Scope of the Position:
The Deputy Secretary of the Department of the Treasury is responsible for much of the organizational decision making that allows the Department to function on a daily basis. In particular, the Deputy Secretary should be focused on directing the Department in addressing major concerns that fall under its topical purview.
Illustrative Management Challenges:
There are a number of management challenges that must be addressed in order to bring the Treasury to an adequate level of preparedness. One challenge the Deputy Secretary must address is strengthening cybersecurity and technology infrastructure. The Office of the Inspector General for the Department of the Treasury has reported that in select Treasury bureaus, "[S]ecurity measures were not sufficient at the time to fully prevent and detect vulnerabilities to [the Treasury's] networks and systems."1 Seeing as the number of cyberattacks against financial institutions has only increased, the Treasury will be active in setting an example for private banking institutions when it comes to protecting both customers and private data. Treasury also has much work to do when it comes to complying with demands put forth by the Digital Accountability and Transparency Act of 2014 (DATA Act). The DATA Act aims to bring more transparency and accountability to the American people in regards to how the federal government is spending its money. The Department must still develop new data handling methodologies, processes, and systems needed for other agencies to submit data to the treasury as the DATA Act dictates.
1Management and Performance Challenges Facing the Department of the Treasury; treasury.gov; October 30, 2015.
Treasury Deputy Secretaries:
Deputy Secretaries of the Treasury come almost exclusively from the financial realm, primarily in the private sector, with some public sector experience. Knowledge of financial and economic markets is essential to being able to carry out the responsibilities of this position.
Sarah Bloom Raskin (2014-present): Prior to serving in her current appointment, Bloom Raskin served as the Governor of the Federal Reserve Board, Commissioner of Financial Regulation for the State of Maryland, Managing Director with the Promontory Financial Group, General Counsel of the WorldWide Retail Exchange, General Counsel of Columbia Energy Services Corporation, and as Banking Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Previous Deputy Secretaries:
Neal S. Wolin (2009-2013): Wolin is currently serving on the President?s Intelligence Advisory Board and as the Chair of the Intelligence Oversight Board. Wolin's previous positions included Acting Secretary of the Treasury, Deputy Assistant to the President in the White House, Chief Operating Officer of The Hartford Financial Services Group, Executive Vice President and General Counsel for Hartford, General Counsel for the Department of the Treasury, Deputy Legal Advisor with the National Security Council, and a practicing lawyer with Wilmer, Cutler and Pickering. He received his JD from Yale Law School.
Robert M. Kimmitt (2005-2009): Kimmitt is currently serving as the Co-Chair of the Strategic Response Group with WilmerHale. Kimmitt's previous positions included partner with WilemerHale, U.S. Ambassador to Germany, Under Secretary of State for Political Affairs, General Counsel to the Department of the Treasury, Executive Secretary and General Counsel with the National Security Council, Vice Chairman and President of Commerce One, and Executive Vice President for Global Public Policy with Time Warner. Kimmitt is also an author.
Samuel Bodman (2004-2005): Bodman is currently a member of the Energy Policy Task Force Research Team with the Hoover Institute. Bodman's previous positions included Deputy Secretary of Commerce, Deputy Secretary of the Treasury, CEO of the Cabot Corporation, Associate Professor at MIT, Technical Director of the American Research & Development Corporation, President and COO of Fidelity Investments, and CEO of Thermo Fisher Scientific. He served as Director of Security Capital Group, John Hancock Financial Services, Thermo Electron Corporation, First National Bancorp, Weatherford International PLC, Hess Corporation, and many others.
Kenneth W. Dam (2001-2003): Dam is currently serving as the Max Pam Professor Emeritus and Senior Lecturer at the University of Chicago Law School. Dam's previous positions included many different teaching positions with the University of Chicago, Deputy Secretary of State, Vice President of Law and External Relations at IBM Corporation, Provost of the University of Chicago, Executive Director with the Council on Economic Policy, Assistant Director for National Security and International Affairs with the Office of Management and Budget, visiting professor at the University of Freiburg in Germany, and an Associate with Cravath, Swaine & Moore. Dam received his JD from the University of Chicago Law School.
Stuart E. Eizenstat (1999-2001): Eizenstat is currently serving as the Senior Counsel with Covington & Burling LLP. His previous positions included Chief White House Advisor on Domestic Policy for President Jimmy Carter, U.S. Ambassador to the European Union, Under Secretary of Commerce for International Trade, and Under Secretary of State for Economic, Business and Agricultural Affairs. Eizenstat served as Special Representative of the President and the Secretary of State for Holocaust-Era Issues during the Clinton Administration.
Lawrence H. Summers (1995-1999): Summers is currently serving as the Charles W. Elliot University Professor and President Emeritus at Harvard University. His previous positions included Assistant to the President for Economic Policy and Director of the National Economic Council; the Arthur Okun Distinguished Fellow in Economics, Globalization, and Governance at the Brookings Institute; Under Secretary of the Treasury for International Affairs; Vice President of Development Economics and Chief Economist with the World Bank; Domestic Policy Economist on the President's Council of Economic Advisors; and multiple faculty positions with Harvard University.
Frank N. Newman (1994-1995): Newman is currently serving as the Vice-Chairman of Asia for the law firm Global Strategic Associates. Newman previously served as the CEO of Shenzhen Development Bank, China; Director of Korea First Bank; Chairman and CEO of Bankers Trust Corporation; Under Secretary and COO of the Department of the Treasury; CFO of BankAmerica Corporation; and the Executive Vice President and CFO of Wells Fargo Bank.
Roger Altman (1993-1994): Altman currently is the Founder and Executive Chairman of the investment bank Evercore. His previous positions consisted of Vice Chairman and head of Blackstone's advisory business, Co-Head of Banking and Partner of Lehman Brothers, and Assistant Secretary of the U.S. Department of the Treasury.