the United States.
Secretary of the Treasury of the United States of America

Seal of the Department of the Treasury

Flag of the Secretary of the Treasury
Incumbent
Jack Lew

since February 27, 2013
United States Department of Treasury
Style Mr. Secretary
Member of Cabinet
Reports to The President
Seat Washington, D.C., U.S.
Appointer The President
with Senate advice and consent
Term length No fixed term
Inaugural holder Alexander Hamilton
Formation September 11, 1789 (1789-09-11)
Succession Fifth
Deputy Deputy Secretary of the Treasury[1]
Salary Executive Schedule, Level 1[2]
Website www.Treasury.gov

The Secretary of the Treasury is the head of the U.S. Department of the Treasury,[3] 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 since the Bill Clinton Administration, has been a non-statutory member of the U.S. National Security Council. 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.[4] The Secretary of the Treasury is fifth in the United States presidential line of succession.

The current and 76th Secretary of the Treasury is Jacob Lew, a former White House Chief of Staff who was confirmed by the United States Senate on February 27, 2013.

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 Ryan Anderson 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[5]

The Secretary along with the Treasurer 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 Secretary of the Treasury salary is $203,700 annually.

List

Parties

  No party   Federalist   Democratic-Republican   Democratic   Whig   Republican

Status
  Denotes acting Secretary of the Treasury
No. Portrait Name State of Residence Took Office Left Office President(s)
1
HAMILTON, Alexander-Treasury (BEP engraved portrait).jpg
Alexander Hamilton New York September 11, 1789 January 31, 1795 George Washington
2
WOLCOTT, Oliver-Treasury (BEP engraved portrait).jpg
Oliver Wolcott, Jr. Connecticut February 3, 1795 December 31, 1800
John Adams
3
DEXTER, Samuel-Treasury (BEP engraved portrait).jpg
Samuel Dexter Massachusetts January 1, 1801 May 13, 1801
Thomas Jefferson
4
GALLATIN, Albert-Treasury (BEP engraved portrait).jpg
Albert Gallatin Pennsylvania May 14, 1801 February 8, 1814
James Madison
5
CAMPBELL, George W-Treasury (BEP engraved portrait).jpg
George W. Campbell Tennessee February 9, 1814 October 5, 1814
6
DALLAS, Alexander J-Treasury (BEP engraved portrait).jpg
Alexander J. Dallas Pennsylvania October 6, 1814 October 21, 1816
- William Jones[1]
(acting)
Pennsylvania October 21, 1816 October 22, 1816
7
CRAWFORD, William H-Treasury (BEP engraved portrait).jpg
William H. Crawford Georgia October 22, 1816 March 6, 1825
James Monroe
8
RUSH, Richard-BEP069-Treasury (BEP engraved portrait).jpg
Richard Rush Pennsylvania March 7, 1825 March 5, 1829 John Quincy Adams
9
INGHAM, Samuel D-Treasury (BEP engraved portrait).jpg
Samuel D. Ingham Pennsylvania March 6, 1829 June 20, 1831 Andrew Jackson
10
McLANE, Louis-Treasury (BEP engraved portrait).jpg
Louis McLane Delaware August 8, 1831 May 28, 1833
11
DUANE, William J-Treasury (BEP engraved portrait).jpg
William J. Duane Pennsylvania May 29, 1833 September 22, 1833
12
TANEY, Roger B-Treasury (BEP engraved portrait).jpg
Roger B. Taney Maryland September 23, 1833 June 25, 1834
13
WOODBURY, Levi-Treasury (BEP engraved portrait).jpg
Levi Woodbury New Hampshire July 1, 1834 March 3, 1841
Martin Van Buren
14
EWING, Thomas-Treasury (BEP engraved portrait).jpg
Thomas Ewing Ohio March 4, 1841 September 11, 1841 William Henry Harrison
John Tyler
15
FORWARD, Walter-Treasury (BEP engraved portrait).jpg
Walter Forward Pennsylvania September 13, 1841 March 1, 1843
16
SPENCER, John C-Treasury (BEP engraved portrait).jpg
John C. Spencer New York March 8, 1843 May 2, 1844
17
BIBB, George M-Treasury (BEP engraved portrait).jpg
George M. Bibb Kentucky July 4, 1844 March 7, 1845
18
WALKER, Robert J-Treasury (BEP engraved portrait).jpg
Robert J. Walker Mississippi March 8, 1845 March 5, 1849 James K. Polk
19
MEREDITH, William M-Treasury (BEP engraved portrait).jpg
William M. Meredith Pennsylvania March 8, 1849 July 22, 1850 Zachary Taylor
20
CORWIN, Thomas-Treasury (BEP engraved portrait).jpg
Thomas Corwin Ohio July 23, 1850 March 6, 1853 Millard Fillmore
21
GUTHRIE, James-Treasury (BEP engraved portrait).jpg
James Guthrie Kentucky March 7, 1853 March 6, 1857 Franklin Pierce
22
COBB, Howell-Treasury (BEP engraved portrait).jpg
Howell Cobb Georgia March 7, 1857 December 8, 1860 James Buchanan
23
THOMAS, Philip F-Treasury (BEP engraved portrait).jpg
Philip F. Thomas Maryland December 12, 1860 January 14, 1861
24
DIX, John A-Treasury (BEP engraved portrait).jpg
John A. Dix New York January 15, 1861 March 6, 1861
25
CHASE, Samuel P-Treasury (BEP engraved portrait).jpg
Salmon P. Chase Ohio March 7, 1861 June 30, 1864 Abraham Lincoln
26
FESSENDEN, William P-Treasury (BEP engraved portrait).jpg
William P. Fessenden Maine July 5, 1864 March 3, 1865
27
McCULLOCH, Hugh-Treasury (BEP engraved portrait).jpg
Hugh McCulloch Indiana March 9, 1865 March 3, 1869
Andrew Johnson
28
BOUTWELL, George S-Treasury (BEP engraved portrait).jpg
George S. Boutwell Massachusetts March 12, 1869 March 16, 1873 Ulysses S. Grant
29
RICHARDSON, William A-Treasury (BEP engraved portrait).jpg
William A. Richardson Massachusetts March 17, 1873 June 3, 1874
30
BRISTOW, Benjamin H-Treasury (BEP engraved portrait).jpg
Benjamin H. Bristow Kentucky June 4, 1874 June 20, 1876
31
MORRILL, Lot M-Treasury (BEP engraved portrait).jpg
Lot M. Morrill Maine July 7, 1876 March 9, 1877
32
SHERMAN, John-Treasury (BEP engraved portrait).jpg
John Sherman Ohio March 10, 1877 March 3, 1881 Rutherford B. Hayes
33
WINDOM, William-Treasury (BEP engraved portrait).jpg
William Windom Minnesota March 8, 1881 November 13, 1881 James A. Garfield
Chester A. Arthur
34
FOLGER, Charles J-Treasury (BEP engraved portrait).jpg
Charles J. Folger New York November 14, 1881 September 4, 1884
35
GRESHAM, Walter Q-Treasury (BEP engraved portrait).jpg
Walter Q. Gresham Indiana September 5, 1884 October 30, 1884
36
McCULLOCH, Hugh-Treasury (BEP engraved portrait).jpg
Hugh McCulloch Indiana October 31, 1884 March 7, 1885
37
MANNING, Daniel-Treasury (BEP engraved portrait).jpg
Daniel Manning New York March 8, 1885 March 31, 1887 Grover Cleveland
38
FAIRCHILD, Charles S-Treasury (BEP engraved portrait).jpg
Charles S. Fairchild New York April 1, 1887 March 6, 1889
39
WINDOM, William-Treasury (BEP engraved portrait).jpg
William Windom Minnesota March 7, 1889 January 29, 1891 Benjamin Harrison
40
FOSTER, Charles-Treasury (BEP engraved portrait).jpg
Charles W. Foster Ohio February 25, 1891 March 6, 1893
41
CARLISLE, John Griffin-Treasury (BEP engraved portrait).jpg
John G. Carlisle Kentucky March 7, 1893 March 5, 1897 Grover Cleveland
42
GAGE, Lyman J-Treasury (BEP engraved portrait).jpg
Lyman J. Gage Illinois March 6, 1897 January 31, 1902 William McKinley
Theodore Roosevelt
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
Calvin Coolidge
Herbert Hoover
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
Harry S. Truman
53 Fred M. Vinson Kentucky July 23, 1945 June 23, 1946
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
Gerald Ford
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 Texas February 4, 1985 August 17, 1988
- M. Peter McPherson[2]
(acting)
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 M. Bentsen, Jr. Texas January 20, 1993 December 22, 1994 Bill Clinton
- Frank N. Newman[3]
(acting)
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[4]
(acting)
Illinois December 31, 2002 February 3, 2003
73 John W. Snow Virginia February 3, 2003 June 30, 2006
- Robert M. Kimmitt[5]
(acting)
Virginia June 30, 2006 July 10, 2006
74 Henry M. Paulson Illinois July 10, 2006 January 20, 2009
- Stuart A. Levey[6]
(acting)
Ohio January 20, 2009 January 26, 2009 Barack Obama
75 Timothy F. Geithner New York January 26, 2009 January 25, 2013
- Neal Wolin[7]
(acting)
Illinois January 25, 2013 February 28, 2013
76 Jack Lew New York February 28, 2013 Incumbent
77 Steven Mnuchin California January 2017
Pending Senate confirmation
Designate Donald Trump

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.

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 2016, there are ten living former Secretaries of the Treasury, the oldest being George P. Shultz (served 1972-1974, born 1920). The most recent Secretary of the Treasury 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 1972–1974 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

Notes

  1. 31 U.S.C. § 301
  2. 5 U.S.C. § 5312
  3. 31 U.S.C. § 301
  4. Cabinets and Counselors: The President and the Executive Branch (1997). Congressional Quarterly. p. 87.
  5. "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

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