# Under Secretary of the Treasury for International Affairs

The Under Secretary of the Treasury for International Affairs is a high-ranking position within the 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.
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.

## 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
** 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 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
** Office of Investment Security
*** Committee on Foreign Investment in the United States (CFIUS)
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 | 1989 | 1992 | George H. W. Bush |
| Lawrence Summers | April 5, 1993 | August 11, 1995 | Bill Clinton |
| Jeffrey R. Shafer | 1995 | 1997 | Bill Clinton |
| David Lipton | 1997 | 1998 | Bill Clinton |
| Timothy Geithner | July 3, 1998 | January 20, 2001 | Bill Clinton |
| John B. Taylor | 2001 | 2005 | George W. Bush |
| Timothy D. Adams | July 2, 2005 | August 2, 2007 | George W. Bush |
| David McCormick | August 2007 | January 20, 2009 | George W. Bush |
| Lael Brainard | April 20, 2010 | November 8, 2013 | Barack Obama |
| D. Nathan Sheets | September 18, 2014 | January 20, 2017 | Barack Obama |
| David Malpass | September 25, 2017 | April 9, 2019 | Donald J. Trump |
| Brent McIntosh | September 2019 | January 20, 2021 | Donald J. Trump |
| Jay Shambaugh | January 13, 2023 | January 20, 2025 | Joe R. Biden |