WASHINGTON — New York Federal Reserve Bank president Timothy Geithner won confirmation Monday as President Barack Obama’s Treasury secretary, despite personal tax lapses that turned more than a third of the Senate against him.
“Tim’s work and the work of the entire Treasury Department must begin at once. We cannot lose a day because every day, the economic picture is darkening,” Obama said before Geithner was sworn in.
The Senate voted 60-34 to put Geithner in charge of Obama’s economic team as it races to halt the worst financial slide in decades.
His swearing-in followed less than an hour later, the administration seeking to emphasize that it was wasting no time in trying to address the financial crisis.
Geithner said he would work first to stabilize the financial system and get the economy growing again, and then would move to reform it.
Referring to Geithner’s tax problems, White House spokesman Robert Gibbs said Geithner had paid back taxes and penalties and possessed the talent needed to steer the nation out of this crisis.
Geithner, 47, served as undersecretary of the Treasury for international affairs during the Clinton administration. As president of the New York Federal Reserve Bank, he’s been a key player in the government’s response to collapsing financial institutions and the housing and credit markets since last summer.
Sen. Robert Byrd was among the three Democrats voting against Geithner. “Had he not been nominated for Treasury secretary, it’s doubtful that he would have ever paid these taxes,” Byrd said.
