The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. The office is currently held by Brent McIntosh following the appointment of David Malpass to lead the World Bank.
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 and Development
- 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 Markets and Investment Policy
- 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.
Former Under Secretaries
The office of Under Secretary for International Affairs was vacant for nearly a year, following the November 2013 departure of Lael Brainard, who had been appointed by President Barack Obama in April 2010. On Wednesday, February 12, 2014, the White House Press Office announced that U.S. President Barack Obama had nominated D. Nathan Sheets, of Maryland, to the U.S. Senate for confirmation as her replacement.[1] On September 18, 2014, Sheets was confirmed unanimously by the U.S. Senate for the position.[2] Notable former Under Secretaries include Paul Volcker,[3] David H. McCormick,[4] Timothy D. Adams,[5] John B. Taylor,[6] Timothy F. Geithner,[7] David Mulford, and Lawrence H. Summers.[8]
Duties
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 financial market policy with the G7 industrial nations.[4]
References
- ^ http://www.whitehouse.gov/the-press-office/2014/02/12/presidential-nominations-sent-senate
- ^ http://www.treasury.gov/press-center/press-releases/Pages/jl2640.aspx
- ^ "Paul A. Volcker | Federal Reserve History". www.federalreservehistory.org. Retrieved 2017-09-04.
- ^ a b "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.
- ^ "U.S. Treasury - Biography of Timothy D. Adams, Under Secretary for International Affairs". Archived from the original on September 27, 2007. Retrieved September 21, 2007.
- ^ "Policies in International Finance 2001-2005". Retrieved September 21, 2007.
- ^ "Timothy F. Geithner, President of the New York Fed - Organization - About the Fed - Federal Reserve Bank of New York". Retrieved September 21, 2007.
- ^ "History of the President's Office". Archived from the original on July 4, 2007. Retrieved September 21, 2007.