The U.S. Department of the Treasury is a cornerstone of America's financial system. But who exactly runs this powerful institution? Let’s break down the leadership structure and understand the key roles that keep the nation's finances secure and sound.
The Secretary of the Treasury: The Head of the Department
The Secretary of the Treasury stands at the top. Think of this person as the captain of a vast ship steering through economic waters. The current Secretary, as of January 28, 2025, is Scott Bessent. He is the 79th person to hold this vital role.
The Secretary’s job is huge. They steer the nation's economic policy, advise the President on financial issues, and oversee the management of public debt and currency. The Secretary also represents the U.S. in international financial organizations like the IMF and the World Bank. In the presidential line of succession, the Secretary of the Treasury is fifth, showing how important the role is to the country’s governance.
The Secretary is appointed by the President but must be confirmed by the Senate. This ensures the person running the Treasury has both executive backing and legislative approval.
Photo by Thuan Vo
Deputy Secretary of the Treasury: The Second-in-Command
Supporting the Secretary is the Deputy Secretary of the Treasury. This role is like the department’s chief operating officer. The Deputy Secretary helps manage the daily operations and oversees various bureaus within the Treasury.
The current Deputy Secretary, Michael Faulkender, plays a critical role in administrative oversight and ensuring that the department’s policies are implemented effectively. This role often handles a lot of the behind-the-scenes work so the Secretary can focus on broader strategy and external communication.
The Treasurer of the United States: Financial Custodian
Another important figure is the Treasurer of the United States. This role, while more focused, holds an iconic place because the Treasurer’s signature appears on all U.S. paper currency. Think of the Treasurer as the department’s financial custodian.
While the Treasurer has limited statutory duties compared to the Secretary, the position involves overseeing the receipt and custody of government funds, and working with the U.S. Mint and the Bureau of Engraving and Printing.
Key Officials and Assistant Secretaries
Beyond the top three, several assistant secretaries and officials specialize in areas that keep everything running smoothly:
- Assistant Secretaries oversee specific areas such as domestic finance, international affairs, tax policy, and financial institutions.
- Chief of Staff, like Dan Katz, supports the Secretary by managing schedules, communications, and internal coordination.
- Law enforcement and regulatory officials help protect the financial system from fraud and abuse, including efforts to combat terrorism funding.
These officials form a team that handles the complex tasks of managing the nation's finances, enforcing tax laws, supervising currency production, and administering public debt.
Why Knowing Who Runs the Treasury Matters
Understanding who leads the Department of the Treasury helps us grasp how economic decisions are made and who shapes financial policy. These leaders play key roles in:
- Managing government funds and debt.
- Controlling the production of money.
- Enforcing tax laws.
- Protecting the U.S. economy from financial threats.
- Representing America in global financial discussions.
Each official supports the country’s economic health in distinct ways, ensuring the system remains stable and trustworthy.
Conclusion
The Department of the Treasury is run by a group of highly skilled officials led by the Secretary of the Treasury. Scott Bessent, as the current Secretary, holds the top spot, guiding financial policy and advising the President. The Deputy Secretary, Treasurer, and an array of assistant secretaries and staff keep the department’s many parts working like a well-oiled machine.
This leadership team makes sure America’s money moves safely and wisely—from printing bills to managing debt and shaping policies that affect every citizen. Knowing who's in charge gives us a clearer picture of how the country’s economic engine runs day by day.