Best Known For
Timothy Geithner is best known as the 75th U.S. Sercretary of the Treasury, under President Barack Obama. As the CEO of the Federal Reserve Bank, he was responsible for several crucial decisions during the 2008 financial crisis.
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He was a principal adviser and member of the executive branch's senior team.
Geithner moved to the International Monetary Fund in 2001 as director of the Policy Development and Review Department. In this role, he approved the fund's financial programs and worked on its crisis management.
He assumed his position as the ninth president and chief executive officer of the New York Federal Reserve Bank on November 17th, 2003. He served as the vice chairman and permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy and determining the national interest rate.
In this post, he played a key role in responding to the financial crisis, working closely with Treasury Secretary Henry Paulson and the chairman of the Federal Reserve, Ben Bernanke. Geithner was involved in many of the most pivotal financial decisions of 2008, including the rescue of one of the largest global investment banks and brokerage firms, Bear Stearns, as well as the collapse of Lehman Brothers. Those decisions have both supporters and critics.
In addition to his role at the Federal Reserve, Geithner served as the chairman of the G-10s Committee on Payment and Settlement Systems of the Bank for International Settlements; a member of the Council on Foreign Relations and the Group of Thirty; a trustee of the Economic Club of New York; a member of the board of directors of the Center for Global Development in Washington, D.C.; and a member of the board of trustees of the RAND Corporation.
On November 25, 2008, he accepted president-elect Barack Obama's nomination to serve as the Secretary of the Treasury in his cabinet. Geither weathered many economic upheavals during his tenure, including the 2011 European debt crisis.
Geithner and his wife have two children, Elise and Benjamin.
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