The United States Treasury Department is a federal government agency at the Cabinet level. He is responsible for crucial functions that help keep the government running, including paying all US bills, collecting taxes, and managing federal finances.
Another important role played by the Treasury Department is to oversee the national banks, which includes the printing and minting of all paper money and coins in circulation through the Bureau of Engraving and Printing and the United States Mint.
Primarily under the Internal Revenue Service (IRS), the same agency that collects taxes, the Treasury also enforces tax and financial laws, prosecuting suspected tax evaders and financial criminals.
In addition, the department makes recommendations regarding national and international financial, monetary, economic, trade and fiscal policy and publishes statistical reports.
Key points to remember
- The Secretary of the Treasury is an appointed Cabinet-level position in the US federal government.
- The Secretary of the Treasury acts as the principal adviser to the President and the Cabinet on economic matters.
- The United States Treasury Department, which the Secretary oversees, performs many important functions, including paying the nation’s bills, printing money, and collecting taxes.
- Historically, Secretaries to the Treasury have a high level of education in finance, law, and government.
- Janet Yellen, former chairwoman of the Federal Reserve, is the current secretary of the Treasury. She is the first woman to hold either of these positions.
Understand the duties of the Secretary of the Treasury
The President of the United States turns to the treasury secretary as a senior advisor on economic issues. The Secretary makes recommendations on national and global economic policy and fiscal policy. The secretary plays a very important role in creating strategies that affect the government’s economic and fiscal outlook for issues facing the government.
Secretaries of the Treasury participate in the development of major fiscal policies that have a significant impact on the economy and manage public debt. The Secretary is also the financial representative of the United States government. This person is responsible for overseeing the making of US coins and currency and managing the amount of liquidity available in the markets.
The Secretary of the Treasury has some responsibility for the usa credit rating. If the United States mismanages its money or fails to repay its debts, the entire economy can suffer. For this reason, the secretary may take on additional duties not specifically provided for in the job description.
The Secretary of the Treasury is chosen by the President of the United States. The nominee must then face US Senate hearings and be confirmed by majority vote before being sworn in.
The work experience of a candidate for Secretary of the Treasury is usually found in economics, law, business, education, the military, or in a former government position. The president has the opportunity to choose a candidate from any walk of American life.
The only rule, as stated in the United States Constitution, is that no Senator or Representative is permitted to hold a Cabinet office while simultaneously serving in Congress. Any appointed member of Congress would have to resign to assume the position of Secretary of the Treasury.
As of January 2022, the Secretary of the Treasury receives an annual salary of $226,300. The General Treasury Fund pays the salary.
The amount of time a Secretary of the Treasury has in office is at the discretion of the President. The President can revoke the Secretaries to the Treasury as he sees fit and replace them at any time. Traditionally, the secretary resigns when the president’s term ends, although in several cases secretaries have remained in new administrations.
Current Secretary of the Treasury
Janet Yellen is the current Secretary of the Treasury of the United States. She was nominated by then-President-elect Joe Biden on November 30, 2020, confirmed by the Senate on January 25, 2021, and sworn in as Secretary of the Treasury the next day. Before becoming Secretary of the Treasury, she was Chairman of the US Federal Reserve from 2014 to 2018, and is the first woman to hold either of these positions.
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