Assistant Secretary of the Treasury for Financial Markets | |
---|---|
Department of the Treasury | |
Style | The Honorable |
Reports to | Under Secretary of the Treasury for Domestic Finance |
Nominator | President of the United States |
Salary | $155,500 (2010)[1] |
Website | Official website |
The Assistant Secretary of the Treasury for Financial Markets is an official in the United States Department of the Treasury who heads the Office of Financial Markets. The office is currently held by Joshua Frost.
According to U.S. statute, there are ten Assistant Secretaries of the Treasury appointed by the President of the United States with the advice and consent of the United States Senate.[2] The Assistant Secretary of the Treasury for Financial Markets reports to the Under Secretary of the Treasury for Domestic Finance, who in turn reports to the United States Secretary of the Treasury and the United States Deputy Secretary of the Treasury.
YouTube Encyclopedic
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Treasury bond prices and yields | Stocks and bonds | Finance & Capital Markets | Khan Academy
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Money and Finance: Crash Course Economics #11
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U.S. Deputy Secretary of the Treasury Neal S. Wolin
Transcription
When you buy a US Treasury security, you're essentially giving a loan to the US federal government. And just as an example here, I have a US Treasury security, in which it says that the owner of this piece of paper will be paid $1,000 in one year. So if you buy this from the Treasury-- or maybe you're buying it from someone else, but let's just say that the government is issuing them right now-- let's say you buy it for $950, and the government will give you this security right over here. Now fast forward one year. You're holding this security, and what happens? So you know, all that stuff is written there. What happens a year later? Well, written on the security-- and I've simplified it just for this example-- it says the holder of the security will get $1,000. So at this point, the US government has to give you $1,000. So when you look at just the money flows, it's pretty clear that you just lent them money. You gave them $950 now, and then a year later they give you $1,000. And if you wanted to put this in terms that you normally associate with borrowing money, in terms of how much interest did you get? Well, you lent $950, and you got back $1,000. So let's think about this way. Let's get a calculator out. So 1,000 divided by 950 is equal to 1.05-- and just to round it-- 1.053. So you got 1.053-- or 105.3%-- of your money back. So let me put it this way. So this is 105.3% of money lent, of money given, of money given to the government. Or another way to think about it is, you got a 5.3% interest-- or you lent your money out at an annual interest of 5.3%. You got your money back, plus you've got 5.3% after one year. So you could imagine, if all of a sudden many people want to buy this government security, and now the price goes up. Instead of being $950, let's imagine that it is now $980. What is the implicit yield that the person would now get on it? Well, we get the calculator back out here. So you're going to get $1,000, and if you paid in $980 instead of $950, then a year later when you get the $1,000 back, that will only be 102% of your money. So in that situation it would be 102% of your money. So with the $950 price, you're essentially lending the government money at 5.3%, and at $980 you're lending the government money at 2%. And I'm doing this to show you a point. When the price of the treasury security goes up, as happened in this case, the yield-- the interest-- that you're getting on your loan goes down. Because in either situation you're going to just get $1,000 back. If you lend $980 and get $1,000 back, you're only getting 2% on your money. If you lend $950 and get $1,000 back, you get 5.3%. And so this is what people are talking about when they say if treasury prices go up then the yield goes down. So if there's more demand for treasuries the interest rate on treasuries will go down. In the next video we'll talk about how this might change for treasuries of different maturity dates.
List of Assistant Secretaries of the Treasury for Financial Markets
Name | Assumed office | Left office | President appointed by | Secretary served under |
---|---|---|---|---|
Darcy E. Bradbury | 1995 | 1997 | Bill Clinton | |
Gary Gensler[3] | September 1997 | April 1999 | Bill Clinton | Robert Rubin |
Lewis A. Sachs[4] | 1999 | 2001 | Bill Clinton | Lawrence Summers |
Brian C. Roseboro[5] | 2001 | 2004 | George W. Bush | Paul O'Neill John W. Snow |
Timothy S. Bitsberger[6] | 2004 | 2005 | George W. Bush | John W. Snow |
Anthony Ryan[7] | 2006 | 2008 | George W. Bush | Henry Paulson |
Karthik Ramanathan (acting)[8] | September 25, 2008 | February 2010 | George W. Bush Barack Obama |
Henry Paulson Timothy Geithner |
Mary J. Miller[9] | February 2010 | August 2012 | Barack Obama | Timothy Geithner |
Matthew S. Rutherford[10] | August 2012 | January 30, 2015 | Barack Obama | Timothy Geithner Jack Lew |
Seth B. Carpenter (acting) | January 30, 2015 | February 1, 2016 | Barack Obama | |
Daleep Singh (acting) | February 1, 2016 | January 20, 2017 | Barack Obama | |
Monique Rollins (acting) | January 20, 2017 | 2017 | Donald Trump | |
Joshua Frost | May 11, 2022 | Incumbent | Joe Biden | Janet Yellen |
See also
References
- ^ "David Samuel Cohen". Search Federal Pay. Feds Data Center. Retrieved 29 April 2016.
- ^ 31 U.S.C. § 301(e)
- ^ Little Sis Profile
- ^ Little Sis Profile
- ^ Profile from Sacred Heart University Archived 2011-09-27 at the Wayback Machine
- ^ Profile from RevolvingDoor.com
- ^ "Biography from Fidelity Investments". Archived from the original on 2011-08-16. Retrieved 2011-04-09.
- ^ Medals, Samuel J. Heyman Service to America. "Karthik Ramanathan • Samuel J. Heyman Service to America Medals". Samuel J. Heyman Service to America Medals. Retrieved 2021-07-12.
- ^ Profile from WhoRunsGov Archived December 10, 2010, at the Wayback Machine
- ^ Saphir, Jonathan Spicer, Michael Flaherty, Ann (31 January 2015). "Exclusive: Treasury official among those eyed for regional U.S. Fed openings". Reuters. Retrieved 4 July 2021.
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