The finance minister is an executive or cabinet position in a government.
A minister of finance (also called financial affairs, the treasury, the economy, or economic affairs) has many different jobs in a government. The minister forms the government budget, stimulate the economy, and control finances. Finance ministers are often found in state or provincial governments if that country has a form of federalism. Although in many cases, especially the Anglo-American world, the posts are merged, the Finance and Economy are separate ministries across most of the globe. Economic affairs are usually handle a ministry or department of commerce.
The powers of a finance minister vary between governments. Sometimes the finance minister is the most powerful cabinet post, like in Canada or New Zealand. In Australia, the finance minister is junior to the Treasurer - the Treasurer is responsible for economic matters and is assisted by the Minister for Finance and Deregulation (formerly Finance and Administration) who heads a separate department. Other times they are unpopular posts if they must raise taxes or cut spending.
In the United States, the finance minister is called the Secretary of the Treasury, though there is a separate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget. In the United Kingdom, the equivalent of the finance and economic minister is the Chancellor of the Exchequer. However in the United Kingdom the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the treasury. In Hong Kong it is called the Financial Secretary, though there is a Secretary for the Treasury subordinate to him.
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Famous quotes containing the words finance and/or minister:
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—Christina Stead (1902–1983)
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—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)