Jacob "Jack" Lew was born on August 29, 1955, in New York City. He attended Carleton College in Minnesota before transferring to Harvard University and graduating in 1978. He then received a law degree from Georgetown University. He began his career in Washington, D.C., as a legislative aide in 1973. From 1979 to 1987, Lew served as a principal domestic policy adviser to House Speaker Tip O'Neill, Jr. Lew also served in President Bill Clinton's administration as special assistant to the President from 1993 to 1994, the deputy director of the Office of Management and Budget, and the director of the Office of Management and Budget from 1998 to 2001.

After leaving the Clinton administration, Lew worked for Citigroup and as executive vice president and chief operating officer of New York University. He joined the administration of Barack Obama as deputy secretary of State for management and resources, and then served again as director of the OMB from 2010 until 2012. In January 2012, Lew became chief of staff for President Obama. He was confirmed as secretary of the Treasury on February 27, 2013.