The Secretary of the Treasury runs the U.S. Department of the Treasury, a Cabinet-level agency of the fe🍷deral governmentꦰ. The department is responsible for crucial functions that help keep the government running, including paying all U.S. bills, collecting taxes, and managing federal finances.

The Treasury Department also oversees national banks, printing and minting all paper currency and coins, collecting taxes, enforcing tax and financial laws, and prosecuting tax evaders and financial criminals. It also makes recommendations about financial, monetary, trade, and tax p🌞olicies.

Duties of the Secretary of the Treasury

The Secretary of the Treasury is considered to be the chief financial officer (CFO) of the United States government. This individual makes recommendations about domestic and global economic policy and tax policy and acts as the principal economic advisor to the President. They play an essential part in creating strategies that affect economic and government financial outlooks for issues that the government faces. 

Secretaries take part in formulating broad 澳洲幸运5开奖号码历史查询:fiscal policies that significantly impact the econoꦫmy and manage the public debt. The Secret꧋ary also serves as the financial representative for the U.S. government. This person is responsible for overseeing the manufacture of U.S. coins and currency and managing the amount of cash that is available to markets.

The Secretary of the Treasury has some responsibility for the 澳洲幸运5开奖号码历史查询:credit rating of the United States. If the U.S. mismanages money or defaults on debt, the entire economy can be at risk. For that re🧔ason, the Secretary may take on additional duties not specifically laid out in the job description.

As noted above, there💖 are several agencies that the Secretary oversees, including the:

• Internal Revenue Service (IRS)
• Bureau of the Fiscal Service
• U.S. Mint
• Financial Crimes Enforcement Network
• Office of the Comptroller of the Currency (OCC)
• Alcohol and Tobacco Tax and Trade Bureau
  

Qualifications for Secretary of the Treasury

The Secretary is selected and nominated by the President. The candidate must then undergo U.S. Senate hearings and be confir𝓡med by a majority vote before being sworn into office.

The President can choose any individual. But, nominees are typically experienced in one or more of the following disciplines: 澳洲幸运5开奖号码历史查询:economics, law, business, education, or the militar🍸y. They may also have work experience from a 🍒previous government post.

The United States Constitution only has one rule in place about who holds Cabinet positions: No Senator or Representative is permitted to hold a Cabinet position while simultaneously serving in Congress. Any member of Congress nominated would have to resign to assume the office of the Treasury secretary.

Standard Term for the Secretary of the Treasury

The amount of time a Secretary of the Treasury has in their post is incumbent upon the President’s discreti♒on. That being said, there is no fixed term set aside for this position. The President may dismiss the Secretary at will and replace them at any time. The Secretary traditionally resigns once the President’s term is over, though in several cases, Seᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚcretaries have stayed on into new administrations.

Albert Gallatin was the longest-serving Treasury secretary. Appointed by President Thomas Jefferson in 1801, Gallatin continued his tenure under President James Madison until 1814. Joseph Barr was the shortest-serving Secretary. He was appointed in December 1968 under President Lyndon B. Johnson and resigned in January 1969.

Current Secretary of the Treasury

Scott Bessent is the current United States Secretary of the Treasuಞry. He was nominated by President Donald Trump and confirm💟ed by the Senate on Jan. 20, 2025. Bessent was sworn in as S🉐ecretary of the Treasury on Jan. 28, 2025.

Bessent has had an expansive career in investing, finance, and economics. Before heading up the Treasury Department, he held positions as the CEO and Chief Investment Officer at Key Square Capital Management, an adjunct professor of economic history at Yale, and as a managing partner at Soros Fund Management.

The Bottom Line

The Secretary of the Treasury is a key member of the U.S. Cabinet. Just like the CFO of a corporation, this individual is tasked with the financial integrity of the entire country. This means they are responsible for a wide range of activities relating to the country's financial health, including paying its bills, collecting tax revenues, overseeing the supply of money that is printed and in circulation, and acting as an advisor to the President on key economic issues.