United States Secretary of the Treasury facts for kids
Quick facts for kids United States Secretary of the Treasury |
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![]() Flag of the secretary
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![]() Seal of the Department of the Treasury
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Department of the Treasury | |
Style |
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Member of | |
Reports to | President of the United States |
Seat | |
Appointer | President of the United States
Senate (advice and consent)
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Term length | No fixed term |
Constituting instrument | 31 U.S.C. § 301 |
Precursor | Superintendent of Finance |
Formation | September 11, 1789 |
First holder | Alexander Hamilton |
Succession | Fifth |
Deputy | Deputy Secretary |
Salary | Executive Schedule, Level I |
The United States Secretary of the Treasury is a very important person in the U.S. government. They are the leader of the Treasury Department. Think of them as the chief financial officer for the entire country!
The Secretary of the Treasury gives advice to the President about money matters. This includes how the country handles its economy and taxes. They are also a member of the President's Cabinet. The current Secretary of the Treasury is Scott Bessent, who started on January 28, 2025.
To become Secretary, a person is chosen by the President. Then, the Senate must approve them. This process involves a special meeting called a confirmation hearing. The Secretary of the Treasury is one of the four most important Cabinet members. The others are the Secretary of State, Secretary of Defense, and the Attorney General.
Contents
What Does the Secretary of the Treasury Do?
The Secretary of the Treasury has many big jobs. They help create rules for how the U.S. handles money both at home and with other countries. They also help decide on tax policies that affect everyone.
- Managing Money: The Secretary is in charge of the country's money. This includes making sure the government can pay its bills.
- Law Enforcement: They oversee parts of the Treasury Department that enforce laws. This includes fighting financial crimes.
- Making Money: The Secretary also supervises the making of coins and paper money.
- International Role: They represent the U.S. in important global financial groups. These include the International Monetary Fund and the International Bank for Reconstruction and Development.
The Secretary and the Treasurer of the United States must sign all Federal Reserve notes (paper money) before they can be used.
How Much Does the Secretary Earn?
The Secretary of the Treasury holds a high-level position in the government. As of January 2024, the salary for this role is $250,600 per year.
Who Has Been Secretary of the Treasury?
The Secretary of the Treasury is the head of the Treasury Department. They are the main financial officer for the U.S. government. This person advises the President on all money and economic topics. They are also a member of the President's Cabinet.
The President chooses the Secretary. Then, the Senate must approve them.
- Parties
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) | |
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1 | ![]() |
Alexander Hamilton | New York | September 11, 1789 | January 31, 1795 | George Washington (1789–1797) |
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2 | ![]() |
Oliver Wolcott Jr. | Connecticut | February 3, 1795 | December 31, 1800 | ||
John Adams (1797–1801) |
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3 | ![]() |
Samuel Dexter | Massachusetts | January 1, 1801 | May 13, 1801 | ||
Thomas Jefferson (1801–1809) |
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4 | Albert Gallatin | Pennsylvania | May 14, 1801 | February 8, 1814 | James Madison (1809–1817) |
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5 | ![]() |
George W. Campbell | Tennessee | February 9, 1814 | October 5, 1814 | ||
6 | ![]() |
Alexander Dallas | Pennsylvania | October 6, 1814 | October 21, 1816 | ||
– | ![]() |
William Jones Acting |
Pennsylvania | October 21, 1816 | October 22, 1816 | ||
7 | ![]() |
William H. Crawford | Georgia | October 22, 1816 | March 6, 1825 | ||
James Monroe (1817–1825) |
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8 | ![]() |
Richard Rush | Pennsylvania | March 7, 1825 | March 5, 1829 | John Quincy Adams (1825–1829) |
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9 | ![]() |
Samuel D. Ingham | Pennsylvania | March 6, 1829 | June 20, 1831 | Andrew Jackson (1829–1837) |
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10 | ![]() |
Louis McLane | Delaware | August 8, 1831 | May 28, 1833 | ||
11 | ![]() |
William J. Duane | Pennsylvania | May 29, 1833 | September 22, 1833 | ||
12 | ![]() |
Roger B. Taney | Maryland | September 23, 1833 | June 25, 1834 | ||
13 | ![]() |
Levi Woodbury | New Hampshire | July 1, 1834 | March 3, 1841 | ||
Martin Van Buren (1837–1841) |
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14 | ![]() |
Thomas Ewing | Ohio | March 4, 1841 | September 11, 1841 | William Henry Harrison (1841) |
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John Tyler (1841–1845) |
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15 | ![]() |
Walter Forward | Pennsylvania | September 13, 1841 | March 1, 1843 | ||
16 | ![]() |
John Canfield Spencer | New York | March 8, 1843 | May 2, 1844 | ||
17 | ![]() |
George M. Bibb | Kentucky | July 4, 1844 | March 7, 1845 | ||
18 | ![]() |
Robert J. Walker | Mississippi | March 8, 1845 | March 5, 1849 | James K. Polk (1845–1849) |
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19 | ![]() |
William M. Meredith | Pennsylvania | March 8, 1849 | July 22, 1850 | Zachary Taylor (1849–1850) |
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20 | ![]() |
Thomas Corwin | Ohio | July 23, 1850 | March 6, 1853 | Millard Fillmore (1850–1853) |
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21 | ![]() |
James Guthrie | Kentucky | March 7, 1853 | March 6, 1857 | Franklin Pierce (1853–1857) |
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22 | ![]() |
Howell Cobb | Georgia | March 7, 1857 | December 8, 1860 | James Buchanan (1857–1861) |
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23 | ![]() |
Philip Francis Thomas | Maryland | December 12, 1860 | January 14, 1861 | ||
24 | ![]() |
John Adams Dix | New York | January 15, 1861 | March 6, 1861 | ||
25 | ![]() |
Salmon P. Chase | Ohio | March 7, 1861 | June 30, 1864 | Abraham Lincoln (1861–1865) |
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26 | ![]() |
William P. Fessenden | Maine | July 5, 1864 | March 3, 1865 | ||
27 | ![]() |
Hugh McCulloch | Indiana | March 9, 1865 | March 3, 1869 | ||
Andrew Johnson (1865–1869) |
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28 | ![]() |
George S. Boutwell | Massachusetts | March 12, 1869 | March 16, 1873 | Ulysses S. Grant (1869–1877) |
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29 | ![]() |
William Adams Richardson | Massachusetts | March 17, 1873 | June 3, 1874 | ||
30 | ![]() |
Benjamin Bristow | Kentucky | June 4, 1874 | June 20, 1876 | ||
31 | ![]() |
Lot M. Morrill | Maine | July 7, 1876 | March 9, 1877 | ||
32 | ![]() |
John Sherman | Ohio | March 10, 1877 | March 3, 1881 | Rutherford B. Hayes (1877–1881) |
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33 | ![]() |
William Windom | Minnesota | March 8, 1881 | November 13, 1881 | James A. Garfield (1881) |
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Chester A. Arthur (1881–1885) |
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34 | ![]() |
Charles J. Folger | New York | November 14, 1881 | September 4, 1884 | ||
35 | ![]() |
Walter Q. Gresham | Indiana | September 5, 1884 | October 30, 1884 | ||
36 | ![]() |
Hugh McCulloch | Indiana | October 31, 1884 | March 7, 1885 | ||
37 | ![]() |
Daniel Manning | New York | March 8, 1885 | March 31, 1887 | Grover Cleveland (1885–1889) |
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38 | ![]() |
Charles S. Fairchild | New York | April 1, 1887 | March 6, 1889 | ||
39 | ![]() |
William Windom | Minnesota | March 7, 1889 | January 29, 1891 | Benjamin Harrison (1889–1893) |
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40 | ![]() |
Charles Foster | Ohio | February 25, 1891 | March 6, 1893 | ||
41 | ![]() |
John G. Carlisle | Kentucky | March 7, 1893 | March 5, 1897 | Grover Cleveland (1893–1897) |
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42 | ![]() |
Lyman J. Gage | Illinois | March 6, 1897 | January 31, 1902 | William McKinley (1897–1901) |
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Theodore Roosevelt (1901–1909) |
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43 | ![]() |
L. M. Shaw | Iowa | February 1, 1902 | March 3, 1907 | ||
44 | ![]() |
George B. Cortelyou | New York | March 4, 1907 | March 7, 1909 | ||
45 | ![]() |
Franklin MacVeagh | Illinois | March 8, 1909 | March 5, 1913 | William Howard Taft (1909–1913) |
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46 | ![]() |
William Gibbs McAdoo | New York | March 6, 1913 | December 15, 1918 | Woodrow Wilson (1913–1921) |
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47 | ![]() |
Carter Glass | Virginia | December 16, 1918 | February 1, 1920 | ||
48 | ![]() |
David F. Houston | Missouri | February 2, 1920 | March 3, 1921 | ||
49 | ![]() |
Andrew Mellon | Pennsylvania | March 4, 1921 | February 12, 1932 | Warren G. Harding (1921–1923) |
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Calvin Coolidge (1923–1929) |
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Herbert Hoover (1929–1933) |
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50 | ![]() |
Ogden L. Mills | New York | February 13, 1932 | March 4, 1933 | ||
51 | ![]() |
William H. Woodin | New York | March 5, 1933 | December 31, 1933 | Franklin D. Roosevelt (1933–1945) |
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52 | ![]() |
Henry Morgenthau Jr. | New York | January 1, 1934 | July 22, 1945 | ||
53 | ![]() |
Fred M. Vinson | Kentucky | July 23, 1945 | June 23, 1946 | Harry S. Truman (1945–1953) |
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54 | ![]() |
John Wesley Snyder | Missouri | June 25, 1946 | January 20, 1953 | ||
55 | ![]() |
George M. Humphrey | Ohio | January 21, 1953 | July 29, 1957 | Dwight D. Eisenhower (1953–1961) |
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56 | ![]() |
Robert Anderson | Connecticut | July 29, 1957 | January 20, 1961 | ||
57 | ![]() |
C. Douglas Dillon | New Jersey | January 21, 1961 | April 1, 1965 | John F. Kennedy (1961–1963) |
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Lyndon B. Johnson (1963–1969) |
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58 | ![]() |
Henry H. Fowler | Virginia | April 1, 1965 | December 20, 1968 | ||
59 | ![]() |
Joseph W. Barr | Indiana | December 21, 1968 | January 20, 1969 | ||
60 | ![]() |
David Kennedy | Utah | January 22, 1969 | February 10, 1971 | Richard Nixon (1969–1974) |
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61 | ![]() |
John Connally | Texas | February 11, 1971 | June 12, 1972 | ||
62 | ![]() |
George Shultz | Illinois | June 12, 1972 | May 8, 1974 | ||
63 | ![]() |
William E. Simon | New Jersey | May 8, 1974 | January 20, 1977 | ||
Gerald Ford (1974–1977) |
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64 | ![]() |
W. Michael Blumenthal | Michigan | January 23, 1977 | August 4, 1979 | Jimmy Carter (1977–1981) |
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65 | ![]() |
G. William Miller | Rhode Island | August 7, 1979 | January 20, 1981 | ||
66 | ![]() |
Donald Regan | New Jersey | January 22, 1981 | February 1, 1985 | Ronald Reagan (1981–1989) |
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67 | ![]() |
James Baker | Texas | February 4, 1985 | August 17, 1988 | ||
– | ![]() |
M. Peter McPherson Acting |
Michigan | August 17, 1988 | September 15, 1988 | ||
68 | ![]() |
Nicholas F. Brady | New Jersey | September 15, 1988 | January 17, 1993 | ||
George H. W. Bush (1989–1993) |
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69 | ![]() |
Lloyd Bentsen | Texas | January 20, 1993 | December 22, 1994 | Bill Clinton (1993–2001) |
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– | ![]() |
Frank N. Newman Acting |
Massachusetts | December 22, 1994 | January 11, 1995 | ||
70 | ![]() |
Robert Rubin | New York | January 11, 1995 | July 2, 1999 | ||
71 | ![]() |
Lawrence Summers | Massachusetts | July 2, 1999 | January 20, 2001 | ||
72 | ![]() |
Paul H. O'Neill | Pennsylvania | January 20, 2001 | December 31, 2002 | George W. Bush (2001–2009) |
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– | ![]() |
Kenneth W. Dam Acting |
Illinois | December 31, 2002 | February 3, 2003 | ||
73 | ![]() |
John W. Snow | Virginia | February 3, 2003 | June 30, 2006 | ||
– | ![]() |
Robert M. Kimmitt Acting |
Virginia | June 30, 2006 | July 10, 2006 | ||
74 | ![]() |
Henry Paulson | Illinois | July 10, 2006 | January 20, 2009 | ||
– | ![]() |
Stuart A. Levey Acting |
Ohio | January 20, 2009 | January 26, 2009 | Barack Obama (2009–2017) |
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75 | ![]() |
Timothy Geithner | New York | January 26, 2009 | January 25, 2013 | ||
– | ![]() |
Neal S. Wolin Acting |
Illinois | January 25, 2013 | February 28, 2013 | ||
76 | ![]() |
Jack Lew | New York | February 28, 2013 | January 20, 2017 | ||
– | ![]() |
Adam Szubin Acting |
Washington, D.C. | January 20, 2017 | February 13, 2017 | Donald Trump (2017–2021) |
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77 | ![]() |
Steven Mnuchin | California | February 13, 2017 | January 20, 2021 | ||
– | ![]() |
Andy Baukol Acting |
Virginia | January 20, 2021 | January 26, 2021 | Joe Biden (2021–2025) |
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78 | ![]() |
Janet Yellen | California | January 26, 2021 | January 20, 2025 | ||
– | ![]() |
David Lebryk Acting |
Indiana | January 20, 2025 | January 28, 2025 | Donald Trump (2025–present) |
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79 | ![]() |
Scott Bessent | South Carolina | January 28, 2025 | Incumbent |
Who Takes Over if the Secretary Can't Serve?
Presidential Line of Succession
The Secretary of the Treasury is fifth in line to become President. This means if the President and several other top officials cannot serve, the Secretary of the Treasury would be next. They follow the Secretary of State.
Succession Within the Treasury Department
Sometimes, both the Secretary and the Deputy Secretary might not be able to do their jobs. In such cases, other officials in the Treasury Department are ready to step in as acting Secretary. This order was set by President Barack Obama in 2016.
Here is the order of who would take over:
# | Office |
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1* | Under Secretaries of the Treasury |
2 | General Counsel of the Department of the Treasury (the main lawyer for the department) |
3* | Deputy Under Secretaries of the Treasury and certain Assistant Secretaries |
4 | Chief of Staff (the main helper to the Secretary) |
5 | Assistant Secretary for Management (manages the department's operations) |
6 | Fiscal Assistant Secretary (handles government finances) |
7 | Commissioner of Internal Revenue, Internal Revenue Service (head of the IRS, which collects taxes) |
8 | Commissioner, Bureau of the Fiscal Service (manages government payments and debt) |
9 | Deputy Commissioner, Fiscal Accounting and Shared Services, Bureau of the Fiscal Service |
10 | Commissioner, Wage and Investment Division, Internal Revenue Service |
* | These officials take over in the order they officially started their jobs. |
See also
In Spanish: Secretario del Tesoro de los Estados Unidos para niños