The Under Secretary of the Treasury for International Affairs is a high-ranking position within 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. As of January 13, 2023, the under secretary is Jay Shambaugh.
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
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] | 1993 | 1995 | Bill Clinton |
| Jeffrey R. Shafer[4] | 1995 | 1997 | Bill Clinton |
| David Lipton[5] | 1997 | 1998 | Bill Clinton |
| Timothy Geithner[6] | 1998 | 2001 | Bill Clinton |
| John B. Taylor[7] | 2001 | 2005 | George W. Bush |
| Timothy D. Adams[8] | 2005 | 2007 | George W. Bush |
| David McCormick[9] | 2007 | 2009 | George W. Bush |
| Lael Brainard[10] | 2010 | 2013 | Barack Obama |
| D. Nathan Sheets[11] | 2014 | 2017 | Barack Obama |
| David Malpass[12] | 2017 | 2019 | Donald J. Trump |
| Brent McIntosh[13] | 2019 | 2021 | Donald J. Trump |
| Jay Shambaugh[14] | 2023 | Current | Joe R. Biden |
References
- ^ "U.S. Treasury - Biography of David H. McCormick, Under Secretary for International Affairs". Archived from the original on November 7, 2007. Retrieved September 21, 2007.
- ^ "David C. Mulford".
- ^ "Lawrence Summers".
- ^ "Jeffrey R. Shafer".
- ^ "David Lipton".
- ^ "Timothy Geithner".
- ^ "John B. Taylor".
- ^ "Timothy D. Adams".
- ^ "David McCormick".
- ^ "Lael Brainard".
- ^ "D. Nathan Sheets".
- ^ "David Malpass".
- ^ "Brent McIntosh".
- ^ "Jay Shambaugh".
| Deputy Secretary of the Treasury |  | |
|---|---|---|
| Under Secretary of the Treasury for International Affairs |
| |
| Under Secretary of the Treasury for Domestic Finance |
| |
| Under Secretary of the Treasury for Terrorism and Financial Intelligence | ||
| Treasurer of the United States | ||