News Column

U.S. Treasury Secretary Geithner Departs Cabinet

Jan. 26, 2013
tim geithner, departs cabinet

Washington (dpa) - U.S. Treasury Secretary Timothy Geithner stepped down from office on Friday as Congress prepares to interview his likely successor, former U.S. budget chief Jack Lew.

Geithner, 51, spent four tumultuous years helping to shepherd the country out of the recession that prevailed when US President Barack Obama took office in January 2009.

Cabinet members often leave office after their president is elected for a second term.

Lew was nominated by Obama earlier this month as Geithner's successor, an appointment that must be confirmed by the Senate.

In the interim, Deputy Treasury Secretary Neal Wolin will serve as acting secretary.

Despite signs of an economic rebound, Lew would have to chart political and financial storms over spending, taxes and debt limit in standoff between the Democratic administration and Republicans who control the House of Representatives.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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