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United States Secretary of the Treasury
Not to be confused with the Treasurer of the United States.
The United States secretary of the treasury is the head of the United States Department of the Treasury,[2] 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. 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 federal government. The secretary of the treasury is a member of the United States Cabinet, and is nominated by the president of the United States. Nominees for Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance, prior to a vote by the United States Senate.
United States Secretary of the Treasury

Seal of the Department of the Treasury

Flag of the Secretary of the Treasury
Incumbent
Janet Yellen
since January 26, 2021
United States Department of the Treasury
StyleMadam Secretary (informal)
The Honorable (formal)
Member ofCabinet
National Security Council
Reports toPresident of the United States
SeatWashington, D.C.
AppointerPresident of the United States
with Senate advice and consent
Term lengthAt the pleasure of the President
Constituting instrument31 U.S.C. § 301
FormationSeptember 11, 1789; 231 years ago
First holderAlexander Hamilton
SuccessionFifth[1]
DeputyUnited States Deputy Secretary of the Treasury[2]
SalaryExecutive Schedule, Level I[3]
Website
www.treasury.gov
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, due to the size and importance of their respective departments.[4]
The secretary of the treasury is a statutory member of the United States National Security Council and is fifth in the United States presidential line of succession.
Secretary of the Treasury is a Level I position in the Executive Schedule and thus earns the salary prescribed for that level (US$221,400, as of January 2021).[5][3]
The current secretary of the treasury is Janet Yellen. She is the first woman to hold the post.
Powers and functions
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.
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)

1
Alexander Hamilton
New York
September 11, 1789
January 31, 1795
George Washington

2
Oliver Wolcott, Jr.
Connecticut
February 3, 1795
December 31, 1800
John Adams
3
Samuel Dexter
Massachusetts
January 1, 1801
May 13, 1801
Thomas Jefferson
4
Abraham Alfonse Albert Gallatin
Pennsylvania
May 14, 1801
February 8, 1814
James Madison
5
George W. Campbell
Tennessee
February 9, 1814
October 5, 1814

6
Alexander J. Dallas
Pennsylvania
October 6, 1814
October 21, 1816

William Jones[1]
Acting
Pennsylvania
October 21, 1816
October 22, 1816

7
William H. Crawford
Georgia
October 22, 1816
March 6, 1825
James Monroe
8
Richard Rush
Pennsylvania
March 7, 1825
March 5, 1829
John Quincy Adams

9
Samuel D. Ingham
Pennsylvania
March 6, 1829
June 20, 1831
Andrew Jackson

10
Louis McLane
Delaware
August 8, 1831
May 28, 1833

11
William J. Duane
Pennsylvania
May 29, 1833
September 22, 1833

12
Roger B. Taney
Maryland
September 23, 1833
June 25, 1834

13
Levi Woodbury
New Hampshire
July 1, 1834
March 3, 1841
Martin Van Buren
14
Thomas Ewing
Ohio
March 4, 1841
September 11, 1841
William Henry Harrison
John Tyler
15
Walter Forward
Pennsylvania
September 13, 1841
March 1, 1843

16
John C. Spencer
New York
March 8, 1843
May 2, 1844

17
George M. Bibb
Kentucky
July 4, 1844
March 7, 1845

18
Robert J. Walker
Mississippi
March 8, 1845
March 5, 1849
James K. Polk

19
William M. Meredith
Pennsylvania
March 8, 1849
July 22, 1850
Zachary Taylor

20
Thomas Corwin
Ohio
July 23, 1850
March 6, 1853
Millard Fillmore

21
James Guthrie
Kentucky
March 7, 1853
March 6, 1857
Franklin Pierce

22
Howell Cobb
Georgia
March 7, 1857
December 8, 1860
James Buchanan

23
Philip Francis Thomas
Maryland
December 12, 1860
January 14, 1861

24
John Adams Dix
New York
January 15, 1861
March 6, 1861

25
Salmon P. Chase
Ohio
March 7, 1861
June 30, 1864
Abraham Lincoln

26
William P. Fessenden
Maine
July 5, 1864
March 3, 1865

27
Hugh McCulloch
Indiana
March 9, 1865
March 3, 1869
Andrew Johnson
28
George S. Boutwell
Massachusetts
March 12, 1869
March 16, 1873
Ulysses S. Grant

29
William Adams Richardson
Massachusetts
March 17, 1873
June 3, 1874

30
Benjamin Bristow
Kentucky
June 4, 1874
June 20, 1876

31
Lot M. Morrill
Maine
July 7, 1876
March 9, 1877

32
John Sherman
Ohio
March 10, 1877
March 3, 1881
Rutherford B. Hayes

33
William Windom
Minnesota
March 8, 1881
November 13, 1881
James A. Garfield
Chester A. Arthur
34
Charles J. Folger
New York
November 14, 1881
September 4, 1884

35
Walter Q. Gresham
Indiana
September 5, 1884
October 30, 1884

36
Hugh McCulloch
Indiana
October 31, 1884
March 7, 1885

37
Daniel Manning
New York
March 8, 1885
March 31, 1887
Grover Cleveland

38
Charles S. Fairchild
New York
April 1, 1887
March 6, 1889

39
William Windom
Minnesota
March 7, 1889
January 29, 1891
Benjamin Harrison

40
Charles Foster
Ohio
February 25, 1891
March 6, 1893

41
John G. Carlisle
Kentucky
March 7, 1893
March 5, 1897
Grover Cleveland

42
Lyman J. Gage
Illinois
March 6, 1897
January 31, 1902
William McKinley
Theodore Roosevelt
43
L. M. Shaw
Iowa
February 1, 1902
March 3, 1907

44
George B. Cortelyou
New York
March 4, 1907
March 7, 1909

45
Franklin MacVeagh
Illinois
March 8, 1909
March 5, 1913
William Howard Taft

46
William G. McAdoo
New York
March 6, 1913
December 15, 1918
Woodrow Wilson

47
Carter Glass
Virginia
December 16, 1918
February 1, 1920

48
David F. Houston
Missouri
February 2, 1920
March 3, 1921

49
Andrew W. Mellon
Pennsylvania
March 4, 1921
February 12, 1932
Warren G. Harding
Calvin Coolidge
Herbert Hoover
50
Ogden L. Mills
New York
February 13, 1932
March 4, 1933

51
William H. Woodin
New York
March 5, 1933
December 31, 1933
Franklin D. Roosevelt

52
Henry Morgenthau, Jr.
New York
January 1, 1934
July 22, 1945

53
Fred M. Vinson
Kentucky
July 23, 1945
June 23, 1946
Harry S. Truman

54
John Wesley Snyder
Missouri
June 25, 1946
January 20, 1953

55
George M. Humphrey
Ohio
January 21, 1953
July 29, 1957
Dwight D. Eisenhower

56
Robert B. Anderson
Connecticut
July 29, 1957
January 20, 1961

57
C. Douglas Dillon
New Jersey
January 21, 1961
April 1, 1965
John F. Kennedy
Lyndon B. Johnson
58
Henry H. Fowler
Virginia
April 1, 1965
December 20, 1968

59
Joseph W. Barr
Indiana
December 21, 1968
January 20, 1969

60
David M. Kennedy
Utah
January 22, 1969
February 10, 1971
Richard Nixon

61
John Connally
Texas
February 11, 1971
June 12, 1972

62
George P. Shultz
Illinois
June 12, 1972
May 8, 1974

63
William E. Simon
New Jersey
May 8, 1974
January 20, 1977
Gerald Ford
64
W. Michael Blumenthal
Michigan
January 23, 1977
August 4, 1979
Jimmy Carter

65
G. William Miller
Rhode Island
August 7, 1979
January 20, 1981

66
Donald Regan
New Jersey
January 22, 1981
February 1, 1985
Ronald Reagan

67
James Baker
Texas
February 4, 1985
August 17, 1988

M. Peter McPherson[2]
Acting
Michigan
August 17, 1988
September 15, 1988

68
Nicholas F. Brady
New Jersey
September 15, 1988
January 17, 1993
George H. W. Bush
69
Lloyd Bentsen
Texas
January 20, 1993
December 22, 1994
Bill Clinton

Frank N. Newman[3]
Acting
Massachusetts
December 22, 1994
January 11, 1995

70
Robert Rubin
New York
January 11, 1995
July 2, 1999

71
Lawrence Summers
Massachusetts
July 2, 1999
January 20, 2001

72
Paul H. O'Neill
Pennsylvania
January 20, 2001
December 31, 2002
George W. Bush

Kenneth W. Dam[4]
Acting
Illinois
December 31, 2002
February 3, 2003

73
John W. Snow
Virginia
February 3, 2003
June 30, 2006

Robert M. Kimmitt[5]
Acting
Virginia
June 30, 2006
July 10, 2006

74
Henry Paulson
Illinois
July 10, 2006
January 20, 2009

Stuart A. Levey[6]
Acting
Ohio
January 20, 2009
January 26, 2009
Barack Obama

75
Timothy Geithner
New York
January 26, 2009
January 25, 2013

Neal S. Wolin[7]
Acting
Illinois
January 25, 2013
February 28, 2013

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
Donald Trump

77
Steven Mnuchin
California
February 13, 2017
January 20, 2021

Andy Baukol[9]
Acting
Virginia
January 20, 2021
January 25, 2021
Joe Biden

78
Janet Yellen
California
January 26, 2021
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.
9 Deputy Assistant Secretary for Monetary Policy Andy Baukol served as acting secretary of the treasury from January 20, 2021, until the confirmation of Janet Yellen occurred on January 25, 2021.
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 2021, there are ten living former secretaries of the treasury (with all secretaries that have served since 2003 still living), the oldest being W. Michael Blumenthal (served 1977–1979, born 1926). The most recent secretary of the treasury to die was George Shultz (served 1972–1974, born 1920) on February 6, 2021. The most recently serving secretary to die was Paul H. O'Neill (served 2001–2002, born 1935), on April 18, 2020.
NameTerm of officeDate of birth (and age)
W. Michael Blumenthal1977–1979January 3, 1926 (age 95)
James A. Baker1985–1988April 28, 1930 (age 91)
Nicholas F. Brady1988–1993April 11, 1930 (age 91)
Robert Rubin1995–1999August 29, 1938 (age 82)
Lawrence H. Summers1999–2001November 30, 1954 (age 66)
John W. Snow2003–2006August 2, 1939 (age 81)
Henry Paulson2006–2009March 28, 1946 (age 75)
Timothy F. Geithner2009–2013August 18, 1961 (age 59)
Jack Lew2013–2017August 29, 1955 (age 65)
Steven Mnuchin2017–2021December 21, 1962 (age 58)
Notes
  1. ^ "3 U.S. Code § 19 – Vacancy in offices of both President and Vice President; officers eligible to act". LII / Legal Information Institute.
  2. ^ a b 31 U.S.C. § 301
  3. ^ a b 5 U.S.C. § 5312
  4. ^ Cabinets and Counselors: The President and the Executive Branch (1997). Congressional Quarterly. p. 87.
  5. ^ "Salary Table No. 2021-EX Rates of Basic Pay for the Executive Schedule (EX)" (PDF).
  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
"Secretaries of the Treasury". History of the Treasury. United States Department of the Treasury. Retrieved April 9, 2006.
External links
Wikimedia Commons has media related to United States Secretary of the Treasury.
Official website
U.S. order of precedence (ceremonial)
Preceded by
David Souter
as Retired Associate Justice of the United States Supreme Court
Order of precedence of the United States
as Secretary of the Treasury
Succeeded by
Lloyd Austin
as Secretary of Defense
U.S. presidential line of succession
Preceded by
Secretary of State
Antony Blinken
5th in lineSucceeded by
Secretary of Defense
Lloyd Austin
Last edited on 14 April 2021, at 10:33
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