United States Secretaries of the Treasury

United States Secretaries of the Treasury
Post	Secretary of the Treasury
Body	the United States
Insigniasize	120
Insigniacaption	Seal of the Department of the Treasury
Flagsize	120
Flagcaption	Flag of the Secretary of the Treasury
Incumbent	Janet Yellen
Incumbentsince	January 26, 2021
Department	United States Department of the Treasury
Style	Madam Secretary (informal), The Honorable (formal)
Member of	Cabinet, National Security Council, Domestic Policy Council
Reports to	President of the United States
Seat	Treasury Building, Washington, D.C.
Appointer	President of the United States
Appointer qualified	with Senate advice and consent
Termlength	No fixed term
Formation	September 11, 1789
First	Alexander Hamilton
Succession	Fifth
Deputy	Deputy Secretary of the Treasury
Salary	Executive Schedule, Level I

United States Secretaries of the Treasury are the heads of the United States Department of the Treasury, a principal Cabinet office established in 1789. The Secretary serves as the chief financial officer of the federal government, advising the President of the United States on economic, fiscal, and monetary policy. This position is fifth in the United States presidential line of succession and has been held by notable figures from Alexander Hamilton to Janet Yellen.

History and establishment of the office

The office was created by an Act of Congress on September 11, 1789, following the ratification of the United States Constitution. George Washington appointed Alexander Hamilton as the first Secretary, who quickly established the nation's financial system from his offices in New York City. The Treasury Building in Washington, D.C. became its permanent home, surviving a fire set by the British Army during the War of 1812. Throughout history, the Department's role expanded during crises like the American Civil War, the Great Depression, and the 2007–2008 financial crisis, with its leadership evolving from managing the First Bank of the United States to overseeing modern entities like the Internal Revenue Service.

Duties and responsibilities

The Secretary's primary duty is to formulate and recommend domestic and international financial, economic, and tax policy. This includes managing the federal debt, supervising the production of coin and currency, and serving as the U.S. Governor of the International Monetary Fund and the World Bank. The Secretary oversees a vast department including the Bureau of Engraving and Printing, the United States Mint, and the Office of the Comptroller of the Currency. Key responsibilities also involve enforcing financial sanctions, combating financial crimes, and reporting annually on the state of the nation's finances to the United States Congress.

List of Secretaries of the Treasury

There have been 78 Secretaries of the Treasury since 1789, serving under presidents from George Washington to Joe Biden. The longest-serving was Albert Gallatin, who served under Thomas Jefferson and James Madison for nearly thirteen years. Several individuals have served non-consecutive terms, such as John Sherman under Rutherford B. Hayes and William McKinley. The position has seen historic firsts, including the first woman, Janet Yellen, and the first African American, Lynn Morley Martin, though the latter served as Secretary of Labor. The line of succession is detailed in the United States Code.

Notable Secretaries and their legacies

Alexander Hamilton is the most iconic, establishing the First Bank of the United States and the nation's credit. Salmon P. Chase, serving under Abraham Lincoln, championed the National Banking Acts and introduced greenbacks during the American Civil War. Andrew Mellon, under Warren G. Harding and Calvin Coolidge, advocated for tax cuts and debt reduction in the 1920s. Henry Morgenthau Jr. was instrumental in financing the New Deal and World War II. More recently, Robert Rubin and Lawrence Summers were key figures during the Clinton administration's budget surpluses, while Henry Paulson and Timothy Geithner led the response to the Great Recession.

Relationship with other government entities

The Secretary is a principal member of the Cabinet, the National Security Council, and the Domestic Policy Council. The office works closely with the Board of Governors of the Federal Reserve System, though the Federal Reserve operates independently. It also coordinates with the Department of Commerce on trade policy and the Department of State on international finance. The Secretary frequently testifies before congressional committees like the House Ways and Means Committee and the Senate Finance Committee.

In popular culture

The office and its holders have been depicted in various cultural works. Alexander Hamilton's life is famously portrayed in the Broadway musical *Hamilton* by Lin-Manuel Miranda. The Secretary has been a character in films such as Dave and television series like The West Wing. Historical figures like Andrew Mellon and Henry Morgenthau Jr. appear in biographies and documentaries about the Great Depression and World War II. The role is also frequently referenced in political dramas and novels concerning financial crises and White House intrigue.

Category:United States Secretaries of the Treasury Category:1789 establishments in the United States