WASHINGTON – New York Federal Reserve President Timothy Geithner has been picked to be the new secretary of the treasury, according to several media reports.
Geithner, who has been in that position since November 2003, has had extensive experience in dealing with domestic and foreign economics issues as a result of his extensive work at the New York Fed and in a range of positions in the Treasury Department.
His highest post in the department was under secretary for international affairs, a position he held from 1999-2001. Geithner joined the department as a civil servant and rose through the ranks and received a political appointment during the Clinton administration. He was director of the policy development and review department at the International Monetary Fund from 2001 until taking his current position.
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The Wall Street Journal, which broke the story, reported that President-elect Barack Obama plans to announce the appointment of Geithner and other members of the administration's economic team early next week.
Several media outlets were also reporting that Sen. Hillary Clinton (D-N.Y.) had accepted Obama's offer to be secretary of state, though that announcement is not expected to be made until after Thanksgiving.
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