United States Deputy Secretary of the Treasury

United States Deputy Secretary of the Treasury is the second-highest-ranking official in the United States Department of the Treasury. The Deputy Secretary, appointed by the President of the United States and confirmed by the United States Senate, serves as the principal deputy, chief operating officer, and alter ego to the United States Secretary of the Treasury. This position is critical for managing the department's day-to-day operations and implementing major policy initiatives across domestic finance, international affairs, and economic security.

History and establishment

The position was formally established by the Department of the Treasury Act of 1974, which reorganized the department's leadership structure. Prior to this, the Under Secretary of the Treasury for Monetary Affairs often performed many of the deputy's functions. The creation of the role was part of a broader effort to streamline executive management within the United States federal government, following recommendations from commissions like the Ash Council. The first individual to hold the title was Stephen S. Gardner, who was confirmed by the United States Senate and assumed office on July 1, 1974, during the administration of President Gerald Ford.

Appointment and role

The Deputy Secretary is nominated by the President of the United States and must undergo a confirmation hearing before the United States Senate Committee on Finance. Upon confirmation by the full United States Senate, the Deputy Secretary is sworn in, typically by the United States Secretary of the Treasury or a federal judge. The role is designated by statute as the "first assistant" for purposes of the Federal Vacancies Reform Act, making the Deputy Secretary the automatic acting head of the department in the absence of the Secretary. The position is also in the United States presidential line of succession, specifically in the seventeenth position.

List of Deputy Secretaries

Since its inception, the position has been held by individuals from diverse professional backgrounds, including banking, law, academia, and public service. Notable holders include Kenneth W. Dam, who served under President Ronald Reagan and later became Deputy Secretary of State; Stuart E. Eizenstat, a key advisor to President Jimmy Carter; and Robert M. Kimmitt, who had previously served as United States Ambassador to Germany. The current Deputy Secretary is Wally Adeyemo, who assumed the role in the administration of President Joe Biden.

Responsibilities and functions

The Deputy Secretary oversees the department's vast operational portfolio, which includes agencies like the Internal Revenue Service, the United States Mint, and the Bureau of Engraving and Printing. Key functional areas under the Deputy's purview involve coordinating policy on domestic finance, international financial institutions, and economic sanctions. The Deputy also frequently represents the United States at meetings of the G20, the International Monetary Fund, and the World Bank Group, and may lead interagency groups such as the Committee on Foreign Investment in the United States (CFIUS).

Relationship to the Secretary

The Deputy Secretary acts as the chief operating officer and principal policy advisor to the United States Secretary of the Treasury. This relationship requires close coordination on all major departmental initiatives, from crafting fiscal policy to managing financial crises. The Deputy often chairs internal committees and deputies' meetings, ensuring the Secretary's strategic vision is executed across bureaus and offices. During the Secretary's travel or illness, the Deputy exercises the full authority of the office, making critical decisions on matters ranging from debt management to terrorist financing investigations.

Acting Deputy Secretaries

When the position of Deputy Secretary is vacant, the Under Secretary of the Treasury for Domestic Finance typically serves as the acting official, as stipulated by departmental order. Prominent individuals who have served in an acting capacity include Mary J. Miller and Jeffrey A. Goldstein. These acting officials perform all the duties of the Deputy Secretary but cannot remain in the role indefinitely under the constraints of the Federal Vacancies Reform Act, which limits the tenure of acting officials to 210 days. Category:United States Deputy Secretaries of the Treasury Category:United States Department of the Treasury officials