Treasury Secretary Timothy Geithner recently ended months of speculation regarding his future with the department and announced his intentions to keep his position at least through the 2012 elections.
Geithner was a key figure in the government’s bailout of Wall Street banks and efforts to raise the debt limit, according to Bloomberg.com. He is the last remaining member of President Obama’s original economic team.
“The President asked Secretary Geithner to stay on at Treasury and welcomes his decision,” Jay Carney, the White House press secretary, said in a statement.
Earlier this year, Geithner said he was contemplating leaving his post once a deal to raise the debt ceiling was reached. The matter was settled on Aug. 2 when Obama signed an increase in the nation’s borrowing limit.
“It is the right decision for him and the markets,” Chris Rupkey, the chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an email, according to Bloomberg.com. “He has not finished the job yet as the economic recovery remains fragile and the trillion dollar deficits have not been tamed. There is no obvious immediate replacement waiting in the wings.”
Geithner was an advocate for the Dodd-Frank financial overhaul and remains a strong defender of the law, which has been criticized by some Republicans in Congress as hurting businesses.