Thursday, January 22, 2009

Geithner A Good Choice, If Flawed

President Obama chose Timothy Geithner as the next treasury department head. This is a positive event due to his experience in the Federal Reserve and his relations with Wall Street. However, Geithner may not be able to fully exercise desired policies due to political pressure from the White House. Unfortunately, Geithner's not perfect on paying taxes, but his record is otherwise clear and his fault has been spoken for. More on his assignment:

Geithner has been the head of the Federal Reserve Bank of New York for the past six years and was a key participant in decisions made by the Bush administration to deal with the worst financial crisis to hit the country since the Great Depression.

All five of the "no" votes on the committee came from Republicans, including the top GOP member of the panel, Sen. Charles Grassley, R-Iowa. Those voting no said that they did not believe Geithner had been candid in his answers on why he failed to pay Social Security and Medicare taxes. They said they viewed this as a serious error for an official who would head the agency that oversees the IRS.

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