Treasury Secretary Timothy Geithner began 2009 with a skeleton crew to help him oversee the federal government's bailout of the financial services industry. A mass exodus of George Bush-appointed personnel left Geithner with very little in the way of senior personnel to administer the $700 billion Troubled Asset Relief Program and other programs launched to ensure that credit remained available to the U.S. economy.
His primary aide when the Obama Administration began in January 2009 was Lee Sachs, a former Clinton Treasury staffer appointed from the private sector to be counselor to the secretary. Geithner was also assisted by former Clinton Administration economic aide and National Economic Council Director Gene Sperling, who only a few months before had been an adviser to Hillary Clinton's presidential campaign.
The White House slowly began adding some big muscle to the bones in May with the confirmation of Neal Wolin to be deputy secretary and Michael Barr to be assistant secretary for financial institutions. The Treasury Department's senior leadership team for guiding the U.S. economy though the financial crisis and pressing reform of the country's financial regulation will be set with the expected confirmation of Jeffrey Goldstein as undersecretary for domestic finance.
Regulatory
By Bill McConnell |
Meet Timothy Geithner's deputy: Neal Wolin, veteran of the national security apparatus, the Treasury Department and the insurance industry.
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Regulatory
By Bill McConnell |
Jeffrey Goldstein, formerly of the World Bank, can use his skills with broken economies to help address problems in the United States.
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Regulatory
By Bill McConnell |
Confirmed in May to be the Treasury Department's assistant secretary for financial institutions, Barr has spent most of his academic career examining how the financial services industry can better reach the poor and other underserved segments of society. |
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