Lew would enter Treasury with lower net worth than predecessors

Chris Usher, CBS News/AP

President Obama’s nominee for Treasury secretary, Jacob Lew, would enter the office among the least wealthy of his recent predecessors, CNN has reported.

Lew, whose Senate confirmation hearings have not yet been scheduled but is considered likely to be confirmed, is worth between $748,000 and $1.7 million according to financial disclosures with the Office of Government Ethics.

Lew’s net worth is actually similar to that of the man he is replacing, Timothy Geithner, who reported his wealth to be between $239,000 and $6 million. The wide range is due to Geithner’s four mortgages, according to CNN.

Other recent fiscal policy chiefs, however, all had a net worth of eight figures upon entering the job. Henry Paulson, John Snow and Paul O’Neill, all of whom served in the George W. Bush administration, were worth $91 million, $62 million and $63 million, respectively.

Lew has spent most of his career in the public sector, but spent three years at Citigroup. He lost a great deal of wealth when he returned to the public sector in 2009 and sold his stock in the company during the peak of the recession.

Lew would earn $199,700 per year as secretary.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • The Big Data Campaign Trail

    With everyone so focused on security following recent breaches at federal, state and local government and education institutions, there has been little emphasis on the need for better operations. This report breaks down some of the biggest operational challenges in IT management and provides insight into how agencies and leaders can successfully solve some of the biggest lingering government IT issues.

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download
  • Ongoing Efforts in Veterans Health Care Modernization

    This report discusses the current state of veterans health care

    Download

When you download a report, your information may be shared with the underwriters of that document.