Jan. 20, 2001 to Date
Under President George W. Bush
Secretary of the Treasury
Paul H. O'Neill was nominated by then President-Elect George W. Bush on December 20, 2000, to be the 72nd Secretary of the Treasury. His confirmation hearing was held on January 17, 2001, Mr. O'Neill received Senate confirmation and was sworn in on January 20, 2001. O'Neill's unique experience transforming an old economy firm into a new economy success has been chronicled as a study by the Harvard Business School, and studied in business schools across the nation. O'Neill has gained valuable insights into international finance and the global economy as head of a major corporation with 140, 000 employees spread across 36 nations. O'Neill's mastery of federal budget details and process stems from his tenure at the U.S. Office of Management and Budget.
Duties and Accomplishments:
The Secretary of the Treasury 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 Treasury Department in carrying out his major law enforcement responsibilities; in serving as the financial agent for the U.S. Government; and in manufacturing coins and currency.
The chief financial officer of the Government, the Secretary serves on the President's National Economic Council. He is also Chairman of the Boards and Managing Trustee of the Social Security and Medicare Trust Funds, Chairman of the Thrift Depositor Protection Oversight Board, and serves 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, the African Development Bank, and the European Bank for Reconstruction and Development.
Personal Highlights:
Mr. O'Neill served as Chairman and CEO of Alcoa from 1987 until 1999. He retired as chairman at the end of 2000. In 1977, O'Neill joined International Paper Company as Vice President for Planning, serving in that capacity until 1985.
Between 1967 and 1977, O'Neill served at the U.S. Office of Management and Budget (OMB). He joined OMB in 1967, and was deputy director of OMB from 1974 to 1977. He began his public service as a computer systems analyst with the US Veterans Administration, where he served from 1961 to 1966.
Secretary O'Neill also served as Director of the American Enterprise Institute, served on the Boards of Directors of Eastman Kodak Company, Lucent Technologies, and the Rand Corporation.
He obtained his Bachelor's Degree in Economic from Fresno State College in California and his Master's Degree in Public Administration from Indiana University. He and his wife, Nancy, have three daughters, one son and twelve grandchildren. Mr. O'Neill was born in St. Louis, Missouri, on December 4, 1935.
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