Treasury Secretary Tim Geithner Is Staying Put, After All

More

Treasury Secretary Timothy Geithner has told President Obama that he will stay at his current job through the 2012 election, the agency announced on Sunday afternoon, the Associated Press is reporting.

The announcement comes as Asian markets are set to open for the first time since Standard & Poor's downgraded the United States' credit rating on Friday, a decision heavily criticised by the White House. Geithner remaining at his post will help maintain the stability of President Obama's economic team during a stressful time.

"Secretary Geithner has let the president know that he plans to stay on in his position at Treasury," Jenni LeCompte, assistant secretary for public affairs, said in a statement. "He looks forward to the important work ahead on the challenges facing our great country."

The White House expects Geithner to stay at least through the 2012 election, according to a senior administration official who spoke on condition of anonymity because he was not authorized to discuss the timetable. Had Obama been forced to nominate a replacement in the middle of his reelection campaign, the confirmation process would have been contentious.

The White House also hopes that the news helps calm jittery financial markets, which will open in Asia in a few hours.

Speculation had swirled that Geithner would leave government service after the debt-ceiling crisis was over, after anonymous sources close to him had said several times over the summer that the secretary was ready for a break.

Before assuming his current role, Geithner was president of the New York Federal Reserve Bank, and played a prominent role in the government's response to the 2008 financial crisis.

Jump to comments
Presented by
Get Today's Top Stories in Your Inbox (preview)

Tracing Sriracha's Origin to a Seaside Town in Thailand

Ever wonder how the wildly popular hot sauce got its name? It all started in Si Racha.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Where the Wild Things Go

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Adults Need Playtime Too

When was the last time you played your favorite childhood game?

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in Business

Just In