The U.S. Department of the Treasury cares for financial and monetary issues.
The head of the U.S. Department of the Treasury, the secretary of the Treasury also serves as a member of the president's Cabinet. An important figure in the regulation of the economy of the United States, the secretary manages the financial situation of her government.
History
During the early years of the United States, many unofficial offices carried out financial operations, even before the signing of the Declaration of Independence. In 1789, the First Session of Congress deemed it necessary to establish a Department of the Treasury. Alexander Hamilton served as the first secretary of the Treasury. As of 2010, the office has been filled 75 times.
Significance
The secretary of the Treasury is a very important member of the U.S. government, even beyond the management and regulation of the nation's financial operations. Because of the office's place in the presidential Cabinet, the secretary of the Treasury provides the president with all necessary financial advisement. This role of financial adviser makes the secretary a critical member of United States policy-making, as the office provides a perspective grounded in U.S. economics and government finances.
Job Duties
As head of the U.S. Department of the Treasury, the secretary must oversee the general operation of the department, such as currency creation and national bank advisement, in addition to carrying out the law enforcement policies associated with the Treasury.
The secretary of the Treasury also creates financial policies concerned with the United States government. The secretary creates and recommends both domestic and international economic, tax and financial policies.
As the primary financial office in the United States, the secretary of the Treasury serves on national committees concerned with the U.S. financial environment. The secretary must serve as the chairman pro tempore of the president's Economic Policy Council, as well as chairing the Social Security Board and acting as managing trustee for the Medicare Trust Fund and serving on numerous international finance committees.
Appointment
Each newly elected U.S. president appoints the secretary of the Treasury. Sworn into office with the rest of the president's Cabinet, the secretary will serve until the next president is elected. In order to assume the office, the secretary must take the oath of office required of all federal government employees. As of 2010, the U.S. secretary of the Treasury was Timothy F. Geithner, appointed by President Barack Obama and sworn into office on Jan. 26, 2009.
Considerations
The secretary of the Treasury is fifth in line for presidential succession, following the secretary of state. This means that in the event that the previous four individuals are unable to fulfill the office, the Secretary of the Treasury will assume the Presidency.
As of 2010, the secretary of the Treasury receives a salary of $191,300 per year, paid out of the General Fund of the Treasury, as all other federal employee salaries are paid.
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