President Obama has announced our nation’s new treasury secretary,White House Chief of Staff Jack Lew. Where I was not a fan of everything Timothy Geithner did in his last four years as Secretary, I would much prefer his previous experience with the International Monetary Fund and the Federal Reserve Bank of New York than our new secretary – a New York City, Democrat Attorney. Does a lack of financial and monetary experience and training handicap our new treasury secretary? What do you think?
Just in case you were curious of the job description, here are the basic functions of the Department and ultimately what the Secretary is responsible for:
- Managing Federal finances;
- Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.;
- Currency and coinage;
- Managing Government accounts and the public debt;
- Supervising national banks and thrift institutions;
- Advising on domestic and international financial, monetary, economic, trade and tax policy;
- Enforcing Federal finance and tax laws;
- Investigating and prosecuting tax evaders, counterfeiters, and forgers.