Timothy Geithner
Timothy Franz Geithner [ gaɪtnər ] ( born August 18, 1961 in Brooklyn, New York City ) was the 75th United States Treasury Secretary (United States Secretary of the Treasury ). On 26 January 2009 his previously was appointed by U.S. President Barack Obama was confirmed by the U.S. Senate. Timothy F. Geithner was until 25 January 2013 for office. Successor is Jacob Lew.
Life
One of his grandfathers, Paul Herman Geithner (1902-1972), was born in Germany and emigrated with his parents, who came from Zeulenroda, in 1908 to Philadelphia from.
Timothy F. Geithner was a student at the International School Bangkok in Thailand and then attended Dartmouth College ( New Hampshire), which he left with a Bachelor of Arts in Politics and Asian Studies in 1983. Then he made in 1985 with a Master of Arts in International Economics and (East ) Asian Studies at Johns Hopkins University 's School of Advanced International Studies. He also studied Japanese and Chinese. After that, he lived in East Africa, India, Thailand, China and Japan.
His father, Peter F. Geithner headed the Asia Program of the Ford Foundation in New York and was involved in the function in the early 1980s with the contribution of the Ford Foundation to one developed by Ann Dunham, mother of Barack Obama's micro- credit system. Obama and Geithner met at least once through personally.
Geithner is married to Carole M. Sonnenfeld, who he met in Dartmouth. They have two children together, Elise and Benjamin. In his spare time he enjoys fly fishing after, plays tennis and goes surfing.
Career
After Geithner had completed his studies, he worked for three years for the consulting firm Kissinger in Washington and in 1988 was working for the International Affairs Division of the U.S. Treasury. He was promoted to Under Secretary of the Treasury for International Affairs in 1999 and served in this capacity under the U.S. Treasury secretaries Robert Rubin and Lawrence Summers. In 2002, he left the agency and went to a position as a Senior Fellow in the International Economics Department of the Council on Foreign Relations. He then worked as director of the Policy Development and Review Department of the International Monetary Fund, before he was appointed in October 2003, the 9th President of the Federal Reserve Bank of New York. In this role, he was also Vice- President of the Federal Open Market Committee (FOMC ). In 2006 he became a member of situated and influential in Washington financial counseling Group of Thirty.
On November 23, 2008 it was announced that the U.S. President-elect Barack Obama appointed him as finance minister in his cabinet. His confirmation by the U.S. Senate was carried out with several days delay, as it was revealed that Geithner failed during his time at the International Monetary Fund, the payment of approximately $ 34,000 in taxes and this money by only several years late, in part immediately before his nomination Obama, had been paid. He apologized for this before the Senate Finance Committee and spoke of " negligent errors " which he had committed. Finally, the Senate approved his appointment by 60:34 votes. Among the senators who voted against Geithner's confirmation, were the Democrats Robert Byrd, Russ Feingold and Tom Harkin and the independent, democratic faction belonging to Bernie Sanders.
Role as a crisis manager and the financial market reform
The four most affected by the banking and financial crisis banks are Federal Reserve also represented in the U.S. central bank as a shareholder, the chairman of the important in the context of the Federal Reserve Bank of New York, Geithner was. In this role, Geithner in 2008 was responsible, along with the then Treasury Secretary Paulson and Fed Chairman Bernanke to put together rescue packages for the financial houses. However, this did not happen for the investment bank Lehman Brothers. As finance minister, he was responsible for more than $ 800 billion economic stimulus package under Obama in 2009.
Nobel laureate economist Paul Krugman criticized on Geithner's crisis policy that, for example, the insurance group AIG was supported unconditionally and without the participation of the creditors of the State without a reform of the banking system had been reached. This has badly affected in the policy the confidence of voters.