PD_Treasury_Assistant-Secretary-for-Financial-Stability

Position Description

Assistant Secretary for Financial Stability, Department of the treasury

Overview

Senate Committee

Banking, Housing and Urban Affairs

Agency Mission

The Department of the Treasury is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States.

Position Overview

The assistant secretary for financial stability leads The Office of Financial Stability (OFS), which was created within the Department of the Treasury in October 2008, following passage of the Emergency Economic Stabilization Act of 2008. The mandate of OFS is to implement the Troubled Asset Relief Program (TARP) to help stabilize the U.S. financial system and promote economic recovery following the 2008 financial crisis.

Compensation

Level IV $161,900 (5 U.S.C. § 5315)¹ _{2017 data}

Position Reports to

Undersecretary for Domestic Finance² _{https://www.treasury.gov/about/organizational-structure/Pages/default.aspx}

Responsibilities

Management Scope

The Office of Financial Stability is one of five principal components in the Office of Domestic Finance. The subordinate structure within OFS includes five chiefs of offices (investments, homeownership preservation, financial management, compliance and technology). The president’s fiscal 2017 budget request for OFS (administrative account) was $127.43 million and 64 full-time equivalents.³ _{https://www.treasury.gov/about/budget-performance/budget-in-brief/BIB17/FY%202017%20Budget%20in%20Brief.pdf}

Primary Responsibilities

® Manages the winding down of TARP and the effort to recover taxpayers’ outstanding investments
® Implements initiatives under TARP to help struggling homeowners avoid foreclosure⁴ _{https://www.treasury.gov/initiatives/financial-stability/Pages/about-ofs.aspx}

Strategic Goals and Priorities

[Depends on the policy priorities of the administration]

Requirements and Competencies

Requirements

® MBA or master’s in economics or finance (preferred)
® In-depth understanding of economic models
® In-depth understanding of TARP
® Understanding of budget formulation
® Understanding of administrative/regulatory processes

Competencies

® Exceptional verbal and written communications skills, with ability to quickly craft messages on agency policy for media and public consumption
® Ability to bring about strategic change, establish an organizational vision and implement it in a continuously changing environment
® Understanding of currenton local, national and international policies and trends affecting the organization and shaping stakeholders’ views, and awareness of the organization’s impact on the external environment
® Ability to meet organizational goals and customer expectations and make decisions that produce high-quality results by applying technical knowledge, analyzing problems and calculating risks
® Ability to manage human, financial and information resources strategically
® Ability to build coalitions internally and with other federal agencies, state and local governments, and nonprofit and private-sector organizations

Past Appointees

Timothy G. Massad (2011 to 2014): Chief Counsel and Chief Reporting Officer, Assistant Secretary for Financial Stability, Undersecretary for Domestic Finance, Department of the Treasury; Director, Board of Directors, U.S.-India Business Council; Partner, Cravath, Swaine & Moore LLP⁵ _{Leadership Directories}
Herbert M. Allison, Jr. (2009 to 2010): President, Chief-Executive Officer and Chairman, TIAA-CREF; President and Chief-Executive Officer, AllLearn.org; President and Chief Operating Officer, Merrill Lynch & Company⁶ _{http://www.referenceforbusiness.com/biography/A-E/Allison-Herbert-M-Jr-1943.html}
Endnotes
This position description was created with the help of MITRE Corporation, a not-for-profit company that provides innovative, practical solutions for some of the nation’s most critical challenges in defense and intelligence, aviation, civil systems, homeland security, the judiciary, health care and cybersecurity.
The Partnership’s Center for Presidential Transition helps ensure the efficient transfer of power that our country deserves. The Center’s Ready to Govern· initiative assists candidates with the transition, works with Congress to reform the transition process, develops management recommendations to address our government’s operational challenges, and trains new political appointees.