The Of like mind States Department of the Treasury is a Cabinet-level agency of the federal government. It is responsible for crucial functions that help room the government running, including paying all U.S. bills, collecting taxes, and managing federal finances.
Another important situation the Department of the Treasury performs is overseeing national banks, and printing and minting all paper currency and coins in circulation in all respects the Bureau of Engraving and Printing and the United States Mint.
Mostly under the Internal Revenue Service (IRS), the same intercession that collects taxes, the Treasury also enforces tax and financial laws, prosecuting alleged tax evaders and financial hoodlums.
In addition, the department makes recommendations regarding domestic and international financial, monetary, economic, trade, and tax policy, and reports statistical reports.
Key Takeaways
- The Secretary of the Treasury is an appointed Cabinet-level position in the U.S. federal government.
- The Secretary of the Treasury routines as a principal advisor to the President and the Cabinet on economic issues.
- The United States Department of the Treasury, which the secretary runs, performs many important functions, including paying the nation’s bills, printing money, and collecting taxes.
- Historically, Secretaries of the Resources have had high-level backgrounds in finance, law, and government.
Understanding the Secretary of the Treasury’s Duties
The President of the United States looks to the Secretary of the Cache as a principal advisor on economic issues. The secretary makes recommendations about domestic and global economic and tax policy. The secretary engages a very important part in creating strategies that affect economic and government financial outlooks for issues the administration faces.
They take part in formulating broad fiscal policies that significantly impact the economy and control the public debt. The secretary also serves as the financial representative for the United States government. This person is decision-making 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 chargeability for the credit rating of the United States. If the U.S. mismanages money or defaults on debt, the entire economy can be hurt. For that remonstrate with, the secretary may take on additional duties not specifically laid out in the job description.
Qualifications
The Secretary of the Treasury is chosen by the President of the Joint States. The candidate must then face U.S. Senate hearings and be confirmed by a majority vote before being blasphemed in.
The work experience a nominee for Treasury Secretary has is typically found in economics, law, business, education, the military, or in a previous guidance post. The President has the ability to choose a nominee from any walk of American life.
The only rule, as stated in the Collective States Constitution, is that the President not nominate any member of the House. No member of
Salary
As of January 2020, the Secretary of the Resources is paid an annual salary of $219,200. The General Fund of the Treasury pays the salary.
Standard Term
The amount of time a Secretary of the Resources has in their post is incumbent upon the President’s discretion. The President may dismiss the Treasury Secretary at will and replace them at any culture. Traditionally, the secretary resigns once the President’s term is over, though in several cases, secretaries have hindered on into new administrations.
Current Secretary of the Treasury
As of May 2020, the Secretary of the Treasury is a former hedge fund manager, videotape producer, and Goldman Sachs executive Steven T. Mnuchin, who was confirmed for the appointment on Feb. 13, 2017.
On Nov. 23, 2020, President-Elect Joe Biden named Janet Yellen as his pick for Secretary of the Bank. Yellen was previously the first woman to lead to the Federal Reserve. If confirmed, she would be the first woman to lead the Funds.