The US secretary of treasury is the chief financial officer of the US government and manages all matters related to the nation's money. In this story, we will know more about the duties of a treasury secretary.
The designation of secretary of treasury in the United States government is analogous to that of a finance minister in several other democratic countries. Being at the helm of country's financial management and economic regulations, the domain of secretary of treasury duties is very broad.
Secretary of the Treasury Responsibilities: An Overview
It was in the year 1789 that the U.S. Department of Treasury was established with the sole intention of promoting economic growth and prosperity in the US. Alexander Hamilton was the first US secretary of treasury in 1789 under the Presidency of George Washington. We can call the treasury secretary of US as the money manager of the US government.
Any matter related to financial allocations, grants, funds, budgets, currencies and economy comes under the purview of the US Department of Treasury. Secretary of treasury duties have been briefly mentioned further.
Formulate the Policies
Amongst numerous duties of the secretary of the treasury, this one tops the priority. Since the treasury oversees everything related to the nation's financial regulations, he is expected to recommend policies, reforms and suggest policy revisions to the government for boosting US economic growth.
The policies drafted by the US secretary may cover financial matters that are of national and international importance to the US. The treasury secretary has to be careful while planning policies because it may ultimately affect tax regulations in the country.
Oversee Procedure of Manufacturing Money
The US secretary of treasury oversees the working of two vital wings of the US financial departments; the United States Mint and the Bureau of Engraving and Printing (BEP).
As stated on the official website of the US Mint, "The primary mission of the United States Mint is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce". Similarly, BEP is responsible for regulated manufacturing of US paper money. The US secretary of treasury looks after the working of both these departments.
Be the Financial Manager
The US secretary of treasury is responsible for preparing and documenting financial reports and financial statements regarding expenditure of the government. He compiles all financial documents and reviews them to formulate better policies and make the economy stronger.
By knowing statistical records of profits and losses, the treasury secretary stands in a better position to chalk out effective policies. Similarly, he is involved in policies that help US to create more income and boost its revenue.
As you can observe, secretary of the treasury duties mainly revolve around financial strengthening of the United States of America. Promoting economic stability to boost job growth, creating investment opportunities and ensuring that the federal funds are directed effectively to the public - all form an integral part of the secretary duties.
The secretary also acts as a principal economic adviser to the President in matters of US revenue, income and economy. Acting as the head of the Department of Treasury, the secretary of treasury has the power to appoint employees to recover money from individuals or groups of corporations who hold the government's money illegally.
He may also monitor the steps taken to stop counterfeiters and tax evaders.
The US secretary of treasury represents various national and global economic organizations on behalf of the US government. The US secretary acts as the US governor of prime financial institutions like the International Monetary Fund (IMF) and also of several other developments banks in Asia, Europe and America. In the US, he acts as an acting chairman of Economy Policy Council (EPC).
The present US Secretary of Treasury is Steven Mnuchin who was sworn in as the 77th Secretary of Treasury on 13th February 2017 under the Presidency of Donald Trump. The secretary of treasury position is one of the most prestigious designations in US federal government and brings with it tremendous responsibilities.