Dillon, Clarence Douglas

Dillon, Clarence Douglas

Dillon, Clarence Douglas, 1909-2003, U.S. secretary of the treasury (1961-65), b. Geneva, Switzerland (of American parents). After graduation (1931) from Harvard he became a member of the New York Stock Exchange and joined the family investment firm, becoming its chairman in 1946. Dillon became active in Republican politics and in 1953 was appointed ambassador to France. In 1958 he was appointed under secretary of state for economic affairs and strongly advocated free trade and close cooperation with the European Economic Community (or Common Market, now the European Union). Despite Dillon's support of the Republican presidential candidate in 1960, President Kennedy chose him as secretary of the treasury. Dillon's policies included an overhaul of U.S. foreign trade policy. Retiring (1965) from public life, he returned to the world of finance. Dillon was later (1977-83) chairman of the board of trustees of the Metropolitan Museum of Art, New York City.

The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. This position in the Federal Government of the United States is analogous to the finance ministers of other nations. Most of the Department's law enforcement agencies such as the ATF, Customs Service, and Secret Service were reassigned to other Departments in 2003 in conjunction with the creation of the Department of Homeland Security. The Secretary is a member of the President's Cabinet and, since the Clinton years, has sat on the United States National Security Council. The Secretary of the Treasury is fifth in the United States presidential line of succession.

From the U.S. Department of the Treasury website:

"The Secretary of the Treasury is the principal economic advisor to the President and plays a critical role in policy-making by bringing an economic and government financial policy perspective to issues facing the government. The Secretary is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Department in carrying out its major law enforcement responsibilities; in serving as the financial agent for the United States Government; and in manufacturing coins and currency.

"The Chief Financial Officer of the government, the Secretary serves as Chairman Pro Tempore of the President's Economic Policy Council, Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, and as U.S. Governor of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development."

The Secretary along with the Treasurer must sign Federal Reserve notes before they can become legal tender. The Secretary also manages the United States Emergency Economic Stabilization fund.

Secretaries of the Treasury

Note: Robert Morris was the first person appointed Secretary of the Treasury by George Washington, but Morris declined this office; thus the 1st Secretary of the Treasury was Alexander Hamilton - appointed at Morris's suggestion. Morris had held a similar position as Superintendent of Finance under the Continental Congress. From 1784 to 1789, the confederation's finances were overseen by a three-member Treasury Board.
No. Picture Name State of Residence Term of Office President(s) served under
1 Alexander Hamilton New York September 11, 1789 January 31, 1795 George Washington
2 Oliver Wolcott, Jr. Connecticut February 3, 1795 December 31, 1800 George Washington, John Adams
3 Samuel Dexter Massachusetts January 1, 1801 May 13, 1801 John Adams, Thomas Jefferson
4 Albert Gallatin Pennsylvania May 14, 1801 February 8, 1814 Thomas Jefferson, James Madison
5 George Washington Campbell Tennessee February 9, 1814 October 5, 1814 James Madison
6 Alexander James Dallas Pennsylvania October 6, 1814 October 21, 1816 James Madison
7 William Harris Crawford Georgia October 22, 1816 March 6, 1825 James Madison, James Monroe
8 Richard Rush Pennsylvania March 7, 1825 March 5, 1829 John Quincy Adams
9 Samuel Delucenna Ingham Pennsylvania March 6, 1829 June 20, 1831 Andrew Jackson
10 Louis McLane Delaware August 8, 1831 May 28, 1833 Andrew Jackson
11 William John Duane Pennsylvania May 29, 1833 September 22, 1833 Andrew Jackson
12 Roger Brooke Taney Maryland September 23, 1833 June 25, 1834 Andrew Jackson
13 Levi Woodbury New Hampshire July 1, 1834 March 3, 1841 Andrew Jackson, Martin Van Buren
14 Thomas Ewing, Sr. Ohio March 4, 1841 September 11, 1841 William Henry Harrison, John Tyler
15 Walter Forward Pennsylvania September 13, 1841 March 1, 1843 John Tyler
16 John Canfield Spencer New York March 8, 1843 May 2, 1844 John Tyler
17 George Mortimer Bibb Kentucky July 4, 1844 March 7, 1845 John Tyler
18 Robert John Walker Mississippi March 8, 1845 March 5, 1849 James Knox Polk
19 William Morris Meredith Pennsylvania March 8, 1849 July 22, 1850 Zachary Taylor
20 Thomas Corwin Ohio July 23, 1850 March 6, 1853 Millard Fillmore
21 James Guthrie Kentucky March 7, 1853 March 6, 1857 Franklin Pierce
22 Howell Cobb Georgia March 7, 1857 December 8, 1860 James Buchanan
23 Philip Francis Thomas Maryland December 12, 1860 January 14, 1861 James Buchanan
24 John Adams Dix New York January 15, 1861 March 6, 1861 James Buchanan
25 Salmon Portland Chase Ohio March 7, 1861 June 30, 1864 Abraham Lincoln
26 William Pitt Fessenden Maine July 5, 1864 March 3, 1865 Abraham Lincoln
27 Hugh McCulloch Indiana March 9, 1865 March 3, 1869 Abraham Lincoln, Andrew Johnson
28 George Sewall Boutwell Massachusetts March 12, 1869 March 16, 1873 Ulysses S. Grant
29 William Adams Richardson Massachusetts March 17, 1873 June 3, 1874 Ulysses S. Grant
30 Benjamin Helm Bristow Kentucky June 4, 1874 June 20, 1876 Ulysses S. Grant
31 Lot Myrick Morrill Maine July 7, 1876 March 9, 1877 Ulysses S. Grant, Rutherford B. Hayes
32 John Sherman Ohio March 10, 1877 March 3, 1881 Rutherford B. Hayes
33 William Windom Minnesota March 8, 1881 November 13, 1881 James A. Garfield, Chester A. Arthur
34 Charles James Folger New York November 14, 1881 September 4, 1884 Chester A. Arthur
35 Walter Quintin Gresham Indiana September 5, 1884 October 30, 1884 Chester A. Arthur
36 Hugh McCulloch Indiana October 31, 1884 March 7, 1885 Chester A. Arthur, Grover Cleveland
37 Daniel Manning New York March 8, 1885 March 31, 1887 Grover Cleveland
38 Charles Stebbins Fairchild New York April 1, 1887 March 6, 1889 Grover Cleveland
39 William Windom Minnesota March 7, 1889 January 29, 1891 Benjamin Harrison
40 Charles William Foster, Jr. Ohio February 25, 1891 March 6, 1893 Benjamin Harrison, Grover Cleveland
41 John Griffin Carlisle Kentucky March 7, 1893 March 5, 1897 Grover Cleveland, William McKinley
42 Lyman Judson Gage Illinois March 6, 1897 January 31, 1902 William McKinley, Theodore Roosevelt
43 Leslie Mortimer Shaw Iowa February 1, 1902 March 3, 1907 Theodore Roosevelt
44 George Bruce Cortelyou New York March 4, 1907 March 7, 1909 Theodore Roosevelt
45 Franklin MacVeagh Illinois March 8, 1909 March 5, 1913 William Howard Taft
46 William Gibbs McAdoo New York March 6, 1913 December 15, 1918 Woodrow Wilson
47 Carter Glass Virginia December 16, 1918 February 1, 1920 Woodrow Wilson
48 David Franklin Houston Missouri February 2, 1920 March 3, 1921 Woodrow Wilson
49 Andrew William Mellon Pennsylvania March 4, 1921 February 12, 1932 Warren G. Harding, Calvin Coolidge, Herbert Hoover
50 Ogden Livingston Mills, Jr. New York February 13, 1932 March 4, 1933 Herbert Hoover
51 William Hartman Woodin New York March 5, 1933 December 31, 1933 Franklin D. Roosevelt
52 Henry Morgenthau, Jr. New York January 1, 1934 July 22, 1945 Franklin D. Roosevelt, Harry S. Truman
53 Frederick Moore Vinson Kentucky July 23, 1945 June 23, 1946 Harry S. Truman
54 John Wesley Snyder Missouri June 25, 1946 January 20, 1953 Harry S. Truman
55 George Magoffin Humphrey Ohio January 21, 1953 July 29, 1957 Dwight D. Eisenhower
56 Robert Bernard Anderson Connecticut July 29, 1957 January 20, 1961 Dwight D. Eisenhower
57 Clarence Douglas Dillon New Jersey January 21, 1961 April 1, 1965 John F. Kennedy, Lyndon Johnson
58 Henry Hammill Fowler Virginia April 1, 1965 December 20, 1968 Lyndon Johnson
59 Joseph Walker Barr Indiana December 21, 1968 January 20, 1969 Lyndon Johnson
60 David Matthew Kennedy Utah January 22, 1969 February 10, 1971 Richard Nixon
61 John Bowden Connally, Jr. Texas February 11, 1971 June 12, 1972 Richard Nixon
62 George Pratt Shultz Illinois June 12, 1972 May 8, 1974 Richard Nixon
63 William Edward Simon New Jersey May 8, 1974 January 20, 1977 Richard Nixon, Gerald Ford
64 W. Michael Blumenthal Michigan January 23, 1977 August 4, 1979 Jimmy Carter
65 George William Miller Rhode Island August 7, 1979 January 20, 1981 Jimmy Carter
66 Donald Thomas Regan New Jersey January 22, 1981 February 1, 1985 Ronald Reagan
67 James Addison Baker III Texas February 4, 1985 August 17, 1988 Ronald Reagan
68 Nicholas Frederick Brady New Jersey September 15, 1988 January 17, 1993 Ronald Reagan, George H. W. Bush
69 Lloyd Millard Bentsen, Jr. Texas January 20, 1993 December 22, 1994 Bill Clinton
70 Robert Edward Rubin New York January 11, 1995 July 2, 1999 Bill Clinton
71 Lawrence Henry Summers Massachusetts July 2, 1999 January 20, 2001 Bill Clinton
72 Paul Henry O'Neill Pennsylvania January 20, 2001 December 31, 2002 George W. Bush
73 John William Snow Virginia February 3, 2003 June 30, 2006 George W. Bush
74 Henry Merritt Paulson, Jr. Illinois July 10, 2006 present George W. Bush

Acting Secretaries of the Treasury

If both the Secretary and the Deputy Secretary of the Treasury are unable to carry out the duties of the office of Secretary of the Treasury, then whichever Treasury official of Under Secretary rank sworn in earliest assumes the role of Acting Secretary. Positions listed on the Department of the Treasury website include the Under Secretary for Domestic Finance, the Under Secretary for International Affairs, and the Under Secretary for Terrorism and Financial Intelligence. This has been the case since 2001, when President George W. Bush modified the line of succession.

References

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