The US Treasury Secretary manages financial policy and international monetary policy, advises the President, and heads the Treasury Department. They are appointed by the President and confirmed by the Senate, and are fifth in the presidential line of succession. The position has existed since the establishment of the US, with Alexander Hamilton as the first Secretary.
The United States Secretary of the Treasury is the head of the United States Treasury, the US government agency responsible for setting financial policy and managing America’s finances. The United States has had a Treasury Secretary since it was established, as having an organized treasury is crucial to running a functional country. In addition to managing domestic fiscal policy, the US Treasury Secretary is also responsible for international monetary policy.
This is a Cabinet-level position, which means that the Secretary of the Treasury is appointed by the President and is subject to confirmation by the Senate. As with other cabinet-level officials, the United States Secretary of the Treasury is usually replaced when a new presidential administration takes office, with presidents generally selecting individuals who support their goals and beliefs.
In addition to managing the US Treasury, the Secretary of the Treasury also serves as an advisor to the President, keeping the President updated on economic developments and offering suggestions that could help build a strong monetary policy for the United States. The United States Secretary of the Treasury also sits on the boards of numerous international organizations such as the World Bank and the International Monetary Fund as a representative of the United States.
The Treasury Department prints and mints all American coins; investigates economic crimes such as forgery, tax evasion and counterfeiting; collects all bills owed to the United States; pay all American bills; and establishes economic policies ranging from interest rates to tax law. One famous office within the Treasury Department is the Internal Revenue Service, which collects taxes from Americans, but there are numerous other departments, each headed by an under secretary. Until 2003, the US Secretary of the Treasury also managed the Department of Alcohol, Tobacco and Firearms, the US Customs Service and the Secret Service, but these departments have been transferred to other agencies such as part of a structural reorganization designed to protect the security of the United States.
The United States Secretary of the Treasury is fifth in the presidential line of succession. Unless an acting secretary heads the Treasury or the Secretary of the Treasury is a non-natural citizen, that means he could potentially serve as President of the United States, although that has never happened and would be extremely unlikely. The most notable secretary of the Treasury was also the first, Alexander Hamilton, appointed by George Washington.
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