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.
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Wind Power and Wildlife Can Coexist
- Ford Mustang Still Packs Power
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- Roybal-Allard Tours Gordon Brush Plant