Obama Picks Tim Geithner as U.S. Treasury Secretary

President-elect Barack Obama named Tim Geithner as Secretary of the pivotal U.S. Treasury in his Administration next year. Geithner is head of the New York Federal Reserve Bank, and assures a smooth transition in handling the credit crisis that has thrown the global economy into recession. Geithner has played a key role in the Federal Reserve's intervention in the crisis since August 2007. He has also served as Undersecretary of the Treasury for International Affairs.

What It Means to You

The stock market applauded this announcement because it signifies that Obama is addressing this crisis aggressively. This means a higher value for your stock portfolio and retirement fund, as well as a shorter, less intense recession.

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