Under Secretary of the Treasury for International Affairs

The Under Secretary of the Treasury for International Affairs is a high-ranking position within the United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury on international economic issues and is often referred to as the U.S. Treasury’s top economic diplomat.

United States Under Secretary of the Treasury for International Affairs
Seal of the United States Department of the Treasury
Flag of an Under Secretary of the Treasury
Incumbent Michael Kaplan Acting  since January 20, 2025
Department of the Treasury
Style	The Honorable
Reports to	Secretary of the Treasury Deputy 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
First holder	David C. Mulford
Website	Official website

The Under Secretary leads the development and implementation of policies in the areas of international finance, trade in financial services, investment, economic development, international debt. It also leads the development of policies on U.S. participation in the International Monetary Fund, the World Bank, and the other multilateral development banks (including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development). The Under Secretary also coordinates international economic policies with the G7 and G20.^[1]

Overview

The Office of International Affairs (IA), led by the Under Secretary of the Treasury for International Affairs, has oversight of the following:

• Office of International Economic Analysis
• Assistant Secretary of the Treasury for International Finance
  • Office of Asia
  • Office of Europe and Eurasia
  • Office of Western Hemisphere
  • Office of Middle East and North Africa
  • Office of International Monetary Policy
  • Office of International Development Finance
    • United States Executive Director of the African Development Bank
    • United States Executive Director of the International Monetary Fund
    • United States Executive Director of the World Bank
    • United States Executive Director of the Asian Development Bank
    • United States Executive Director of the Inter-American Development Bank
    • United States Executive Director of the European Bank for Reconstruction and Development
• Assistant Secretary of the Treasury for International Trade and Development
  • Office of Trade and Investment Policy
  • Office of Investment, Energy, and Infrastructure
  • Office of International Financial Markets
  • Office of Technical Assistance
• Assistant Secretary of the Treasury for Investment Security
  • Office of Investment Security
    • Committee on Foreign Investment in the United States (CFIUS)

The Office of International Affairs also oversees the operations of the Exchange Stabilization Fund and the U.S.–China Strategic and Economic Dialogue.

List of Under Secretaries of the Treasury for International Affairs

Name	Assumed office	Left office	President appointed by
David C. Mulford[2]	1989	1992	George H. W. Bush
Lawrence Summers[3]	April 5, 1993	August 11, 1995	Bill Clinton
Jeffrey R. Shafer[4]	1995	1997	Bill Clinton
David Lipton[5]	1997	1998	Bill Clinton
Timothy Geithner[6]	July 3, 1998	January 20, 2001	Bill Clinton
John B. Taylor[7]	2001	2005	George W. Bush
Timothy D. Adams[8]	July 2, 2005	August 2, 2007	George W. Bush
David McCormick[9]	August 2007	January 20, 2009	George W. Bush
Lael Brainard[10]	April 20, 2010	November 8, 2013	Barack Obama
D. Nathan Sheets[11]	September 18, 2014	January 20, 2017	Barack Obama
David Malpass[12]	September 25, 2017	April 9, 2019	Donald J. Trump
Brent McIntosh[13]	September 2019	January 20, 2021	Donald J. Trump
Jay Shambaugh[14]	January 13, 2023	January 20, 2025	Joe R. Biden
Michael Kaplan (acting)	January 20, 2025	Present	Donald Trump