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Timothy Geithner Considering Leaving Treasury After Budget Deal [UPDATED]

Geithner

First Posted: 06/30/11 04:53 PM ET Updated: 08/30/11 06:12 AM ET

This story has been updated.

Treasury Secretary Timothy Geithner is said to be considering leaving his position after the budget deal is completed, according to Bloomberg.

According to Bloomberg, Geithner has not yet finalized his decision, and he says he will not do so until the resolution of the debt ceiling issue.

Geithner is the sole remaining member of the original economic team compiled by President Barack Obama, so his departure would mean not a single member made it through Obama's first term. In early June, Austan Goolsbee resigned his post as chairman of the Council of Economic Advisers.

Other notable departures from Obama's economic team include Christina Romer, Peter Orszag, and Larry Summers.

Before becoming Treasury Secretary, Geithner was president of the New York Federal Reserve. During his tenure there, Geithner, along with Fed Chairman Bernanke and then Treasury Secretary Hank Paulson, helped to steer the economy through the worst financial crisis since the Great Depression. His role in the bailout of American International Group has been heavily scrutinized in subsequent years.

From Reuters:

Geithner, 49, has spent most of his career in the public sector and does not have a university position or banking job waiting for him. Prior to taking the top job at Treasury, he was President of the Federal Reserve Bank of New York and held key positions before that at the International Monetary Fund and the Treasury during the Clinton administration.

The Bloomberg report said Geithner had told associates that he needs a break from government service after dealing with the turmoil of the financial crisis, including the bailouts of major Wall Street banks as head of the New York Fed and later with automakers and American International Group at the Treasury.

Family considerations were also playing a role in his deliberations, according to he report.

[UPDATE - 7:08 p.m. ET] - AP reports that Geithner says he'll stay in his post for the 'foreseeable future':

Treasury Secretary Timothy Geithner says he's staying put at the Treasury Department for the "foreseeable future," addressing speculation he might leave the Obama administration following the current round of budget negotiations.

Check here for updates

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Filed by James Sunshine  |