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Assistant Secretary of the Treasury for Financial Institutions

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Assistant Secretary of the Treasury for Financial Institutions
Flag of an Assistant Secretary of the Treasury
Incumbent
Vacant
since January 2024
Department of the Treasury
StyleThe Honorable
Reports toUnder Secretary of the Treasury for Domestic Finance
NominatorPresident of the United States
Formation1976
First holderRobert A. Gerard
Salary$155,500 (2010)[1]
WebsiteOfficial website

The Assistant Secretary of the Treasury for Financial Institutions is an official in the United States Department of the Treasury who is the head of the Office of Financial Institutions (OFI). The office "helps formulate policy on financial institutions and government-sponsored enterprises, cybersecurity and critical infrastructure protection."[2]

The post was most recently held by Graham Steele, who was nominated to the position by President Joe Biden on July 19, 2021.[3] Steele resigned from the position in January 2024.[4]

History

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The office was formed in 1976 by Secretary of the Treasury William E. Simon as the Assistant Secretary for Capital Markets and Debt Management.[5]

According to U.S. statute, there are ten Assistant Secretaries of the Treasury appointed by the President of the United States with the advice and consent of the United States Senate.[6] The Assistant Secretary of the Treasury for Financial Institutions reports to the Under Secretary of the Treasury for Domestic Finance, who in turn reports to the United States Secretary of the Treasury and the United States Deputy Secretary of the Treasury.

List of Assistant Secretaries of the Treasury for Financial Institutions

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Name Assumed office Left office President appointed by Secretary served under
Robert A. Gerard 1976 1977 Gerald Ford William E. Simon
Roger C. Altman June 13, 1977[7] 1981 Jimmy Carter
Roger William Mehle, Jr. 1981 1983 Ronald Reagan
Thomas J. Healey 1983 1985 Ronald Reagan
Charles O. Sethness 1985 1989 Ronald Reagan
David W. Mullins, Jr. 1989 1990 George H.W. Bush
Jerome H. Powell 1990 April 7, 1992 George H.W. Bush
John Cunningham Dugan 1992 1993 George H.W. Bush
Richard S. Carnell[8] 1993 1999 Bill Clinton Lloyd Bentsen, Robert Rubin
Gregory Baer[9] 1999 January 20, 2001 Bill Clinton Robert Rubin, Larry Summers
Sheila Bair[10] July 2001 June 2002 George W. Bush Paul O'Neill
Wayne A. Abernathy[11] 2003 2005 George W. Bush John W. Snow
Emil Henry[12] 2005 2007 George W. Bush John W. Snow, Henry Paulson
David Nason[12] March 2007 March 2009 George W. Bush Henry Paulson
Michael Barr[13] May 2009 January 2011 Barack Obama Timothy Geithner
Cyrus Amir-Mokri November 1, 2011 November 1, 2014 Barack Obama Timothy Geithner
Christopher Campbell September 25, 2017 July 31, 2018 Donald Trump Steven Mnuchin
Bimal Patel June 20, 2019 July 1, 2020 Donald Trump Steven Mnuchin
Graham Steele December 3, 2021 January 2024 Joe Biden Janet Yellen

See also

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References

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  1. ^ "David Samuel Cohen". Search Federal Pay. Feds Data Center. Retrieved 29 April 2016.
  2. ^ "Financial Institutions". U.S. Department of the Treasury. Retrieved 7 November 2021.
  3. ^ "President Biden Announces Three Key Nominations". The White House. 19 July 2021. Retrieved 7 November 2021.
  4. ^ Ellfeldt, Avery (2024-02-12). "E&E News: Exit interview: Ex-Treasury official dishes on climate, insurance risk". POLITICO. Retrieved 2024-02-21.
  5. ^ Nominations of Robert A. Gerard and Jerry Thomas. U.S. Government Printing Office. 1976. Retrieved 2022-12-06.
  6. ^ 31 U.S.C. § 301(e)
  7. ^ Treasury, Postal Service, and General Government Appropriations for Fiscal Year 1979. U.S. Government Printing Office. 1978. p. 64. Retrieved 2022-12-06.
  8. ^ "Profile from Fordham University". Archived from the original on 2010-12-15. Retrieved 2011-04-08.
  9. ^ "Archived copy". Archived from the original on 2015-04-02. Retrieved 2015-03-01.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ Jim Puzzanghera "FDIC Chief in Tune with Democrats", Los Angeles Times, Nov. 18, 2008
  11. ^ Profile from the Washington Association of Money Managers
  12. ^ a b Profile from BusinessWeek[dead link‍]
  13. ^ Profile from WhoRunsGov Archived July 3, 2011, at the Wayback Machine
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