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United States Deputy Secretary of the Treasury

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Deputy Secretary of the Treasury of the United States
Seal of the Department of Treasury
Flag of the Deputy Secretary of Treasury
Incumbent
Wally Adeyemo
since March 26, 2021
U.S. Department of Treasury
Reports toSecretary of the Treasury
SeatTreasury Building
Washington, D.C.
AppointerPresident
with Senate advice and consent
Term lengthNo fixed term
FormationFebruary 16, 1981 (1981-02-16)
First holderR. T. McNamar
SalaryExecutive Schedule, level 2
Websitewww.treasury.gov

The deputy secretary of the treasury of the United States advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secretary in the secretary's absence, sickness, or unavailability. The Deputy Secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the Department's activities.[1] In addition, the Deputy Secretary is the only official other than the secretary who can sign a Treasury order, which is a document that delegates authority residing in the secretary or Deputy Secretary to another Treasury official, establishes Treasury policy, and establishes the reporting relationships and supervision of officials.[2] Former deputy secretaries include Roger Altman,[3] Lawrence Summers,[4] Stuart E. Eizenstat,[5] Kenneth W. Dam,[6] and Samuel Bodman.[7]

The office of Deputy Secretary is the successor of the "Under Secretary of the Treasury", the former chief deputy to the secretary. Today, several officials hold the title of "Under Secretary" of the Treasury. Among those who served as under secretary when it was the number-two position in the department include Dean Acheson, Henry Morgenthau Jr., John W. Hanes II, and O. Max Gardner (1946–1947).[8][9]

The prior Deputy Secretary was Justin Muzinich. President Donald Trump announced his nomination of Muzinich on March 13, 2018. The nomination was confirmed by the U.S. Senate on a vote of 55–44.[10][11]

The current Deputy Secretary is Wally Adeyemo, who is serving in the Biden administration and is the first African American Deputy Secretary of the Treasury.

List of deputy secretaries of the treasury

Status

  Denotes an acting deputy secretary of the treasury
No. Image Name Term began Term ended Secretaries of the Treasury Serving Under President(s) served under
1 R. T. McNamar January 20, 1981[12] October 7, 1985 Donald Regan Ronald Reagan
James Baker
2 Richard Darman October 7, 1985[13] August 28, 1987
3 M. Peter McPherson October 15, 1987[14] January 20, 1989
Nicholas F. Brady
4 John E. Robson January 20, 1989 December 30, 1992[15] George H. W. Bush
5 Roger Altman January 20, 1993 August 17, 1994 Lloyd Bentsen Bill Clinton
6 Frank N. Newman[16] September 28, 1994[17] March 5, 1995
Robert Rubin
7 Lawrence Summers March 11, 1995 July 2, 1999
8 Stuart E. Eizenstat July 16, 1999 January 20, 2001
Lawrence Summers
9 Kenneth W. Dam January 20, 2001 July 13, 2004 Paul H. O'Neill George W. Bush
10 Samuel Bodman August 2004 January 31, 2005 John W. Snow
11 Robert M. Kimmitt August 16, 2005 January 20, 2009
Henry Paulson
12 Neal S. Wolin May 18, 2009 August 31, 2013 Timothy Geithner Barack Obama
– Mary J. Miller
Acting 		August 31, 2013 March 19, 2014 Jack Lew
13 Sarah Bloom Raskin March 19, 2014 January 20, 2017
– Sigal Mandelker
Acting 		June 26, 2017 December 12, 2018 Steve Mnuchin Donald Trump
14 Justin Muzinich December 12, 2018 January 20, 2021
15 Wally Adeyemo March 26, 2021 Incumbent Janet Yellen Joe Biden

References

  1. ^ "U.S. Treasury - Duties & Functions of the Deputy Secretary of the Treasury". Archived from the original on September 15, 2007. Retrieved September 22, 2007.
  2. ^ "U.S. Treasury - Orders and Directives". Retrieved September 22, 2007.
  3. ^ "AllPolitics - Whitewater - Cast of Characters". CNN. Retrieved September 22, 2007.
  4. ^ "History of the President's Office". Archived from the original on July 4, 2007. Retrieved September 22, 2007.
  5. ^ "Covington & Burling LLP – Lawyers - Stuart E. Eizenstat". Archived from the original on October 27, 2006. Retrieved November 23, 2006.
  6. ^ "University of Chicago Law School > Kenneth Dam". Retrieved September 22, 2007.
  7. ^ "Department of Energy - Samuel W. Bodman". Archived from the original on June 11, 2008. Retrieved September 22, 2007.
  8. ^ "The Cabinet: Undersecretary No. 2". May 7, 1934. Retrieved September 24, 2018 – via content.time.com.
  9. ^ "Governor O. Max Gardner: the politician". Archived from the original on July 11, 2011. Retrieved November 10, 2010.
  10. ^ Jagoda, Naomi (April 2, 2018). "Trump names nominee to be deputy Treasury secretary". The Hill.
  11. ^ "PN1803 - Nomination of Justin George Muzinich for Department of the Treasury, 115th Congress (2017-2018)". Congress.gov. December 11, 2018. Retrieved December 16, 2018.
  12. ^ "Ronald Reagan: Nomination of R. T. McNamar To Be Deputy Secretary of the Treasury". www.presidency.ucsb.edu. Retrieved September 24, 2018.
  13. ^ "Ronald Reagan: Letter Accepting the Resignation of Richard G. Darman as Assistant to the President and Deputy to the Chief of Staff". www.presidency.ucsb.edu. Retrieved September 24, 2018.
  14. ^ "BUSINESS PEOPLE; A.I.D. Head Is Expected To Get Treasury Post". Retrieved September 24, 2018.
  15. ^ "Sunlight Foundation". Retrieved September 24, 2018.
  16. ^ "Frank N. Newman". www.nndb.com. Retrieved September 24, 2018.
  17. ^ "PN1713 — Frank N. Newman — Department of the Treasury". congress.gov. Retrieved October 24, 2018.
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