The Obama administration has announced that Treasury Secretary Timothy Geithner would remain in his post for the time being.
"Secretary Geithner has let the president know that he plans to stay on in his position at Treasury. He looks forward to the important work ahead on the challenges facing our great country," Treasury Department spokeswoman Jenni LeCompte said.
Geithner, the only original member of President Obama's economic team still in his or her position, had been the subject of some speculation as he had said he wanted to join in his wife and children, who had moved back to New York, and was exhausted from working at a breakneck pace during the financial crisis.
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He was president of the Federal Reserve of New York before being named treasury secretary.
While the announcement wasn't made until Sunday, anonymous members of the Obama administration leaked word last week that he was likely to stay.
The New York Times published those comments last Wednesday. In the article, the paper noted that the subject of Geithner's future had been the subject of frequent jokes between Geithner and White House Chief of Staff William Daley.
Geithner, reportedly jokes about the ankle bracelet he is required to wear. Geithner also asked Daley if he had read his resignation letter, to which Daley responded, according to the paper, in unprintable language.
Geithner's decision avoids a confirmation fight that the Obama administration doesn't need given its tense relations with Congress. Although Republicans are in the minority, the rules in the Senate have given them considerable leverage to block the confirmation of key administration nominees.
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