CORRECTED - PROFILE-U.S. Treasury Secretary Timothy Geithner
(Corrects fourth graph to say Geithner is 49)
Position: U.S. Treasury Secretary
Incumbent: Timothy Geithner, 49
Term: Sworn in as 75th Treasury Secretary on Jan 26, 2009, after being approved by the Senate. Serves at the wish of the President.
Key facts:
-- Geithner, 49, headed the Federal Reserve Bank of New York before being nominated by President Barack Obama for the top Treasury post. He survived a bruising Senate approval process during which he was criticized for failing to pay all his taxes on income received from the International Monetary Fund in 2001. He has a long history at Treasury, including working through the ranks to serve as under secretary of Treasury during the former Clinton administration.
-- Somewhat unusually for a Treasury secretary, Geithner has never worked on Wall Street nor headed a major corporation. Also unlike most U.S. officials, he has some fluency in other languages, having studied Japanese and Chinese and lived abroad in East Africa, India, Thailand, China and Japan.
-- Geithner took over Treasury with the economy deeply mired in a recession that started in December 2007 and that stemmed from the 2007-2009 financial crisis. Though the recession is thought to have ended in the summer of 2009, recovery has been anemic with persistently high unemployment and a housing sector laboring under over-supply and high foreclosure rates.
-- The 49-year-old Geithner led the administration's sweeping drive to overhaul the financial regulatory system in the wake of the financial crisis, guiding the effort through rancorous congressional debate and into law in July 2010. Still to be fleshed out through regulation, the new regime puts Geithner -- as Treasury secretary -- at the head of a potentially powerful new oversight council charged with monitoring big-picture risks in the financial system.
-- Geithner had to administer the deeply unpopular $700-billion bank bailout program, officially called the Troubled Asset Relief Program, that the former Bush administration persuaded Congress to approve in late 2008. Treasury is in the process of letting it wind it down in October, but payments will continue for years and the idea of rich bankers getting taxpayer-funded bailouts still casts a taint that reflects on Treasury and Geithner's tenure.
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