United States Secretary of the Treasury

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Not to be confused with the Treasurer of the United States.
United States Secretary of the Treasury
Seal of the Department
Flag of the Secretary
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.
AppointerThe President
with Senate advice and consent
Term lengthNo fixed term
Constituting instrument31 U.S.C. § 301
FormationSeptember 11, 1789; 234 years ago (1789-09-11)
First holderAlexander Hamilton
SuccessionFifth[1]
DeputyDeputy Secretary of the Treasury[2]
SalaryExecutive Schedule, level I[3]
Websitewww.treasury.gov

The Secretary of the Treasury is the head of the United States Department of the Treasury[4] which is concerned with all financial and monetary matters relating to the federal government, and, until 2003, also included several major 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 rigorous 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 size and importance of their respective 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.

Powers and functions

The Secretary of the Treasury is the principal economic advisor to the President of the United States 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.[further explanation 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 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

  Denotes acting Secretary of the Treasury
No. Portrait Name State of Residence Took Office Left Office President(s)
style="background: Template:Federalist Party/meta/color;" |1 Alexander Hamilton New York September 11, 1789 January 31, 1795 rowspan=2 style="background: Template:Independent (politician)/meta/color;" | George Washington
rowspan=2 style="background: Template:Federalist Party/meta/color;" |2 Oliver Wolcott, Jr. Connecticut February 3, 1795 December 31, 1800
rowspan=2 style="background: Template:Federalist Party/meta/color;" | John Adams
rowspan="2" style="background: Template:Federalist Party/meta/color;" |3 Samuel Dexter Massachusetts January 1, 1801 May 13, 1801
rowspan=2 style="background: Template:Democratic-Republican Party/meta/color;" | Thomas Jefferson
rowspan="2" style="background: Template:Democratic-Republican Party/meta/color;" |4 Albert Gallatin Pennsylvania May 14, 1801 February 8, 1814
rowspan=5 style="background: Template:Democratic-Republican Party/meta/color;" | James Madison
style="background: Template:Democratic-Republican Party/meta/color;" |5 George W. Campbell Tennessee February 9, 1814 October 5, 1814
style="background: Template:Democratic-Republican Party/meta/color;" |6 Alexander J. Dallas Pennsylvania October 6, 1814 October 21, 1816
– William Jones[1]
Acting 		Pennsylvania October 21, 1816 October 22, 1816
rowspan="2" style="background: Template:Democratic-Republican Party/meta/color;" |7 William H. Crawford Georgia October 22, 1816 March 6, 1825
style="background: Template:Democratic-Republican Party/meta/color;" | James Monroe
style="background: Template:Federalist Party/meta/color;" |8 Richard Rush Pennsylvania March 7, 1825 March 5, 1829 style="background: Template:Democratic-Republican Party/meta/color;" | John Quincy Adams
style="background: Template:Democratic Party (United States)/meta/color;" |9 Samuel D. Ingham Pennsylvania March 6, 1829 June 20, 1831 rowspan=5 style="background: Template:Democratic Party (United States)/meta/color;" | Andrew Jackson
style="background: Template:Democratic Party (United States)/meta/color;" |10 Louis McLane Delaware August 8, 1831 May 28, 1833
style="background: Template:Democratic Party (United States)/meta/color;" |11 William J. Duane Pennsylvania May 29, 1833 September 22, 1833
style="background: Template:Democratic Party (United States)/meta/color;" |12 Roger B. Taney Maryland September 23, 1833 June 25, 1834
rowspan="2" style="background: Template:Democratic Party (United States)/meta/color;" |13 Levi Woodbury New Hampshire July 1, 1834 March 3, 1841
style="background: Template:Democratic Party (United States)/meta/color;" | Martin Van Buren
rowspan="2" style="background: Template:Whig Party (United States)/meta/color;" |14 Thomas Ewing Ohio March 4, 1841 September 11, 1841 style="background: Template:Whig Party (United States)/meta/color;" | William Henry Harrison
rowspan=4 style="background: Template:Whig Party (United States)/meta/color;" | John Tyler
style="background: Template:Whig Party (United States)/meta/color;" |15 Walter Forward Pennsylvania September 13, 1841 March 1, 1843
style="background: Template:Whig Party (United States)/meta/color;" |16 John C. Spencer New York March 8, 1843 May 2, 1844
style="background: Template:Democratic Party (United States)/meta/color;" |17 George M. Bibb Kentucky July 4, 1844 March 7, 1845
style="background: Template:Democratic Party (United States)/meta/color;" |18 Robert J. Walker Mississippi March 8, 1845 March 5, 1849 style="background: Template:Democratic Party (United States)/meta/color;" | James K. Polk
style="background: Template:Whig Party (United States)/meta/color;" |19 William M. Meredith Pennsylvania March 8, 1849 July 22, 1850 style="background: Template:Whig Party (United States)/meta/color;" | Zachary Taylor
style="background: Template:Whig Party (United States)/meta/color;" |20 Thomas Corwin Ohio July 23, 1850 March 6, 1853 style="background: Template:Whig Party (United States)/meta/color;" | Millard Fillmore
style="background: Template:Democratic Party (United States)/meta/color;" |21 James Guthrie Kentucky March 7, 1853 March 6, 1857 style="background: Template:Democratic Party (United States)/meta/color;" | Franklin Pierce
style="background: Template:Democratic Party (United States)/meta/color;" |22 Howell Cobb Georgia March 7, 1857 December 8, 1860 rowspan=3 style="background: Template:Democratic Party (United States)/meta/color;" | James Buchanan
style="background: Template:Democratic Party (United States)/meta/color;" |23 Philip Francis Thomas Maryland December 12, 1860 January 14, 1861
style="background: Template:Democratic Party (United States)/meta/color;" |24 John Adams Dix New York January 15, 1861 March 6, 1861
style="background: Template:Republican Party (United States)/meta/color;" |25 Salmon P. Chase Ohio March 7, 1861 June 30, 1864 rowspan=3 style="background: Template:Republican Party (United States)/meta/color;" | Abraham Lincoln
style="background: Template:Republican Party (United States)/meta/color;" |26 William P. Fessenden Maine July 5, 1864 March 3, 1865
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |27 Hugh McCulloch Indiana March 9, 1865 March 3, 1869
style="background: Template:Democratic Party (United States)/meta/color;" | Andrew Johnson
style="background: Template:Republican Party (United States)/meta/color;" |28 George S. Boutwell Massachusetts March 12, 1869 March 16, 1873 rowspan=4 style="background: Template:Republican Party (United States)/meta/color;" | Ulysses S. Grant
style="background: Template:Republican Party (United States)/meta/color;" |29 William Adams Richardson Massachusetts March 17, 1873 June 3, 1874
style="background: Template:Republican Party (United States)/meta/color;" |30 Benjamin Bristow Kentucky June 4, 1874 June 20, 1876
style="background: Template:Republican Party (United States)/meta/color;" |31 Lot M. Morrill Maine July 7, 1876 March 9, 1877
style="background: Template:Republican Party (United States)/meta/color;" |32 John Sherman Ohio March 10, 1877 March 3, 1881 style="background: Template:Republican Party (United States)/meta/color;" | Rutherford B. Hayes
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |33 William Windom Minnesota March 8, 1881 November 13, 1881 style="background: Template:Republican Party (United States)/meta/color;" | James A. Garfield
rowspan=4 style="background: Template:Republican Party (United States)/meta/color;" | Chester A. Arthur
style="background: Template:Republican Party (United States)/meta/color;" |34 Charles J. Folger New York November 14, 1881 September 4, 1884
style="background: Template:Republican Party (United States)/meta/color;" |35 Walter Q. Gresham Indiana September 5, 1884 October 30, 1884
style="background: Template:Republican Party (United States)/meta/color;" |36 Hugh McCulloch Indiana October 31, 1884 March 7, 1885
style="background: Template:Democratic Party (United States)/meta/color;" |37 Daniel Manning New York March 8, 1885 March 31, 1887 rowspan=2 style="background: Template:Democratic Party (United States)/meta/color;" | Grover Cleveland
style="background: Template:Democratic Party (United States)/meta/color;" |38 Charles S. Fairchild New York April 1, 1887 March 6, 1889
style="background: Template:Republican Party (United States)/meta/color;" |39 William Windom Minnesota March 7, 1889 January 29, 1891 rowspan=2 style="background: Template:Republican Party (United States)/meta/color;" | Benjamin Harrison
style="background: Template:Republican Party (United States)/meta/color;" |40 Charles Foster Ohio February 25, 1891 March 6, 1893
style="background: Template:Democratic Party (United States)/meta/color;" |41 John G. Carlisle Kentucky March 7, 1893 March 5, 1897 style="background: Template:Democratic Party (United States)/meta/color;" | Grover Cleveland
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |42 Lyman J. Gage Illinois March 6, 1897 January 31, 1902 style="background: Template:Republican Party (United States)/meta/color;" | William McKinley
rowspan=3 style="background: Template:Republican Party (United States)/meta/color;" | Theodore Roosevelt
style="background: Template:Republican Party (United States)/meta/color;" |43 L. M. Shaw Iowa February 1, 1902 March 3, 1907
style="background: Template:Republican Party (United States)/meta/color;" |44 George B. Cortelyou New York March 4, 1907 March 7, 1909
style="background: Template:Republican Party (United States)/meta/color;" |45 Franklin MacVeagh Illinois March 8, 1909 March 5, 1913 style="background: Template:Republican Party (United States)/meta/color;" | William Howard Taft
style="background: Template:Democratic Party (United States)/meta/color;" |46 William G. McAdoo New York March 6, 1913 December 15, 1918 rowspan=3 style="background: Template:Democratic Party (United States)/meta/color;" | Woodrow Wilson
style="background: Template:Democratic Party (United States)/meta/color;" |47 Carter Glass Virginia December 16, 1918 February 1, 1920
style="background: Template:Democratic Party (United States)/meta/color;" |48 David F. Houston Missouri February 2, 1920 March 3, 1921
rowspan="3" style="background: Template:Republican Party (United States)/meta/color;" |49 Andrew W. Mellon Pennsylvania March 4, 1921 February 12, 1932 style="background: Template:Republican Party (United States)/meta/color;" | Warren G. Harding
style="background: Template:Republican Party (United States)/meta/color;" | Calvin Coolidge
rowspan=2 style="background: Template:Republican Party (United States)/meta/color;" | Herbert Hoover
style="background: Template:Republican Party (United States)/meta/color;" |50 Ogden L. Mills New York February 13, 1932 March 4, 1933
style="background: Template:Republican Party (United States)/meta/color;" |51 William H. Woodin New York March 5, 1933 December 31, 1933 rowspan=2 style="background: Template:Democratic Party (United States)/meta/color;" | Franklin D. Roosevelt
style="background: Template:Democratic Party (United States)/meta/color;" |52 Henry Morgenthau, Jr. New York January 1, 1934 July 22, 1945
style="background: Template:Democratic Party (United States)/meta/color;" |53 Fred M. Vinson Kentucky July 23, 1945 June 23, 1946 rowspan=2 style="background: Template:Democratic Party (United States)/meta/color;" | Harry S. Truman
style="background: Template:Democratic Party (United States)/meta/color;" |54 John Wesley Snyder Missouri June 25, 1946 January 20, 1953
style="background: Template:Republican Party (United States)/meta/color;" |55 George M. Humphrey Ohio January 21, 1953 July 29, 1957 rowspan=2 style="background: Template:Republican Party (United States)/meta/color;" | Dwight D. Eisenhower
style="background: Template:Republican Party (United States)/meta/color;" |56 Robert B. Anderson Connecticut July 29, 1957 January 20, 1961
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |57 C. Douglas Dillon New Jersey January 21, 1961 April 1, 1965 style="background: Template:Democratic Party (United States)/meta/color;" | John F. Kennedy
rowspan=3 style="background: Template:Democratic Party (United States)/meta/color;" | Lyndon B. Johnson
style="background: Template:Democratic Party (United States)/meta/color;" |58 Henry H. Fowler Virginia April 1, 1965 December 20, 1968
style="background: Template:Democratic Party (United States)/meta/color;" |59 Joseph W. Barr Indiana December 21, 1968 January 20, 1969
style="background: Template:Republican Party (United States)/meta/color;" |60 David M. Kennedy Utah January 22, 1969 February 10, 1971 rowspan=4 style="background: Template:Republican Party (United States)/meta/color;" | Richard Nixon
style="background: Template:Democratic Party (United States)/meta/color;" |61 John Connally Texas February 11, 1971 June 12, 1972
style="background: Template:Republican Party (United States)/meta/color;" |62 George P. Shultz Illinois June 12, 1972 May 8, 1974
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |63 William E. Simon New Jersey May 8, 1974 January 20, 1977
style="background: Template:Republican Party (United States)/meta/color;" | Gerald Ford
style="background: Template:Democratic Party (United States)/meta/color;" |64 W. Michael Blumenthal Michigan January 23, 1977 August 4, 1979 rowspan=2 style="background: Template:Democratic Party (United States)/meta/color;" | Jimmy Carter
style="background: Template:Democratic Party (United States)/meta/color;" |65 G. William Miller Rhode Island August 7, 1979 January 20, 1981
style="background: Template:Republican Party (United States)/meta/color;" |66 Donald Regan New Jersey January 22, 1981 February 1, 1985 rowspan=4 style="background: Template:Republican Party (United States)/meta/color;" | Ronald Reagan
style="background: Template:Republican Party (United States)/meta/color;" |67 James Baker Texas February 4, 1985 August 17, 1988
– M. Peter McPherson[2]
Acting 		Michigan August 17, 1988 September 15, 1988
rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" |68 Nicholas F. Brady New Jersey September 15, 1988 January 17, 1993
style="background: Template:Republican Party (United States)/meta/color;" | George H. W. Bush
style="background: Template:Democratic Party (United States)/meta/color;" |69 Lloyd Bentsen Texas January 20, 1993 December 22, 1994 rowspan=4 style="background: Template:Democratic Party (United States)/meta/color;" | Bill Clinton
– Frank N. Newman[3]
Acting 		Massachusetts December 22, 1994 January 11, 1995
style="background: Template:Democratic Party (United States)/meta/color;" |70 Robert Rubin New York January 11, 1995 July 2, 1999
style="background: Template:Democratic Party (United States)/meta/color;" |71 Lawrence Summers Massachusetts July 2, 1999 January 20, 2001
style="background: Template:Republican Party (United States)/meta/color;" |72 Paul H. O'Neill Pennsylvania January 20, 2001 December 31, 2002 rowspan=5 style="background: Template:Republican Party (United States)/meta/color;" | George W. Bush
– Kenneth W. Dam[4]
Acting 		Illinois December 31, 2002 February 3, 2003
style="background: Template:Republican Party (United States)/meta/color;" |73 John W. Snow Virginia February 3, 2003 June 30, 2006
– Robert M. Kimmitt[5]
Acting 		Virginia June 30, 2006 July 10, 2006
style="background: Template:Republican Party (United States)/meta/color;" |74 Henry Paulson Illinois July 10, 2006 January 20, 2009
– Stuart A. Levey[6]
Acting 		Ohio January 20, 2009 January 26, 2009 rowspan="4" style="background: Template:Democratic Party (United States)/meta/color;" | Barack Obama
style="background: Template:Independent (politician)/meta/color;" |75 Timothy Geithner New York January 26, 2009 January 25, 2013
– Neal S. Wolin[7]
Acting 		Illinois January 25, 2013 February 28, 2013
style="background: Template:Democratic Party (United States)/meta/color;" |76 Jack Lew New York February 28, 2013 January 20, 2017
– Adam J. Szubin[8]
Acting


Washington, D.C. January 20, 2017 February 13, 2017 rowspan="2" style="background: Template:Republican Party (United States)/meta/color;" | Donald Trump
style="background: Template:Republican Party (United States)/meta/color;" |77 Steven 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.

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

See also: List of living former members of the United States Cabinet

As of May 2024, there are ten living former secretaries of the treasury (with all secretaries that have served since 2003 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 Paul H. O'Neill (served 2001–2002, born 1935), on April 18, 2020.

Name Term of office Date of birth (and age)
George P. Shultz 1972–1974 (1920-12-13) December 13, 1920 (age 103)
W. Michael Blumenthal 1977–1979 (1926-01-03) January 3, 1926 (age 98)
James A. Baker 1985–1988 (1930-04-28) April 28, 1930 (age 94)
Nicholas F. Brady 1988–1993 (1930-04-11) April 11, 1930 (age 94)
Robert Rubin 1995–1999 (1938-08-29) August 29, 1938 (age 85)
Lawrence H. Summers 1999–2001 (1954-11-30) November 30, 1954 (age 69)
John W. Snow 2003–2006 (1939-08-02) August 2, 1939 (age 84)
Henry Paulson 2006–2009 (1946-03-28) March 28, 1946 (age 78)
Timothy F. Geithner 2009–2013 (1961-08-18) August 18, 1961 (age 62)
Jack Lew 2013–2017 (1955-08-29) August 29, 1955 (age 68)

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

Wikimedia Commons has media related to United States Secretary of the Treasury.
U.S. order of precedence (ceremonial)
Preceded byas Senior Associate Justice Order of Precedence of the United States
as Secretary of the Treasury 		Succeeded byas Secretary of Defense
U.S. presidential line of succession
Preceded by 5th in line Succeeded by
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