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
FormationSeptember 11, 1789
First holderAlexander Hamilton
SuccessionFifth
DeputyDeputy Secretary of the Treasury[1]
SalaryExecutive Schedule, Level 1[2]
Websitewww.Treasury.gov
 
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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
FormationSeptember 11, 1789
First holderAlexander Hamilton
SuccessionFifth
DeputyDeputy Secretary of the Treasury[1]
SalaryExecutive Schedule, Level 1[2]
Websitewww.Treasury.gov

The Secretary of the Treasury is the 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.PortraitNameState of ResidenceTook OfficeLeft OfficePresident(s)
1Hamilton small.jpgAlexander HamiltonNew YorkSeptember 11, 1789January 31, 1795George Washington
2Wolcott Jr.jpgOliver Wolcott, Jr.ConnecticutFebruary 3, 1795December 31, 1800
John Adams
3Samuel Dexter.jpgSamuel DexterMassachusettsJanuary 1, 1801May 13, 1801
Thomas Jefferson
4AlbertGallatin.jpegAlbert GallatinPennsylvaniaMay 14, 1801February 8, 1814
James Madison
5GeorgeWCampbell.jpgGeorge W. CampbellTennesseeFebruary 9, 1814October 5, 1814
6Alexander J. Dallas.jpgAlexander J. DallasPennsylvaniaOctober 6, 1814October 21, 1816
-William-Jones.jpgWilliam Jones[1]
(acting)
PennsylvaniaOctober 21, 1816October 22, 1816
7WilliamHarrisCrawford5.jpgWilliam H. CrawfordGeorgiaOctober 22, 1816March 6, 1825
James Monroe
8Richard Rush engraving.pngRichard RushPennsylvaniaMarch 7, 1825March 5, 1829John Quincy Adams
9SIng.jpgSamuel D. InghamPennsylvaniaMarch 6, 1829June 20, 1831Andrew Jackson
10LMcLane.jpgLouis McLaneDelawareAugust 8, 1831May 28, 1833
11William J Duane.jpgWilliam J. DuanePennsylvaniaMay 29, 1833September 22, 1833
12Roger Taney.jpgRoger B. TaneyMarylandSeptember 23, 1833June 25, 1834
13Levi Woodbury.jpgLevi WoodburyNew HampshireJuly 1, 1834March 3, 1841
Martin Van Buren
14ThomasEwingSr.jpgThomas EwingOhioMarch 4, 1841September 11, 1841William Henry Harrison
John Tyler
15WForward-SecofTreas.jpgWalter ForwardPennsylvaniaSeptember 13, 1841March 1, 1843
16SpencerJohn.jpgJohn C. SpencerNew YorkMarch 8, 1843May 2, 1844
17George M. Bibb - Brady-Handy.jpgGeorge M. BibbKentuckyJuly 4, 1844March 7, 1845
18Robert J Walker.jpgRobert J. WalkerMississippiMarch 8, 1845March 5, 1849James K. Polk
19WMMeredith.jpgWilliam M. MeredithPennsylvaniaMarch 8, 1849July 22, 1850Zachary Taylor
20TCorwin.jpgThomas CorwinOhioJuly 23, 1850March 6, 1853Millard Fillmore
21JGuthrie2.jpgJames GuthrieKentuckyMarch 7, 1853March 6, 1857Franklin Pierce
22Cobb, Howell2.jpgHowell CobbGeorgiaMarch 7, 1857December 8, 1860James Buchanan
23Philip Francis Thomas, sitting.jpgPhilip F. ThomasMarylandDecember 12, 1860January 14, 1861
24Younger-JADix2.jpgJohn A. DixNew YorkJanuary 15, 1861March 6, 1861
25Mathew Brady, Portrait of Secretary of the Treasury Salmon P. Chase, officer of the United States government (1860–1865, full version).jpgSalmon P. ChaseOhioMarch 7, 1861June 30, 1864Abraham Lincoln
26Hon. Wm. Pitt Fessenden of Maine.pngWilliam P. FessendenMaineJuly 5, 1864March 3, 1865
27Hugh McCulloch.pngHugh McCullochIndianaMarch 9, 1865March 3, 1869
Andrew Johnson
28George Boutwell, Brady-Handy photo portrait, ca1870-1880.jpgGeorge S. BoutwellMassachusettsMarch 12, 1869March 16, 1873Ulysses S. Grant
29William Adams Richardson, Brady-Handy bw photo portrait, ca1870-1880.jpgWilliam A. RichardsonMassachusettsMarch 17, 1873June 3, 1874
30Benjamin Helm Bristow, Brady-Handy bw photo portrait, ca 1870-1880.jpgBenjamin H. BristowKentuckyJune 4, 1874June 20, 1876
31Lot Morrill, Brady-Handy photo portrait, ca1865-1880.jpgLot M. MorrillMaineJuly 7, 1876March 9, 1877
32John-Sherman-2.jpgJohn ShermanOhioMarch 10, 1877March 3, 1881Rutherford B. Hayes
33William Windom, Brady-Handy photo portrait, ca1870-1880.jpgWilliam WindomMinnesotaMarch 8, 1881November 13, 1881James A. Garfield
Chester A. Arthur
34Charles j folger.jpgCharles J. FolgerNew YorkNovember 14, 1881September 4, 1884
35Walter Q. Gresham - Brady-Handy.jpgWalter Q. GreshamIndianaSeptember 5, 1884October 30, 1884
36Hugh McCulloch.pngHugh McCullochIndianaOctober 31, 1884March 7, 1885
37Daniel manning.jpgDaniel ManningNew YorkMarch 8, 1885March 31, 1887Grover Cleveland
38Charles s fairchild.jpgCharles S. FairchildNew YorkApril 1, 1887March 6, 1889
39William Windom, Brady-Handy photo portrait, ca1870-1880.jpgWilliam WindomMinnesotaMarch 7, 1889January 29, 1891Benjamin Harrison
40Charles Foster, Brady-Handy photo portrait, ca1865-1880.jpgCharles W. FosterOhioFebruary 25, 1891March 6, 1893
41John Griffin Carlisle, Brady-Handy photo portrait, ca1870-1880.jpgJohn G. CarlisleKentuckyMarch 7, 1893March 5, 1897Grover Cleveland
42Lyman Gage, Bain photo portrait.jpgLyman J. GageIllinoisMarch 6, 1897January 31, 1902William McKinley
Theodore Roosevelt
43Leslie Shaw, Bain photo portrait.jpgLeslie M. ShawIowaFebruary 1, 1902March 3, 1907
44Cortelyou-george-bruce.jpgGeorge B. CortelyouNew YorkMarch 4, 1907March 7, 1909
45Franklin MacVeagh, formal bw photo portrait, 1909.jpgFranklin MacVeaghIllinoisMarch 8, 1909March 5, 1913William Howard Taft
46William Gibbs McAdoo, formal photo portrait, 1914.jpgWilliam G. McAdooNew YorkMarch 6, 1913December 15, 1918Woodrow Wilson
47CGlass.jpgCarter GlassVirginiaDecember 16, 1918February 1, 1920
48Picture of David F. Houston.jpgDavid F. HoustonMissouriFebruary 2, 1920March 3, 1921
49AWMellon.jpgAndrew W. MellonPennsylvaniaMarch 4, 1921February 12, 1932Warren G. Harding
Calvin Coolidge
Herbert Hoover
50Ogden Livingston Mills.jpgOgden L. MillsNew YorkFebruary 13, 1932March 4, 1933
51Woodin2.jpgWilliam H. WoodinNew YorkMarch 5, 1933December 31, 1933Franklin D. Roosevelt
52Henry Morgenthau, Jr..jpgHenry Morgenthau, Jr.New YorkJanuary 1, 1934July 22, 1945
Harry S. Truman
53Frederick Vinson portrait.pngFred M. VinsonKentuckyJuly 23, 1945June 23, 1946
54Portrait of John W. Snyder.jpgJohn W. SnyderMissouriJune 25, 1946January 20, 1953
55George M Humphrey.jpgGeorge M. HumphreyOhioJanuary 21, 1953July 29, 1957Dwight D. Eisenhower
56Robert B Anderson.jpegRobert B. AndersonConnecticutJuly 29, 1957January 20, 1961
57C Douglas Dillon.jpgC. Douglas DillonNew JerseyJanuary 21, 1961April 1, 1965John F. Kennedy
Lyndon B. Johnson
58HFowler2.jpgHenry H. FowlerVirginiaApril 1, 1965December 20, 1968
59Joseph W Barr.jpgJoseph W. BarrIndianaDecember 21, 1968January 20, 1969
60David M Kennedy.jpgDavid M. KennedyUtahJanuary 22, 1969February 10, 1971Richard Nixon
61Portrait of John Connally.jpgJohn B. Connally, Jr.TexasFebruary 11, 1971June 12, 1972
62GPShultz.jpegGeorge P. ShultzIllinoisJune 12, 1972May 8, 1974
63William E Simon.jpgWilliam E. SimonNew JerseyMay 8, 1974January 20, 1977
Gerald Ford
64Portrait of W. Michael Blumenthal.jpgW. Michael BlumenthalMichiganJanuary 23, 1977August 4, 1979Jimmy Carter
65Portrait of G. William Miller.jpgG. William MillerRhode IslandAugust 7, 1979January 20, 1981
66Donald Thomas Regan.jpgDonald T. ReganNew JerseyJanuary 22, 1981February 1, 1985Ronald Reagan
67JamesBaker.jpegJames A. BakerTexasFebruary 4, 1985August 17, 1988
-M. Peter McPherson[2]
(acting)
MichiganAugust 17, 1988September 15, 1988
68Nicholas Frederick Brady.jpgNicholas F. BradyNew JerseySeptember 15, 1988January 17, 1993
George H. W. Bush
69LloydBentsen.jpgLloyd M. Bentsen, Jr.TexasJanuary 20, 1993December 22, 1994Bill Clinton
-Frank N. Newman[3]
(acting)
MassachusettsDecember 22, 1994January 11, 1995
70Pr4262ls-treasury-rubin.jpgRobert E. RubinNew YorkJanuary 11, 1995July 2, 1999
71Lawrence Summers 2012.jpgLawrence H. SummersMassachusettsJuly 2, 1999January 20, 2001
72OneilllPaul.jpgPaul H. O'NeillPennsylvaniaJanuary 20, 2001December 31, 2002George W. Bush
-Kenneth Dam.jpgKenneth W. Dam[4]
(acting)
IllinoisDecember 31, 2002February 3, 2003
73John W. Snow.jpgJohn W. SnowVirginiaFebruary 3, 2003June 30, 2006
-Robert Kimmitt, official Treasury photo.jpgRobert M. Kimmitt[5]
(acting)
VirginiaJune 30, 2006July 10, 2006
74Henry Paulson official Treasury photo, 2006.jpgHenry M. PaulsonIllinoisJuly 10, 2006January 20, 2009
-Stuart Levey.jpgStuart A. Levey[6]
(acting)
OhioJanuary 20, 2009January 26, 2009Barack Obama
75Timothy Geithner official portrait.jpgTimothy F. GeithnerNew YorkJanuary 26, 2009January 25, 2013
-Neal S. Wolin official portrait.jpgNeal Wolin[7]
(acting)
IllinoisJanuary 25, 2013February 28, 2013
76Jacob Lew official portrait.jpgJack LewNew YorkFebruary 28, 2013Incumbent

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
5th in lineSucceeded by
Secretary of Defense