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Timothy Geithner

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Timothy Geithner
United States Secretary of the Treasury- designate
Assuming office
January 20, 2009
PresidentBarack Obama (elect)
SucceedingHenry Paulson
9th President of the Federal Reserve Bank of New York
Assumed office
November 17, 2003
Preceded byWilliam J. McDonough
Personal details
Born (1961-08-18) August 18, 1961 (age 62)
Brooklyn, New York
NationalityUnited States
Political partyDemocratic[citation needed]
SpouseCarole M. Sonnenfeld
Alma materJohns Hopkins University (M.A.)
Dartmouth College (B.A.)

Timothy Franz Geithner (Template:Pron-en[1]; born August 18, 1961) is the 9th president of the Federal Reserve Bank of New York. In that role he also serves as Vice Chairman of the Federal Open Market Committee (FOMC). President-elect Barack Obama has nominated Geithner to succeed Henry Paulson as the United States Secretary of the Treasury.[2]

Biography

Early life and education

Geithner was born in Brooklyn, New York.[3] His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. His mother, Deborah M. Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. He spent most of his childhood living outside the United States, including present-day Zimbabwe, India and Thailand, where he completed high school at International School Bangkok.[3] He then attended Dartmouth College, graduating with a A.B. in government and Asian studies in 1983.[4] He earned an M.A. in International Economics and East Asian Studies from Johns Hopkins University's School of Advanced International Studies in 1985.[4][5] He has studied Chinese[4] and Japanese.[6]

Personal life

He married Dartmouth classmate Carole M. Sonnenfeld in 1985 at his parents' summer home in Orleans, Massachusetts and Rev. Thomas Keehn, a United Church of Christ minister, officiated at the wedding.[3] They have two children, Elise and Benjamin.[7] In his spare time he fly-fishes, plays tennis and surfs.[8]

Career

After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).[5]

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.[5] Summers was his mentor,[9] but other sources call him a Rubin protégé.[10][11][12]

In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.[7] At the International Monetary Fund he was director of the Policy Development and Review Department (2001-2003).[5]

In October 2003, he was named president of the Federal Reserve Bank of New York.[13] His salary in 2007 was $398,200.[14] Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.[15]

In March 2008, he arranged the rescue and sale of Bear Stearns.[9][16] As a Treasury official, he helped manage multiple international crisis of the 1990s[11] in Brazil, Mexico, Indonesia, South Korea and Thailand.[12]

On November 24, 2008, President-elect Barack Obama nominated Geithner to be Treasury Secretary.[2][17]

Geithner believes, along with Henry Paulson, that the Treasury Department needs new authority to experiment with responses to the financial crisis of 2008.[9] Paulson has described Geithner as "[a] very unusually talented young man...[who] understands government and understands markets."[16]

Memberships

References

  1. ^ Sidoti, Liz (21 November 2008). "Officials: Obama plans to tap Geithner at Treasury". Associated Press. Retrieved November 22, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  2. ^ a b change.gov (24 November 2008). "Geithner, Summers among key economic team members announced today". Newsroom. Office of the President-elect. Retrieved November 24, 2008. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help); External link in |author= (help)
  3. ^ a b c "Carole M. Sonnenfeld wed to T. F. Geithner". New York Times. 9 June 1985. Retrieved November 22, 2008.
  4. ^ a b c Farley, Kate (3 October 2008). "Family describes Geithner '83's youth". Hanover, NH: The Dartmouth. Retrieved November 22, 2008.
  5. ^ a b c d e "Timothy F. Geithner". Who's Who. Marquis Who's Who. 22 November 2008. pp. K2017000959. Retrieved November 22, 2008.
  6. ^ "Obama picks dynamic duo to rescue US". BusinessDay. The Sydney Morning Herald. 24 November 2008. Retrieved November 25, 2008.
  7. ^ a b c "Timothy F. Geithner". About the Fed. New York, NY: Federal Reserve Bank of New York. July 2007. Retrieved November 22, 2008.
  8. ^ Labation, Stephen (7 November 2008). "Timothy F. Geithner" (Series). The New Team. The New York Times. Retrieved November 20, 2008.
  9. ^ a b c Cho, David (22 November 2008). "Obama Picks N.Y. Fed President Geithner as Treasury Secretary". Business. The Washington Post. p. A1. Retrieved November 23, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  10. ^ Kessler, Glenn (24 November 2008). "As White House Economic Adviser, Summers to Assume Less-Public Role". World. The Washington Post. p. A13. Retrieved November 24, 2008. Summers also got along well with another Rubin protégé, Timothy F. Geithner, now chairman of the New York Federal Reserve Bank.
  11. ^ a b Irwin, Neil (22 November 2008). "A Treasury Contender Schooled in Crisis". p. A6. Retrieved November 23, 2008.
  12. ^ a b "Obama picks Geithner as treasury secretary". The Financial Express. Mumbai: Indian Express Newspapers. 23 November 2008. Retrieved November 23, 2008. Geithner is a protege of Lawrence Summers and has been involved in the bailouts of Brazil, Mexico, Indonesia, South Korea and Thailand in the 1990s as the treasury undersecretary {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)
  13. ^ Fuerbringer, Jonathan (16 October 2003). "I.M.F. Official Is Named President of New York Fed". Business. The New York Times. Retrieved November 24, 2008. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  14. ^ Lanman, Scott (24 November 2008). "Geithner Nomination Takes Top Fed Wall Street Liaison". News. Bloomberg. Retrieved November 24, 2008.
  15. ^ a b "Timothy F. Geithner" (Bios). Current Members. Group of Thirty. 24 November 2008. Retrieved November 24, 2008. {{cite web}}: Cite has empty unknown parameters: |month= and |coauthors= (help)
  16. ^ a b Tumulty, Karen (25 September 2008). "Three Men And a Bailout". Time. Retrieved 2008-11-22. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  17. ^ "Geithner to Be Nominated as Treasury Secretary". CNBC. 21 November 2008. Retrieved November 21, 2008.
  18. ^ a b "Timothy F. Geithner". About CGD. Washington D.C.: Center for Global Development. 2008. Retrieved November 24, 2008. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)

Further reading

Political offices
Preceded by President of the Federal Reserve Bank of New York
2003-present 		Succeeded by
incumbent
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