United States Secretary of the Treasury

The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United States is analogous to the Minister of Finance in many other countries. 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 is a member of the President's Cabinet, and since the Clinton Administration, has been a member of the U.S. National Security Council. By law and by tradition, the Secretary of the Treasury is fifth in the United States presidential line of succession, in case of some extreme calamity in the United States.

From the U.S. Department of the Treasury website:

"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."

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.

The current Secretary of the Treasury is Timothy Geithner. The Secretary of the Treasury earns $191,300 per year.

Secretaries of the Treasury

Robert Morris was the first person appointed Secretary of the Treasury by George Washington, but Morris declined this office; thus the first Secretary of the Treasury was Alexander Hamilton, who was appointed at Morris's suggestion. Morris had held a similar position as Superintendent of Finance under the Continental Congress. From 1784 to 1789, the confederation's finances were overseen by a three-member Treasury Board.^[1]

Parties

      No party       Federalist       Democratic-Republican       Democratic       Whig       Republican

Status

Acting Secretaries of the Treasury

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.

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

• George Pratt Shultz
• W. Michael Blumenthal
• James Addison Baker III
• Nicholas Frederick Brady
• Robert Edward Rubin
• Lawrence Henry Summers
• Paul Henry O'Neill
• John William Snow
• Henry Paulson

References

• "Secretaries of the Treasury". History of the Treasury. United States Department of the Treasury. http://www.ustreas.gov/education/history/secretaries/. Retrieved 2006-04-09.