United States
Under Secretary of the Treasury for International Affairs
Seal of the Department of Treasury
Flag of an Under Secretary of the Treasury
Incumbent
Jay Shambaugh
since January 13, 2023
Department of the Treasury
StyleThe Honorable
Reports toSecretary of the Treasury
Deputy Secretary of the Treasury
SeatTreasury Building
Washington, D.C.
AppointerPresident of the United States
with Senate advice and consent
Term lengthNo fixed term
First holderDavid C. Mulford
WebsiteOfficial website

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
  • 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

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

  1. ↑ "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.
  2. ↑ "David C. Mulford".
  3. ↑ "Lawrence Summers".
  4. ↑ "Jeffrey R. Shafer".
  5. ↑ "David Lipton".
  6. ↑ "Timothy Geithner".
  7. ↑ "John B. Taylor".
  8. ↑ "Timothy D. Adams".
  9. ↑ "David McCormick".
  10. ↑ "Lael Brainard".
  11. ↑ "D. Nathan Sheets".
  12. ↑ "David Malpass".
  13. ↑ "Brent McIntosh".
  14. ↑ "Jay Shambaugh".
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