The Deputy Secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the Department's activities.

[3] Former deputy secretaries include Roger Altman,[4] Lawrence Summers,[5] Stuart E. Eizenstat,[6] Kenneth W. Dam,[7] and Samuel Bodman.

Today, several officials hold the title of "Under Secretary" of the Treasury.

Among those who served as under secretary when it was the number-two position in the department include Dean Acheson, Henry Morgenthau Jr., John W. Hanes II, and O. Max Gardner (1946–1947).

President Donald Trump announced his nomination of Muzinich on March 13, 2018.