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. The current secretary of the treasury has been Scott Bessent since January 28, 2025.
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 ($250,600 as of January 2024).
List of secretaries of the treasury
Parties
Federalist (4)
Democratic-Republican (4)
Democratic (30)
Whig (5)
Republican (35)
Independent (1)
Status
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:
*In the order in which they shall have taken the oath of office as such officers.
Primary sources
The treasury policy of fifty years: opinions of secretaries Hamilton, Dallas, Crawford, Rush, Taney and Woodbury, on the currency, public credit, &c (1874) online
Secretary of the Treasury Annual Report online