Who Is Timothy Geithner?:
Timothy F. Geithner has been appointed as
U.S. Treasury Secretary. Between 2003 and 2009, he was the head of the
Federal Reserve Bank of New York, which also makes him the vice chairman of the Federal Open Market Committee (
FOMC). He was chairman of the G-10’s Committee on Payment and Settlement Systems of the Bank for International Settlements, a member of the Council on Foreign Relations, and the Group of Thirty.
Geithner worked for the Department of Treasury between 1988 and 2003. He was Under Secretary for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers.
Why is Geithner Important to the U.S. Economy?:
Tim Geithner has been very active in efforts by the Treasury and Federal Reserve to intervene in the
Banking Credit Crisis. His appointment as U.S. Treasury Secretary means a smooth transition for Obama Administration in handling the crisis. He will be able to hit the ground running.
What Role Has Geithner Played in the Economic Crisis?:
As New York Fed Chair and a member of the FOMC, Geithner has been intimately involved in the bailout of
AIG,
Bear Stearns and the decision to let Lehman Brothers go bankrupt. His tenure at the Treasury means he understands currency markets and the impact of a
declining dollar.
Geithner's Early Career:
Before working for the Treasury and Federal Reserve, Geithner was director of the Policy Development and Review Department at the International Monetary Fund (
IMF) from 2001 until 2003. He also worked for Kissinger Associates.
Geithner has a Master's in International Economics and East Asian Studies from the Johns Hopkins School of Advanced International Studies. He has a B.A. in government and Asian studies from Dartmouth College. He has studied Japanese and Chinese and has lived in East Africa, India, Thailand, China, and Japan. He was born in New York and attended high school in Bangkok, where his father was working as an Asia expert for The Ford Foundation. He also spent part of his childhood in Zambia, Zimbabwe and India. (Source: New York Federal Reserve website, The Australian, Treasury's next chief no rookie, November 25, 2008)
