United States Secretary of the Treasury explained

Post:United States Secretary
Body:the Treasury
Flag:Flag of the United States Secretary of the Treasury.svg
Flagborder:yes
Flagsize:130
Flagcaption:Flag of the secretary
Insignia:Seal of the United States Department of the Treasury.svg
Insigniasize:120
Insigniacaption:Seal of the Department of the Treasury
Incumbent:Scott Bessent
Incumbentsince:January 28, 2025
Acting:n
Department:Department of the Treasury
Style:Mr. Secretary (informal)
The Honorable (formal)
Member Of:Cabinet
National Security Council
Seat:Treasury Building
Washington, D.C.
Appointer Qualified:Senate Advice and consent
Termlength:No fixed term
Precursor:Superintendent of Finance
First:Alexander Hamilton
Succession:Fifth
Url:https://www.law.cornell.edu/uscode/text/3/19
3 U.S. Code § 19 – Vacancy in offices of both President and Vice President; officers eligible to act
Website:LII / Legal Information Institute
Access-Date:February 4, 2017
Archive-Date:December 26, 2018
Archive-Url:https://web.archive.org/web/20181226123834/https://www.law.cornell.edu/uscode/text/3/19
Url-Status:live

The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council, and fifth in the U.S. presidential line of succession.

Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, will take the office if confirmed by the majority of the full United States Senate.

The secretary of state, the secretary of the treasury, the secretary of defense, and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments.[1]

Powers and functions

The secretary along with the treasurer of the United States must sign Federal Reserve notes before they can become legal tender.[2] The secretary also manages the United States Emergency Economic Stabilization fund.

Salary

The secretary of the treasury is a Level I position in the Executive Schedule,[3]

List of secretaries of the treasury

The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council.

Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, is confirmed by the United States Senate.

Parties (4) (4) (30) (5) (35) (1)

Status

No.class=unsortable PortraitNameState of residenceTook officeLeft officePresident(s)
New York
(1789–1797)
Connecticut

(1797–1801)
Massachusetts

(1801–1809)
Pennsylvania
(1809–1817)
Tennessee
Pennsylvania

Pennsylvania
Georgia

(1817–1825)
Pennsylvania
(1825–1829)
Pennsylvania
(1829–1837)
Delaware
Pennsylvania
Maryland
New Hampshire

(1837–1841)
14Ohio
(1841)

(1841–1845)
15Pennsylvania
16New York
Kentucky
Mississippi
(1845–1849)
19Pennsylvania
(1849–1850)
20Ohio
(1850–1853)
Kentucky
(1853–1857)
Georgia
(1857–1861)
Maryland
New York
Ohio
(1861–1865)
Maine
Indiana

(1865–1869)
Massachusetts
(1869–1877)
Massachusetts
Kentucky
Maine
Ohio
(1877–1881)
Minnesota
(1881)

(1881–1885)
New York
Indiana
Indiana

Notes and References

  1. Cabinets and Counselors: The President and the Executive Branch (1997). Congressional Quarterly. p. 87.
  2. News: Rappeport . Alan . December 8, 2022 . Yellen Is First Female Treasury Secretary With Signature on U.S. Dollar . live . The New York Times . https://web.archive.org/web/20221209181953/https://www.nytimes.com/2022/12/08/business/janet-yellen-signature-dollar.html . December 9, 2022 . December 9, 2022 . By tradition, the treasurer must sign the money along with the Treasury secretary. Both signatures are engraved onto plates at the Bureau of Engraving and Printing, where they are printed and submitted to the Federal Reserve, which determines what currency will be added to circulation..
  3. Web site: Salary Table No. 2021-EX Rates of Basic Pay for the Executive Schedule (EX) .
  4. thus earning the salary prescribed for that level (US$250,600, as of January 2024).[3]