United States Secretary of the Treasury

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Secretary of the Treasury of the United States of America
Flag of the United States Secretary of the Treasury.png
Flag of the Secretary of the Treasury
US-DeptOfTheTreasury-Seal.svg
Seal of the Department of the Treasury
Jacob Lew official portrait.jpg
Incumbent
Jacob Lew

since February 28, 2013
Department of the Treasury
Formation September 11, 1789
First holder Alexander Hamilton
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 Master of Coin, and head of the United States 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 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[edit]

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[5]

The Secretary along with the Treasurer must sign Federal Reserve notes before they can become legal tender.[citation 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 Secretary of the Treasury earns $191,300 per year.

List[edit]

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 Alexander Hamilton portrait by John Trumbull 1806.jpg Alexander Hamilton New York September 11, 1789 January 31, 1795 George Washington
2 Wolcott Jr.jpg Oliver Wolcott, Jr. Connecticut February 3, 1795 December 31, 1800
John Adams
3 Samuel Dexter.jpg 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 GeorgeWCampbell.jpg George W. Campbell Tennessee February 9, 1814 October 5, 1814
6 Alexander J. Dallas.jpg Alexander J. Dallas Pennsylvania October 6, 1814 October 21, 1816
- William-Jones.jpg William Jones[1]
(acting)
Pennsylvania October 21, 1816 October 22, 1816
7 WilliamHarrisCrawford5.jpg William H. Crawford Georgia October 22, 1816 March 6, 1825
James Monroe
8 Richard Rush engraving.png Richard Rush Pennsylvania March 7, 1825 March 5, 1829 John Quincy Adams
9 SIng.jpg Samuel D. Ingham Pennsylvania March 6, 1829 June 20, 1831 Andrew Jackson
10 LMcLane.jpg Louis McLane Delaware August 8, 1831 May 28, 1833
11 William J Duane.jpg William J. Duane Pennsylvania May 29, 1833 September 22, 1833
12 Roger Taney.jpg Roger B. Taney Maryland September 23, 1833 June 25, 1834
13 Levi Woodbury.jpg Levi Woodbury New Hampshire July 1, 1834 March 3, 1841
Martin Van Buren
14 ThomasEwingSr.jpg Thomas Ewing Ohio March 4, 1841 September 11, 1841 William Henry Harrison
John Tyler
15 WForward-SecofTreas.jpg Walter Forward Pennsylvania September 13, 1841 March 1, 1843
16 SpencerJohn.jpg John C. Spencer New York March 8, 1843 May 2, 1844
17 George M. Bibb - Brady-Handy.jpg George M. Bibb Kentucky July 4, 1844 March 7, 1845
18 Robert J Walker.jpg Robert J. Walker Mississippi March 8, 1845 March 5, 1849 James K. Polk
19 WMMeredith.jpg William M. Meredith Pennsylvania March 8, 1849 July 22, 1850 Zachary Taylor
20 TCorwin.jpg Thomas Corwin Ohio July 23, 1850 March 6, 1853 Millard Fillmore
21 JGuthrie2.jpg James Guthrie Kentucky March 7, 1853 March 6, 1857 Franklin Pierce
22 Cobb, Howell2.jpg Howell Cobb Georgia March 7, 1857 December 8, 1860 James Buchanan
23 Philip Francis Thomas, sitting.jpg Philip F. Thomas Maryland December 12, 1860 January 14, 1861
24 Younger-JADix2.jpg John A. Dix New York January 15, 1861 March 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, 1861 June 30, 1864 Abraham Lincoln
26 Hon. Wm. Pitt Fessenden of Maine.png William P. Fessenden Maine July 5, 1864 March 3, 1865
27 Hugh McCulloch.png Hugh McCulloch Indiana March 9, 1865 March 3, 1869
Andrew Johnson
28 George Boutwell, Brady-Handy photo portrait, ca1870-1880.jpg George S. Boutwell Massachusetts March 12, 1869 March 16, 1873 Ulysses S. Grant
29 William Adams Richardson, Brady-Handy bw photo portrait, ca1870-1880.jpg William A. Richardson Massachusetts March 17, 1873 June 3, 1874
30 Benjamin Helm Bristow, Brady-Handy bw photo portrait, ca 1870-1880.jpg Benjamin H. Bristow Kentucky June 4, 1874 June 20, 1876
31 Lot Morrill, Brady-Handy photo portrait, ca1865-1880.jpg Lot M. Morrill Maine July 7, 1876 March 9, 1877
32 John-Sherman-2.jpg John Sherman Ohio March 10, 1877 March 3, 1881 Rutherford B. Hayes
33 William Windom, Brady-Handy photo portrait, ca1870-1880.jpg William Windom Minnesota March 8, 1881 November 13, 1881 James A. Garfield
Chester A. Arthur
34 Charles j folger.jpg Charles J. Folger New York November 14, 1881 September 4, 1884
35 Walter Q. Gresham - Brady-Handy.jpg Walter Q. Gresham Indiana September 5, 1884 October 30, 1884
36 Hugh McCulloch.png Hugh McCulloch Indiana October 31, 1884 March 7, 1885
37 Daniel manning.jpg Daniel Manning New York March 8, 1885 March 31, 1887 Grover Cleveland
38 Charles s fairchild.jpg Charles S. Fairchild New York April 1, 1887 March 6, 1889
39 William Windom, Brady-Handy photo portrait, ca1870-1880.jpg William Windom Minnesota March 7, 1889 January 29, 1891 Benjamin Harrison
40 Charles Foster, Brady-Handy photo portrait, ca1865-1880.jpg Charles W. Foster Ohio February 25, 1891 March 6, 1893
41 John Griffin Carlisle, Brady-Handy photo portrait, ca1870-1880.jpg John G. Carlisle Kentucky March 7, 1893 March 5, 1897 Grover Cleveland
42 Lyman Gage, Bain photo portrait.jpg Lyman J. Gage Illinois March 6, 1897 January 31, 1902 William McKinley
Theodore Roosevelt
43 Leslie Shaw, Bain photo portrait.jpg Leslie M. Shaw Iowa February 1, 1902 March 3, 1907
44 Cortelyou-george-bruce.jpg George B. Cortelyou New York March 4, 1907 March 7, 1909
45 Franklin MacVeagh, formal bw photo portrait, 1909.jpg Franklin MacVeagh Illinois March 8, 1909 March 5, 1913 William Howard Taft
46 William Gibbs McAdoo, formal photo portrait, 1914.jpg William G. McAdoo New York March 6, 1913 December 15, 1918 Woodrow Wilson
47 CGlass.jpg Carter Glass Virginia December 16, 1918 February 1, 1920
48 Picture of David F. Houston.jpg David F. Houston Missouri February 2, 1920 March 3, 1921
49 AWMellon.jpg Andrew W. Mellon Pennsylvania March 4, 1921 February 12, 1932 Warren G. Harding
Calvin Coolidge
Herbert Hoover
50 Ogden Livingston Mills.jpg Ogden L. Mills New York February 13, 1932 March 4, 1933
51 Woodin2.jpg William H. Woodin New York March 5, 1933 December 31, 1933 Franklin D. Roosevelt
52 Henry Morgenthau, Jr..jpg Henry Morgenthau, Jr. New York January 1, 1934 July 22, 1945
Harry S. Truman
53 Frederick Vinson portrait.png Fred M. Vinson Kentucky July 23, 1945 June 23, 1946
54 Portrait of John W. Snyder.jpg John W. Snyder Missouri June 25, 1946 January 20, 1953
55 George M Humphrey.jpg 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.jpg C. Douglas Dillon New Jersey January 21, 1961 April 1, 1965 John F. Kennedy
Lyndon B. Johnson
58 HFowler2.jpg Henry H. Fowler Virginia April 1, 1965 December 20, 1968
59 Joseph W Barr.jpg Joseph W. Barr Indiana December 21, 1968 January 20, 1969
60 David M Kennedy.jpg David M. Kennedy Utah January 22, 1969 February 10, 1971 Richard Nixon
61 Portrait of John Connally.jpg John B. Connally, Jr. Texas February 11, 1971 June 12, 1972
62 GPShultz.jpeg George P. Shultz Illinois June 12, 1972 May 8, 1974
63 William E Simon.jpg William E. Simon New Jersey May 8, 1974 January 20, 1977
Gerald Ford
64 Portrait of W. Michael Blumenthal.jpg W. Michael Blumenthal Michigan January 23, 1977 August 4, 1979 Jimmy Carter
65 Portrait of G. William Miller.jpg G. William Miller Rhode Island August 7, 1979 January 20, 1981
66 Donald Thomas Regan.jpg Donald T. Regan New Jersey January 22, 1981 February 1, 1985 Ronald Reagan
67 JamesBaker.jpeg James A. Baker Texas February 4, 1985 August 17, 1988
- M. Peter McPherson[2]
(acting)
Michigan August 17, 1988 September 15, 1988
68 Nicholas Frederick Brady.jpg Nicholas F. Brady New Jersey September 15, 1988 January 17, 1993
George H. W. Bush
69 LloydBentsen.jpg 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 Pr4262ls-treasury-rubin.jpg Robert E. Rubin New York January 11, 1995 July 2, 1999
71 Lawrence Summers 2012.jpg Lawrence H. Summers Massachusetts July 2, 1999 January 20, 2001
72 OneilllPaul.jpg Paul H. O'Neill Pennsylvania January 20, 2001 December 31, 2002 George W. Bush
- Kenneth Dam.jpg Kenneth W. Dam[4]
(acting)
Illinois December 31, 2002 February 3, 2003
73 John W. Snow.jpg John W. Snow Virginia February 3, 2003 June 30, 2006
- Robert Kimmitt, official Treasury photo.jpg Robert M. Kimmitt[5]
(acting)
Virginia June 30, 2006 July 10, 2006
74 Henry Paulson official Treasury photo, 2006.jpg Henry M. Paulson Illinois July 10, 2006 January 20, 2009
- Stuart Levey.jpg Stuart A. Levey[6]
(acting)
Ohio January 20, 2009 January 26, 2009 Barack Obama
75 Timothy Geithner official portrait.jpg Timothy F. Geithner New York January 26, 2009 January 25, 2013
- Neal S. Wolin official portrait.jpg Neal Wolin[7]
(acting)
Illinois January 25, 2013 February 28, 2013
76 Jacob Lew official portrait.jpg Jack Lew New York February 28, 2013 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.

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[edit]

See also[edit]

Notes[edit]

  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[edit]

External links[edit]

United States presidential line of succession
Preceded by
Secretary of State
John Kerry
5th in line Succeeded by
Secretary of Defense
Chuck Hagel