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Encyclopedia > Department of Finance

The finance minister is a 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. He or she helps form the budget, stimulate the economy, or helps control finances. Finance ministers are often found in state or provincial governments if that country has a form of federalism.


Finance ministers powers can vary from governments, but not like a foreign minister. Sometimes the finance minister is the most powerful cabinet post, like in Canada or New Zealand. 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. In the United Kingdom, the finance minister is called the Chancellor of the Exchequer, though the prime minister is also the First Lord of the Treasury.


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Department of Finance (208 words)
The mission of the Department of Finance is to maintain and improve the intellectual environment that encourages creation and dissemination of knowledge.
The department has been ranked 24th in the nation for the scholarly output, in a recent compilation of knowledge disseminated in the most respected academic outlets over the past four years.
In a study published in Financial Management in 2002 the Department was ranked 35th in the nation in number of articles published in the top three journals in the field and 21st in the top 16 journals.
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