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New York Fed Head Picked for Treasury
    2008-11-22 05:45:04     Xinhua
Timothy Geithner, the current New York Federal Reserve head, was named as the top candidate for U.S. President-elect Barack Obama's treasury secretary, said a TV report on Friday.

According to NBC, the 47-year-old president of the Federal Reserve Bank of New York was considered as one of the two most potential for the key cabinet post, along with Lawrence Summers, the former Treasury chief in the Clinton's administration.

If confirmed, he would be tasked to pull the country's economy out of the worst economic crisis since the Great Depression in 1930's.

The news report about Obama's possible pick of Geithner as the treasury secretary jumped up the stock market immediately, sending major indices up more than 4 percent within minutes.

Born in New York, Geithner completed his high school at the International School Bangkok, Thailand, and graduated from Dartmouth College with a degree in government and Asian studies in 1983.

He obtained his master degree in Johns Hopkins University's School of Advanced International Studies, and learned Japanese and Chinese.

During the past decades, he has lived in many foreign countries including India, Thailand, China and Japan.

Geithner joined the Treasury Department in 1988, starting from the International Affairs division, and was promoted to Under Secretary of the Treasury for International Affairs in 1999.

In 2001, he left the Treasury to joint the Council on Foreign Relations as a senior fellow in the International Economics department.

Obama, who was elected as the next president on Nov. 4, is staffing his cabinet that will take office after Jan. 20.



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