On September 2, 1789, Congress created a permanent institution for the management of government finances: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury, which assistant shall be appointed by the said Secretary. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789.
Treasury DepartmentDepartment of the TreasuryTreasury
Attorney GeneralU.S. Attorney GeneralUS Attorney General
The Attorney General, the Secretary of State, the Secretary of the Treasury, and the Secretary of Defense are generally regarded as the four most important Cabinet officials in the United States because of the significance and age of their respective departments. It is the practice for the Attorney General, along with many other public officials, to give resignation with effect on the Inauguration Day (January 20) of a new President. The Deputy Attorney General, who is also required to tender their resignation, is commonly requested to stay on and act as Attorney General pending the confirmation by the Senate of the new Attorney General.
U.S. TreasurerTreasurerUnited States Treasurer
The Treasurer now advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States. The Treasurer's signature, as well as the Treasury Secretary's, appear on Federal Reserve Notes. President Harry S. Truman appointed Georgia Neese Clark as the first woman Treasurer in 1949. Since then, every subsequent Treasurer has been a woman, and seven of the past eleven Treasurers have also been Hispanic. Requirement for Senate confirmation for the appointment was dropped as of August 10, 2012.
Alexander J. DallasDall.Alexander Dallas
His friend Albert Gallatin was Treasury Secretary when the War of 1812 began and Dallas helped Gallatin obtain funds to fight Britain. The war nearly bankrupted the federal government by the time Dallas replaced Gallatin as Treasury Secretary. Dallas reorganized the Treasury Department, brought the government budget back into surplus, championed the creation of the Second Bank of the United States, and put the nation back on the specie system based on gold and silver. From March 2, 1815 to August 1, 1815 he was acting Secretary of War and for a time that year was acting Secretary of State as well. He returned to Philadelphia, but lived only a year.
William CrawfordCrawfordCrawford Democratic- Republican
He served as United States Secretary of War and United States Secretary of the Treasury before running for president in the 1824 election. Born in Virginia, Crawford moved to Georgia at a young age. After studying law, Crawford won election to the Georgia House of Representatives in 1803. He aligned with the Democratic-Republican Party and U.S. Senator James Jackson. In 1807, the Georgia legislature elected Crawford to the United States Senate. After the death of Vice President George Clinton, Crawford's position as president pro tempore of the Senate made him first in the presidential line of succession from April 1812 to March 1813.
Secretary of StateU.S. Secretary of StateUS Secretary of State
The Secretary of State, along with the Secretary of the Treasury, Secretary of Defense, and Attorney General, are generally regarded as the four most important Cabinet members because of the importance of their respective departments. Secretary of State is a Level I position in the Executive Schedule and thus earns the salary prescribed for that level (currently $210,700). The current Secretary of State is Mike Pompeo, who previously served as Director of the Central Intelligence Agency. Pompeo replaced Rex Tillerson whom President Trump dismissed on March 13, 2018. Tillerson's last day at the State Department was March 31, 2018.
Secret ServiceU.S. Secret ServiceUS Secret Service
Wood was sworn in by Secretary of the Treasury Hugh McCulloch. It was commissioned in Washington, D.C. as the "Secret Service Division" of the Department of the Treasury with the mission of suppressing counterfeiting. The legislation creating the agency was on Abraham Lincoln's desk the night he was assassinated. At the time, the only other federal law enforcement agencies were the United States Customs Service, the United States Park Police, the U.S. Post Office Department's Office of Instructions and Mail Depredations (now known as the United States Postal Inspection Service), and the United States Marshals Service.
Jacob LewJacob "Jack" LewJacob J. ("Jack") Lew
Jacob Joseph "Jack" Lew (born August 29, 1955) is an American attorney and Democratic Party politician who was the 76th United States Secretary of the Treasury, serving from 2013 to 2017. He also served as the 25th White House Chief of Staff from 2012 to 2013 and served as Director of the Office of Management and Budget in both the Clinton and Obama Administrations. Born in New York City, Lew earned his A.B. from Harvard College, then a J.D. from Georgetown University Law Center. He began his legal career as a legislative assistant to Representative Joe Moakley, and as a senior policy adviser to former House Speaker Tip O'Neill.
Steven Terner Mnuchin (born December 21, 1962) is an American investment banker who is serving as the 77th United States Secretary of the Treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager. After he graduated from Yale University in 1985, Mnuchin worked for investment bank Goldman Sachs for 17 years, eventually becoming its Chief Information Officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. Mnuchin was a member of Sears Holdings’s board of directors from 2005 until December 2016, and before that was on Kmart's board of directors.
presidential line of successionline of successionline of succession to the presidency
The line of succession would be: –Secretary of State, –Secretary of Defense, –Attorney General, –Secretary of Homeland Security, –Secretary of the Treasury, –Standing Successor 1, –Standing Successor 2, –Standing Successor 3, and –Standing Successor 4; Under the 22nd Amendment, no person can be elected president more than twice. The amendment also specifies that if any eligible person serves as president or acting president for more than two years of a term for which some other eligible person was elected president, the former can only be elected president once.
banknoteslarge-sized notesmall-sized note
Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury. At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included United States Notes, National Bank Notes, and certain other notes held by banks to meet reserve requirements, such as clearing certificates.
Secretary of DefenseDefense SecretaryU.S. Secretary of Defense
Clements and William Howard Taft IV, who each served a few weeks as temporary/acting Secretary of Defense). ; Parties ; Status The Secretary of Defense is sixth in the presidential line of succession, following the Secretary of the Treasury and preceding the Attorney General. In of March 1, 2010, President Barack Obama modified the line of succession regarding who would act as Secretary of Defense in the event of a vacancy or incapacitation, thus reversing the changes made by President George W. Bush in as to the relative positions of the Secretaries of the Military Departments.
Wolin served as United States Acting Secretary of the Treasury from January 25 to February 28, 2013, prior to the confirmation of Jack Lew, who was nominated by Obama to succeed Secretary Timothy Geithner. Wolin was a "key architect" of U.S. financial reforms during the Great Recession, and was instrumental to the development and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
His proposals were included into a bill by Congress within slightly over a month after his departure as treasury secretary. Some months later Hamilton resumed his law practice in New York to remain closer to his family. Hamilton's resignation as Secretary of the Treasury in 1795 did not remove him from public life. With the resumption of his law practice, he remained close to Washington as an advisor and friend.
Under Secretary for Domestic FinanceUnder Secretary for the US Treasury
The Under Secretary has oversight of the following: Assistant Secretary of the Treasury for Financial Institutions. Office of Financial Institutions. Office of Financial Institutions Policy. Office of Consumer Policy. Office of Housing, Small Business, and Community Development. Community Development Financial Institutions Fund. Assistant Secretary of the Treasury for Financial Markets. Office of Financial Markets. Office of Federal Finance. Office of Government Financial Policy. Office of Capital Markets. Assistant Secretary of the Treasury for Financial Stability. Office of Financial Stability. Fiscal Assistant Secretary of the Treasury. Office of Fiscal Service.
Adam J. Szubin
He became the Acting Secretary of the Treasury of the United States on January 20, 2017 after the resignation of Treasury Secretary Jack Lew and Deputy Treasury Secretary Sarah Bloom Raskin. After the confirmation of Steven Mnuchin as Secretary of the Treasury, Szubin left government service.
Oliver WolcottGovernor WolcottWolcott
He was appointed Secretary of the Treasury by George Washington in 1795 to succeed Alexander Hamilton. In 1799, as Secretary of the Treasury, he designed the United States Customs Service flag. Though, with Timothy Pickering and James McHenry, he was one of three of the four members of Adams's Cabinet to offer persistent opposition to Adams's efforts to preserve peaceful relations with France and then to end the quasi-war with France, Adams did not request Wolcott's resignation at the time he sought McHenry's resignation and dismissed Pickering.
Under Secretary for International AffairsUnder Secretary of the Treasury (International Affairs)Under Secretary, US Treasury
The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. The office is currently held by David Malpass. The Office of International Affairs (IA), led by the Under Secretary of the Treasury for International Affairs, has oversight of the following: The office of Under Secretary for International Affairs was vacant for nearly a year, following the November 2013 departure of Lael Brainard, who had been appointed by President Barack Obama in April 2010.
GallatinistGallatinA. A. Albert Gallatin
He represented Pennsylvania in the Senate and the House of Representatives before becoming the longest-tenured United States Secretary of the Treasury and serving as a high-ranking diplomat. Born in Geneva in present-day Switzerland, Gallatin immigrated to the United States in the 1780s, settling in western Pennsylvania. He served as a delegate to the 1789 Pennsylvania constitutional convention and won election to the Pennsylvania General Assembly. An opponent of Alexander Hamilton's economic policies, Gallatin was elected to the United States Senate in 1793.
MadisonPresident MadisonPresident James Madison
Along with Secretary of the Treasury Albert Gallatin, Madison became one of the two major influences in Jefferson's cabinet. As the ascent of Napoleon had dulled Democratic-Republican enthusiasm for the French cause, Madison sought a neutral position in the ongoing Coalition Wars between France and Britain. Early in Jefferson's presidency, the United States learned that Spain planned to retrocede the Territory of Louisiana to France, raising fears of French encroachment on U.S. territory.
Rush, RichardMr. RushRichard
Richard Rush (August 29, 1780 – July 30, 1859) was the 8th United States Attorney General and the 8th United States Secretary of the Treasury. He also served as John Quincy Adams's running mate on the National Republican ticket in 1828. Born in Philadelphia to Benjamin Rush, a prominent physician and Founding Father, Richard Rush graduated from the College of New Jersey in 1797 and pursued a legal career. After gaining renown for his oratorical skills, he was appointed as Attorney General of Pennsylvania in 1811. Later that year, President James Madison appointed Rush to the position of Comptroller of the Treasury, and Rush became one of Madison's closest advisers during the War of 1812.
minister of financeFinancefinance ministry
In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget. In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.
George CampbellGeorge Washington CampbellHon. G.W. Campbell
His first service was from October 8, 1811 to February 11, 1814, when he resigned to accept appointment as the United States Secretary of the Treasury. He returned to the Senate on October 10, 1815. He served as the first chairman of the Senate Finance Committee and its predecessor from December 4, 1815, until his resignation from the Senate on April 20, 1818; on this occasion to accept appointment as United States Ambassador to Russia, a position he held from 1818 to 1821. Campbell served as a member of the French Spoliation Claims Commission in 1831. Appointed Secretary of the Treasury by James Madison, Campbell faced national financial disorder brought on by the War of 1812.
The Second Bank of the United States, viewed by Jackson and much of the nation as an unconstitutional and dangerous monopoly, was Ingham's primary concern as Secretary of the Treasury. Jackson mistrusted the Second Bank of the United States and all other banks. Jackson thought that there should be no paper currency in circulation but only coins and that the US Constitution was designed to expel paper currency from the monetary system. Ingham believed in the Second Bank and attempted to resolve conflicts between Jackson, who wanted it destroyed, and the Bank's president, Nicholas Biddle.
Roger TaneyTaneyChief Justice Taney
When Secretary of the Treasury William J. Duane refused to authorize the removal of federal deposits from the national bank, Jackson fired Duane and gave Taney a recess appointment as secretary of the treasury. Taney redistributed federal deposits from the national bank to favored state-chartered banks, which became known as "pet banks." In June 1834, the Senate rejected Taney's nomination as secretary of the treasury, leaving Taney without a position in the cabinet. Taney was the first cabinet nominee in the nation's history to be rejected by the Senate.