United States Secretary of the Treasury facts for kids

Quick facts for kids United States Secretary of the Treasury
Flag of the secretary
Seal of the Department of the Treasury
Incumbent Scott Bessent since January 28, 2025
Department of the Treasury
Style	Mister Secretary (informal) The Honorable (formal)
Member of	Cabinet National Security Council
Reports to	President
Seat	Treasury Building Washington, D.C.
Appointer	President with Senate advice and consent
Term length	No fixed term
Constituting instrument	31 U.S.C. § 301
Precursor	Superintendent of Finance
Formation	September 11, 1789; 235 years ago (1789-09-11)
First holder	Alexander Hamilton
Succession	Fifth
Deputy	Deputy Secretary
Salary	Executive Schedule, Level I

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.

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.

As 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.

The secretary along with the treasurer of the United States must sign Federal Reserve notes before they can become legal tender. 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, thus earning the salary prescribed for that level (US$250,600, as of January 2024).

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.

      Federalist (4)       Democratic-Republican (4)       Democratic (30)       Whig (5)       Republican (35)       Independent (1)

Status      Denotes an acting secretary of the treasury

No.	Portrait	Name	State of residence	Took office	Left office	President(s)
1		Hamilton, AlexanderAlexander Hamilton	New York	September 11, 1789	January 31, 1795		Washington, GeorgeGeorge Washington (1789–1797)
2		Wolcott Jr., OliverOliver Wolcott Jr.	Connecticut	February 3, 1795	December 31, 1800
							Adams, JohnJohn Adams (1797–1801)
3		Dexter, SamuelSamuel Dexter	Massachusetts	January 1, 1801	May 13, 1801
							Jefferson, ThomasThomas Jefferson (1801–1809)
4		Gallatin, AlbertAlbert Gallatin	Pennsylvania	May 14, 1801	February 8, 1814		Madison, JamesJames Madison (1809–1817)
5		Campbell, George W.George W. Campbell	Tennessee	February 9, 1814	October 5, 1814
6		Dallas, AlexanderAlexander Dallas	Pennsylvania	October 6, 1814	October 21, 1816
–		Jones, WilliamWilliam Jones Acting	Pennsylvania	October 21, 1816	October 22, 1816
7		Crawford, William H.William H. Crawford	Georgia	October 22, 1816	March 6, 1825
							Monroe, JamesJames Monroe (1817–1825)
8		Rush, RichardRichard Rush	Pennsylvania	March 7, 1825	March 5, 1829		Adams, John QuincyJohn Quincy Adams (1825–1829)
9		Ingham, Samuel D.Samuel D. Ingham	Pennsylvania	March 6, 1829	June 20, 1831		Jackson, AndrewAndrew Jackson (1829–1837)
10		McLane, LouisLouis McLane	Delaware	August 8, 1831	May 28, 1833
11		Duane, William J.William J. Duane	Pennsylvania	May 29, 1833	September 22, 1833
12		Taney, Roger B.Roger B. Taney	Maryland	September 23, 1833	June 25, 1834
13		Woodbury, LeviLevi Woodbury	New Hampshire	July 1, 1834	March 3, 1841
							Van Buren, MartinMartin Van Buren (1837–1841)
14		Ewing, ThomasThomas Ewing	Ohio	March 4, 1841	September 11, 1841		Harrison, William HenryWilliam Henry Harrison (1841)
							Tyler, JohnJohn Tyler (1841–1845)
15		Forward, WalterWalter Forward	Pennsylvania	September 13, 1841	March 1, 1843
16		Spencer, John CanfieldJohn Canfield Spencer	New York	March 8, 1843	May 2, 1844
17		Bibb, George M.George M. Bibb	Kentucky	July 4, 1844	March 7, 1845
18		Walker, Robert J.Robert J. Walker	Mississippi	March 8, 1845	March 5, 1849		Polk, James K.James K. Polk (1845–1849)
19		Meredith, William M.William M. Meredith	Pennsylvania	March 8, 1849	July 22, 1850		Taylor, ZacharyZachary Taylor (1849–1850)
20		Corwin, ThomasThomas Corwin	Ohio	July 23, 1850	March 6, 1853		Fillmore, MillardMillard Fillmore (1850–1853)
21		Guthrie, JamesJames Guthrie	Kentucky	March 7, 1853	March 6, 1857		Pierce, FranklinFranklin Pierce (1853–1857)
22		Cobb, HowellHowell Cobb	Georgia	March 7, 1857	December 8, 1860		Buchanan, JamesJames Buchanan (1857–1861)
23		Thomas, Philip FrancisPhilip Francis Thomas	Maryland	December 12, 1860	January 14, 1861
24		Dix, John AdamsJohn Adams Dix	New York	January 15, 1861	March 6, 1861
25		Chase, Salmon P.Salmon P. Chase	Ohio	March 7, 1861	June 30, 1864		Lincoln, AbrahamAbraham Lincoln (1861–1865)
26		Fessenden, William P.William P. Fessenden	Maine	July 5, 1864	March 3, 1865
27		McCulloch, HughHugh McCulloch	Indiana	March 9, 1865	March 3, 1869
							Johnson, AndrewAndrew Johnson (1865–1869)
28		Boutwell, George S.George S. Boutwell	Massachusetts	March 12, 1869	March 16, 1873		Grant, Ulysses S.Ulysses S. Grant (1869–1877)
29		Richardson, William AdamsWilliam Adams Richardson	Massachusetts	March 17, 1873	June 3, 1874
30		Bristow, BenjaminBenjamin Bristow	Kentucky	June 4, 1874	June 20, 1876
31		Morrill, Lot M.Lot M. Morrill	Maine	July 7, 1876	March 9, 1877
32		Sherman, JohnJohn Sherman	Ohio	March 10, 1877	March 3, 1881		Hayes, Rutherford B.Rutherford B. Hayes (1877–1881)
33		Windom, WilliamWilliam Windom	Minnesota	March 8, 1881	November 13, 1881		Garfield, James A.James A. Garfield (1881)
							Arthur, Chester A.Chester A. Arthur (1881–1885)
34		Folger, Charles J.Charles J. Folger	New York	November 14, 1881	September 4, 1884
35		Gresham, Walter Q.Walter Q. Gresham	Indiana	September 5, 1884	October 30, 1884
36		McCulloch, HughHugh McCulloch	Indiana	October 31, 1884	March 7, 1885
37		Manning, DanielDaniel Manning	New York	March 8, 1885	March 31, 1887		Cleveland, GroverGrover Cleveland (1885–1889)
38		Fairchild, Charles S.Charles S. Fairchild	New York	April 1, 1887	March 6, 1889
39		Windom, WilliamWilliam Windom	Minnesota	March 7, 1889	January 29, 1891		Harrison, BenjaminBenjamin Harrison (1889–1893)
40		Foster, CharlesCharles Foster	Ohio	February 25, 1891	March 6, 1893
41		Carlisle, John G.John G. Carlisle	Kentucky	March 7, 1893	March 5, 1897		Cleveland, GroverGrover Cleveland (1893–1897)
42		Gage, Lyman J.Lyman J. Gage	Illinois	March 6, 1897	January 31, 1902		McKinley, WilliamWilliam McKinley (1897–1901)
							Roosevelt, TheodoreTheodore Roosevelt (1901–1909)
43		Shaw, L. M.L. M. Shaw	Iowa	February 1, 1902	March 3, 1907
44		Cortelyou, George B.George B. Cortelyou	New York	March 4, 1907	March 7, 1909
45		MacVeagh, FranklinFranklin MacVeagh	Illinois	March 8, 1909	March 5, 1913		Taft, William HowardWilliam Howard Taft (1909–1913)
46		McAdoo, William GibbsWilliam Gibbs McAdoo	New York	March 6, 1913	December 15, 1918		Wilson, WoodrowWoodrow Wilson (1913–1921)
47		Glass, CarterCarter Glass	Virginia	December 16, 1918	February 1, 1920
48		Houston, David F.David F. Houston	Missouri	February 2, 1920	March 3, 1921
49		Mellon, AndrewAndrew Mellon	Pennsylvania	March 4, 1921	February 12, 1932		Harding, Warren G.Warren G. Harding (1921–1923)
							Coolidge, CalvinCalvin Coolidge (1923–1929)
							Hoover, HerbertHerbert Hoover (1929–1933)
50		Mills, Ogden L.Ogden L. Mills	New York	February 13, 1932	March 4, 1933
51		Woodin, William H.William H. Woodin	New York	March 5, 1933	December 31, 1933		Roosevelt, Franklin D.Franklin D. Roosevelt (1933–1945)
52		Morgenthau Jr., HenryHenry Morgenthau Jr.	New York	January 1, 1934	July 22, 1945
53		Vinson, Fred M.Fred M. Vinson	Kentucky	July 23, 1945	June 23, 1946		Truman, Harry S.Harry S. Truman (1945–1953)
54		Snyder, John WesleyJohn Wesley Snyder	Missouri	June 25, 1946	January 20, 1953
55		Humphrey, George M.George M. Humphrey	Ohio	January 21, 1953	July 29, 1957		Eisenhower, Dwight D.Dwight D. Eisenhower (1953–1961)
56		Anderson, RobertRobert Anderson	Connecticut	July 29, 1957	January 20, 1961
57		Dillon, C. DouglasC. Douglas Dillon	New Jersey	January 21, 1961	April 1, 1965		Kennedy, John F.John F. Kennedy (1961–1963)
							Johnson, Lyndon B.Lyndon B. Johnson (1963–1969)
58		Fowler, Henry H.Henry H. Fowler	Virginia	April 1, 1965	December 20, 1968
59		Barr, Joseph W.Joseph W. Barr	Indiana	December 21, 1968	January 20, 1969
60		Kennedy, DavidDavid Kennedy	Utah	January 22, 1969	February 10, 1971		Nixon, RichardRichard Nixon (1969–1974)
61		Connally, JohnJohn Connally	Texas	February 11, 1971	June 12, 1972
62		Shultz, GeorgeGeorge Shultz	Illinois	June 12, 1972	May 8, 1974
63		Simon, William E.William E. Simon	New Jersey	May 8, 1974	January 20, 1977
							Ford, GeraldGerald Ford (1974–1977)
64		Blumenthal, W. MichaelW. Michael Blumenthal	Michigan	January 23, 1977	August 4, 1979		Carter, JimmyJimmy Carter (1977–1981)
65		Miller, G. WilliamG. William Miller	Rhode Island	August 7, 1979	January 20, 1981
66		Regan, DonaldDonald Regan	New Jersey	January 22, 1981	February 1, 1985		Reagan, RonaldRonald Reagan (1981–1989)
67		Baker, JamesJames Baker	Texas	February 4, 1985	August 17, 1988
–		McPherson, M. PeterM. Peter McPherson Acting	Michigan	August 17, 1988	September 15, 1988
68		Brady, Nicholas F.Nicholas F. Brady	New Jersey	September 15, 1988	January 17, 1993
							Bush, George H. W.George H. W. Bush (1989–1993)
69		Bentsen, LloydLloyd Bentsen	Texas	January 20, 1993	December 22, 1994		Clinton, BillBill Clinton (1993–2001)
–		Newman, Frank N.Frank N. Newman Acting	Massachusetts	December 22, 1994	January 11, 1995
70		Rubin, RobertRobert Rubin	New York	January 11, 1995	July 2, 1999
71		Summers, LawrenceLawrence Summers	Massachusetts	July 2, 1999	January 20, 2001
72		O'Neill, Paul H.Paul H. O'Neill	Pennsylvania	January 20, 2001	December 31, 2002		Bush, George W.George W. Bush (2001–2009)
–		Dam, Kenneth W.Kenneth W. Dam Acting	Illinois	December 31, 2002	February 3, 2003
73		Snow, John W.John W. Snow	Virginia	February 3, 2003	June 30, 2006
–		Kimmitt, Robert M.Robert M. Kimmitt Acting	Virginia	June 30, 2006	July 10, 2006
74		Paulson, HenryHenry Paulson	Illinois	July 10, 2006	January 20, 2009
–		Levey, Stuart A.Stuart A. Levey Acting	Ohio	January 20, 2009	January 26, 2009		Obama, BarackBarack Obama (2009–2017)
75		Geithner, TimothyTimothy Geithner	New York	January 26, 2009	January 25, 2013
–		Wolin, Neal S.Neal S. Wolin Acting	Illinois	January 25, 2013	February 28, 2013
76		Lew, JackJack Lew	New York	February 28, 2013	January 20, 2017
–		Szubin, AdamAdam Szubin Acting	Washington, D.C.	January 20, 2017	February 13, 2017		Trump, DonaldDonald Trump (2017–2021)
77		Mnuchin, StevenSteven Mnuchin	California	February 13, 2017	January 20, 2021
–		Baukol, AndyAndy Baukol Acting	Virginia	January 20, 2021	January 26, 2021		Biden, JoeJoe Biden (2021–2025)
78		Yellen, JanetJanet Yellen	California	January 26, 2021	January 20, 2025
–		Lebryk, DavidDavid Lebryk Acting	Indiana	January 20, 2025	January 28, 2025		Trump, DonaldDonald Trump (2025–present)
79		Bessent, ScottScott Bessent	South Carolina	January 28, 2025	present

Former flag of the Secretary of the Treasury, originating from the 19th century.

Succession

Presidential succession

The secretary of the treasury is fifth in the presidential line of succession, following the secretary of state and preceding the secretary of defense.

Succession within the Department

On August 16, 2016, President Barack Obama signed Executive Order 13735, which changed the order of succession for filling the Treasury Secretary's role when necessary. At any time when the secretary and the deputy secretary of the treasury have both died, resigned, or cannot serve as secretary for other reasons, the order designates which Treasury officers are next in line to serve as acting secretary.

The order of succession is:

See also

In Spanish: Secretario del Tesoro de los Estados Unidos para niños