United States Deputy Secretary of the Treasury

The deputy secretary of the treasury of the United States advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secretary in the secretary's absence, sickness, or unavailability. The Deputy Secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the Department's activities.^[1] In addition, the Deputy Secretary is the only official other than the secretary who can sign a Treasury order, which is a document that delegates authority residing in the secretary or Deputy Secretary to another Treasury official, establishes Treasury policy, and establishes the reporting relationships and supervision of officials.^[2] Former deputy secretaries include Roger Altman,^[3] Lawrence Summers,^[4] Stuart E. Eizenstat,^[5] Kenneth W. Dam,^[6] and Samuel Bodman.^[7]

Deputy Secretary of the Treasury of the United States
Seal of the Department of Treasury
Flag of the Deputy Secretary of Treasury
Incumbent Wally Adeyemo since March 26, 2021
United States Department of Treasury
Reports to	United States Secretary of the Treasury
Seat	Treasury Building Washington, D.C.
Appointer	President of the United States with Senate advice and consent
Term length	No fixed term
Formation	February 16, 1981 (1981-02-16)
First holder	R. T. McNamar
Salary	Executive Schedule, level 2
Website	www.treasury.gov

The office of Deputy Secretary is the successor of the "Under Secretary of the Treasury", the former chief deputy to the secretary. Today, several officials hold the title of "Under Secretary" of the Treasury. Among those who served as under secretary when it was the number-two position in the department include Dean Acheson, Henry Morgenthau Jr., John W. Hanes II, and O. Max Gardner (1946–1947).^[8][9]

The prior Deputy Secretary was Justin Muzinich. President Donald Trump announced his nomination of Muzinich on March 13, 2018. The nomination was confirmed by the U.S. Senate on a vote of 55–44.^[10][11]

The current Deputy Secretary is Wally Adeyemo, who is serving in the Biden administration and is the first African American Deputy Secretary of the Treasury.

List of deputy secretaries of the treasury

Status

  Denotes an acting deputy secretary of the treasury

No.	Image	Name	Term began	Term ended	Secretaries of the Treasury Serving Under	President(s) served under
1		R. T. McNamar	January 20, 1981[12]	October 7, 1985	Donald Regan	Ronald Reagan
					James Baker
2		Richard Darman	October 7, 1985[13]	August 28, 1987
3		M. Peter McPherson	October 15, 1987[14]	January 20, 1989
					Nicholas F. Brady
4		John E. Robson	January 20, 1989	December 30, 1992[15]		George H. W. Bush
5		Roger Altman	January 20, 1993	August 17, 1994	Lloyd Bentsen	Bill Clinton
6		Frank N. Newman[16]	September 28, 1994[17]	March 5, 1995
					Robert Rubin
7		Lawrence Summers	March 11, 1995	July 2, 1999
8		Stuart E. Eizenstat	July 16, 1999	January 20, 2001
					Lawrence Summers
9		Kenneth W. Dam	January 20, 2001	July 13, 2004	Paul H. O'Neill	George W. Bush
10		Samuel Bodman	August 2004	January 31, 2005	John W. Snow
11		Robert M. Kimmitt	August 16, 2005	January 20, 2009
					Henry Paulson
12		Neal S. Wolin	May 18, 2009	August 31, 2013	Timothy Geithner	Barack Obama
–		Mary J. Miller Acting	August 31, 2013	March 19, 2014	Jack Lew
13		Sarah Bloom Raskin	March 19, 2014	January 20, 2017
–		Sigal Mandelker Acting	June 26, 2017	December 12, 2018	Steve Mnuchin	Donald Trump
14		Justin Muzinich	December 12, 2018	January 20, 2021
15		Wally Adeyemo	March 26, 2021	Incumbent	Janet Yellen	Joe Biden

References

1. "U.S. Treasury - Duties & Functions of the Deputy Secretary of the Treasury". Archived from the original on September 15, 2007. Retrieved September 22, 2007.
2. "U.S. Treasury - Orders and Directives". Retrieved September 22, 2007.
3. "AllPolitics - Whitewater - Cast of Characters". CNN. Retrieved September 22, 2007.
4. "History of the President's Office". Archived from the original on July 4, 2007. Retrieved September 22, 2007.
5. "Covington & Burling LLP – Lawyers - Stuart E. Eizenstat". Archived from the original on October 27, 2006. Retrieved November 23, 2006.
6. "University of Chicago Law School > Kenneth Dam". Retrieved September 22, 2007.
7. "Department of Energy - Samuel W. Bodman". Archived from the original on June 11, 2008. Retrieved September 22, 2007.
8. "The Cabinet: Undersecretary No. 2". May 7, 1934. Retrieved September 24, 2018 – via content.time.com.
9. "Governor O. Max Gardner: the politician". Archived from the original on July 11, 2011. Retrieved November 10, 2010.
10. Jagoda, Naomi (April 2, 2018). "Trump names nominee to be deputy Treasury secretary". The Hill.
11. "PN1803 - Nomination of Justin George Muzinich for Department of the Treasury, 115th Congress (2017-2018)". Congress.gov. December 11, 2018. Retrieved December 16, 2018.
12. "Ronald Reagan: Nomination of R. T. McNamar To Be Deputy Secretary of the Treasury". www.presidency.ucsb.edu. Archived from the original on September 24, 2018. Retrieved September 24, 2018.
13. "Ronald Reagan: Letter Accepting the Resignation of Richard G. Darman as Assistant to the President and Deputy to the Chief of Staff". www.presidency.ucsb.edu. Retrieved September 24, 2018.
14. "BUSINESS PEOPLE; A.I.D. Head Is Expected To Get Treasury Post". The New York Times. Retrieved September 24, 2018.
15. "Sunlight Foundation". Archived from the original on March 4, 2016. Retrieved September 24, 2018.
16. "Frank N. Newman". www.nndb.com. Retrieved September 24, 2018.
17. "PN1713 — Frank N. Newman — Department of the Treasury". congress.gov. Retrieved October 24, 2018.