President Obama Asks Tim Geithner To Remain U.S. Treasury Secretary

WASHINGTON - President Barack Obama has asked Timothy Geithner to stay on as U.S. Treasury Secretary and a decision is expected soon, officials said Thursday.

Geithner had indicated he might decide to leave once a decision to raise the U.S. debt limit was raised, which happened this week after a long and rancorous debate. He has headed Treasury since January 2009 and been involved in all the major economic decisions by the Obama administration.

Advisers said Geithner has not yet decided whether to leave his post but would likely come to a decision soon.

Both Obama and White House Chief of Staff Bill Daley have encouraged Geithner to stay, and one adviser said the officials have had numerous discussions.

Geithner has been considering departing to join his family in New York, where his son intends to finish high school.

There have been instances when Treasury secretaries served in Washington while their families remained elsewhere, as with former Treasury Secretary Robert Rubin, who served in the Clinton administration and commuted frequently to New York.

If Geithner did leave, the Obama administration would have to find a successor willing and able to withstand a confirmation process that would likely become another battle between Democrats and Republicans over the direction of the nation's economic policy. (Reporting by Glenn Somerville and Tim Ahmann; Editing by James Dalgleish)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[dunesport]

01:26 AM on 08/09/2011

On a serious note:

Hey Mr. President, I voted for You because you held so much promise. I am an Independent Voter and this latest moved of Yours added more weight to why I am increasingly less likely to vote for You in 2012.

Do You see the disconnect that exists when You 'make nice nice' with those that are clogging the drain on the dirty bathtub, that is Washington, full of gunk?

~ Can You or any member of Your team explain in 'black and white' terms how these lackluster strategies we've been seeing are helping the America that voted for You? - The America that had high hopes that the man we elected would show he had a grasp of what is wrong in Washington? and could unapologetically identify WHO and what was responsible for this mess, prosecute them ALL and keep them ALL ... OUT of the Halls of Government? ... NOT work beside them. NOT appease them.

SHUN them!

To this American, Geithner has been part of the problem, NOT the solution.

[jfbuf]

10:51 AM on 08/07/2011

why, I could do just as crappy a job as him

[plzchuteme]

07:29 AM on 08/07/2011

I can think of one and only one reason to keep Geithner on the job, and it has nothing to do with his performance, which has been an abomination. That one reason is that he is already there, and the Republicans would never ever approve of any replacement, no matter who it might be, though I am not sure that having NO Secretary of the Treasury would be worse than Geithner.

[CameronC]

06:49 AM on 08/07/2011

Your doing a heckof a job Timmy.

[ScottWhite]

09:41 PM on 08/06/2011

It's a good time for him to leave, but that entails future actions for a group that we are not a part of...

By Stacy Kaper, The Atlantic, "With Debt Deal Finished, Will Geithner Quit Soon?" Aug 3 2011, 9:36 AM ET
http://www.theatlantic.com/politics/archive/2011/08/with-debt-deal-finished-will-geithner-quit-soon/243005/

"There have been so many battles with the administration on most of these issues so my guess is that at this point President Obama would pick a replacement who is very Wall Street friendly and probably looking to water down as many of the key provisions of Dodd-Frank that are still up in the air as much as possible," said Dean Baker, a co-director with the Center for Economic and Policy Study.

"It is clear he wants to be friendly to Wall Street and business in general ... so that he gets substantial campaign contributions so he can run a solid race. So I don't think he's going to pick anyone who would upset the apple cart."

[Countess]

03:23 PM on 08/06/2011

Another confirmation that Obama will continue to be a moderate conservative president completely lacking in imagination and political courage. You would think that being a proven failure would not be conducive to being asked to stay on but in the bubble of Washington DC reality doesn't stand a chance.

[dhartson]

11:31 AM on 08/06/2011

Start fixing this country. DUMP GEITHNER! It's a start

[vietveter]

09:16 AM on 08/06/2011

May be read as:

Timmy keeps job even though all his advice

IS GOOD FOR REPUBLICANTS AND WALL ST.

[walkingman50]

09:11 AM on 08/06/2011

obama just loves the way Timmy can be so ABSOLUTELY WRONG !!

[jmaxcourt3490]

08:28 AM on 08/06/2011

So after all the issues Obama stays the course. One would have to question what the motives behind that would be. Clearly Turbo Timmy is in over hs head and even if not a change of course would have the appearance of doing something for the economy. Perhaps Obama likes the struggling U.S. economy or he doesn't have a clue what to do. Either way he again fails to provide any leadership on the issue

[smburwick]

08:00 AM on 08/06/2011

Guithner should be asked to resign. We all have to thank Bill Clinton for pressuring banks to give loans to people who were ineligible. That was the beggining of Fannie Mae with Frank and Dodd, and Franklin Raines who cooked the books and walked away with 21 million. He is in Chicago now.He's hoping for Cap and Tax.

[Namvet6871]

07:56 AM on 08/06/2011

You must be Kidding! After losing our AAA rating since 1917! Yeah good change Obama!

[sf omega man]

03:48 AM on 08/06/2011

Timmy Geithner. The Jar-Jar Binks of Bailout craftsmanship.

[rview]

03:01 AM on 08/06/2011

Why? From McCain was born Palin. From Obama was born Geithner a bureaucrat with no imagination or communication skills. In these troubling times I don't understand why he would take him in the first place then decide to keep him.

[Hugo Stiglitz1]

02:27 AM on 08/06/2011

"Come on Timmy! Theres still all that Social Security Money left to steal! Dont bail out yet!!!"