27 January 2009
The Cabinet
Treasury
Secretary of the Treasury Timothy F. Geithner
Confirmed January 26
Timothy F. Geithner was nominated by President-elect Barack Obama to be the 75th secretary of the treasury. Before his nomination, Geithner was the head of the Federal Reserve Bank of New York. He also served as assistant secretary of the treasury for international affairs during the Clinton administration from 1998 to 2001.
For more information, see “President-elect Obama Announces Top Economic Advisers.”
Geithner had a confirmation hearing before the Senate Finance Committee January 21. See “Quick, Careful Action Needed on Economy, Treasury Nominee Says.”
The Department of the Treasury, established 1789
Mission: Serve the American people and strengthen national security by managing the U.S. government's finances effectively, promoting economic growth and stability, and ensuring the safety, soundness and security of the U.S. and international financial systems.
Staff: More than 100,000 employees
Duties: The department is responsible for the financial security of the United States. Its responsibilities include managing federal finances; collecting taxes; producing coinage and currency; managing the public debt; advising on domestic and international monetary policy; and investigating and prosecuting tax evaders, counterfeiters and forgers.
History: The secretary of the Treasury is one of the original Cabinet-level posts. Famous secretaries of the Treasury include Alexander Hamilton, whose image appears on the $10 bill, and millionaire industrialist Andrew Mellon.
International engagement: The Treasury’s Office of Economic Policy reports on current international and domestic economic developments and helps draft responses to events in the financial markets; its Office of Terrorism and Financial Intelligence combats terrorist financing domestically and internationally; and its Office of International Affairs advises and assists with U.S. international economic and financial policies as well as the nation’s participation in international financial institutions.
The Treasury secretary serves on the boards of the International Monetary Fund, World Bank, Asian Development Bank, African Development Bank, European Bank for Reconstruction and Development and Inter-American Development Bank.
Fun fact: In the early years of the nation, the Treasury’s security system at the U.S. Mint in Philadelphia was a watchdog named Nero, purchased for $3 in 1793. If the night watchman could not make the rounds, Nero patrolled the property on his own.
More information: http://www.ustreas.gov
